uclear Medicine Market Synopsis
Market Research Future (MRFR) analyses the global nuclear medicine market to garner a 6.2% CAGR during the forecast period of 2018-2023 and touch a valuation of USD 5.430 Billion by 2023.
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MRFR observes, the rising diagnostic applications of nuclear medicine is likely to be a major reason to augment the global nuclear medicine market growth. The growing popularity of radio-pharmaceuticals due to its requirement in small doses that prevent toxicity is expected to bolster the nuclear medicine market expansion.
Nuclear medicines deliver precise results that assist in correct treatment. This is beneficial to patients suffering from diseases like cancer, respiratory disorder, and cardiovascular malaises. Nuclear medicines also help to detect functionality issues in spleen and kidney. The high rate of adoption of nuclear medicine among the growing number of patients afflicted with such disease is anticipated to strongly influencing the market nuclear medicine market growth. Although, the required dose used for nuclear medicine is small, there is a possibility of it to induce toxicity in pregnant women patients and is considered unsafe for breast-feeding patients. Entrepreneurs presume the drawback of nuclear medicine as a lead for robust research and developmental activities, that can develop a modified nuclear medicine design for better patient compliances. This is expected to attract investment from numerous market players that in turn, is envisaged to spur the nuclear medicine market growth. However, the high cost of nuclear medicine can threaten its market growth.
Nuclear Medicine Market Segmental Overview
The global nuclear medicine market study has been segmented into product type, application, and end-user.
Based on the product type, the nuclear medicine market has been segmented into therapeutic radiopharmaceuticals and diagnostic nuclear medicine. The therapeutic radiopharmaceuticals segment has been segregated into brachytherapy isotopes, alpha emitters, and beta emitters. The diagnostic nuclear medicine segment is further classified into PET radiopharmaceuticals and SPECT radiopharmaceuticals. The diagnostic nuclear medicine segment is anticipated to dominate over the review period. The therapeutic radiopharmaceuticals segment is likely to grow at rapid pace.
Based on the application, the nuclear medicine market has been segmented into therapeutic applications, diagnostic applications, and others. The therapeutic applications segment has been further divided into Thyroid, bone metastasis, lymphoma, endocrine tumors, and others. The diagnostic segment has been further classified into PECT applications and SPECT applications.
Based on the end-use, the nuclear medicine market has been segmented into hospitals and diagnostic centers, research institutes, and others.
Nuclear Medicine Market Regional Insights
Based on the region, the nuclear medicine market study has been performed across the Americas, Asia Pacific, Europe, and the Middle East Asia and Africa.
The Americas is likely to dominate in the global nuclear medicine market over the evaluation period. The increasing number of patients suffering from chronic diseases, followed by the need for enhanced medical diagnosis and treatment is subsequently rising the adoption of nuclear medicine in healthcare organizations in the Americas. The region also holds high geriatric population afflicted with chronic disorders, demanding for effective medical attention. The presence of strong economies like the US and Canada are making investments to channel robust research and developmental activities to launch more effective healthcare aids. These factors are fueling the nuclear medicine market growth in the Americas.
Nuclear Medicine Market Key Players
MRFR profiled significant companies operating in the global nuclear medicine market are Advanced Accelerators Applications, Medtronic plc, Curium, Nordion Inc., Lantheus Medical Imaging, Mallinckrodt Pharmaceuticals, GE Healthcare, Bayer, Cardinal Health, Jubliant Lifesciences, and Bracco Imaging.
June 2019: The Australian Nuclear Science and Technology Organization (ANSTO) announced that its Nuclear Medicine (ANM) facility had received a license from regulators that allows them to manufacture molybdenum-99 (Mo-99) that is used in nuclear medicine procedures to diagnose medical conditions like cancer.
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