The global nuclear medicine market size is expected to reach USD 12.6 billion by 2027, expanding at a CAGR of 9.5%, according to a new report by Grand View Research, Inc. Research and development of advanced technologies by the key players for diagnosis and treatment of diseases is expected to drive the radiopharmaceuticals market.
For instance, in May 2019, GE Healthcare with Indi Molecular, Inc., collaborated to develop Protein Catalyzed Capture (PCC) technology and immune cell-targeted PET tracer candidates. This diagnostic tool will help in better understanding of patient’s immune cell and in early treatment response.
Rising prevalence of cancer and cardiovascular diseases is one of the major factors responsible for market growth. Moreover, high prevalence of cancer in emerging Asian countries is creating huge demand for radiopharmaceuticals in diagnosing the disease. For instance, according to the GLOBOCAN, in 2018, approximately 48.4% of cancer cases were registered in Asia.
In addition, presence of standard guidelines prepared by regulatory authorities for radiopharmaceuticals is expected to accelerate market growth. For instance, in August 2019, FDA published a guideline for non-clinical studies and product labelling that are not covered by FDA and ICH guidelines for radiopharmaceuticals used in the treatment of cancer.
Manufacturers are focusing on development of innovative technologies to produce medical isotopes that can fulfill the increasing demand for nuclear medicines. For instance, in October 2018, with the support of ASML, The Institute For Radioelements (IRE) developed and built an electron beamline to manufacture medical isotope molybdenum 99 (Mo-99). Due to this innovative technology, the process of production is waste-free and non-fission.
In addition, research centers and hospitals are launching novel nuclear medicine techniques to treat various diseases at an affordable cost as compared to the existing treatments. For instance, in August 2017, the Kovai Medical Centre and Hospital (KMCH) had launched Rhenium 188 Lipiodol to treat liver cancer and other diseases such as metastatic bone pain, rheumatoid arthritis, and hemophilic bleeding joints at low cost with lesser hospitalization.
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Nuclear Medicine Market Report Highlights
• In 2019, the SPECT segment had dominated the market owing to integration of SPECT with X-ray/CT that has gained more acceptance and proved to be useful in many clinical situations due to its high accuracy
• PET diagnostic nuclear medicine is expected to witness the fastest growth over the forecast period owing to the increasing adoption of high resolution PET scanners
• In case of the therapeutic segment, brachytherapy is anticipated to be the fastest growing segment due to the higher radiation protection as compared to other treatment options.
• The oncology application segment dominated the nuclear medicine market in 2019 owing to the presence of pipeline drugs and high prevalence of cancer.
• The market in Asia Pacific is projected to witness the fastest growth during the forecast period owing to the high unmet needs and development of radiopharmaceuticals for diagnosis and treatment of various diseases.
• Key players in the market include companies such as Eckert and Ziegler Group Nordion, Inc.; Bracco Imaging S.p.A.; and GE Healthcare as well as government organizations such as Department of Atomic Energy and Australian Nuclear Science and Technology Organization (ANSTO).
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Nuclear Medicine Market Segmentation
Grand View Research has segmented the global nuclear medicine market on the basis of product, application, and region:
Nuclear Medicine/Radiopharmaceuticals Product Outlook (Revenue, USD Million, 2016 – 2027)
• Diagnostic products
• Other SPECT products
• Other PET products
• Therapeutic Products
• Alpha Emitters
• Other alpha emitters
• Beta Emitters
• Other beta emitters
• Other brachytherapy products
Nuclear Medicine/Radiopharmaceuticals Application Outlook (Revenue, USD Million, 2016 – 2027)
• Bone Metastasis
• Endocrine Tumor
Nuclear Medicine/Radiopharmaceuticals Regional Outlook (Revenue, USD Million, 2016 – 2027)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• New Zealand
• South Korea
• Central and South America
• Middle East & Africa
• Saudi Arabia
• South Africa
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Grand View Research is a U.S. & India-based market research and consultancy firm. It is headquartered in San Francisco. We provide business insights, syndicated research reports, and customized research reports to large as well as small and medium-scale enterprises. Our database features thousands of statistics and in-depth analyses on more than 45 industries. Grand View Research’s extensive database is used by Fortune 500 companies to understand the regional as well as the global business environment.
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