High demand for treatment of diseases like cancer and orthopaedic disorders and increasing funding for research to drive global nuclear medicine market
According to TechSci Research report, “Global Nuclear Medicine Market By Therapy (Radioactive Iodine, Radioactive Antibodies, Others), By Type (SPECT, PET) By Application (Cardiology, Respiratory, Orthopaedics, Others), By Therapeutics (Alpha Particle Emitters, Beta Particle Emitters, Others), By Route of Administration (Oral, Intravenous, Nasal), By End-User (Hospitals, Diagnostic Centers, Others), By Region, Forecast & Opportunities, 2025”, the market is expected to grow at a robust CAGR of 2% during forecast period owing to factors like rising incidence and prevalence of cancer and cardiovascular diseases and rising awareness about nuclear medicine. Additionally, conventional chemotherapy treatments are being replaced by therapeutic radiopharmaceuticals for oncology and cancer treatment due to their greater convenience. This is further propelling the growth of global nuclear medicine market. Additionally, nuclear Medicines works as a convenient and safer alternative for patients when compared to X-Rays and other external radiation imaging devices. Due to this, physicians nowadays are preferring nuclear medicines, which are also known as radiopharmaceuticals. Application of nuclear medicines has also helped in improving pediatric survival rate globally and hence are getting accepted widely. Moreover, advancements in radiotracers and advent of alpha radioimmunotherapy (Rit)-based targeted cancer treatments are also creating high demand for nuclear medicines. Expanding usage across neurological applications are likely to benefit nuclear medicine manufacturing companies.
However, there are certain issues which nuclear medicine market faces. Lack of patient and physician education and awareness proves as a challenge for the market. Also, competition from other imaging modalities makes the nuclear medicine market highly competitive. The rival imaging modalities have been successful in being accepted among medical practitioners.
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The global nuclear medicine market is segmented based on therapy, type, application, therapeutics, route of administration, end-user and region. Based on type, the global nuclear medicine market is segmented into SPECT, PET. PET is majorly used in 80% of Oncology procedures whereas SPECT contributes majorly in applications such as, Cardiology, Nephrology and Neuroendocrine.
Based on application, the market is segmented into cardiology, respiratory, orthopaedics, neurology, oncology and urology. Among them, the oncology segment holds a strong dominance in the global nuclear medicines market followed by cardiology segment. The segment holds largest market share because of the government initiatives and high adoption rate worldwide.
Based on region, North America dominates the nuclear medicines market with United States being the largest consumer and Canada being the major supplier of nuclear medicines. The developments in imaging systems have played a major role in fueling the growth of the market.
Major players operating in the global nuclear medicine market include Cardinal Health, Inc., Curium SAS, Lantheus Holdings, Inc., Bracco S.p.A., Advanced Accelerator Applications SA, NTP Radioisotopes SOC Ltd, Eckert & Ziegler AG, Jubilant DraxImage, Inc., GE Healthcare, Inc., Siemens Healthineers AG, Rotem Industries Ltd., Eczacibasi Holding AS, IBA Group Ltd., Ire-Elit S.A., Lucerno Dynamics, LLC, Positron Corporation, NorthStar Medical Radioisotopes, LLC , Pharmalucence, Inc., Norgine B.V., F. Hoffmann-La Roche AG, etc. Key players are implementing multiple strategies to maintain their significant share in the global nuclear medicine market. These strategies include mergers & acquisition, product developments, business expansion and collaborative development.
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“Exponential growth in the healthcare industry is expected to fuel the nuclear medicine market across the globe. Increasing investment for research and development of nuclear medicine is going to pen myriad opportunities for the companies. However, nuclear medicines are not cost effective hence the market is relatively constrained. Some major steps which can be taken to boost the market could be educating medical practitioners and patients about the benefits of nuclear medicines,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Nuclear Medicine Market By Therapy (Radioactive Iodine, Radioactive Antibodies, Others), By Type (SPECT, PET), By Application (Cardiology, Respiratory, Orthopaedics, Others), By Therapeutics (Alpha Particle Emitters, Beta Particle Emitters, Others), By Route of Administration (Oral, Intravenous, Nasal), By End-User (Hospitals, Diagnostic Centers, Others), By Region, Forecast & Opportunities, 2025”has evaluated the future growth potential of nuclear medicine market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global nuclear medicine market.