Bharat Book Bureau Provides the Trending Market Research Report on “Global Nuclear Medicine/Radiopharmaceuticals Market by Type (Diagnostic (SPECT (Technetium), PET (F-18)), Therapeutic (Beta Emitters (I-131), Alpha Emitters, Brachytherapy(Y-90))), Application (Oncology, Thyroid, Cardiology) Forecasts 2023 ”under Life Science category. The report offers a collection of superior market research, market analysis, competitive intelligence and industry reports.
The Nuclear Medicine Market is projected to grow at a CAGR of 5.9%
The nuclear medicine market is projected to reach USD 5.26 billion by 2023 from USD 3.95 billion in 2023. Factors such as the growing incidence and prevalence of cancer and cardiac ailments and initiatives to lessen the demand-supply gap of Mo-99, are driving market growth. However, the short half-life of radiopharmaceuticals, hospital budget cuts, and high equipment prices are likely to restrain market growth.
The F-18 segment to dominate the PET nuclear medicine market during the forecast period
Based on type, the nuclear medicine market is segmented into diagnostic radiopharmaceuticals and therapeutic radiopharmaceuticals. The diagnostic radiopharmaceuticals have been segmented into SPECT and PET radiopharmaceuticals. PET radiopharmaceuticals have been further segmented into F-18, Ru-82, and other PET isotopes. In 2017, the F-18 segment accounted for the largest share of the nuclear medicine PET radiopharmaceuticals market. F-18 is the most commonly used PET radioisotope owing to its higher half-life (110 minutes) compared to other radioisotopes. F-18 is estimated to account for 98% of the total PET radioisotopes market.
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The thyroid application segment is expected to be the fastest growing SPECT applications segment
The major application areas of SPECT nuclear medicine include cardiology, lymphoma, thyroid, neurology and others (prostate cancer diagnosis, bone scans, and white cell scans). The thyroid applications segment is expected to register the highest CAGR during the forecast period. Growth in this application segment is mainly driven by the rising demand for combinational SPECT/CT therapy owing to its enhanced imaging abilities. Moreover, with growth in the number of thyroid cancer cases, the use of radiopharmaceuticals for diagnosis of thyroid disorders is expected to increase in the next five years.
In 2023, North America is expected to dominate the nuclear medicine market
The nuclear medicine market is divided into four major regions— North America, Europe, Asia Pacific, and the Rest of the World. North America accounted for the largest share of the nuclear medicine market. The major factors contributing to the large share of this segment include the development of novel technologies for radioisotope production, government support, and company initiatives in the region.
Asia Pacific is expected to register the highest CAGR during the forecast period. The major factors driving the growth of this regional segment include research initiatives in Japan and the rising installations of PET scanners in India and China.
Break of primary participants was as mentioned below:
• By Company Type – Tier 1: 54%, Tier 2: 34%, and Tier 3: 12%
• By Designation – C-level: 31%, Director Level: 19%, Others: 50%
• By Region – North America: 46%, Europe: 25%, Asia Pacific: 18%, RoW: 11%
The major market players in the nuclear medicine market include Cardinal Health (US), GE Healthcare (US), and Curium (France).
The report analyzes the market and aims at estimating the size and the future growth potential of this market based on various segments such as type, application, procedural volume, and region. The report also includes the competitive landscape of the key players along with their company profiles, product offerings, recent developments, and key market strategies.
Reasons to Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater market share. Firms purchasing the report could use any one or a combination of the below-mentioned strategies.
This report provides insights on the following pointers:
• Market Penetration: Comprehensive information on products and services offered by the top players in the global nuclear medicine market
• Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and product launches in the nuclear medicine market
• Market Development: Comprehensive information about the lucrative emerging markets by type, end user, and region
• Market Diversification: Exhaustive information about new products or product enhancements, growing geographies, recent developments, and investments in the global nuclear medicine market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, and products of leading players in the global market
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