Market Research Future (MRFR)’s report highlights that the global nuclear medicine market is likely to strike a CAGR of 6.2% during the forecast period 2018 to 2023. The valuation of the market is expected to witness a growth of USD 5.430 Bn by the end of 2023. The growth of the market is dictated by increasing incidences of target conditions such as Cardiovascular Diseases (CVD) and cancer. Furthermore, the exponentially growing geriatric population is poised to add to the patient pool. The rising inclination towards the use of radiopharmaceuticals for the treatment of geriatric population is prognosticated to generate significant demand for nuclear medicines in the foreseeable future.
The market looks lucrative and is expanding at a significant pace. It is anticipated to witness constant growth over the next couple of years owing to increasing applications, discoveries, etc. Nevertheless, the expensiveness of the radiopharmaceuticals and side effects related to radiation exposure remain impediments to the market proliferation.
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Market Insights
Nuclear Medicine is a branch of medicine which uses radioactive substances in small amounts for diagnosis and treatment of various diseases. Nuclear medicine can be used for the treatment of various conditions including blood disorder, and some cancers and use vastly different imaging technologies than those used in traditional imaging as they show physiological function of the particular system making it a more targeted method of imaging. Market Research Future's report on the global nuclear medicine market divulges a number of vital figures and facts about the market. In 2017, the market was valued at USD 3.785 Bn in 2017 and is projected to grow at a CAGR of 6.2% over the review period. With the rapid expansion of advanced medical technologies, the market is expected to grow at a consistent upward trend to approximate market value of USD 5.430 Bn by the end of 2023.
Nuclear medicine offers precise diagnostic abilities and is useful in the early detection of cancer as well as other diseases such as cardiovascular disorders. The increasing prevalence of cancer and other chronic diseases and a high demand for early diagnosis of such diseases for effective treatment is a significant driver of the global market. Moreover, increasingly radiopharmaceuticals are being used for the diagnosis or treatment of chronic diseases in geriatric patients. The rapid expansion of this demographic is expected to encourage the growth of the market. The WHO has recorded astounding figures regarding the prevalence of cancer at nearly one out of every six deaths, making it one of the most significant causes for patient mortality, thus increasing the demand for nuclear medicine.
The promising future of the global nuclear medicine market is threatened by the high costs of radiopharmaceuticals which makes treatment unaffordable. Although it has not been proven to be distinctly harmful, erring on the side of safety has made patients wary of adopting nuclear medicine due to the side effects associated with exposure to radiation. However, market opportunities are expected to mitigate these threats to growth. Radioisotopes are witnessing increased usage for diagnostics and therapeutics as they offer the potential for learning medical information that is otherwise unobtainable. They have a wide range of applications in medical research which range from observing metabolic processes to tracing drug movement in biological systems.
Market Segmentation
MRFR has conducted a detailed study of the various parts of the nuclear medicine market which has been segmented on the basis of product type, application, end-user, and region. By product types, the nuclear medicine market has been segmented into diagnostic nuclear medicine and therapeutic radiopharmaceuticals. At present, the diagnostic nuclear medicine segment has attained a leadership position. However, the therapeutic radiopharmaceuticals segment is the fastest growing segment during the forecast period. The diagnostic nuclear medicine segment is segmented further into SPECT radiopharmaceuticals, and PET radiopharmaceuticals. Meanwhile, the therapeutic radiopharmaceuticals segment is sub-segmented into alpha emitters, beta emitters, and brachytherapy isotopes.
Applications of nuclear medicine are segmented into diagnostic applications and therapeutic applications. Diagnostic applications is a major segment which is sub-segmented into SPECT applications and PET applications. Meanwhile, the therapeutic applications segment is growing at the fastest pace.
End-users have been segmented into hospitals & diagnostic centers, research institutes, and others. Research institutes display the highest potential for growth over the forecast period, while hospitals & diagnostics centers have been identified as the most significant segment in terms of market share.
All sub-segments have been segmented further and included in the report.
Regional Analysis
The Americas due to the presence of North America has established itself as a market leader. The presence of several important market players combined with the high prevalence of cancer and other chronic diseases has influenced the growth of the Americas nuclear market. The region, particularly countries such as U.S & Canada have well-developed healthcare sectors which receive high investments. Moreover, the region has a high geriatric patient population which is expanding rapidly and is growing increasingly aware regarding advanced therapies.
Key Players
Eminent market participants that have been included in MRFR’s report include Jubilant Lifesciences, Lantheus Medical Imaging, Mallinckrodt Pharmaceuticals, Medtronic plc, Bayer AG, Advanced Accelerators Applications, Nordion Inc., Cardinal Health, Bracco Imaging, Curium, and GE Healthcare.
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