Global Hearing Aids Market size and forecast, 2020-2027

 According to MRFR analysis, the global hearing aids market is expected to register a CAGR of ~7% during the forecast period of 2019 to 2025 and was valued at USD 8 billion in 2018.

A hearing aid is an electronic device which amplifies sound so that a person with hearing loss can listen, participate in daily activities, and communicate with others. The three basic parts of a hearing aid are a speaker, an amplifier, and a microphone.

The growth of global hearing aids market is driven by various factors such as increasing incidence of hearing loss, the launch of new products, increasing geriatric population, and raising awareness about hearing loss treatment. However, the low penetration of hearing aids and product recalls are expected to curb the growth of the global hearing aids market.

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The global hearing aids market is currently dominated by several market players. The key players are involved in product launches and strategic collaborations to strengthen their market positions.

Regional Analysis

The market has been divided, by region, into Europe, the Americas, Asia-Pacific, and the Middle East & Africa. Europe is expected to be the largest market owing to the rising incidence of hearing loss and sophisticated healthcare infrastructure. The European hearing aids market has been categorized as Western Europe and Eastern Europe. The Western European market has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The Americas holds the second largest market share. The hearing aids market in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada. The hearing aids market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. Due to the increasing awareness regarding the use of hearing aids and increasing population affected by hearing disorders, the market in Asia-Pacific is expected to be the fastest-growing. The hearing aids market in the Middle East & Africa has been divided into the Middle East and Africa and is expected to hold the least market share.

Segmentation

The global hearing aids market has been segmented based on product, product type, type of hearing loss, technology type, and distribution channel.

The market, based on product, has been divided into devices, implants, and accessories, out of which implants is the fastest-growing segment. For instance, the Australia-based manufacturer Cochlear Ltd reported a profit of USD 265 to USD 275 million in first quarter of 2019, 8% to 12% more as compared to that in the first quarter of 2018.

The global hearing aids market has been segmented, on the basis of product type, into wired and wireless. Wireless is the fastest-growing segment owing to technological advancements and product launches. For instance, Sonova, in November 2018 launched products based on SWORD (Sonova Wireless One Radio Digital) chip. The new technology allows hearing instruments to connect with electronic devices such as televisions or mobile phones.

The type of hearing loss segments of the market are sensorineural, conductive, and others. The growth of the segment is due to the high prevalence of hearing loss. For instance, in 2018, around 2 to 3 out of 1000, children in the US are born with a hearing loss in one or both ears.

The technology type segment of the market is segmented as digital hearing aids and analog hearing aids. The digital hearing aids segment is expected to be both, the largest shareholder and the fastest-growing segment owing to its advantages over analog counterparts.

The distribution channel segment is classified into retail stores, E-commerce, and others. The E-commerce segment is expected to be the fastest-growing segment owing to ease of access to products for customers.

Key Players

Some of the key players in the global hearing aids market are Sonova (Switzerland), Cochlear Ltd. (Australia), GN Store Nord A/S (Denmark), Sivantos Pte. Ltd. (Singapore), Arphi Electronics Private Limited (India), Demant A/S (Denmark), Starkey (US), WIDEX INDIA PRIVATE LIMITED (Denmark), Zounds Hearing (US), SeboTek Hearing Systems, LLC (US), Audina Hearing Instruments, Inc. (US), and Microson (Spain).

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Healthcare Analytics Market: Recent Industry Trends and Projected Industry Growth, 2020– 2027

 Healthcare analytics market is projected to register A CAGR Of 23% By 2027 and to touch USD 51.5 Billion By 2027.

The healthcare analytics market is growing at a rapid pace, the major factors influencing the growth of the market include; increasing penetration of information technology in the field healthcare, better treatment plans in collaboration with pharmaceutical organizations, increasing availability of low-cost technology, and increasing use of EHR/EMR and clinical decision support system CDSS.

There have been increasing technological advancements in the past decade, and now this technology is available at a low cost. The technology including Cloud, SaaS and IaaS, and various others are proving to be a great advantage for the healthcare industry. These low-cost technologies have been putting economic and scalable tools into the hands of care providers. Furthermore, from data and analytics, the technology is also providing better transparency, making it feasible for payors and regulators to use healthcare analytics. The rising access to accurate data has already encouraged more than 70% of payors in the US to interchange to outcome-based plans.

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Regional Analysis

Geographically the market has been segmented into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.

Geographically, the Americas is anticipated to dominate the global healthcare analytics market owing to presence of well-established players in the, well-established penetration of information technology in the field of healthcare, for instance, according to reports by the Centers for Disease Control and Prevention in 2017, approximately 86.9% of the hospital-based physicians used the EMR/EHR system. This growing inclination towards healthcare IT to offer efficient care and rising government initiatives would fuel upmarket growth during the forecast period. However, the Asia-Pacific region is expected to grow at the fastest growth rate. The major factors influencing the growth of the in the region include; increasing need to reduce medical errors is driving the growth of the healthcare analytics market. An increasing number of new vendors involved in healthcare analytics is also expected to drive the growth of the market over the forecast period. 

Segmentation

The global healthcare analytics market has been segmented into type, component, delivery model, application, and end user.

Based on type, market segmented into descriptive analytics, predictive analytics, prescriptive analytics, and cognitive analytics.

Based on component, market segmented into software, hardware, and services.

Based on delivery mode, market segmented into on-premise and on-demand.

Based on application, the healthcare analytics market is segmented into Financial Analytics (Claims Processing, Revenue Cycle Management (RCM), Payment Integrity & Fraud, Waste, and Abuse (FWA), Risk Adjustment & Assessment), Clinical Analytics (Quality Improvement & Clinical Benchmarking, Clinical Decision Support (CDS)), operational & administrative analytics, population health analytics

Based on end user, healthcare analytics market segmented into Payers (Private Insurance Companies, Government Agencies, Employers and Private Exchanges), Providers (Hospitals & Clinics, Post-Acute Care Organizations, Ambulatory Settings), and others.

Key Players

Some of the major players operating in the global healthcare analytics market are SAS Institute Inc., Cerner, Allscripts Healthcare Solutions, Citiustech, Health Catalyst, McKesson, Optum, Oracle, IBM, SCIO Health Analytics, Vitreoshealth, Wipro, Inovalon, Cotiviti, Medeanalytics, and others.

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Transdermal (Percutaneous) Drug Delivery Systems Market Dynamics, Segments and Supply Demand 2020-2027

 The global transdermal (percutaneous) drug delivery systems market held a market value of USD 5,400.2 million in 2017 and is projected to grow at a CAGR of 4.6% over the forecast period. Transdermal drug delivery system (TDDS) delivers drugs into systemic circulation into the skin through the skin at a predetermined rate with minimal inter and intrapatient variation. TDDS has emerged as a potential novel drug delivery system in the past couple of decades to improve the therapeutic efficacy and safety, maintain a steady state plasma level of drugs and overcome disadvantages of the conventional oral dosage forms and parenteral preparations. Some of the major factors driving the market growth are rapid technological advancements in transdermal drug delivery systems and increasing adoption of third-generation delivery systems, the growing geriatric population along with the rise in prevalence of chronic diseases across the world. For instance, as per the data published by the World Health Organization (WHO), in 2001, chronic diseases accounted for around 60.0% of the 56.5 million total reported deaths in the world and almost 46% of the global burden of disease. By the end of 2020, chronic diseases are anticipated to contribute for nearly three-quarters of all deaths worldwide, and that 75% of deaths due to stroke, 71% of deaths due to ischemic heart disease (IHD), and 70% of deaths due to diabetes will occur in developing countries.

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Few of the technological advancements in the TDDS are transdermal patch design modification, incorporation of pressure sensitive adhesives and permeation enhancers that results in the enhancement of drug diffusion and increased the capacity to hold the drug in larger amount are expected to propel the demand for TDDS during the forecast period. Technological inventions such as the inclusion of microneedles or mechanical arrays in transdermal patches and miniaturized and advanced transdermal patches and reservoir type transdermal patches that deliver precise medication dose are expected to facilitate the market growth during the forecast period.

Regional Analysis

The global transdermal (percutaneous) drug delivery systems market has been segmented by region into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. On the basis of region, the Americas spearheaded the global transdermal (percutaneous) drug delivery systems market in 2017. This is due to the existence of prominent market participants and developed healthcare infrastructure, a rising number of product launches and the continued participation of the leading vendors in conducting clinical trials in the US and Canada.

Europe would be the second-largest value contributor in the transdermal (percutaneous) drug delivery systems market as the transdermal patches are gaining popularity in the UK, Germany, and France because patients and primary care physicians are mostly focused on easier drug delivery methods.

The market in Asia-Pacific is forecasted to showcase comparatively higher CAGR during the forecast period attributed to growing older population base along with the rising prevalence of chronic diseases, growth in healthcare spending, raise in awareness about TDDS, and to increase research and development activities.

The Middle East & Africa has the least share of the global transdermal drug delivery systems market. Additionally, the major market share of the region would be held by the Middle East region due to growing healthcare sectors and health system reforms in the Gulf Cooperation Council (GCC) countries.

Segmentation

The global transdermal (percutaneous) drug delivery systems market has been segmented into product, technology, application, and region.

By product, the market has been segmented into transdermal patches and transdermal semisolids. The transdermal patches segment is further categorized into drug-in-adhesive patches, matrix patches, reservoir membrane patches, and microneedle patches. The transdermal semisolids segment is additionally divided into gels, ointments, and sprays.

On the basis of technology, the market has been divided into electric current, iontophoresis, electroporation, ultrasound, microporation, thermal, and others.

Based on application, the market has been categorized into pain management, cardiovascular diseases, hormone replacement therapy, central nervous system disorders, smoking cessation, contraception, and others.

Key Players

Some of the foremost players in the global transdermal (percutaneous) drug delivery systems market are Mylan N.V., Hisamitsu Pharmaceutical Co., Inc., Novartis International AG, Boehringer Ingelheim International GmbH, GlaxoSmithKline plc, Johnson & Johnson Services, Inc., Endo Pharmaceuticals Inc., UCB S.A., Pfizer Inc., Allergan plc, Actelion Pharmaceuticals Ltd, and Noven Pharmaceuticals, Inc.

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Clinical Laboratory Services Market to Witness Widespread Expansion During 2020-2027

 Market Overview

MRFR reports that the clinical laboratory services market is likely to exhibit a sound growth rate during the forecast period (2018-2023 and surpass a valuation of USD 274.40 billion by 2023. 

Market Dynamics

The rising pressure of chronic diseases such as cancer, diabetes, and others is expected to drive the global market's growth trajectory in the coming years. The need for early diagnosis has increased as people become more knowledgeable of diseases. This has resulted in a significant growth in preventive healthcare spending. Throughout the forecast period, it is expected to fuel the growth of the clinical laboratory services industry. It is proposed that funds will be focused toward the production of advanced experiments of greater precision and accuracy. Rapid advancements in the healthcare industry, along with robust research and growth, are expected to propel the market forward in the near future.

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Clinical laboratory services are in high demand as a result of the healthcare costs and increasing awareness of these services. North America is a crucial market for these programmes, with attractive growth prospects for market participants. Furthermore, North America's medicinal laboratory services industry is benefiting from advanced healthcare technology and broad supply of lab specialists and technicians.

Strong government investments to expand clinic use of COVID-19 diagnostic kits are expected to fuel segment development. COVID-19 walk-in clinics in San Jose are another important initiative that is supposed to boost segment growth. Furthermore, gradual and groundbreaking improvements in laboratory research technologies are projected to serve as a high effect rendering engine for this market.

The data management method in laboratories has been greatly changed thanks to automation in clinical environments. Throughout the forecast era, the industry is projected to benefit from increasing adoption rates of laboratory automation systems. Furthermore, the healthcare industry has provided database management software, patient test reports, and advanced workflow management systems substantial consideration.

Market Segmentation

A detailed segmental analysis of the global clinical laboratory services market based on type and application.

By type, the market is segmented into biochemistry, endocrinology, microbiology, hematology, histopathology, cytology, genetic testing, and others. In 2017, the haematology division accounted for 25.6 percent of the industry. It is expected to preserve its supremacy throughout the projected era. The high prevalence of blood cancer can be blamed for the segment's rise.

By application, the global clinical laboratory services market has been segmented into independent laboratory, reference laboratory, and hospital laboratory. Over the evaluation timeframe, the hospital laboratory segment is expected to lead the global market. By the end of 2023, the segment's value is expected to reach USD 185.98 billion. The clinical laboratory services market is expected to expand in the near future due to factors such as the availability of various tests and attractive reimbursement policies for tests in the segment.

Regional Analysis

The global clinical laboratory services market is divided into four regions: the Americas, Europe, Asia Pacific, and the Middle East and Africa. In 2017, the Americas accounted for the largest share of the industry, and it is projected to rise dramatically in the coming years. Favorable reimbursement policies, the expansion of clinical laboratories, and the growing number of lab technicians are all factors that are expected to help the growth of the clinical laboratory services market in the area. By the end of 2023, the industry is expected to be worth USD 108,913 Mn, according to estimates.

Europe is a significant growth region that is expected to take second position in the global economy. Because of the involvement of major prominent main players, rising healthcare spending, the number of clinical tests, and other factors, the market's competitive environment is conducive to development. By the end of 2023, the Middle East and Africa is estimated to be worth USD 14,067 million.

Over the forecast period, Asia Pacific is projected to be the fastest growing regional market. The market's expansion would be supported by the region's high growth prospects. During the forecast period, it is projected to rise at a CAGR of 5%. The growing prevalence of diseases such as cancer and diabetes, among others, is propelling market growth in the region.

Competitive Landscape

Some of the prominent players operating in the global clinical laboratory services market are Mayo Medical Laboratories, Quest Diagnostics Incorporated, Spectra Laboratories Inc, Laboratory Corporation of America Holdings, Eurofins Scientific, Unilabs, Bio-Reference Laboratories, Synlab International, Sonic Healthcare, ACM Medical Laboratory, Cerba Healthcare, Clinical Reference Laboratory, Amedes Holdings, Adicon Clinical Laboratory, and Lifelabs Medicals Laboratories.

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Viral Vector Manufacturing Market Size, Share, Demand, Financial Overview, Key Developments, Swot Analysis and Forecast to 2027

 Viral vector manufacturing refers to the production of a carrier called a vector which is genetically engineered to deliver the gene because they can deliver the new gene by infecting the cell.  Considered as a drug substance, viral vectors are used in gene therapy and vaccinology (vaccines). In the case of cell therapies, the scrutiny for testing for adventitious agents is high.

Viruses that are often used as vectors include retroviruses that integrate their genetic material including the new gene in the human cell, and adenoviruses, that introduce their DNA into the nucleus of the cell without letting the DNA to integrate into a chromosome. These viruses are modified so they can't cause disease when used in people.

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Gene therapy has seen various clinical advancement, and along with it, the viral vector manufacturing market is growing pervasively. Gene therapy is one of the most preferred treatment options for a number of chronic diseases. Over the past few years, the viral vector manufacturing market is growing rapidly mainly due to the growing prevalence of devastating neurodegenerative diseases including Parkinson’s, Alzheimer’s, and ALS.

Acknowledging the exponential accruals, the market is witnessing currently, Market Research Future (MRFR) in its recently published study report asserts that the global viral vector manufacturing market will garner a value of USD 319 MN by 2023, registering a whopping CAGR of approx. 22.65% throughout the forecast period (2018-2023).

The increasing number of clinical trials and the growing necessity for an effective mode of disease treatment are some of the factors fostering the growth of the market. Additional factors having a synergistic effect on the growth of the viral vector manufacturing market include the increasing number of technological advancements, a growing number of ambulatory services, and government initiatives.

On the flip side, factors such as the high cost of gene therapies and possible mutagenesis alongside the strict government regulation and time-consuming approval process are expected to impede market growth.

Global Viral Vector Manufacturing Market – Segmentations

The MRFR analysis is segmented into five key dynamics for enhanced understanding.

By Type: Retroviral Vectors, Adeno-Associated Viral Vectors, and Adenoviral Vectors among others.

By Disease: Cancer, Genetic Disorders and Infectious Diseases among others.

By Application: Gene Therapy and Vaccinology among others.

By End-user : Pharmaceutical Companies, Biotechnology Companies, and Research Institutes, among others.

By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.

Global Viral Vector Manufacturing Market - Regional Analysis

The North American Region heading with the growing prevalence of autoimmune and chronic diseases, accounts for the leading market for viral vector manufacturing, globally. Moreover, technological advancements in the manufacturing of these vectors is a key force driving the growth of this market.

Additionally, favorable reimbursement policies and the presence of well-developed healthcare infrastructure, and increasing geriatric population are some of the key driving forces contributing to the growth of the regional market.

The U.S., backed by a large number of patients suffering from Alzheimer’s and Parkinson's diseases, majorly contributes to an increase in the demand for viral vectors in the region. Moreover, factors such as the high healthcare expenditures alongside the availability of viruses required for the production of these vectors and technological expertise drive the growth of the regional market.

The European region, led by the well-established R&D sector accounts for the second-largest market for viral vector manufacturing.  Besides, factors such as the availability of funds for research and increasing healthcare expenditures drive the regional market. Moreover, the increase in occurrences of chronic diseases has led to the rise in the market growth in the region. Also, the presence of a developed healthcare sector and the resurging economy in the region foster the growth of the viral vector manufacturing market in Europe.

The viral vector manufacturing market in the Asia Pacific region is emerging as a promising market owing to the huge patient population suffering from diseases such as Parkinson’s, Alzheimer’s, and ALS.

Moreover, continuously growing healthcare sector led by the rapid economic growth in the APAC that is increasing the per capita healthcare expenses is a dominant driving force behind the growth of the regional market. Recent economic data suggests that China along with Southeast Asia is expected to join the ranks of the deep-pocketed Asian economies such as Taiwan and Korea.

China, owing to the presence of a huge geriatric population leads the viral vector manufacturing market in the APAC. Whereas, India due to the vast population base, rapidly changing economy, and the increasing number of manufacturers of these vectors, accounts for the second largest market in the region.

Whereas, the Middle East & Africa (MEA)region has the least market share due to the lack of awareness and low healthcare expenditures. The viral vector manufacturing market in the MEA region will exhibit moderate growth during the corresponding period.

Global Viral Vector Manufacturing Market   - Competitive Analysis

The structure of the viral vector manufacturing market is changing due to the acquisition of local manufactures by multinational companies. Due to the increasing competition in the market, multination companies are using the strategy of acquisition, which has increased the profit of the company as well as significantly reduced the competition.

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Cell Harvesting Market Is Seeing Explosive Growth by Future Industry Winners: Forecast, 2020-2027

 Market Research Future/MRFR believes that the cell harvesting market can potentially procure a growth rate of around 8.75% between 2020 and 2027. Moreover, the market size is set to touch USD 209.5 million by 2027-end, adds MRFR in its new extensive study.

Top Boosters and Deterrents

The burgeoning pool of elderly patients and the dramatic increase in the prevalence of several chronic ailments like cardiovascular diseases and diabetes has raised the need for stem cell-based therapies, which has been favorable for the global market. Stem cell research activities have risen considerably over the decade, as these help researchers better comprehend a variety of diseases as well as conditions to come up with effective treatments.  Besides, ease of use, durability and cost-effectiveness of harvesters, technological innovations, and improvements in the design of cell harvester devices should further foster the market growth.

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Surge in the global transplantation rate along with the heightened demand for stem cell banking have also bolstered the need for cell harvesting worldwide. The latest sources of stem cells, like adipose tissue, embryonic stem cells and umbilical cord have remarkable potential for innovations in regenerative products and cancer treatment, which can possibly boost the market’s growth potential in the years ahead.

Market Segmentation

To offer an extensive outline of the cell harvesting industry, the MRFR report has considered product type, application, and end user as the major segments.

With respect to product type, the global market caters to automated cell harvesters and manual cell harvesters. Manual cell harvesters can presumably be the leading segment in the forthcoming period, due to the rising preference for the same in the market. Meanwhile, automated cell harvesters are expected to be the fastest advancing segment in the near future, by virtue of the soaring awareness as well as use of these technologies in several devices.

Cell harvesting has applications in stem cell research, biopharmaceutical, and more. The stem cell research segment is projected to experience the fastest growth in the years ahead.

Major end users in the global industry are research institutes, biotechnology companies, pharmaceutical companies, and others.

Regional Study

The Americas and APAC or Asia Pacific coupled with MEA or Middle East and Africa and Europe are the major regions where the cell harvesting industry can witness growth in the coming years.

The Americas is the clear winner in the global market for cell harvesting, given that the region houses a well-established healthcare system with a high budget allocated for the same.  Growing concerns regarding the dramatic rise in chronic diseases has raised the demand for cell harvesting in the region. The Center for Disease Control and Prevention reveals that in the year 2017, chronic disorders were the top reason for disability and death in the United States, with 133 million citizens or 45% of the total population suffering from at least one disease. Besides, the expanding population of elderly patients age and the surge in lifestyle-based ailments could be favorable for the cell harvesting industry in the region.

Europe is just behind Americas in the global market and has been scaling rapidly in view of the increased spending on research activities. Dramatic rise in heart disease, diabetes, spinal cord injuries and Parkinson's disease in the region has sharpened the focus on cell-based research and regenerative medicine. Also, the growth of the biotechnology sector over the years has been profitable for the regional market.

Asia Pacific can capture the fastest CAGR in the ensuing years, on account of the massive patient pool and the fast-emerging countries with developing healthcare systems. The APAC market for cell harvesting benefits from the rising number of deaths caused by hearth diseases and cancer, which in turn are escalating on the back of changing diets, sedentary lifestyles, consumption of tobacco and high obesity levels. The focus on exploring the potential of stem cells for the treatment of these diseases and more is deemed to be a key growth booster in the following years.

Renowned Companies

Scinomix, TERUMO CORPORATION, PerkinElmer Inc., Avita Medical, connectorate, hynoDent AG, ads-tec GmbH, Argos Technologies, Inc., Teleflex Incorporated, Bertin, Arthrex, Inc., Cox Scientific are identified as some of the top vendors in the cell harvesting market.

Latest Updates

September 2020

Royal Biologics, a well-known ortho-biologics firm specializing in R&D of live and autologous cellular solutions, has acquired FIBRINET from Vertical Spine LLC. This move is a part of the company’s strategy to bolster its expanding portfolio of live and autologous cellular solutions to facilitate spinal and orthopedic fusion. FIBRINET’S addition to the company and the use of its technology will help surgeons effectively carry out cell harvesting to form a platelet-rich fibrin membrane-scaffold that can be useful during the point of care in various spinal fusion surgeries.

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Global Nuclear Medicine Market Show Steady Growth: Study 2027

 Market Overview

The global nuclear medicine market is expected to develop at a CAGR of 6.2 percent from 2018 to 2023, according to Market Research Future (MRFR)’s study. By the end of 2023, the market's value is projected to increase by USD 5.43 billion. 

Market Dynamics

Nuclear medicine has accurate diagnostic capabilities and is useful in the early detection of cancer and other diseases including cardiovascular disorders. A major driver of the global market is the growing prevalence of cancer and other chronic diseases, as well as a strong demand for early diagnosis of such diseases for successful treatment. Furthermore, radiopharmaceuticals are increasingly being used to diagnose and treat chronic diseases in geriatric patients. The demand is projected to expand due to the rapid growth of this demographic. Cancer is one of the most common causes of death, according to the WHO, accounting for almost one out of every six deaths, making it one of the most critical causes of patient mortality, pushing up demand for nuclear medicine. Increased incidences of target conditions such as Cardiovascular Diseases (CVD) and cancer are driving market growth. In addition, the rapidly increasing geriatric population is expected to increase the patient pool. The growing popularity of radiopharmaceuticals for the care of the elderly is expected to drive up demand for nuclear medicines in the near future.

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The global nuclear medicine market's optimistic future is jeopardized by the high prices of radiopharmaceuticals, which make care unaffordable. Patients are suspicious of nuclear medicine because of the side effects associated with radiation exposure, despite the fact that it has not been shown to be distinctly dangerous. Business opportunities, on the other hand, are expected to offset these growth risks. Radioisotopes are becoming more commonly used in diagnostics and therapeutics because they can be used to learn medical knowledge that would otherwise be inaccessible. They can be used for anything from studying metabolic processes to tracing drug movement in biological systems in medical research.

The business appears to be lucrative and is growing rapidly. Due to growing applications, discoveries, and other factors, it is expected to continue to expand over the next few years. Nonetheless, the high cost of radiopharmaceuticals and the risks associated with radiation exposure remain barriers to market expansion.

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. The diagnostic nuclear medicine sector has risen to the top of the market. The therapeutic radiopharmaceuticals segment, on the other hand, is expected to develop at the fastest rate during the forecast period. SPECT radiopharmaceuticals and PET radiopharmaceuticals are two types of diagnostic nuclear medicine radiopharmaceuticals. Although the therapeutic radiopharmaceuticals segment is divided into alpha emitters, beta emitters, and brachytherapy isotopes, the therapeutic radiopharmaceuticals segment is divided into alpha emitters, beta emitters, and brachytherapy isotopes.

Nuclear medicine applications are divided into two categories: diagnostic and therapeutic. Diagnostic applications is a large segment that is further subdivided into SPECT and PET applications. The therapeutic applications segment, on the other hand, is growing at the fastest rate.

Hospitals and medical centers, research institutes, and others are among the end-users. Hospitals & diagnostics centers have been listed as the most significant segment in terms of market share, while research institutes have the highest potential for growth over the forecast period.

Regional Overview

Owing to North America's presence, the Americas has established itself as a market leader. The development of the nuclear industry in the Americas has been affected by the involvement of many major market players, as well as the high prevalence of cancer and other chronic diseases. North America led the overall market in terms of sales in 2019, owing to high R&D expenditures and government funding for the use of medical isotopes, among other factors. The country, especially the United States and Canada, has well-developed healthcare sectors that receive substantial funding. Furthermore, the area has a large geriatric patient population that is rapidly growing and becoming more knowledgeable of advanced therapies.

Competitive Dashboard

Some of the key players operating in the market are Cardinal Health, GE Healthcare, Bayer, Bracco Imaging, Curium, Lantheus Medical Imaging, Nordion Inc., Advanced Accelerators Applications, Mallinckrodt Pharmaceuticals, Jubliant Lifesciences, and Medtronic plc.

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