Nuclear Medicine Market – Growth, Trends and Forecasts (2019 - 2025)
The nuclear medicine market is projected to reach USD 18.10 billion by 2025 growing with CAGR of 10.1% during the forecast period. The growing demand for radioisotopes in cancer imaging is a major driver for the nuclear medicine market.
The market research report on nuclear medicines evaluates the market demand, trends and opportunities for the period 2015 to 2025. The report highlights the historic trends from 2015 to 2017 with base estimates for 2018 and market forecast from 2019 to 2025. The report also studies the current status and future aspects the market at global as well as country level along with vendor landscape analysis and value chain analysis. The global nuclear medicine market has been segmented based on type, diagnostics and application. Furthermore, the report gives in-depth analysis of the market competitors along with company profiles of key manufacturers.
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Cancer is the most dreaded and leading cause of death worldwide. With the development of various radioisotopes for diagnostics in oncology, nuclear medicines have found new source of growth. Nuclear medicines are widely used for tumor localization, tumor staging, identifying metastatic sites and judging response to therapy.
The most common isotope used for diagnosis is Technetium-99 with around 40 million procedures performed worldwide. Technetium-99 is so adaptive that when it is taken up by a biologically active substance, its traces settle accurately into the tissue or organ of interest.
In diagnostic procedures, nuclear imaging serves a vital purpose in patient care. PET is more precise and sophisticated technique used for nuclear imaging as compared to SPECT. Moreover, hybrid imaging techniques such as PET-CT and PET-MRI are gaining traction these days due to improved functional information and reduced radiation exposure.
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North America will dominate the global nuclear medicine market in 2025 with more than 35% market share. Growth in this region is attributed to perpetual improvement and development of molecular imaging based diagnostics and treatment. However, Europe is expected to show lucrative growth in the foreseeable years as it is hub for isotope suppliers.
The major consumers of nuclear medicines are spread across North America, Europe and Asia Pacific. In 2018, North America was a major market for nuclear medicines however, the Asian countries are expected to outpace other regions by 2025 growing with a CAGR of 13.3%. Japan, in particularly is witnessing tremendous growth in the use of nuclear medicines. In China, the players are concerned about lack of intellectual property protection for their formulations. Also, the rapidly ageing population in China is seen as an opportunity for growth of nuclear medicine in this region due to the rising number of people with age related cancer. However, in less developed countries like Indonesia, the modality is seriously underutilized.
The major players operating in the global nuclear medicine market include: Curium, Nordion Inc., Cardinal Health Inc., Bracco Imaging S.p.A, Eczacibasi-Monrol Nükleer Ürünler San. ve Tic. A.S., Lantheus Medical Imaging, Inc., Jubilant Pharma. LLC, Ire-Elit SA, GE Healthcare Company, NTP and others. Due to the growing demand of nuclear medicines in health sciences, the players are forming strategic alliances and outsourcing the production of few radioisotopes to gain momentum in the industry. In line with this, Curium was founded in 2017, when IBA Molecular and Mallinckrodt Nuclear Medicine underwent partnership. This alliance was specifically formed to fulfill the growing demand of Technetium-99.
Get the access of more information through our White Paper and Blogs:
1. Blogs on "Advantages And Disadvantages Of Nuclear Medicine"
We all know how beneficial nuclear energy is. It is a good source of electricity and it is also used in weaponry. But, another field that is using nuclear power and transforming lives is the field of medicine. The branch of medical science that uses nuclear energy is called nuclear medicine. Nuclear medicine has given new hope to the illness and ailments difficult to treat. Thanks to technological advancements, it is being used in the right way and the right amount.
Advantages of Nuclear Medicine:
1. Advanced treatment options
Nuclear medicine has digitally and technically enhanced the treatment options for various medical conditions. One such ailment is cancer. Cancer treatment involves radiation and chemotherapy. In severe cases, when patients have lost hope of survival, nuclear medicine has been a blessing to them.
2. Early detection of ailments
Nuclear medicine is extremely capable of detection of highly severe medical conditions. Their precision is what makes people believe in its power. It has helped many physicians and other medical professionals detect difficult possibilities in early stage of treatments.
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2. White Paper on " Nuclear Medicine Advanced Associate: What It Needs Right Now?"
A team to study the existing program for Nuclear Medicine Advanced Associate was assigned by the president of the Society of Nuclear Medicine and Molecular Imaging, Technologist Section July 2013.
The task force included a range of stakeholders across profession, these included practicing technologists, research technologists, NMAAs, corporate representatives, educators, and physicians. Post the study various programs were identified which included business administration and master’s degree. However, there is a lack of programs for technologists that are interested in careers across clinical research. This was mainly in field of nuclear medicine and molecular imaging.
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Key Segments of the Global Nuclear Medicine Market
Type Overview, 2015-2025 (USD Million)
Technetium (Tc-99)
Iodine (I-131)
Fluorine (F-18)
Lutetium (Lu-177)
Yttrium (Y-90)
Others
Diagnostics Overview, 2015-2025 (USD Million)
PET (Positron Emission Tomography)
SPECT (Single Photon Emission Computed Tomography)
Application Overview, 2015-2025 (USD Million)
Oncology
Neurology
Cardiology
Others
What does the report include?
The study on the global nuclear medicine market includes qualitative factors such as drivers, restraints and opportunities
Additionally, the market has been evaluated using the Vendor Landscape Analysis and Value Chain Analysis.
The study covers qualitative and quantitative analysis of the market segmented on the basis of type, diagnostics, application and region. Moreover, the study provides similar information for the key geographies.
Actual market sizes and forecasts have been provided for all the above-mentioned segments
The study includes the profiles of key players in the market with a significant global and/or regional presence
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Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code– Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
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