Nuclear Medicine Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 –

Nuclear Medicine Market Report, By Type, Procedure, Application and Geography – Global Market Share, Trend Analysis & Forecast Up To 2024

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Nuclear medicine or Radio pharmaceuticals is a division of medical imaging, which uses small quantities of radioactive material to analyse and determine severity of diseases, including cancers types, heart disease, gastrointestinal, endocrine, neurological disorders and other abnormalities within the body. As nuclear medicine procedures can identify molecular activity inside the body, they offer potential to identify disease at initial stages, as well as a patient’s instant response to therapeutic interventions. Nuclear medicine imaging procedures are non-invasive and, except for intravenous injections, are generally painless medical tests that help doctors to diagnose and assess medical conditions. These imaging scans use radioactive materials called as radiopharmaceuticals or radiotracers.

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The global nuclear medicine market has gained sustainable growth owing to increasing number of new cancer and cardiovascular cases, since nuclear medicines are used as a diagnostic tool for these diseases. Continuing research and studies demonstrating positive results is widening the scope of radioisotope applications for the diagnosis and treatment of bone diseases, respiratory diseases, thyroid-related diseases, and conditions of the digestive tract. Along with these applications, the radioisotopes are principally used in radio pharmacology to study drug movement in laboratory subjects.

Improving medical infrastructure, growing expenditure on healthcare, and non-invasive nature of this procedure are some of the major factors responsible for this growth. The market is further boosted by development in the production of radiotracers and potential radioisotopes in the pipeline.

However, the global nuclear medicine market is hampered by short half-lives of radiopharmaceuticals, severe regulatory guidelines, and unavailability of reimbursement policies. Various side effects caused by radiation exposure are also creating an aversion among patients for radiopharmaceuticals. Some of the most prevalent side effects include fatigue, skin irritation, nausea, vomiting, and infertility among males.

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Nuclear medicine market, based on type: Procedure, application and geography. Based on type, the global nuclear medicines market is segmented into diagnostic nuclear medicine and therapeutic nuclear medicine.

Nuclear medicine market, Based on procedure, Diagnostic procedures (SPECT radiopharmaceuticals and PET Radiopharmaceuticals) and therapeutic procedures (beta emitters, alpha emitters and brachytherapy).

Nuclear medicine market, Based on application, Diagnostic applications and therapeutic applications. Some major conditions covered in the therapeutic applications are thyroid, bone metastasis, lymphoma, endocrine tumors and others.

North America is estimated to account for the largest share, followed by AsiaPacific and Europe. Factors such as growing awareness regarding therapeutic potency of nuclear medicines and research contributions are fuelling the growth in North America. This is attributed to the advanced healthcare infrastructure in this region especially in the United States. In addition to this, the demand for nuclear medicine is increasing in emerging markets such as China and India due to rising disposable income, improving healthcare standards and reforms in foreign policies. The Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. This high growth can be attributed to the installation of PET scanners in India and initiatives by the government of the Asian nations to promote health among others.

Furthermore, China is projected to grow at a lucrative growth rate over the estimate period.

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Some of the market players in the nuclear medicines: Bayer AG, Cardinal Health, Mallinckrodt PLC, GE Healthcare, Lantheus Medical Imaging, Inc., Bracco Imaging S.P.A, Eczacibasi-Monrol Nuclear Products, Nordion, Inc., Siemens Healthcare, Advanced Accelerator Applications S.A., Jubilant Pharma and among others. New product launches and endorsements are the key growth strategies adopted by major players to reinforce their positions in the international market. Furthermore, strategies such as expansions, as well as partnerships and agreements were also implemented by numerous market players to expand their R&D competences and geographic presence in the global market.

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