Global Nuclear Medicine/Radiopharmaceutical Market is expected to grow at a CAGR of 6.90% during the forecast period from 2020-2027
A new research report published by Fior Markets with the title Nuclear Medicine/Radiopharmaceutical Market by Type (Diagnostics, Therapeutics), Application (Oncology, Cardiology, Thyroid), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027.
The global nuclear medicine/radiopharmaceutical market is expected to grow from USD 4.21 billion in 2019 to USD 7.17 billion by 2027, at a CAGR of 6.90% during the forecast period from 2020-2027.
Nuclear medicine/radiopharmaceuticals are used in nuclear imaging to diagnosis, treat diseases and to provide diagnostic information about the functioning of a specific organ. Therapy radioisotopes are used to treat medical conditions, especially cancer, using radiation to destroy or weaken particular targeted cells. It comprises therapeutic and diagnostic techniques that use radioisotopes for applications like cardiovascular, neurological disorders, and oncology to provide information at both cellular and molecular level for tracking tissue function, study disease progression, probing, and assessing treatment responses.
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Increasing incidence of cancer and cardiac ailments across the globe is the major driver of the market. Nuclear medicine shows huge potential for treating cancer and cardiac diseases. In addition to this, increasing use of single-photon emission computed tomography (SPECT) and positron-emission tomography (PET) scans, technological advancements in equipment, increased utilization of fusion imaging, and new radiopharmaceuticalals for oncology applications, are some of the key driving factors further boosting the growth of market. However, short half-life of radiopharmaceuticalals, budgets constraints of hospitals, and high equipment prices, could hamper the market growth over the forecast period.
The nuclear medicine/radiopharmaceutical market has been segmented on the basis of type, application and region. Type segment includes diagnostics and therapeutics. The diagnostics segment accounted for the major market share of 74.93% in 2019. Diagnostic procedures using radioisotopes are becoming more routine due to the valuable information they can provide, boosting the growth of this segment. The application segment is classified into oncology, cardiology, and thyroid. The oncology segment held the major market share and valued at USD 2.06 billion in 2019. Nuclear medicine offers screening methods for oncology such as bone and bone marrow scintigraphy and also used for detection of oncology such as staging of esophageal, gastric, cervical, and non-small-cell lung cancer as well as for head and neck carcinomas and lymphoma. The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America held the largest market share of 44.27% in 2019. This is attributed to early adoption of nuclear medicines, increasing SPECT and PET applications, and high public awareness for thyroid and oncology across the region. In North America, U.S. has holds more than 80% of the market for diagnostic radioisotopes.
The major companies for the global nuclear medicine/radiopharmaceutical market China lsotope & Radiation Corporation, Yantai Dongcheng Biochemicals Co., Ltd, Philips Healthcare Informatics, Inc, Cardinal Health, Inc., Mallinckrodt Pharmaceuticals , GEHealthcare, Lantheus Medical Imaging, Inc., Bracco Imaging S.p.A , Bayer AG , Eczacıbaşı Monrol Nükleer Ürünler Tic. ve San A.Ş. , Nordion (Canada) Inc., Advanced Accelerator Applications, and Curium among others.
In April 2018, Curium announced that it has signed an agreement to acquire Cyclopharma’s manufacturing and commercial operations in France, to provide a more comprehensive footprint and a significantly enhanced reliability to Curium portfolio of PET tracers to customers and patients across France.
About the report:
The global market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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