NEW YORK, Nov. 2, 2016 /PRNewswire/ -- The nuclear medicine/radiopharmaceuticals market is projected to reach USD 7.27 billion by 2021 from USD 4.67 billion in 2016, growing at a CAGR of 9.3% in the next five years (2016 to 2021). Over the years, the nuclear medicine/radiopharmaceuticals market has witnessed various advancements in radiopharmaceuticals. The market is in its growth phase with an increasing number of radioisotope approvals for different clinical indications. Ra-223, I-131, and Y-90 ensured their leading position in the nuclear medicine therapeutic market.
Factors such as advances in radiotracers and increasing incidence and prevalence of cancer and cardiac ailments, introduction of alpha emitters for targeted cancer therapy, high demand for radiopharmaceuticals in emerging markets, upcoming radioisotopes, and increasing new product launches by industry players are expected to drive the nuclear medicine/radiopharmaceuticals market in the coming years. However, the shutdown of major nuclear reactors, which are the main source for radiopharmaceutical production, is a major challenge for the growth of the market.
In 2016, North America is expected to account for the largest share of the global nuclear medicine/radiopharmaceuticals market, followed by Europe, Asia-Pacific, and the Rest of the World (RoW). Asia-Pacific is projected to have the highest growth rate in the forecast period. Factors such as the increasing geriatric population and incidence of cardiovascular diseases & cancer in China & Japan, installation of PET scanners in India, and approval of radium (223Ra) dichloride by the therapeutic goods administration (TGA) in Australia are likely to propel the market in the Asia-Pacific region.
The market witnesses high competitive intensity, as there are several big and many small firms with similar product offerings. These companies adopt various strategies (expansions; new product launches; marketing and promotion; agreements, collaborations, partnerships, and funding; patent approval to increase their market shares and establish a strong foothold in the global market.
In-depth interviews were conducted with CEOs, sales and marketing directors, other innovation and technology directors, and executives from various key organizations operating in the nuclear medicine/radiopharmaceuticals market.
- By Company Type: Tier 1: 32%, Tier 2: 39%, Tier 3: 29%
- By Designation: Director Level: 38%, C-level: 28%, Others: 34%
- By Region: North America: 30%, Europe: 27%, APAC: 33%, RoW: 10%
Some of the major players in the nuclear medicine/radiopharmaceuticals market include Cardinal Health Inc. (U.S.), Mallinckrodt plc (Ireland), GE Healthcare (U.K.), Lantheus Medical Imaging, Inc. (U.S.), Bayer AG (Germany), Bracco Imaging S.p.A (Italy), Eczacibasi-Monrol Nuclear Products (Turkey), Nordion, Inc. (Canada), Advanced Accelerator Applications S.A. (France), and IBA Molecular Imaging (Belgium).
The report provides detailed description of the radiopharmaceuticals used in diagnostics as well as for therapy across various regions. It aims at estimating the market size and future growth potential of this market across different segments such as type, application, procedural volume, and region. Additionally, the report includes an in-depth competitive analysis of the key players in the market along with their company profiles, SWOT analysis, recent developments, and key market strategies.
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The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn helps firms to garner a greater market shares. Firms purchasing the report could use any one or a combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for strengthening their market shares.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the products and services offered by top players in the nuclear medicine/radiopharmaceuticals market. The report analyzes the nuclear medicine/radiopharmaceuticals market by type, application, procedural volume, and region
- Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the nuclear medicine/radiopharmaceuticals market
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for nuclear medicine/radiopharmaceuticals across regions
- Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the nuclear medicine/radiopharmaceuticals market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and distribution networks of the leading players in the nuclear medicine/radiopharmaceuticals market
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