CHICAGO, Jan. 27, 2020 /PRNewswire/ -- According to the new market research report "Nuclear Medicine Market by Type (Diagnostic (SPECT - Technetium, PET- F-18), Therapeutic (Beta Emitters – I-131, Alpha Emitters, Brachytherapy – Y-90)), Application (Oncology, Cardiology) - Global Forecast to 2024", published by MarketsandMarkets™, the Nuclear Medicine Marketis expected to reach USD 5.2 billion by 2024 from an estimated USD 4.1 billion in 2019, at a CAGR of 4.7%.
The key factors driving the growth of this Radiopharmaceuticals Market are increasing incidence & prevalence of cancer & cardiac ailments and initiatives to lessen the demand-supply gap of Mo-99.
By type, the SPECT radiopharmaceuticals segment is expected to account for the largest share of the diagnostic market in 2019
Based on type, the market is categorized into diagnostic and therapeutic nuclear medicine. The diagnostic nuclear medicine segment is further categorized into SPECT and PET radiopharmaceuticals. The SPECT radiopharmaceuticals segment is expected to account for the largest share of the market in 2019. However, the PET radiopharmaceutical segment is projected to register the highest CAGR during the forecast period. Although PET is more expensive than SPECT, advances in PET imaging and the introduction of new PET radiotracers are supporting its growth in the market.
In 2019, the cardiology segment is expected to dominate the SPECT applications market
On the basis of type, the SPECT applications market is segmented into cardiology, bone scans, thyroid applications, pulmonary scans, and other SPECT applications. In 2019, the cardiology segment is expected to dominate the SPECT applications market. With the rising incidence and mortality rate of CVD, the demand for nuclear medicine in cardiology diagnostic applications is expected to increase during the forecast period.
By procedural volume assessment, the diagnostic procedures segment is expected to account for the largest share of the market in 2019
Based on procedural volume assessment, the Nuclear Medicine Market is segmented into diagnostic and therapeutic procedures. Diagnostic procedures account for the larger share, as diagnostic radioisotopes find wider demand and use as compared to therapeutic radioisotopes. Since the introduction of nuclear medicine, SPECT diagnosis has been preferred over other radiopharmaceutical procedures. Due to looming uncertainties in the production of reactor-based Mo-99, the Radiopharmaceuticals Market is witnessing a shift toward PET procedures. Other major factors responsible for this trend are advancements in radiotracers for PET and the advent of hybrid imaging systems such as PET-CT and PET-MRI.
North America, Europe, the Asia Pacific, and the Rest of the World (RoW) are the regions considered for geographic analysis of the global Nuclear Medicine Market study. North America is expected to account for the largest share of the global nuclear medicine industry. The growth of the market in North America can be attributed to the development of novel technologies for radioisotope production, government funding, and company initiatives in the region.
The prominent players in the global market include Cardinal Health (US), GE Healthcare (US), Curium (France), Lantheus Medical Imaging (US), Bayer AG (Germany), Bracco Imaging (Italy), Eczacýbaþý-Monrol Nuclear Products (Turkey), Nordion (Canada), Advanced Accelerator Applications (France), and NTP Radioisotopes (South Africa).
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