The nuclear medicine 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% during the forecast period, owing to factors such as the introduction of alpha emitters for targeted cancer therapy, increasing prevalence of cancer and cardiovascular diseases, increasing geriatric population in China and India, initiatives by government bodies are expected to drive the growth of the market.
The global market is segmented on the basis of type, application, procedural volume, and region. Based on type, the market is segmented into diagnostic and therapeutic. The diagnostic segment accounted for the largest share of the nuclear medicine market. The diagnostic segment is further segmented into SPECT and PET. In 2016, the SPECT segment accounted for the largest share of the nuclear medicine/radiopharmaceuticals diagnostic market. The therapeutic segment is further segmented into beta emitters, alpha emitters, and brachytherapy. In 2016, the beta emitters segment accounted for the largest share of the nuclear medicine/radiopharmaceuticals therapeutic market.
Based on application, the nuclear medicine market is segmented into diagnostic applications for SPECT & PET and therapeutic applications. In 2016, the SPECT applications segment accounted for the largest share of the market. The large share of this application segment can primarily be attributed to factors such as the mature SPECT imaging market and the extensive usage of SPECT radioisotopes for the diagnosis of various diseases, including cancer, cardiovascular diseases, thyroid, and neurological disorders.
Based on region, the nuclear medicine market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. In 2016, North America is estimated to account for the largest share, followed by Asia-Pacific and Europe. 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 countries to promote health among others.