The nuclear medicine market is projected to grow at a CAGR of 5.9%
LONDON, June 20, 2018 /PRNewswire/ -- The nuclear medicine market is projected to grow at a CAGR of 5.9%
The nuclear medicine market is projected to reach USD 5.26 billion by 2023 from USD 3.95 billion in 2018. Factors such as the growing incidence and prevalence of cancer and cardiac ailments and initiatives to lessen the demand-supply gap of Mo-99, are driving market growth. However, the short half-life of radiopharmaceuticals, hospital budget cuts, and high equipment prices are likely to restrain market growth.
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The F-18 segment to dominate the PET nuclear medicine market during the forecast period
Based on type, the nuclear medicine market is segmented into diagnostic radiopharmaceuticals and therapeutic radiopharmaceuticals.The diagnostic radiopharmaceuticals have been segmented into SPECT and PET radiopharmaceuticals.
PET radiopharmaceuticals have been further segmented into F-18, Ru-82, and other PET isotopes.In 2017, the F-18 segment accounted for the largest share of the nuclear medicine PET radiopharmaceuticals market.
F-18 is the most commonly used PET radioisotope owing to its higher half-life (110 minutes) compared to other radioisotopes. F-18 is estimated to account for 98% of the total PET radioisotopes market.
The thyroid application segment is expected to be the fastest growing SPECT applications segment
The major application areas of SPECT nuclear medicine include cardiology, lymphoma, thyroid, neurology and others (prostate cancer diagnosis, bone scans, and white cell scans).The thyroid applications segment is expected to register the highest CAGR during the forecast period.
Growth in this application segment is mainly driven by the rising demand for combinational SPECT/CT therapy owing to its enhanced imaging abilities. Moreover, with growth in the number of thyroid cancer cases, the use of radiopharmaceuticals for diagnosis of thyroid disorders is expected to increase in the next five years.
In 2018, North America is expected to dominate the nuclear medicine market
The nuclear medicine market is divided into four major regions— North America, Europe, Asia Pacific, and the Rest of the World.North America accounted for the largest share of the nuclear medicine market.
The major factors contributing to the large share of this segment include the development of novel technologies for radioisotope production, government support, and company initiatives in the region.
Asia Pacific is expected to register the highest CAGR during the forecast period. The major factors driving the growth of this regional segment include research initiatives in Japan and the rising installations of PET scanners in India and China.
Break of primary participants was as mentioned below:
• By Company Type – Tier 1: 54%, Tier 2: 34%, and Tier 3: 12%
• By Designation – C-level: 31%, Director Level: 19%, Others: 50%
• By Region – North America: 46%, Europe: 25%, Asia Pacific: 18%, RoW: 11%
The major market players in the nuclear medicine market include Cardinal Health (US), GE Healthcare (US), and Curium (France).
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