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The global nuclear medicine radioisotope market was valued at USD 13.9 billion in 2017, and is expected to register a CAGR of 12.3% during the forecast period of 2018-2023. North America accounted for the largest share of approximately 40% of the global market, in 2017, whereas, Asia-Pacific is anticipated to register the highest CAGR over the forecast period.
Rising SPECT and PET Applications
The field of nuclear medicine is dominated by the applications related to positron emission tomography (PET) and single-photon emission computerized tomography (SPECT). The growing interest of PET technology in cardiac and neurological disorders is expected to fuel the market’s growth. More than 60% of SPECT procedures are performed in cardiology. In addition, orthopedics, oncology, and infection imaging are emerging as areas that can benefit from the same. Applications have been further increasing, through the inclusion of advancements in computed tomography (CT), making nuclear medicine the right choice for disease diagnosis. In addition, factors, such as rising incidences of cardiac and cancer cases, along with the rising awareness among the public, drive the nuclear medicine market.
High Capital Investments Involved
One of the major hindrance for the nuclear medicine radioisotope market is the high capital investments required for the generation of radionuclide. Cyclotron initial investment is very high, which is followed by renovation and installation. Further, annual operating costs are involved. With high investment, the cost of imaging and treatment becomes a factor of high expenditure, especially in developing markets. These factors, and unclear regulatory guidelines, varied reimbursement policies, and short half-life of radiopharmaceuticals restrict the growth of the market studied.
North America to Dominate the Market
The global nuclear medicine radioisotope market has been segmented by type of radioisotope, application in different indications, and geography. Geographically, the market has been segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
North America dominated the nuclear medicine radioisotope market, with a share of 40%, in 2017. The factors, such as well-established healthcare facilities, growing geriatric population, rising awareness among people for nuclear medicine treatments and diagnosis, contribute to the growth of the regional market. Moreover, Asia-Pacific is estimated to register the highest CAGR during the forecast period.
Key Developments in the Market
• December 2017: Caris Life Sciences identified a new mechanism for the treatment of non-Hodgkin lymphoma (NHL), using a single-stranded DNA aptamer, C10.36, specifically binding to heterogeneous nuclear ribonucleoprotein U (hnRNP U).
• October 2017: Siemens Healthcare introduced biograph vision PET/CT system, a software platform at the 30th Annual Congress of the European Association of Nuclear Medicine (EANM), to provide a new level of precision in PET/CT imaging.
Major Players: MEDTRONIC PLC, GE HEALTHCARE, LANTHEUS MEDICAL IMAGING INC., HOLOGIC INC., CARDINAL HEALTH INC., BAYER HEALTHCARE AG, BRACCO IMAGING SPA, NTP RADIOISOTOPES SOC LTD, POSITRON CORPORATION, and SIEMENS HEALTHCARE, among others.
Reasons to Purchase This Report
• Analysis of the global nuclear medicine radioisotope market, with region-specific assessments and competition analysis, on global and regional scales.
• Analyzing various perspectives of the industry with the help of Porter’s five forces analysis.
• The treatment type that is expected to dominate the market.
• Regions that are expected to witness the fastest growth during the forecast period.
• Identify the latest developments, market shares, and strategies employed by the major market players.
• 3-month analyst support along with the Market Estimate sheet (in Excel).
Customization Of The Report
• This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.
Rising SPECT and PET Applications
The field of nuclear medicine is dominated by the applications related to positron emission tomography (PET) and single-photon emission computerized tomography (SPECT). The growing interest of PET technology in cardiac and neurological disorders is expected to fuel the market’s growth. More than 60% of SPECT procedures are performed in cardiology. In addition, orthopedics, oncology, and infection imaging are emerging as areas that can benefit from the same. Applications have been further increasing, through the inclusion of advancements in computed tomography (CT), making nuclear medicine the right choice for disease diagnosis. In addition, factors, such as rising incidences of cardiac and cancer cases, along with the rising awareness among the public, drive the nuclear medicine market.
High Capital Investments Involved
One of the major hindrance for the nuclear medicine radioisotope market is the high capital investments required for the generation of radionuclide. Cyclotron initial investment is very high, which is followed by renovation and installation. Further, annual operating costs are involved. With high investment, the cost of imaging and treatment becomes a factor of high expenditure, especially in developing markets. These factors, and unclear regulatory guidelines, varied reimbursement policies, and short half-life of radiopharmaceuticals restrict the growth of the market studied.
North America to Dominate the Market
The global nuclear medicine radioisotope market has been segmented by type of radioisotope, application in different indications, and geography. Geographically, the market has been segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
North America dominated the nuclear medicine radioisotope market, with a share of 40%, in 2017. The factors, such as well-established healthcare facilities, growing geriatric population, rising awareness among people for nuclear medicine treatments and diagnosis, contribute to the growth of the regional market. Moreover, Asia-Pacific is estimated to register the highest CAGR during the forecast period.
Key Developments in the Market
• December 2017: Caris Life Sciences identified a new mechanism for the treatment of non-Hodgkin lymphoma (NHL), using a single-stranded DNA aptamer, C10.36, specifically binding to heterogeneous nuclear ribonucleoprotein U (hnRNP U).
• October 2017: Siemens Healthcare introduced biograph vision PET/CT system, a software platform at the 30th Annual Congress of the European Association of Nuclear Medicine (EANM), to provide a new level of precision in PET/CT imaging.
Major Players: MEDTRONIC PLC, GE HEALTHCARE, LANTHEUS MEDICAL IMAGING INC., HOLOGIC INC., CARDINAL HEALTH INC., BAYER HEALTHCARE AG, BRACCO IMAGING SPA, NTP RADIOISOTOPES SOC LTD, POSITRON CORPORATION, and SIEMENS HEALTHCARE, among others.
Reasons to Purchase This Report
• Analysis of the global nuclear medicine radioisotope market, with region-specific assessments and competition analysis, on global and regional scales.
• Analyzing various perspectives of the industry with the help of Porter’s five forces analysis.
• The treatment type that is expected to dominate the market.
• Regions that are expected to witness the fastest growth during the forecast period.
• Identify the latest developments, market shares, and strategies employed by the major market players.
• 3-month analyst support along with the Market Estimate sheet (in Excel).
Customization Of The Report
• This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
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The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
