As per the findings of a research report published by Grand View Research, Inc.; the global nuclear medicine market is projected to reach around USD 13.8 billion by 2024. The market is also expected to witness a substantial growth rate of nearly 10.2% during the forecast period i.e., from 2016 to 2024. Rising cases of chronic diseases such as cardiac disorders and cancer are expected drive the market. Nuclear medicines are used in the diagnosis procedures, as well as for treatments, of various diseases. According to the World Health Organization (WHO) data, the cancer cases are likely to increase by 70.0%, which is expected to fuel the demand for radiopharmaceuticals.
At present, nuclear medicines are used widely in the field of cardiovascular diseases and oncology. Current research and studies with positive results are expanding the scope of radioisotope applications in the diagnosis and treatment of several other diseases such as digestive tract issues, respiratory diseases, bone diseases, and diseases related to thyroid. These factors are also projected to help boost the market for nuclear medicine over the next few years.
Full Research Report On Nuclear Medicine Market Analysis: https://www.grandviewresearch.com/industry-analysis/nuclear-medicines-market
The global nuclear medicine market is categorized as per product type and regions. On the basis of product type, the market is categorized into diagnostics and therapeutics. The diagnostics segment is subcategorized into PET (RB-82, F-18, and others) and SPECT (TL-201, I-123, TC-99m, GA-67, and others). Diagnostic products accounted for a major share in 2015. Developments in scanning technologies was one of the major driving factors. The key diagnostic application areas such as neurology, cardiology, thyroid, and oncology formed the largest market in the same year.
The therapeutics segment is subcategorized into brachytherapy (Iridium-192, Iodine-125, Cesium-131, Palladium-103, and others), alpha emitters (RA-223), and beta emitters (Lu-117, I-131, SM-153, Y-90, Re-186, and others). Therapeutic products such as alpha and beta emitters and brachytherapy are expected to have a lucrative expansion over the next few years.
On the basis of geographies, the market is divided into Middle East and Africa (MEA), Latin America, Europe, Asia Pacific, and North America. In 2016, the North America region led the global market in the past with around 44.0% of the overall market share. This development was attributed to the presence of highly advanced healthcare infrastructure and availability of easy reimbursement structure and supportive policies, particularly in United States. In addition, high healthcare expenditure by the regional government bodies and awareness levels among people regarding the availability of advanced technologies also contributed toward growth of the regional nuclear medicine market.
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The Asia Pacific region is projected to witness a lucrative growth rate during the forecast years. China, in particular, is expected to have huge growth opportunities as a result of advanced healthcare infrastructure and awareness among people. Increasing demand for nuclear medicines from the emerging economies of such as Japan, India, and China is expected to be the key growth driver for the Asia Pacific regional market. Several other factors such as constantly improving healthcare standards and infrastructure and reform in foreign policies are also anticipated to drive the regional growth. In addition, increased consumer disposable income levels have resulted in an improved healthcare expenditure and this factor is also likely to contribute toward the development of the region.
Some of the major companies operating in the global nuclear medicine market are The Institute for Radioelements (The IRE); Australian Nuclear Science & Technology Organization (ANSTO); Bracco Imaging S.p.A.; Eckert & Ziegler Group; and Mallinckrodt Public Limited Co. New product innovations, regional expansions, mergers and acquisitions, and partnerships are the prominent market strategies undertaken by most of these companies. For example, in 2016, the Eckert & Zeigler Group acquired BR – 77 Comércio, Distribuidora e Transportes de Medicamentos Ltda. This acquisition was part of the business development strategy of the Eckert & Zeigler Group to strengthen and expand their presence in South America.
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