According to a latest research report available on Radiant Insights, Inc.; the global nuclear medicine market is anticipated to grow rapidly over the forecast period (from 2017 to 2021). Increasing cases of chronic diseases such as cardiac disorders and cancers are expected to boost the demand for nuclear medicines owing to their extensive usage. In addition, need for accurate and early diagnostic procedures along with the high demand for advanced treatments may further augment the market growth in near future.
High demand for Positron Emission Tomography (PET) and Single Photon Emission Computed Tomography (SPECT) imaging is also one of the key market drivers. Moreover, increased awareness about PET/CT and SPECT/CT medical imaging technologies is projected to encourage the technological progression in the global market for nuclear medicine during the next few years.
Rapid technological advancements, use of hybrid imaging, rise in public awareness, abundance of radio pharmaceuticals, and availability of a wide variety of products are also projected to propel the market in near future. In addition, growing therapeutic applications and replacement of traditional equipment may further boost market expansion over the forecast period.
The report “Global Nuclear Medicine Market Report and Forecast to 2021” is available now at https://www.radiantinsights.com/research/global-nuclear-medicine-market-report-and-forecast-to-2021
Factors such as high costs of processing and availability of limited stocks of nuclear medicines may hinder the growth of this market. However, positive industry trends such as production based on cyclotron and huge investments in research and development (R&D) and partnerships for the discovery of nuclear medicines are anticipated to help overcome these challenges in the next four years.
Recently, Royal Philips showcased their latest solution and technology, Vereos Digital PET/CT that features their proprietary Digital Photon Counting (DPC) tech, at the SNMMI 2017 Annual Meeting. It offers enhanced diagnosis and quantification at half the PET dose.
The global nuclear medicine market is categorized into product type, application, and region. Based on product type, the market is categorized into therapeutic, diagnostic, and type C. Based on application, the market is divided into neurology, oncology, and cardiology.
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Based on region, the market is segregated into Europe, North America, and Asia Pacific (APAC). North America dominated the global market in the past. Factors such as better reimbursement structure, well-planned policies, and high awareness and healthcare expenditure levels are expected to boost the regional growth in near future.
On the other hand, the APAC regional market is anticipated to have lucrative growth over the next few years. Growth of this region can be attributed to the rising demand for nuclear medicines in various developing countries due to improving healthcare standards, increased disposable income, and reforms in foreign policies. Moreover, rising cases of neurological and cardiovascular diseases and population explosion in the region are also projected to fuel the APAC market.
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Some of the major companies operating in the global market for nuclear medicine include Toshiba Medical Systems Corp.; Bracco Imaging S.p.A.; GE Healthcare; Eckert & Ziegler Group; and Siemens Healthineers. Most key players have undertaken market strategies to obtain the maximum market share. These strategies include partnerships, mergers and acquisitions, global business expansion, and development of new product and/or technology. Among these, product development is the key strategy that can get more customers. Apart from these strategies, prominent market players have also heavily invested in research & development activities to discover advanced nuclear medicines.
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