The global nuclear medicine market has been growing rapidly, garnering colossal prominence. Significant factors contributing to the growth include the increasing prevalence of various chronic diseases such as cancer and cardiovascular & neurological diseases that are augmenting the demand for effective diagnostic procedures.
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Moreover, increasing investments from public & private organizations, the rising number of diagnostic imaging centers, and the increasing preference for minimally invasive treatments, accelerate the market on the global platform.
Acknowledging the exponential traction, the market witnesses currently, Market Research Future (MRFR) in its recently published study report asserts that the global nuclear medicine market will reach a valuation of USD 5.430 BN by 2023, registering approximately 6.2% CAGR throughout the forecast period (2018 to 2023).
Additional factors helping the market to substantiate continually, include the rising uptake of radiopharmaceuticals and increasing R&D activities in life sciences. The geriatric population is prognosticated to generate significant demand for nuclear medicines in the future. Moreover, the spreading awareness towards nuclear medicine and its uptake in the academic medical centers, by the surgeons, and biomedical researchers propel the growth of the market.
On the other hand, factors such as the high cost of the radiopharmaceuticals and side effects associated with radiation exposure are expected to impede the growth of the market in the underdeveloped regions. Whereas, the stringent regulatory approval procedures are majorly obstructing the growth of the nuclear medicine market in the developed regions.
Global Nuclear Medicine Market – Segmentations
For ease of understanding, the MRFR analysis has been segmented into four key dynamics: –
By Product Type : Diagnostic Nuclear Medicine and Therapeutic Radiopharmaceuticals among others.
By Application : Diagnostic applications and Therapeutic applications among others.
By End-user : Hospitals & Diagnostic Centers and Research Institutes among others.
By Regions : North America, Asia Pacific, Europe, and the Rest-of-the-World.
Global Nuclear Medicine Market – Geographical Analysis
The North American region heading with the increasing prevalence of cancer and other chronic diseases & disorders dominates the global nuclear medicine market. The presence of several important market players is a key driving force behind the growth of the regional market. Also, factors such as the well-spread awareness towards the availability of advanced therapies and the growing geriatric population are substantiating the growth of the market.
Additionally, growing government initiatives and funding programs for research in the field, the rising demand for accurate diagnosis, alongside the awareness about the benefits of nuclear medicines are some of the factors acting as significant tailwinds for the market growth. The nuclear medicine market in the region is predominantly led by the US market which is growing rapidly due to the increasing uptake of the imaging technologies for medical training and surgeries.
Furthermore, the presence of a well-developed healthcare sector alongside the increasing biomedical research initiatives, technological advancements, and the adoption of nuclear medicine by research academics centers, and laboratories fosters the growth of the market in the region.
The nuclear medicine market in the European region accounts for the second-largest market, globally. Factors such as the increasing number of R&D activities, new products launch, and rapid strategic initiatives such as partnerships and collaborations and are attributing to the growth of the regional market. Additionally, owing to the factors such as the availability of advanced treatment facilities, increasing healthcare expenditure, and the flourishing medical device industry is positively impacting the growth of the regional market.
The Asia Pacific nuclear medicine market has emerged as a lucrative market, globally. Factors such as the large technological advancements, proliferating healthcare sector, and ever-increasing population, especially in India and China are positively impacting the growth of the regional market. Japan holds a substantial revenue share, whereas, China, backed by the large manufacturing base and increase in demand from the construction sector is becoming the fastest growing market in the region.
Global Nuclear Medicine Market – Competitive Analysis
Highly competitive, the nuclear medicine market appears to be fragmented owing to the presence of several large as well as small players. Strategic partnership, acquisition, expansion, product & technology launch, and collaboration remain the key strategies of market players to achieve competitive advantage.
Key players leading the global nuclear medicine market include GE Healthcare, Cardinal Health, Bayer, Bracco Imaging, Lantheus Medical Imaging, Curium, Nordion Inc., Mallinckrodt Pharmaceuticals, Advanced Accelerators Applications, Medtronic plc., and Jubilant Lifesciences among others.
April 02, 2019 — Navidea Biopharmaceuticals, Inc. (the US), a leader in precision medicine announced that it would be presenting the results of the Company’s NAV3-21 clinical study at the Society of Nuclear Medicine & Molecular Imaging Annual Meeting in June 2019.
The presentation, titled as “A Phase I/Phase II Study of Intravenously (“IV”) Administered Tc99m Tilmanocept (“TCT”) to Determine Safety, Tolerability, Optimal Clinical Dose Selection, and Imaging Timepoint in Patients Clinically Diagnosed with Rheumatoid Arthritis (“RA”).” Besides, an abstract of the presentation will be published in the Journal of Nuclear Medicine.
April 08, 2019 — The US – The American College of Radiology (ACR) and the Society of Nuclear Medicine & Molecular Imaging (SNMMI) announced their collaboration to create a new clinical data registry to support high-quality practice and care in nuclear medicine.
The synergistic partnership reaffirms the commitment of both organizations to provide the highest level of nuclear medicine care for our patients. The initiative will support that goal through evidence-based practice improvements born from a data-rich registry.
As part of the collaboration, SNMMI and ACR will collect and analyze data on nuclear medicine procedures and facilitate reporting of quality performance to the federal government.
The diagnostic, interventional radiology/ nuclear medicine arm of the registry will be piloted in 2019, and initially will focus on PET/CT imaging data. All sites participating in the pilot will have access to the collected data, which will include de-identified data from attending pilot institutions.
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