Nuclear Medicine Market Overview
The global nuclear medicine market is growing pervasively, mainly due to the increasing prevalence of various chronic diseases & disorders. Rising cases of cancer and cardiovascular & neurological diseases contribute to the growth of the market, significantly, demanding effective procedures for early diagnosis and treatment. Moreover, factors such as the increasing investments from public & private sectors accelerate the growth of the market.
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According to a leading research firm, Market Research Future (MRFR), the global nuclear medicine market is expected to create a valuation of USD 5.430 BN by 2023. In its recent nuclear medicine industry report, MRFR also asserts that the market would register over 6.2% CAGR during the assessment period (2018 – 2023). The rising numbers of diagnostic imaging centers and the increasing preference for minimally invasive treatments are two of the other major factors substantiating market growth.
Additional factors pushing the market growth include the rising uptake of radiopharmaceuticals and increasing R&D activities in the field of life science. The rise in the aging populaces is estimated to generate significant demand for nuclear medicines in the years to come. Moreover, spreading awareness about the availability of nuclear medicine and its increasing uptake in the academic medical centers by biomedical researchers influence the nuclear medicine market size.
On the other hand, prohibitive costs of radiopharmaceuticals and side effects associated with radiation exposure are projected to impede the growth of the market in underdeveloped regions. Whereas, in developed regions, stringent regulatory frameworks are likely to obstruct the growth of the nuclear medicine market.
Global Nuclear Medicine Market – Segmentations
MRFR has segmented the market into four main dynamics to widen the scope of understanding,
By Product Type : Therapeutic Radiopharmaceuticals, Diagnostic Nuclear Medicine, and others.
By Application : Therapeutic and Diagnostic Applications, and others.
By End-user : Hospitals, Diagnostic Centers & Research Institutes, and others.
By Regions : Europe, Americas, Asia Pacific, Middle East & Africa, and Rest-of-the-World
Global Nuclear Medicine Market – Geographical Analysis
North America leads the global nuclear medicine market. The largest market share attributes to the rising prevalence of cancer and other chronic diseases & disorders in the region. Besides, the presence of many major players acts as a key tailwind for regional market growth. Also, the well-spread awareness towards the availability of advanced therapies and the awareness about the benefits of nuclear medicines, alongside the rising demand for accurate diagnosis, substantiate the regional market growth.
Additionally, rising government initiatives & funding programs for research in the field is a significant growth driver of the North American nuclear medicine market. The US market, with its increasing uptake of the imaging technologies for medical training and surgeries, accounts for the largest share in the regional market. Furthermore, the well-developed healthcare sector in the region and the adoption of nuclear medicine by research academics centers &laboratories impact the market growth, positively.
Europe stands second in the global nuclear medicine market, globally. The market is predominantly driven by the increasing number of R&D activities and rapid strategic initiatives among key market players. Additionally, factors such as the availability of advanced treatment facilities, increasing healthcare expenditure, and the flourishing medical device industry are influencing the growth of the European nuclear medicine market.
The nuclear medicine market in the Asia Pacific region has emerged as a lucrative market globally. Factors pushing the market growth include vast advancements in nuclear medicine technologist, proliferating healthcare sector, and ever-increasing population in the region. While India and China have evolved as significant markets for nuclear medicines, Japan holds a substantial revenue share in the region’s nuclear medicine market. China, backed by the large manufacturing base, is becoming the fastest-growing market in the region.
Nuclear Medicine Market – Competitive Landscape
The nuclear medicine market appears to be highly competitive and fragmented due to the presence of several notable players. To develop new manufacturing methods and drive innovations, manufacturers collaborate and form partnerships with other players. They increasingly invest in R&D activities, possess state of the art labs & production units and strong sales & distribution network while focusing on inbound lead generation, looking for ROI-oriented strategies.
Major Players:
Players driving the global nuclear medicine market include GE Healthcare, Bayer, Bracco Imaging, Cardinal Health, Lantheus Medical Imaging, Mallinckrodt Pharmaceuticals, Advanced Accelerators Applications, Curium, Nordion Inc., Jubilant Lifesciences, and Medtronic plc., among others.
Industry/Innovation/Related News:
November 25, 2019 — Novartis International AG (Switzerland), a leading global pharmaceutical company, announced the acquisition of The Medicines Company (the US), a biopharmaceutical company focusing on cardiovascular diseases to restock its pipeline for cholesterol drugs. Novartis is seeking to reshape through disposals and takeovers. Novartis is looking at acquisitions as the primary means of restocking the drug pipelines rather than relying on in-house research and development.
Other key acquisitions of the Swiss pharma company include the purchase of the French nuclear medicines business Advanced Accelerator Applications and US-based Endocyte. Both of these businesses target radiopharmaceutical cancer treatments.
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