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Nuclear Medicine Market Size, Share and Growth Analysis to 2026

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Nuclear Medicine Market Size, Share and Growth Analysis to 2026

The global nuclear medicine market includes radioactive substances in research, diagnosis, and treatment. Rising cases of cancer and cardiac complications are positively impacting the market for nuclear medicine. This owes to the potential treatment capacity within nuclear medicine for such ailments. Conventional procedures like chemotherapy employed for treating leukaemia and melanoma are increasingly being replaced by convenient therapeutic radiopharmaceuticals. This is giving birth to new opportunities in the radiopharmaceuticals industry. Alongside being a safer alternative for patients as compared to external radiation imaging devices, radiopharmaceuticals also help physicians during diagnosis. Similarly, nuclear medicines are used in applications such as lymphoma and bone metastasis.


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Furthermore, growing awareness about cardiac health amongst the people also plays a huge role in popularizing nuclear medicines. Similarly, increasing SPECT and PET applications are creating headways for growth across the global nuclear medicine market.

 

Diagnostics Segment to Secure Major Share in Global Nuclear Medicine Market

The radiopharmaceuticals industry is segmented on the basis of type, modality, application, end-user, and geography. Based on type, this market comprises of three segments namely, diagnostics, research, and therapeutic. The segment for diagnostics is further classified into PET and SPECT. PET imaging radioisotopes have a major role in early diagnosis of Parkinson syndromes, neurological disorders such as Alzheimer’s, and brain metastases. Several other applications are involved in clinical neurology consisting of movement disorders, brain tumours, stroke, neuronal plasticity, and epilepsy. The radioisotopes sub-segment is expected to comprise the largest share of the overall market. This is due to the increasing instances of chronic diseases like cancer and cardiac ailments, and awareness among the masses about radioisotopes. Consequently, these factors are expected to have a major impact on market growth for nuclear medicine in the forecasted period.

 

North America Secures a Dominant Stance in the Global Market for Nuclear Medicine

U.S. has emerged as the largest regional consumer market for radioisotopes while Canada boasts of heavy production of Tc-99m. This awards North America a lead in the global market for nuclear medicine. The large growth share can be credited to government funding, rise in research and development expenditure, and development of novel technologies for radioisotope production in the region.

Developing countries of the Asia-Pacific region are also expected to undergo reasonable growth in the forecasted period. This is due to the rising demand for nuclear medicines across countries like China and India. These countries have witnessed substantial improvements in their healthcare infrastructure and services.

 

Key Market Focus on Investments in Global Nuclear Medicine Market

The global nuclear medicine market has witnessed an interplay of intense competition among major players. Huge companies of the biotechnology and pharmaceutical industry are making considerable investments into the market. In April 2017, IBA Molecular and Mallinckrodt Nuclear Medicine came together to develop Curium. In May 2018, Curium secured a better position in the French PET market by acquiring Cyclopharma’s French commercial and manufacturing operations. Some key market players are NTP Radioisotopes (South Africa), Cardinal Health (US), Lantheus Medical Imaging (US), Curium (France), Eczacýbaþý-Monrol Nuclear Products (Turkey), Bayer AG (Germany), Nordion (Canada), Advanced Accelerator Applications (France), Bracco Imaging (Italy), and GE Healthcare (US).

 

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