“The nuclear medicine market is projected to grow at a CAGR of 4.7%.”
The nuclear medicine market is projected to reach USD 5.2 billion by 2024 from an estimated USD 4.1 billion in 2019, growing at a CAGR of 4.7% during the forecast period. The key factors propelling the growth of this market are the increasing incidence and prevalence of cancer & cardiovascular diseases and initiatives to lessen the demand-supply gap of Mo-99. However, the short half-life of radiopharmaceuticals reduces their potential adoption, while hospital budget cuts and high equipment prices have made it difficult for a section of end users to depend on nuclear medicine. These factors are expected to hamper the growth of the nuclear medicine market during the forecast period.
“The Technetium-99m segment to hold the largest share of SPECT radiopharmaceuticals market in 2019.”
Based on type, the SPECT radiopharmaceuticals market is segmented Tc-99m, Tl-201, Ga-67, I-123, and other isotopes. In 2019, the Tc-99m segment is expected to command the largest share of the SPECT radiopharmaceuticals market. The large share of this segment can be attributed to the fact that Tc-99m is the most commonly used diagnostic radioisotope, which is used in around 80–90% of diagnostic scans and around 30 million patient examinations every year.
“In 2018, the thyroid indications segment accounted for the largest share of the therapeutics market.”
On the basis of indication, the therapeutic nuclear medicine applications market is segmented into thyroid indications, bone metastasis, lymphoma, endocrine tumors, and other indications. In 2018, the thyroid indications segment accounted for the largest share of the therapeutics market. On the other hand, the endocrine tumors segment is expected to grow at the highest CAGR during the forecast period. The growth in this segment is majorly driven by the increasing use of therapeutic radiopharmaceuticals in the treatment of endocrine tumors.
“The Asia Pacific to witness the highest growth during the forecast period.”
Asia Pacific is expected to grow at the highest CAGR during the forecast period of 2019–2024. The major factors driving the growth of the Asia Pacific market include research initiatives in Japan, rising installations of PET scanners in India and China, and initiatives by the Australian government.
Break of primary participants was as mentioned below:
- By Company Type: Tier I: 55%, Tier II: 25%, Tier III: 20%
- By Designation: C-Level Executives: 35%, Directors: 25%, Others: 40%
- By Region: North America: 20%, Europe: 25%, Asia Pacific : 40%, RoW: 15%
Cardinal Health (US), GE Healthcare (US), and Curium (France) were the leading players in the nuclear medicine market.
This report studies the nuclear medicine market based on type, application, procedural volume assessment, and region. The report also studies the different factors (such as drivers, restraints, and opportunities) affecting the market growth. It analyzes the opportunities and challenges in the market and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micromarkets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to four main regions and respective countries.
Key Benefits of Buying the Report
This report focuses on various levels of analysis industry trends, market shares of top players, and company profiles, which together form basic views and analyze the competitive landscape, emerging segments of the nuclear medicine market, and their drivers, restraints, and opportunities. The report will help both established firms as well as new entrants/smaller firms to gauge the pulse of the nuclear medicine market.