Nuclear Medicine/Radiopharmaceuticals Market worth 7.27 Bn USD by 2021

Monday 31 October 2016, Amsterdam

The report, now available on ASDReports, "Nuclear Medicine/Radiopharmaceuticals Market by Type (Diagnostic (SPECT - Technetium, PET - F-18), Therapeutic (Beta Emitters - I-131, Alpha Emitters, Brachytherapy - Y-90) & by Application (Oncology, Thyroid, Cardiology) - Global Forecasts to 2021", that analyzes and studies the major market drivers, restraints/challenges, and opportunities.

This report studies the global nuclear medicine/radiopharmaceuticals market for the forecast period of 2016 to 2021. This market is expected to reach USD 7.27 Billion by 2021 from USD 4.67 Billion in 2016, growing at a CAGR of 9.3%.

The global nuclear medicine/radiopharmaceuticals market is segmented on the basis of type, application, procedural volume, and region.

Based on type, the nuclear medicine/radiopharmaceuticals market is categorized into diagnostic and therapeutic radioisotopes. In 2016, the diagnostic segment accounted for a major share of the nuclear medicine/radiopharmaceuticals market. On the basis of diagnostic radiopharmaceuticals, the nuclear medicine/radiopharmaceuticals market is further segmented into SPECT and PET radioisotopes. In 2016, the SPECT segment accounted for the largest share of the nuclear medicine/radiopharmaceuticals diagnostic radiopharmaceuticals market. Based on therapeutic radiopharmaceuticals, the market is further segmented into beta emitters, alpha emitters, and brachytherapy. In 2016, the beta emitters segment accounted for the largest share of the market.

Based on application, the nuclear medicine/radiopharmaceuticals market is segmented into SPECT, PET, and therapeutic applications. In 2016, the cardiology application segment accounted for the largest share of the nuclear medicine SPECT applications market. The nuclear medicine/radiopharmaceuticals PET applications market was dominated by the oncology segment, while the nuclear medicine/radiopharmaceuticals therapeutic applications market was dominated by the thyroid application segment.

Based on region, the nuclear medicine/radiopharmaceuticals market is divided into North America, Europe, Asia-Pacific, and RoW. The RoW region comprises Latin America, the Middle East and Africa. In 2016, North America accounted for the largest share of the nuclear medicine/radiopharmaceuticals market, followed by Asia-Pacific and Europe.

Factors driving the global market include the increasing use of SPECT and PET scans, advances in radiotracers and alpha radio immunotherapy-based targeted cancer treatment, increasing incidence of cancer and cardiac ailments. However, factors such as shorter half-life of radiopharmaceuticals, stringent regulatory guidelines, and competition from conventional diagnostic procedures are hindering the growth of the market.

Some of the major players in the global nuclear medicine market are Cardinal Health Inc. (U.S.), Mallinckrodt plc (Ireland), GE Healthcare (U.K.), Lantheus Medical Imaging, Inc. (U.S.), Bayer AG (Germany), Bracco Imaging S.p.A (Italy), Eczacibasi-Monrol Nuclear Products (Turkey), Nordion, Inc. (Canada), Advanced Accelerator Applications S.A. (France), and IBA Molecular Imaging (Belgium). These companies are dominant in the nuclear medicine/radiopharmaceuticals market mainly due to their well-established presence in the field of radiopharmaceuticals, presence in over 50 countries, high R&D investments, and strong sales and distribution force.