Market Overview
• The major drivers for the studied market are increasing incidences of cancer and cardiac ailments. Nuclear medicine has enormous potential in the treatment of heart disease and cancer. The National Cancer Institute NCI report estimates that 1,735,350 new cancer cases will be diagnosed in the U.S. in 2018, and 609,640 individuals may die from the illness.
• Other factors are anticipated to drive the market in the future, such as rising SPECT and PET apps and raising government consciousness for healthcare. Regulatory demands present another obstacle to translational research and clinical research.
• In the United States, all pharmacologic agents, including diagnostic radiopharmaceuticals and radio therapeutics, undergo regulatory oversight by the FDA. Radiopharmaceuticals are subject to further scrutiny and are subject to distinctive regulatory and approval processes. Extensive toxicology testing sometimes places significant economic burdens on researchers.
• Furthermore, the manufacturer’s reimbursement hurdles and high capital investment also restrict the development of the industry.
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Report Portfolio
In the field of molecular imaging, nuclear medicine includes the use of a very tiny quantity of radioactive material radiopharmaceuticals to diagnose and treat disease. In nuclear medicine imaging, unique ##s of cameras connected to the computer detect the radioisotopes, which in turn provide very accurate photos of the region of the body being examined.
Key Market Trends
Application for cardiology is expected to experience strong market growth
• The application segment is further sub-segmented into cardiology, neurology, oncology, and other apps. The main factor driving market growth is increased cardiovascular disease CVD incidence worldwide. World Health Organization WHO estimates that 17.9 million individuals died as a result of CVDs in 2016.
• The section of diagnostics is further divided into SPECT and PET. In clinical neurology, PET imaging radioisotopes have many applications involving motion disorders, epilepsy, brain tumors, dementia, stroke, and neuronal plasticity. Future applications include early brain metastasis diagnosis, Parkinson’s syndromes, and neurodegenerative disorders such as Alzheimer’s disease. The radioisotope market in developing nations is anticipated to be bigger due to people’s growing knowledge of radioisotopes, reducing the incidence of chronic diseases such as cancer, and growing population.
It is expected that North America will dominate the Nuclear Medicine Market
• North America is the dominant nuclear medicine market. The United States is the biggest consumer market for radioisotopes within North America, and Canada is Tc-99 ms largest producer. In terms of income, the United States has been the biggest contributor to the North American region, and it is anticipated to maintain its dominance due to the increased quantity of procedures and increased implementation of nuclear medicine for multiple therapeutic applications.
• During the forecast period, Asia-Pacific is anticipated to experience good CAGR. Increasing demand for nuclear drugs in emerging countries, such as India and China, is due to increased disposable income, improved healthcare norms, and favorable foreign policy reforms.
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Competitive Landscape Report
The global market for nuclear medicine plays a highly competitive role. However, because of competitive pricing or product differentiation, this rivalry is not. In addition, large players in the pharmaceutical and biotechnology sectors are leveraging their vast reserves of capital to venture into this industry, which further increases competition. For example, April 2017 brought together IBA Molecular and Mallinckrodt Nuclear Medicine LLC to create Curium, a world-class nuclear imaging provider. Various developments have recently taken place on the market, such as the acquisition of Cyclopharmas French commercial and manufacturing operations by Curium strengthened its position on the French PET market in May 2018.
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