The global Nuclear Medicine market is poised to grow at a significant pace, owing to growing demand for non-invasive techniques, availability of effective cancer treatment, and ability to observe the functioning of the organ from outside the body. Furthermore, increasing incidence of cancer cardiovascular aliments, growing demand for alpha radio immunotherapy-based targeted cancer treatment, mounting call for nuclear imaging techniques, and advancements in radiotracers are expected to open new avenues in the Nuclear Medicine market. Factors that are expected to drive the use of Nuclear Medicine include changing lifestyle, elevated levels of stress, and ability to identify various diseases sooner than other diagnostic tests. However, factors such as supply volatility logistical challenges, stringent regulatory vigil, and competition from conventional diagnostic procedures are anticipated to impede the market growth.
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The oncology segment contributed more than half of the market share in the overall Nuclear Medicine market in 2015 and is expected to continue the same trend owing to perpetual rise in the number of cancer cases. The SPECT modality segment dominated the Nuclear Medicine market in 2015, whereas the PET modality segment is anticipated to grow at a comparatively higher CAGR of 8.3% from 2016 to 2022. PET segment is driven by better quality of image and higher precision in diagnosis. Other reasons attributed to its sustained dominance are growing RD activities especially in developing economies and widening scope of radiopharmaceutical applications such as thyroid, oncology, and bone pain palliation.
The Asia-Pacific Nuclear Medicine market is expected to offer lucrative growth opportunities during the forecast period owing to aging population and increasing cancer incidences. The leading Asia-Pacific countries, such as China, Japan, and Australia would exhibit a steady growth rate.
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The Major Key Players Are:
Mallinckrodt plc., General Electric Co. (healthcare division), Medtronic, Inc., Bayer AG, Cardinal Health, Inc., Lantheus Medical Imaging, Inc., and IBA Group
Key findings of Nuclear Medicine Market:
Therapeutics segment is projected to be the fastest growing segment in the Nuclear Medicine market, registering a CAGR of 16.9% from 2016 to 2022.
SPECT modality segment is expected to dominate the Nuclear Medicine market in 2015 and expected to retain its position throughout the study period.
Thyroid application segment is expected to exhibit double-digit CAGR of 11%.
Oncology application segment is expected to continue to lead the Nuclear Medicine market, accounting for close to 60% share by 2022.
Asia-Pacific is projected to be the fastest growing Nuclear Medicine market, registering a CAGR of 8.4%.
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