Market Research Future (MRFR)’s report highlights that the global nuclear medicine market is likely to strike a CAGR of 6.2% during the forecast period 2018 to 2023. The valuation of the market is expected to witness a growth of USD 5.430 Bn by the end of 2023. The growth of the market is dictated by increasing incidences of target conditions such as Cardiovascular Diseases (CVD) and cancer. Furthermore, the exponentially growing geriatric population is poised to add to the patient pool. The rising inclination towards the use of radiopharmaceuticals for the treatment of geriatric population is prognosticated to generate significant demand for nuclear medicines in the foreseeable future.
The market looks lucrative and is expanding at a significant pace. It is anticipated to witness constant growth over the next couple of years owing to increasing applications, discoveries, etc. Nevertheless, the expensiveness of the radiopharmaceuticals and side effects related to radiation exposure remain impediments to the market proliferation.
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Report Coverage:
The report covers an in-depth study of the historical trends, current market status, forecast, and key players’ market share analysis. It also encompasses market factor analysis which includes supply chain analysis and Porter’s five forces analysis. The market is analyzed in detail by region as well as segmentation, and, a country-level analysis for each segment is also available in the report.
Report Overview:
This MRFR’s report offers a detailed five-year forecast (2018 to 2023) for the global nuclear medicine market. It reflects a revenue analysis of the different product types, including diagnostic nuclear medicine and therapeutic radiopharmaceuticals. The major applications discussed in the study encompasses diagnostic applications and therapeutic applications. The report also presents a detailed analysis of the end-users such as hospitals & diagnostic centers, research institutes, and others. A regional assessment of the market is published in the report for enhanced lucidity, which covers Americas, Europe, Asia Pacific, and the Middle East & Africa.
Companies Covered:
Some of the key players operating in the market are Cardinal Health, GE Healthcare, Bayer, Bracco Imaging, Curium, Lantheus Medical Imaging, Nordion Inc., Advanced Accelerators Applications, Mallinckrodt Pharmaceuticals, Jubliant Lifesciences, and Medtronic plc.
Research Methodology:
MRFR strives to leverage its industry expertise for offering insightful conclusions into the market that reflects the latest trends and foresight. Analytical algorithms are utilized for assessing and challenging the data curated through extensive primary and secondary research. The credible sources referred for data collection include interviews, SEC filings, whitepaper references, paid database services, etc. A multi-layer verification process authenticates the premium quality and reliability of the statistical observations offered in the report. Additionally, top-down and bottom-up approaches are employed for re-validating the accuracy of the quantitative assessment of the market.
Market Segmentation
MRFR has conducted a detailed study of the various parts of the nuclear medicine market which has been segmented on the basis of product type, application, end-user, and region. By product types, the nuclear medicine market has been segmented into diagnostic nuclear medicine and therapeutic radiopharmaceuticals. At present, the diagnostic nuclear medicine segment has attained a leadership position. However, the therapeutic radiopharmaceuticals segment is the fastest growing segment during the forecast period. The diagnostic nuclear medicine segment is segmented further into SPECT radiopharmaceuticals, and PET radiopharmaceuticals. Meanwhile, the therapeutic radiopharmaceuticals segment is sub-segmented into alpha emitters, beta emitters, and brachytherapy isotopes.
Applications of nuclear medicine are segmented into diagnostic applications and therapeutic applications. Diagnostic applications is a major segment which is sub-segmented into SPECT applications and PET applications. Meanwhile, the therapeutic applications segment is growing at the fastest pace.
End-users have been segmented into hospitals & diagnostic centers, research institutes, and others. Research institutes display the highest potential for growth over the forecast period, while hospitals & diagnostics centers have been identified as the most significant segment in terms of market share.
All sub-segments have been segmented further and included in the report.
Regional Analysis
The Americas due to the presence of North America has established itself as a market leader. The presence of several important market players combined with the high prevalence of cancer and other chronic diseases has influenced the growth of the Americas nuclear market. The region, particularly countries such as U.S & Canada have well-developed healthcare sectors which receive high investments. Moreover, the region has a high geriatric patient population which is expanding rapidly and is growing increasingly aware regarding advanced therapies.
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