Nuclear Medicine Diagnostics market Overview
Nuclear medicine is a branch of medicine that used for radiation to deliver information about the functioning of a person’s specific organs or to treat a disease. In most cases, the information will assist the physicians to make a quick, exact diagnosis of the patient’s illness.
Over 10,000 hospitals in worldwide practice radioisotopes in medicine, and about 90% of these procedures are for diagnosis. The most general radioisotope accustomed in diagnosis is technetium-99, with some 40-45 million procedures per year (around 16.7 million in USA, 550,000 in Australia), aggregating to 80% of all nuclear medicine processes worldwide.
Major driving factors for the growth of the current market are:
- Rising demand for SPECT and PET analysis in radiopharmaceuticals
- Expansion of better instruments
- Newer computer-based proceses for image analysis and display
- New 99mTc labeled agents for the visualizing biologically significant events
- Rising use in clinical applications to study psychiatric disorders
- Integration of X-Ray tomography (CT) into SPECT
Some of the major constraints for the current market are:
- Shorter half-life of the radioisotopes
- Regular in guidelines
- Reimbursement issues
- High capital investment
Nuclear Medicine Diagnostics market Forecast Report (2018-2023)
The global Nuclear Medicine Diagnostic Market worth was $12.6 billion in 2018 and is expected to reach $23.42 billion by 2023, at a compound annual growth rate (CAGR) of 13.2%.
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Nuclear Medicine Diagnostics market Segmentation
The Nuclear Medicine diagnostic Market is divided into two major segments SPECT (Technetium-99m (TC-99m), Iodine (I-123) Thallium-201 (TL-201) and others) and PET (Rubidium-82 (RB-82), Fluorine-18, and others). By application, the market is divided into SPECT (lymphoma, cardiology, neurology, thyroid and others) and PET (cardiology, oncology, neurology and others).
Furthermore, on the basis of geography, the market is classified into North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa. North America accounts for the large share of the nuclear medicine market, followed by Asia-Pacific and Europe.
Key Developments in the Market
- In August 2016, the Eckert & Ziegler Group obtained BR – 77 Comércio, Distribuidora e Transportes de Medicamentos Ltd based in Brazil. Through this acquisition, the company targets to expand its presence in South America.
- In 2018, The Curium signed an agreement to acquire Cyclopharma’s manufacturing and commercial operations in France.
- In 2018, AAA received US FDA Approval for the LUTATHERA used in the treatment of gastro enteropancreatic neuroendocrine tumors.
Some of the major players in this market are
- Cardinal Health (US)
- GE Healthcare (US)
- Curium (France)
- Bayer (Germany)
- Lantheus Medical Imaging (US)
- Advanced Accelerator Applications (France)
- Jubilant Life Sciences (India)
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