Nuclear Medicine Radiopharmaceuticals Market Overview
Nuclear medicine falls under the field of Molecular imaging, which involves usage of minute amount of radioactive material (radiopharmaceuticals) to diagnose and treat disease.
Increasing incidence of cancer and cardiac ailments, immense technological advancements, increasing demand SPECT and PET applications and also the growing public awareness for healthcare are fuelling the market growth for Radio pharmaceuticals. Further, Integration of X ray tomography (CT) into SPECT has recently emerged as an excellent diagnostic tool in medical imaging and is considered to be a driving factor for the growth of the market. Strict regulatory framework which poses as a hurdle to translational research and clinical investigations and reimbursement issues are blocking the growth of the market. In addition, shorter half-life of radiopharmaceuticals and competition from orthodox diagnostic procedures are also restraining the global nuclear medicine Radioisotopes market.
Nuclear Medicine Radiopharmaceuticals Market Forecast Report (2018-2023)
Nuclear Medicine Radiopharmaceuticals is estimated at $6.56 billion in 2018 and is expected to reach $12.3 billion by 2023, growing at a CAGR of 13.4%.
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Nuclear Medicine Radiopharmaceuticals Market Segmentation
The market of radiopharmaceuticals is dominated by Diagnostic radioisotopes and Therapeutic radioisotopes. Diagnostic radioisotope market basically covers SPECT (Technetium-99m, Thallium-201 Gallium-67, Iodine) and PET (Fluorine-18, Rubidium-82) radioisotopes. Therapeutic radioisotopes cover Beta emitters (Iodine-131, Yttrium-90, Samarium-153, Rhenium-186, Lutetium-177), Alpha Emitters (Radium-223) and Brach therapy (Cesium-131, Iodine-125, Palladium-103, Iridium-192). By application market is segmented into (cardiology, lymphoma, thyroid, neurology oncology, and others).
Furthermore, based on geography the market is analysed under various regions namely, North America, Europe, Latin America, Asia-Pacific and Middle-East & Africa. North America is the dominant Nuclear Medicine Radiopharmaceuticals market for diagnostic radioisotopes. Within North America, US are the largest consumer market for radioisotopes and Canada is the largest producer of Tc-99m. India and China hold a potential market for radioisotope due to rising healthcare and increasing demand for different radioisotopes in various treatments and applications.
The major companies dominating this market for its products and services are
- GE Healthcare,
- Hologic Inc.,
- Medix Inc.,
- Segami Corporation,
- Positron Corporation,
- Bracco Imaging S.p.A,
- Naviscan Inc.,
- Bayer Healthcare,
- Lantheus Medical Imaging, Inc.
- IBA Molecular Imaging.
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