Global Nuclear Medicine Market is expected to grow at CAGR 4.9% by 2028 due to increasing prevalence of cancer and cardiac conditions, says Absolute…

Nuclear medicine is a specialized field of radiology that examines organ function and structure and uses very small amounts of radioactive materials or radiopharmaceuticals. Imaging for nuclear medicine is a blend of several different disciplines which includes chemistry, physics, information technology, mathematics and medicine. This branch of radiology is also used to help identify and treat abnormalities such as thyroid cancer very early in the progression of a disease. Unless a contrast agent is used, tissues are difficult to image on a typical X-ray because X-rays travel through soft tissue, such as intestines, muscles, and blood vessels. Nuclear imaging allows identification of the structure of the organ and tissue as well as the functionality. Nuclear medicine market has seen a huge growth over the years due to rising incidences of cancer.

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According to a report by World Health Organization (WHO) globally there were more than 9.6 million deaths due to cancer. Moreover, increasing prevalence of cardiac conditions in different age groups is fueling the demand for nuclear medicine market over the forecast period. In addition, molecular imaging, a technique using molecules as biomarkers for complex molecular processes that evaluate the start and/or progress of a disease, uses radiopharmaceuticals comprehensively. The prevalence of cancer causes about one out of six deaths worldwide, according to the World Health Organization (WHO) the population suffering from different forms of cancer is continuously increasing as a result of increasing tobacco and alcohol consumption, lack of fruit and vegetable consumption, and lack of physical activity.

Some of the other factors anticipated to boost demand for the radiopharmaceuticals market in the foreseeable future are advancements in radiotracers The introduction of alpha radio immunotherapy (Rit)-based targeted cancer therapies and investments through public and private associations will revolutionize the treatment of cancer. In order to diagnose and treat cancer and other disorders, nuclear medicine requires radioactive materials. At a very early stage, it helps to detect illness and helps treat a range of illnesses, including cancer, cardiac disease, amongst others. Nuclear medicine helps to categorize uncommon medical conditions that can require invasive diagnostic tests or surgery to map a treatment line. The rising cases of cancer and other diseases like cardiovascular disorders has increased the demand for positron emission tomography and photon emission computed tomography (SPECT).

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The purpose of radiopharmaceuticals is getting ever more important as nuclear imaging technology continues to advance. A variety of new developments in the field of nuclear imaging have been made over the years this includes new or improved methods and numerous clinical trials demonstrating the effectiveness of nuclear imaging modalities. Many of the latest advances are being made in the cardiology and oncology division. Some of the new technologies that are in the Nuclear Medicine market are Cadmium zinc telluride (CZT) next-generation SPECT cameras with detectors that minimize device footprint, lower patient radiation exposure, and shorten examination times and also recent advancements are made in the larger imaging vendors combine PET-CT and SPECT-CT scanners. These combinations make it possible to correctly attenuate CT on the nuclear images by incorporating anatomical CT image overlays to better visualize coronary anatomy and better recognize where blockages are located that cause defects.

Facilitating the introduction of new molecules as well as new treatment options for different conditions such as respiratory disorders, thyroid disorders and bone diseases are the growing R&D activities in this industry. It is anticipated that these new applications of nuclear pharmaceuticals would open opportunities for Nuclear Medicine Market players, thereby ensuring future opportunities for development. The emphasis so far has been on the diagnostic aspects of nuclear medicine, but this emphasis is moving towards therapeutic areas. In the fields of oncology, thyroid and lymphoma new applications are expected to open up opportunities in these treatment areas. The advent of radio-labeled antibodies has expedited targeted cancer treatment therapy. Radio-labeled antibodies bind to the target site and have a direct radiation effect on the target site. Precise diagnosis by the Positron Emission Tomography (PET) and Single Photon Emission Computed Tomography (SPECT) scan can be used to analyses the metabolism of glucose or cancer. SPECT is used to diagnose a broad variety of diseases and conditions, including neurological disorders, cardiovascular conditions, and conditions associated with thyroid disease. The diagnosis with SPECT yields the best result than that of other non-radiopharmaceutical techniques.

As every medical department worldwide is bracing for the effect of the coronavirus disease on everyday routines, the scientific community is beginning to excel in discovering the various aspects of prevention, diagnosis, and treatment of this disease. Nuclear medicine also has plenty of capabilities and the researchers are engaged in developing medicines in order to find a cure to this disease. Due to advancements in technology like hybrid imaging, new radiopharmaceuticals for diagnosis and therapy, and the advancement of molecular imaging nuclear medicine market has flourished in the United States. Continued development in the field would include data on cost-effectiveness and proof that procedures in nuclear medicine impact the outcomes of patients.

Some of the players operating in the nuclear medicine market include Cardinal Health, Inc., Medtronic, Minimally Invasive Therapies, Ion Beam Applications S.A. (IBA Worldwide), Lantheus Medical Imaging, Inc., General Electric Company, Bracco Imaging S.p.A, Bayer AG, Advanced Medical Isotope Corporation, Alliance Medical Limited, Alseres Pharmaceuticals, Inc., Avid Radiopharmaceuticals, Inc., Actinium Pharmaceuticals, Inc., Immunomedics, Inc., Jubilan Pharma LLC, Mallinckrodt Pharmaceuticals, Medi-Radiopharma Co., Ltd., Peregrine Pharmaceuticals, Inc., Positron Corporation, Nordion (Canada) Inc. and other market participants.

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The detailed research study provides qualitative and quantitative analysis of the nuclear medicine market. The nuclear medicine market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America

Global Nuclear Medicine Market

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Global Nuclear Medicine Market is expected to grow at CAGR 4.9% by 2028 due to increasing prevalence of cancer and cardiac conditions, says Absolute...