Nuclear Medicine Market Break Down By Leading Companies, Countries, Applications, Challenges, Opportunities And Forecast 2020-2026 – 3rd Watch News

Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Nuclear Medicine market.

Trusted Business Insights presents an updated and Latest Study on Nuclear Medicine Market 2019-2026. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market.The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Nuclear Medicine market during the forecast period (2019-2029). It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.

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Industry Insights, Market Size, CAGR, High-Level Analysis: Nuclear Medicine Market

The global nuclear medicine market size was valued at USD 6.1 billion in 2019 and is estimated to witness a CAGR of 9.5%during the forecast period. Rising incidence of cancer is one of the major factors expected to boost the market for nuclear medicine. For instance, according to WHO, in 2018, globally there were an estimated 9.6 million deaths due to cancer. Moreover, increasing prevalence of cardiovascular diseases is contributing to the growth of the market for nuclear medicine. For instance, according to WHO, cardiovascular diseases accounted for more than 17.9 million deaths worldwide every year. The number is expected to reach over 23.6 million by 2030.

Research and studies are conducted to enhance radiotherapy for various diseases such as thyroid-related diseases, respiratory diseases, bone diseases, and neurological diseases. For instance, in July 2019, a research was published by French investigator demonstrating the use of hafnium oxide nanoparticle NBTXR3 as a radio enhancer to improve response of radiotherapy for soft-tissue sarcoma. In addition, radiopharmaceuticals are being extensively used in molecular imaging, a technique involving molecules as biomarkers for specific molecular processes that determine the onset and/or progress of a disease. This is expected to drive the market for nuclear medicine during the forecast period. Positron Emission Tomography (PET) uses radioisotopes for the diagnosis of the targeted organs. Adoption of PET as a diagnostic tool is rapidly increasing as it offers higher accuracy over other diagnostic techniques. Generally, to increase accuracy it is integrated with X-ray and Computed Tomography (CT). Growing need for early and accurate diagnosis, along with the rising demand for better medical solutions, is fueling the radiopharmaceuticals market. Government initiatives and funding for the development of new techniques are anticipated to drive the nuclear medicine market. For instance, in January 2019, European Fund for Regional Development (EFRO) and Kansen voor West organization had funded USD 7.67 million to NRG to FIELD-LAB that will develop new nuclear medicines to treat cancer. In addition, a new bill named Medicare Diagnostic Radiopharmaceutical Payment Equity Act of 2019 is expected to get passed by the government of U.S. The new bill aims to extend access to high-targeted, and more precise diagnosis and treatment of severe neurological diseases, by changing the way of medicare payments for imaging services.

Product Insights of Nuclear Medicine Market

It is further segmented into diagnostic products and therapeutic products. Currently, Single-Photon Emission Computed Tomography (SPECT) and PET techniques are widely employed in radiopharmaceutical diagnostic procedures. Factors such as noninvasiveness, cost-effectivity, easy to handle, early diagnosis, and high sensitivity towards abnormalities in an organ function or structure are driving the diagnostic nuclear medicine market. SPECT dominated the market for nuclear medicine in 2019 owing to low cost and wide usage in different applications. Furthermore, digital SPECT scanners are being introduced in the market for nuclear medicine by key players to improve diagnosis. For instance, in November 2018, Spectrum Dynamics received U.S. FDA approval for VERITON-CT 64 SPECT/CT system offering more image detail and a 360 degree multi-detector geometry to yield high sensitivity. PET is projected to be the fastest growing segment over the forecast period owing to use of high-energy waves to produce 3D image, whole body scan for high accuracy, and ability to diagnose chronic diseases such as Alzheimers diseases, cancer, and respiratory diseases. The therapeutic segment includes alpha emitters, beta emitters, and brachytherapy. Beta emitters held the largest share of the market for nuclear medicine in 2019 owing to less damage to surrounding cells, low energy levels, and travel long distance. Furthermore, the most commonly used beta emitting radioisotopes involves I-131, Y-90, SM-153, and Re-186. Whereas, brachytherapy is expected to witness the fastest growth over the forecast period. High accuracy and minimized risk of side effects are the factors attributed to the fastest growth of brachytherapy.

Application Insights of Nuclear Medicine Market

Radiopharmaceuticals are used in the field of cardiology, oncology, thyroid, neurology, lymphoma, bone metastasis, endocrine tumor, and others. Cardiology is expected to be the fastest growing segment during the forecast period owing to low cost of techniques and high adoption rate. Therefore, key players are focusing on development of new diagnostic techniques to combat cardiovascular diseases. For instance, in September 2017, Royal Philips launched CardioMD IV, a cardiac SPECT solution to deliver improved workflow for cardiac imaging at lower cost. However, the thyroid treatment segment is expected to show lucrative growth during the forecast period.

Regional Insights of Nuclear Medicine Market

The global market for nuclear medicine has been segmented on the basis of region into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa. North America dominated the overall market in terms of revenue in 2019 due to high investments in R&D and support of government towards use of medical isotopes are some factors driving the market. The Europe market also held a significant share in the global market in 2019.

The market in Asia Pacific is expected to grow at a significant rate during the forecast period. Increasing geriatric population and awareness about nuclear medicines & molecular imaging are contributing to the growth of the radiopharmaceuticals market in this region. Furthermore, this region is focusing on development of radiopharmaceuticals for diagnosis and treatment of various diseases. For instance, in August 2018, Indonesias National Nuclear Agency (BATAN), along with International Atomic Energy Agency (IAEA), developed a new radiopharmaceuticals (99mTc-ethambutol) for diagnosis of tuberculosis.

Market Share Insights of Nuclear Medicine Market

Key players in the market for nuclear medicine include companies such as Nordion, Inc., Eckert & Ziegler Group, GE Healthcare, and Bracco Imaging S.p.A., as well as government organizations such as Department of Atomic Energy and Australian Nuclear Science and Technology Organization (ANSTO). These key players are implementing multiple strategies to maintain their significant share in the market for nuclear medicine during the forecast period. The strategies implemented include product developments, business expansion, and collaborative development. For instance, in April 2019, Nordion, Inc. acquired Cobalt-60 from the Board of Radiation and Isotope Technology (BRIT) for distribution to Europe.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Nuclear Medicine Market Research Report This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2030. For the purpose of this study, this market research report has segmented the nuclear medicine market report on the basis of product, application, and region:

Product Outlook (Revenue, USD Million, 2019 2030)

Diagnosticproducts

SPECT

TC-99m

TL-201

GA-67

I-123

Other SPECT products

PET

F-18

SR-82/RB-82

Other PET products

Therapeutic Products

Alpha Emitters

RA-223

Other alpha emitters

Beta Emitters

I-131

Y-90

SM-153

Re-186

Lu-117

Other beta emitters

Brachytherapy

Cesium-131

Iodine-125

Palladium-103

Iridium-192

Other brachytherapy products

Application Outlook (Revenue, USD Million, 2019 2030)

Cardiology

Neurology

Oncology

Thyroid

Lymphoma

Bone Metastasis

Endocrine Tumor

Others

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Nuclear Medicine Market Break Down By Leading Companies, Countries, Applications, Challenges, Opportunities And Forecast 2020-2026 - 3rd Watch News