DUBLIN – (BUSINESS WIRE) – Sep 21, 2021–
The global nuclear medicine market is expected to reach USD 7.5 billion by 2026, up from USD 4.8 billion in 2021, at a CAGR of 9% during the forecast period.
The growth of the nuclear medicine market can be mainly attributed to factors such as the increasing incidence and prevalence of cancer and heart disease and initiatives to reduce the gap between supply and demand for Mo-99 . However, the short half-life of radiopharmaceuticals reduces their potential adoption, while hospital budget cuts and high equipment prices are expected to limit market growth to some extent.
Therapeutic segment expected to grow at highest CAGR
On the basis of type, the nuclear medicine market is segmented into diagnostics and therapeutics. The diagnostics segment accounted for a larger share of the 2020 market. The significant share of this segment can be attributed to the non-invasive nature, increasing prevalence of cardiovascular disease and early diagnosis.
Thyroid Applications Segment Expected to Record Highest Growth During the Forecast Period
On the basis of applications, the nuclear medicine market is segmented into SPECT, PET, and therapeutic applications. SPECT applications are then segmented into cardiology, bone scans, thyroid applications, lung scans and other SPECT applications. Thyroid applications segment is expected to register the highest growth rate during the forecast period. The strong growth of this segment can be attributed to the increasing incidence and prevalence of thyroid disorders
North America to experience significant growth from 2021 to 2026
In 2020, North America accounted for the largest share of the nuclear medicine market. Much of North America can be attributed to. Much can be attributed to the development of new technologies for radioisotope production, government funding, and business initiatives in the region.
- Increased incidence and prevalence of target conditions
- Development of targeted cancer treatments based on alpha-radioimmunotherapy
- Initiatives to reduce the gap between demand and supply of MO-99
- Short half-life of radiopharmaceuticals
- Use of radiopharmaceuticals in neurological applications
- Hospital budget cuts and high equipment costs
- Advanced Accelerator Applications (AAA) (part of Novartis)
- Bayer AG
- Bracco Imaging SPA
- Cardinal Health
- Chinese Society of Isotopes and Radiation
- Eckert & Ziegler
- Eczacibasi-Monrol Nuclear Products
- GE Healthcare
- Global medical solutions
- Institute of Isotopes Co., Ltd.
- 1st Elect
- Isotopy Molecular Imaging Ltd.
- Isotope Joint Stock Company (Isotope JSC)
- Jubilant Draximage, Inc. (subsidiary of Jubilant Pharma)
- Lantheus Medical Imaging, Inc.
- Nordion Inc. (A Sotera Healthcare Company)
- Northstar Medical Radioisotopes, LLC
- NTP Radioisotopes SOC Ltd. (A subsidiary of the South African Nuclear Energy Corporation)
- Shine medical technologies
- Siemens Healthineers
- Sinotau Pharmaceutical Group
- Yantai Dongcheng Pharmaceutical Group Co. Ltd.
Laura Wood, Senior Press Director
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INDUSTRY KEYWORD: PHARMACEUTICAL HEALTH
SOURCE: Research and markets
Copyright Business Wire 2021.
PUB: 09/21/2021 07:50 / DISC: 09/21/2021 07:51
Copyright Business Wire 2021.