The nuclear medicine market is poised to grow in the coming years owing to the presence of potential radioisotopes in the pipeline, their increasing demand from emerging countries, and the rising number of patients having cardiovascular ailments and cancers.
This report presents a detailed evaluation of the market for nuclear medicine and offers information on the applications, classifications, definitions, and the industry chain structure of this market. An analysis has also been provided of the key development trends, expansion of the market in the key regions, and the key players operating in the market. For presenting an extensive understanding of this market, the information in this report has been categorized in terms of revenue generated, application, product, and geography.
The report provides a forecast for the eight-year period from 2015 to 2023. An analysis of the market for nuclear medicine has been provided on the basis of both revenue and volume. The prime market dynamics such as major drivers, opportunities, trends, challenges, and restraints have also been covered under this study. The market’s structure and projections for the coming years have also been studied in depth under this report. The report also comprises SWOT analysis along with various graphics for presenting the data about the top market segments.
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Overview of the Nuclear Medicine Market
Nuclear medicine is a type of medical specialty involving the application of radioactive substances in the treatment and diagnosis of diseases. Nuclear medicine scans are primarily conducted by nuclear medicine technologists. Nuclear medicine utilizes a radionuclide and uses the process of radioactive decay for the treatment and diagnosis of diseases. The key constituents of nuclear medicine include radioactive isotopes and radiological imaging devices including positron emission tomography (PET), magnetic resonance imaging (MRI), single photon emission tomography (SPECT), and computerized tomography (CT).
Factors such as advancements in radiotracers and neurological applications are responsible for driving the market for nuclear medicine. In addition, development of the alpha radio immunotherapy-based targeted cancer treatment is also a prime factor augmenting the growth of the market. On the other hand, strict regulatory guidelines, increasing competition from traditionally utilized diagnostic procedures, absence of technical experts within hospitals, the increasing cost of materials, and shortage of radioactive isotopes are amongst the chief factors that may restrain the growth of the market in forthcoming years.
On the basis of application, the market for nuclear medicine is segmented into therapeutics and diagnostic nuclear medicines. Diagnostic nuclear medicines are further segmented into neurology, cardiovascular, nephrology, oncology, pulmonology, and hepatology, among others. Amongst these, the therapeutic applications of nuclear medicines primarily target scar tissue removal and cancer treatment.
In terms of geography, the nuclear medicine market is segmented into Asia Pacific, North America, the Middle East and Africa, Latin America, Europe, and Rest of the World (RoW). Amongst these, the region of North America led the market on the basis of revenue in 2015 owing to numerous technological advancements within this region. On the other hand, the Asia Pacific nuclear medicine market is predicted to expand in the coming years owing to the rising occurrence of neurological and cardiovascular diseases and cancer.
Key Players in the Nuclear Medicine Market
The prominent players dominant in the nuclear medicine market are AIPES, G.E Healthcare, COMECER S.P.A, Ashby Gorman Baker Ltd., Mediso Ltd., and Pinestar Technology, Inc., among others.