The global market for nuclear medicine has grown immensely over the past few years. According to a report by the National Council on Radiation Protection and Measurements, the application of nuclear imaging has increased seven folds since the 1980s. In another report, the Society of Nuclear Medicine and Molecular Imaging (SNMMI) has stated that in the U.S. alone, nuclear medicine procedures reported a rise of approximately 14 million in 1999 to around 20 million in 2005.
Transparency Market Research (TMR), a market research and intelligence firm, projects that the presence of potential radioisotopes in the pipeline will propel the worldwide market for nuclear medicine significantly in the forthcoming years.
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In this blog post, TMR analysts answer significant questions regarding the global nuclear medicine market:
What are the key trends in the global nuclear medicine market?
The latest trend in the worldwide nuclear medicine market is the application of positron emission tomography (PET) and single-photon emission computed tomography (SPECT) scans for the diagnosis of various types of cancer and other chronic diseases. Described below are some of the major applications of SPECT and PET scans:
- SPECT scans are mostly used to perform thyroid imaging, infection (leukocyte) imaging, tumor imaging, or bone scintigraphy. In this scan, radioactive tracers and a scanner are utilized to record data that is then converted into two- or three-dimensional images. As SPECT allows accurate localization in 3D space, its application in brain and cardiac imaging has increased significantly.
- PET scans are extensively applied in clinical oncology and for clinical diagnosis of specific diffuse brain disorders such as various kinds of dementias. The efficiency of this scanning technique in drug development is propelling its application remarkably in the pharmaceuticals, biotechnology, and life science sectors.
The application of alpha radioimmunotherapy for the treatment of acute myeloid leukemia is another major trend influencing the global market for nuclear medicine.
What are the major factors that are influencing the demand for nuclear medicine across the world?
The increasing prevalence of cancer, cardiovascular diseases, and other chronic disorders has fueled the demand for nuclear medicine significantly over the last few years. The technical advancement in radiotracers is also boosting their adoption rapidly in the medical and healthcare industry.
In addition to this, the rising application of this technique for the diagnosis of neurological disorders is likely to heighten its demand in the coming years. Its demand is also expected to increase in the near future, owing to the infrastructural development in the healthcare sector of emerging countries. The economic rise of these nations is projected to augment the spending power of their citizens, enabling them to afford expensive medical diagnostics and treatments.
Which regional market is witnessing the highest growth in nuclear medicine?
The global nuclear medicine market is spread across North America, Latin America, Europe, Asia Pacific, the Middle East and Africa, and the Rest of the World. North America dominated the worldwide market in 2015 on account of the introduction of numerous technically advanced products by market players headquartered in this region.
Over the coming years, Asia Pacific is projected to witness a significant increase in its market share due to the presence of a largely untapped market and the increasing incidence of cancer, cardiovascular diseases, and neurological disorders.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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