Nuclear medicine is a specialty of medicine, which is used for diagnosing and treating diseases in a pain-free and safe manner. Nuclear medicine associates to the application of radioactive substances in various diagnoses and treatments. Nuclear medicine techniques enable the determination of medical information which might otherwise be unavailable, need surgery, or postulate invasive and expensive diagnostic tests. Small amounts of radioactive materials known as radiotracers are used in nuclear medicine imaging, which are usually injected in the blood stream, swallowed or inhaled. The techniques often find irregularities quite early in the advancement of the disease, way before a few medical problems are evident with other diagnostic tests. The early understanding of the diseases lets disease to be treated on time in fact even before it starts to progress, probably with more successful prognosis. The combination of medicine and small amount of radioactive material, i.e., a radioisotope, is known as radiopharmaceutical. Nuclear medicine imaging renders exclusive information which usually cannot be attained with the help of other imaging procedures and renders the probability to determine disease in its sooner stages.
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The global nuclear medicine market was valued at USD 4.67 billion in 2016, and is predicted to garner USD 7.27 billion by the end of 2021, thereby registering at a considerable CAGR of 9.3% during the forecast period. Major factors fueling this industry’s market growth is the demand for early and precise diagnostic methods along with increasing need for enhanced therapeutics. In 2015, over 17 million deaths were due to some kind of cardiovascular diseases, and World Health Organization (WHO) says that in the forthcoming two decades the number of novel cancer cases is predicted to ascend by nearly 70%. These swiftly increasing cases of cardiovascular diseases and cancer are together boosting the demand for nuclear medicine across the world, since they are put to use as a diagnostic tool for such diseases. The nuclear medicine market is sectioned based on the product, into single photon emission computed tomography (SPECT), nuclear medicine equipment, positron emission tomography (PET), and radiopharmaceuticals. The increasing demand for PET and SPECT imaging, rising demand for radiopharmaceuticals and increasing prevalence of CVDs and cancer are a few of the growth driving factors of this market industry. Factors like high cost, lack of nuclear medicine, and stringent regulations are predicted to hamper the growth of this market in the future.
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The major market players of the global nuclear medicine market are
- General Electric,
- Cardinal Health,
- Lantheus Medical Imaging, and IBA.
This market industry based on its regions is segmented into North America, Europe, China, and Japan. Bifurcated by the product type, the nuclear medicine market is divided into diagnostic and therapeutic. Based by the end-user applications, this market industry is segmented into oncology, cardiology, neurology, thyroid`, and many others.
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