“Global Nuclear Medicine Market” report has published by Adroitmarketresearch.com and ready to deliver to its clients. This report provides a well-organized in depth analysis of Nuclear Medicine industry on the basis of types, Applications, Size and Forecast during 2018-2025.
Nuclear medicine is a radioactive application to deal with the diseases such as cancer, heart diseases, neurological disease and more. The global Nuclear Medicine Market is rising with a CAGR of xx% and expected to reach around by xxx billion USD at the end of 2023, currently, it is around xxx billion USD. The need for accurate and early diagnostic methods with a growing standard of living is increasing the demand for better therapies.
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According to the World Health Organization (WHO), there were 8.8 million people who witnessed death because of cancer, and yet the new cases are expected to rise by 70% in the next two decades. This increasing growth in the diseases has caused the nuclear medicine industry to expansion greatly, moreover, cardiovascular diseases are fueling at a rapid pace. Reportedly, there were 17.7 billion death accounted in 2015 and it is increasing as days are passing. The result, however, means that due to the increasing count of cancer and cardiovascular diseases the demand for nuclear medicine is steadily boosting in the market.
If we talk about the application, the global Nuclear Medicine Market has segmented into diagnostics and therapeutics. The diagnostics segment includes oncology, cardiology, neurology, thyroid, lymphoma, and other. The therapeutics segment has further divided into bone metastasis, lymphoma, endocrine tumor, thyroid, and others.
Significant Causes of Nuclear Medicine Market Growth
Use of SPECT/CT and PET/CT imaging scans, increasing radioisotopes application, public awareness, and advancements in technology are efficiently driving the global Nuclear Medicine Market growth. In addition to the increasing need in emerging countries for production of radiopharmaceuticals, emerging radioisotopes, replacement of traditional pieces of equipment, efficient diagnosis and treatments, and radioactive treatments are the opportunities which will cause the further growth of global Nuclear Medicine Market.
The high cost of radioisotopes, shortage of qualified technicians, and minimum lifespan are slowing the market growth. Closure of reactors and threat, stringent regulation and high capital investment from traditional imaging techniques are causing the emerging countries to stay in the local market. Most of the people who have been diagnosed, prefer to get to North America for better advanced treatments. The production is at a smaller capacity compared to QA and QC standards, conventional medicines, and complying with CG- MP. North America is the only country dominating the nuclear market, currently with 44% of market capitalization.
Radiopharmaceutical can be a major driver to diagnose and treat a variety of major diseases ranging from dementia, broken bones, and cancer. The exposure of radiation has been adjusted to minimal for several diagnostic purposes with a slight higher settings for the therapeutic indication. This is due to diagnostic imaging which mainly prefer to be a low-energy isotope to see the target organ in the scan machine whereas the radiopharmaceutical therapy requires a higher energy isotope to detect and kill the diseased cells.
The radiopharmaceutical is highly beneficial in the nuclear medicine industry as it can lead to save lives and cure the patient of any major disease by providing detailed diagnostic information for appropriate medical care or delivering a much-needed therapy. Nuclear medicine scans mostly target the radiation coming from a radioactive material inside a patient’s body. The images of X-ray, CT scan and computed tomography are obtained by using machines that send radiation through the body.
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The nuclear medicine carries exams are commonly stated as the PET scan. The PET scan is often performed with computed tomography (CT) as it indicates physicians with an image combining functional and anatomical information of the body at individual operation.
The global Nuclear Medicine Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, on the basis of region, where the North America domains the global market, other regions like Asia Pacific, Europe are expected to grow higher as per the forecasts. High cost of medicines and stringent government regulation for drug approval are major factors hampering growth of the global market but still due to increasing need of treatments will cause the market the grow big, in near future.
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