The rise in prevalence of target diseases and rising demand for cancer therapeutics worldwide are boosting the global market predicts Fortune Business Insights in their recent study. The study is titled “Nuclear Medicine Market Size, Share and Global Trend By Type (Diagnostic, Therapeutics), By Application (Cancer, Cardiovascular diseases, Neurological disorder, Gastrointestinal diseases, Others), By End User (Diagnostic laboratories, Hospitals, Ambulatory services, Others) and Geography Forecast till 2026,” and it covers several important aspects related to the market including drivers, restraints, trends and opportunities, and offers insights into key strategies adopted by market vendors to stay ahead in competition.
Recently, the Ministry of Health (MOH) in Malaysia, declared their plans about establishing a nuclear medicine department for providing improved medical diagnosis to people in the country. This Department will soon be established at Sungai Petani Cancer Specialist Centre, situated in Kedah, Malaysia. The aforementioned insight is an instance of the rapid development of the nuclear medicine market which will prove beneficial for the market players in the forecast duration.
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In terms of application, the global nuclear medicine market is dominated by cancer segment and is likely to remain the same in the forecast duration as well. This is owing to the increasing prevalence of cancer worldwide, and the rise in demand for devices that can detect tumor.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• General Electric Company
• Mallinckrodt plc.
• Eckert & Ziegler Strahlen- und Medizintechnik AG
• Teva Pharmaceutical Industries Ltd
• Jubilant Life Sciences Ltd.
“Rise in Awareness about Cancer Therapeutics in Developing Nations to Enable Growth in Asia Pacific”
Fortune Business Insights foresees Europe and North America to hold highest percentage of the overall the global nuclear medicine market share. This is attributable to the increasing use of nuclear medicines in these regions. In 2017, the National Cancer Institute has found that about 15,000 children aged below 19 years were diagnosed with cancer in the U.S. The rising incidence of cancer in the developed regions and advancement in medical technology are boosting the market in Europe and North America.
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Increasing investments by companies in these regions for research and development of cancer therapeutics is further anticipated to help the regions continue its dominance in the forthcoming years. In addition to this, the market for nuclear medicines in Asia Pacific is anticipated to witness lucrative growth opportunities on account of the rise in awareness about benefits of early detection of cancer and early medication to fight cancer.
Furthermore, improving healthcare infrastructure and advent of advanced therapeutics, especially in the developing nations such as India, China, and others will help the market in Asia Pacific emerge as the fastest growing region during the forecast period.
“Rise in Prevalence of Cancer Worldwide to Promote Growth of Radiopharmaceuticals”
One of the major factors propelling the global nuclear medicine market growth is the rising prevalence of various types of cancer worldwide. The World Health Organization states that cancer ranks second in terms of deaths worldwide, and accounted for about 8.8million deaths in 2015. This rise has a direct impact on the use of nuclear medicines or radiopharmaceuticals and will help the market generate higher revenues in the forecast period.
Other factors promoting the enabling global nuclear medicine market growth is advancement in treatment monitoring, and wide adoption of Position Emission Tomography (PET) tools for medication. They are gaining much more traction in the market owing to the fact that PET tools has higher precision over other treatment procedures.
However, the market may face certain challenges such as short life-span of nuclear medicines, high price of equipment, and hospital budget restrictions. Nevertheless, the use of nuclear medicines for various neurological applications is anticipated to bring lucrative growth opportunities for the global market in the forecast period.
Nuclear Medicine Market Segmentation:
• Cardiovascular diseases
• Neurological disorder
• Gastrointestinal diseases
By End User
• Diagnostic laboratories
• Ambulatory services
• North America (USA and Canada)
• Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
• Latin America (Brazil, Mexico and Rest of Latin America)
• Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)