Nuclear Medicine Market: Outlook

Nuclear medicine consists of therapeutic techniques and diagnostic procedures that are carried with radioisotopes. Two widely known technologies that are used in nuclear medicines are Positron Emission Tomography (PET) and Single Photon Emission Computed Tomography (SPECT). PET comprises radiotracers that emit tiny particles termed as positrons that finally decays out to produce gamma rays used for detection. However, SPECT uses X-rays to lower energy and detect. This radiopharmaceutical medicine is used to study the disease progression and track the tissue function of neurological disorders, oncology, and cardiovascular.

Market Dynamics

Changing lifestyles and eating habits in the emerging economies is increasing the prevalence of CVD and cancer; therefore, it creates demand for nuclear medicine in the healthcare sector. According to WHO, more than 45% of individuals have a prevalence of cancer in Asia-Pacific, while 23.4% in Europe, and 13.2% in North America. Furthermore, rising application of the radioisotopes for SPECT/CT and PET/CT imaging scanners along with the advancement in the imaging technology has positively impacted the growth of the global nuclear medicine market. The leading nuclear medicine manufacturers of the developed nations, such as the US are majorly investing in finding the solutions to cure cancer at an early stage through nuclear medicine. The researchers are working on deriving nuclear medicines from the cyclotrons and further focusing on the discovery of new equipment for treatment and diagnosis of diseases are some other factors catalyzing the growth of the market.

Segmental Outlook

The global nuclear medicine market is segmented on the basis of technology, therapeutics, and application. In terms of technology, the market is bifurcated into PET and SPECT. Based on therapeutics, the market is fragmented into alpha emitters, beta emitters, and brachytherapy. Furthermore, on the basis of application, the market is segmented into the thyroid, neurology, oncology, cardiology, and others.  

Oncology Segment Holds a Significant Share in the Market

The oncology segment accounts to contribute a significant share in the market due to the increasing use of F-18 isotope in the treatment of cancer. Nuclear medicines are further used to diagnose the glucose metabolic rate of the lungs, heart, and brain, which assists researchers in the diagnosis of the cancerous cells.  Furthermore, it eases the medical practitioner by finding the stage of cancer by monitoring the growing cancer cells in the patients.  

Global Nuclear Medicine Market by Technology, 2018 (%).

Regional Outlook

The global nuclear medicine market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. Europe holds a considerable share in the global nuclear medicine market, owing to increasing investment in the European pharmaceutical sector for finding out technologically advanced treatment for cardiac diseases, neurological disorder, and cancer. In July 2019, Russian authority announced a plan of building a new medical center equipped with two cyclotrons, which will produce the radioisotopes that will be used for the treatment purpose of the patients.

Global Nuclear Medicine Market Growth, by Region 2019-2025

North America to hold a significant share in the market

North America accounts to contribute a significant share in the nuclear medicine market, attributed to the substantial focus and development of advanced technologies that can produce radioisotopes. Furthermore, there is a significant presence of the nuclear medicine market players in the region that are investing huge amounts on its R&D sector; this is the key factor contributing to the growth of the nuclear medicine market in North America.

Asia-Pacific is Expected to Witness Lucrative Growth in the Market

Increase in the incidence of cancer and cardiac disease in the region has encouraging the government to invest in the pharmaceutical and healthcare sector. In June 2019, Australia announced the establishment of Australia’s Nuclear Science and Technology Organization that has received a license approval from the government. The company will be starting the manufacturing of the molybdenum-99 (Mo-99) in the organization, providing crucial nuclear medicines for Australians.

Competitive Landscape

The key players operating in the global nuclear medicine market include Cardinal Health, Inc., Curium Pharma, Lantheus Medical Imaging, Inc., Advanced Accelerator Applications S.A., Jubilant Life Sciences Ltd., and General Electric Co. Among these key players, General Electric Co. is one of the leading players of the nuclear medicine market that is engaged in the manufacturing of biopharmaceuticals, life science products, and medical technology. The company comprises of wide product portfolio, including services and solutions for the treatment of monitoring and diagnostic purposes.

Key development

• In June 2018, General Electric Co. showcased software solutions and new molecular imaging in the Society of Nuclear Medicine and Molecular Imaging (SNMMI). This has benefited clinics in providing personalized, precise, and quantitative data.  
• In June 2019, the researchers of the Technical University of Munich (TUM) have represented the interim scan that was taken during the prostate cancer therapy in the Society of Nuclear Medicine and Molecular Imaging (SNMMI) Annual Meeting. The research highlights proposed in the meeting stated that the PET imaging of the patients with metastatic castration-resistant prostate cancer (mCRPC) after a couple of cycles of Lu-PSMA radioligand therapy that significantly assist in patient survival.

The Report Covers

• Market value data analysis of 2018 and forecast to 2025.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global nuclear medicine market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.