CHICAGO, April 12, 2019 /PRNewswire/ -- According to the new market research report "Nuclear Medicine/ Radiopharmaceuticals Market by Type (Diagnostic (SPECT (Technetium), PET (F-18)), Therapeutic (Beta Emitters (I-131), Alpha Emitters, Brachytherapy(Y-90))), Application (Oncology, Thyroid, Cardiology) - Global Forecasts to 2023", published by MarketsandMarkets™, the global Nuclear Medicine Market is expected to grow at a CAGR of 5.9% during the forecast period, to reach USD 5.26 billion by 2023 from USD 3.95 billion in 2018.
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Growth in this market can primarily be attributed to factors such as the increasing incidence and prevalence of target conditions such as cancer and cardiac ailments and initiatives to lessen the demand-supply gap of Mo-99.
TC-99m dominated the SPECT Nuclear Medicine Market in 2017
Based on type, the Nuclear Medicine Market is segmented into diagnostic radiopharmaceuticals and therapeutic radiopharmaceuticals. Diagnostic radiopharmaceuticals have been further segmented into SPECT and PET radiopharmaceuticals. SPECT radiopharmaceuticals include Tc-99m, Tl-201, Ga-67, I-123, and other SPECT isotopes. In 2017, the Tc-99m segment accounted for the largest share of the nuclear medicine SPECT radiopharmaceuticals market. Tc-99m is used in a majority of diagnostic nuclear medicine procedures such as MPI, cardiac ventriculography, functional brain imaging, sentinel-node identification, immunoscintigraphy, blood pool labeling, sulfur colloid for spleen scan, and diagnosing various bone ailments.
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The oncology application segment is expected to dominate the PET Nuclear Medicine Market during the forecast period
The major application areas of PET nuclear medicine include oncology, cardiology, neurology, and others. The oncology segment is projected to account for the largest share of the PET Nuclear Medicine Market during the forecast period. The large share of this segment can be attributed to the use of F-18 which is a key isotope used in oncology applications. It is used to analyze glucose metabolism in the heart, lungs, and brain, which aids in cancer diagnosis. It also helps in monitoring cancer treatment and stages, particularly colorectal cancer, Hodgkin's disease, NHL, melanoma, breast cancer, and lung cancer.
North America dominated the market in 2018
North America is expected to account for the largest share of the Nuclear Medicine Market in 2018, followed by Europe. The large share of this region can be attributed to the development of novel technologies for radioisotope production, government funding, and company initiatives in the region.
Cardinal Health (US), GE Healthcare (US), and Curium (France) are the key players in the nuclear medicine. Other players involved in this market are Bayer (Germany), Lantheus Medical Imaging (US), Advanced Accelerator Applications (France), and Jubilant Life Sciences (India).
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