Global Nuclear Medicine Market Benefits from Use of Radioactive Materials for Disease Detection
Transparency Market Research (TMR) presents a new market study on the global nuclear medicine market for the forecast period between 2016 and 2024. The report, titled “Nuclear Medicine Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024,” is a scientific instrument that provides valuable insights on demand drivers, growth trends, and technological advances that are likely to have a bearing on the growth trajectory of the said market over the aforementioned forecast period.
Nuclear medicine involves radioactive materials to diagnose and treat diseases. It helps to detect disease at a very early stage. Nuclear medicine helps to treat several diseases such as cancer, heart disease, neurological disorders, and gastrointestinal diseases among others. Nuclear medicine helps to detect medical conditions that are rare and may require invasive diagnostic tests or surgery to chart a line of treatment.
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Majorly fuelling the nuclear medicine market is rising incidence of different diseases and exponential growth of the healthcare industry to serve the demand for accurate and efficient medical scans. The rising incidence of cardiovascular diseases and cancer, which in turn has fuelled the demand for positron emission tomography and photon emission computed tomography (SPECT) has been serving to boost the market.
On the downside, expensive nature of treatment, regulatory hindrances, and inadequate stock of substances for nuclear medicine are bottlenecks to the market’s growth. Nonetheless, practices of business alliances and partnerships among market players and increasing investment for research and development of nuclear medicine are likely to open myriad opportunities for the market’s growth.
In terms of type of product, the nuclear medicine market could be segmented into radiopharmaceuticals, single photon emission computed tomography, nuclear medicine equipment, and positron emission tomography. Out of these, radiopharmaceuticals currently holds the leading share and is predicted to retain its leading share in the years ahead too. This is mainly because of increasing use of radiopharmaceuticals as nuclear imaging agents.
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By application, the nuclear medicine market could be classified into neurology, cardiology, and oncology, In terms of end user, the market for nuclear medicine can be segmented into diagnostic centers, research centers, and hospitals.
By geography, North America holds prominence among others regions for nuclear medicine. North America is a lucrative market for nuclear medicine due to an ultra-modern healthcare infrastructure and rapid uptake of cutting-edge technology. Europe trails North America in terms of demand for nuclear medicine. However, Asia Pacific is anticipated to outshine key regions in terms of growth rate in the upcoming years. Vast funds poured in for research and development are fuelling the Asia Pacific nuclear medicine market. Population explosion and rising incidence of cardiovascular and neurological diseases are contributing to the growth of Asia Pacific nuclear medicine market. China, India, Australia, and Japan are key countries contributing to the growth of Asia Pacific nuclear medicine market.
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Key companies operating in the nuclear medicine market that have been profiled in this report are Lantheus Medical Imaging Inc., Eczacibasi-Monrol Nuclear Products, Mallinckrodt plc, Nordion Inc., Advanced accelerator Applications S.A., Cardinal Health Inc., Bayer AG, GE Healthcare, IBA Molecular Imaging, and Bracco Imaging S.p.A.
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