According to The Insight Partners market research study titled ‘Nuclear Medicine/Radiopharmaceuticals Market to 2027 – Global Analysis and Forecasts by Applications and End User’.
According to The Insight Partners market research study titled ‘Nuclear Medicine/Radiopharmaceuticals Market to 2027 – Global Analysis and Forecasts by Applications and End User’. The Global Nuclear Medicine/Radiopharmaceuticals Market is expected to reach US$ 6,683.99 Mn in 2027 from US$ 3,982.11 Mn in 2018. The market is estimated to grow with a CAGR of 6.2% from 2019-2027. The report highlights the trends prevalent in the global nuclear medicine/radiopharmaceuticals market and the factors driving the market along with those that act as deterrents to its growth.
Europe is the second largest geographic market and is expected to be the second most significant revenue contributor throughout the forecast period. The region has witnessed several technological advancements in the field of healthcare by the incorporation of advanced nuclear medicines in order to increase the efficiency of imaging processes in the region. The growth is driven by factors such as the rising prevalence of neurologic disorders such as, Alzheimer’s and others along as well as the rising focus by market players in the European countries.
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Nuclear Medicine/Radiopharmaceuticals Market Competitive Landscape
The major players operating in the nuclear medicine/radiopharmaceuticals market include Cardinal Health, IBA Worldwide, Curium, GENERAL ELECTRIC, Bayer AG, Positron Corporation, NTP Radioisotopes SOC Ltd, Bracco, Lantheus Medical Imaging Inc., and Advanced Accelerator Applications. The market has witnessed various organic as well as inorganic developments during recent years in the nuclear medicine/radiopharmaceuticals market. During January 2019, Curium and Progenics entered into a collaboration to develop and commercialize PyL in Europe. This agreement has helped the companies to offer better products to its customers across the globe.
The market for nuclear medicine/radiopharmaceuticals is expected to grow, owing to factors such as rising prevalence of chronic diseases, alpha radioimmunotherapy-based targeted oncology treatment and advancement in imaging technologies using radiopharmaceuticals play vital role in the growth of the radiopharmaceuticals market. However, the restraints such as short shelf-life of radiopharmaceuticals and availability of substitutes of radiopharmaceuticals are likely to impact the growth of the market in the forecast period.
Rising Prevalence of Chronic Diseases
The chronic diseases such as heart diseases, cancer, chronic lung diseases, stroke, Alzheimer’s disease, and chronic kidney disease and other neurological disorders are growing at a rapid rate across the globe. These chronic diseases are the leading cause of deaths. According to the recent statistics of World Health Organization for the year 2019, states that chronic disease contributes approximately 60% of all deaths and 43% of the global burden of disease. It is also expected that by 2020 the incidences of deaths will rise approximately to 73% and the global burden of disease is expected to grow by 60%.
According to the World Health Organization in 2018, cancer was the second leading cause of death across the globe, and is responsible for an estimated 9.6 million deaths in 2018. Furthermore, the American Cancer Society estimated that in 2018, approximately 1,735,350 new cancer cases were diagnosed.
Alpha Radioimmunotherapy-Based Targeted Oncology Treatment
Targeted alpha therapy (TAT) is a latest and evolving option for local and systemic cancer treatment. Preclinical research and clinical trials prove that alpha-emitting radionuclides kill targeted cancer cells and does not harm the normal cells, hence it reduces the toxicity. The alpha emitting radioisotopes 211At, 213Bi, 225Ac and 227Th are being used to label targeting vectors such as monoclonal antibodies for specific cancer therapy indications.
The nuclear imaging uses long lived gamma emitters, which allow blood clearance as the tumor increases its uptake of the conjugate over time, so improving contrast. The nuclear imaging agents allows dose to the tumor and organs to be determined. The high energy gamma rays are emitted from alpha emitters, which also allow dose estimates for organs and tumors. In addition, the rise in the awareness about the alpha radio immunotherapy and availability of the therapies for the cancer treatment procedures are likely to foster the demand for nuclear imaging. Thus, owing to these factors the market for the nuclear medicine/radiopharmaceuticals is likely to propel at a significant rate during the forecast period.
Nuclear Medicine/Radiopharmaceuticals Market Segmentation Review
The global nuclear medicine/radiopharmaceuticals market by application was led by diagnostic applications segment. In 2018, the diagnostic applications segment held a largest market share of the nuclear medicine/radiopharmaceuticals market, by applications. This segment is also expected to dominate the market in 2027 owing to availability of diagnostic devices and ease offered by these devices for diagnosis of various disorders. Moreover, increasing incidences of cardiac diseases, cancer, and neurological disorders are expected to fuel the demand for better diagnosis of these disorders.
The global nuclear medicine/radiopharmaceuticals market by end user segment was led by hospitals segment. In 2018, the hospitals settings segment with a significant share in the nuclear medicine/radiopharmaceuticals market, by end user. This segment is also expected to dominate the market in 2027 owing to presence of skilled professionals in hospitals, increasing preference for better healthcare facilities as well as availability of reimbursement policies.
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