Radiopharmaceuticals are drugs that contain radionuclide-emitting ionizing radiation, used in the nuclear imaging field to diagnose and treat various diseases. The North American nuclear medicine market is segmented on the basis of types, applications, and countries.
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The North American nuclear medicine market is expected to reach USD 2.98 Billion in 2020 from USD 1.97 Billion in 2015, growing at a CAGR of 8.6%.
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The radiopharmaceuticals market, by type is broadly classified into two segments, namely, diagnostic and therapeutic radioisotopes.
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Radioisotopes in the diagnostic market are further categorized as SPECT and PET; while the therapeutic market is classified into beta emitters, brachytherapy isotopes, and alpha emitters. In 2015, the diagnostic segment is expected to account for the largest share of the North American nuclear medicine market, with the SPECT segment likely to account for the largest share of the diagnostic market. While, beta emitters is expected to account for the largest share of the therapeutic market in 2015.
Factors such as increasing preference for SPECT and PET scans, alpha radioimmunotherapy-based targeted cancer treatment, advances in radiotracers, growing incidence of cancer and CVDs, and rising awareness about the effective use of radiopharmaceuticals in various applications are driving the growth of this market. However, factors such as requirement of high capital investments to limit the procurement of scanners, shorter half-life of radiopharmaceuticals, stringent regulatory guidelines and GMPs, and competition from conventional diagnostic procedures are hindering the growth of this market. Moreover, upcoming radioisotopes, alternative diagnostic radiopharmaceutical solutions, cyclotron-based production, and use of radiopharmaceuticals in neurological applications provide a good opportunity for North American radiopharmaceuticals market. A major challenge to the growth of North American radiopharmaceuticals market is the shutdown of nuclear reactors which is likely to create a gap in the demand and supply of radioisotopes.
Some of the major players in the North American nuclear medicine market include Cardinal Health Inc. (U.S.), Mallinckrodt plc (Ireland), GE Healthcare (U.K.), Lantheus Medical Imaging, Inc. (U.S.), Bayer Healthcare (Germany), Bracco Imaging S.p.A (Italy), Eczacibasi-Monrol Nuclear Products (Turkey), Nordion, Inc. (Canada), Advanced Accelerator Applications S.A. (France), and IBA Molecular Imaging (Belgium).
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