Global Nuclear Medicine Radiopharmaceuticals Market is estimated at USD4500 million in 2015 and is expected to reach $8440 million by 2020, growing at a CAGR of 13.4%.
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Global Nuclear Medicine Radiopharmaceuticals Market is estimated at $4500 million in 2015 and is expected to reach $8440 million by 2020, growing at a CAGR of 13.4%. Nuclear medicine falls under the field of Molecular imaging, which involves usage of minute amount of radioactive material (radiopharmaceuticals) to diagnose and treat disease.
Increasing incidence of cancer and cardiac ailments, immense technological advancements, increasing demand SPECT and PET applications and also the growing public awareness for healthcare are fuelling the market growth for Radiopharmaceuticals.Further, Integration of X ray tomography (CT) into SPECT has recently emerged as a excellent diagnostic tool in medical imaging and is considered to be a driving factor for the growth of the market. Strict regulatory framework which pose as a hurdle to translational research and clinical investigations and reimbursement issues are blocking the growth of the market.
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In addition, shorter half-life of radiopharmaceuticals and competition from orthodox diagnostic procedures are also restraining the global nuclear medicine Radioisotopes market.
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The market of radiopharmaceuticals is dominated by Diagnostic radioisotopes and Therapeutic radioisotopes. Diagnostic radioisotope market basically covers SPECT (Technetium-99m, Thallium-201 Gallium-67, Iodine) and PET (Fluorine-18, Rubidium-82)radioisotopes.
Therapeutic radioisotopes cover Beta emitters (Iodine-131, Yttrium-90, Samarium-153, Rhenium-186, Lutetium-177), Alpha Emitters (Radium-223) and Brachytherapy (Cesium-131, Iodine-125, Palladium-103, Iridium-192). By application market is segmented into (cardiology, lymphoma, thyroid, neurology oncology, and others).
Furthermore, based on geography the market is analysed under various regions namely, North America, Europe, Latin America, Asia-Pacific and Middle-East & Africa.
Based on market share estimation 90 % of the radiopharmaceuticals market is dominated by diagnostic radioisotopes while therapeutic radioisotopes contribute 10% of the market. The F-18 market is mostly contributed by F-18 FDG tracers though this market is enriched with future tracers such as F-18 Florbetapir and F-18 Choline.
The promising clinical outcome of these tracers has gained the business interest of major research institutes and PET isotope players. Ga-68 and Rb-82 are two other potential isotopes in the PET diagnostic market, ensuring high growth of the diagnostics segment.
Diagnosis of coronary artery disease, bone metastasis, and Alzheimers disease are the most promising indications for the future PET radioisotopes market.
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North America is the dominant market for diagnostic radioisotopes. Within North America, US is the largest consumer market for radioisotopes and Canada is the largest producer of Tc-99m.
India and China hold a potential market for radioisotope due to rising healthcare and increasing demand for different radioisotopes in various treatments and applications.
Some of the key players influencing the global nuclear medicine market are GE Healthcare, Hologic Inc., Medix Inc., Segami Corporation,Positron Corporation,Bracco Imaging S.p.A, Naviscan Inc., Bayer Healthcare, Lantheus Medical Imaging, Inc. and IBA Molecular Imaging.
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