Growing healthcare expenditure and increasing prevalence of chronic diseases push the demand for radiopharmaceuticals.
According to MarketIntelReports' “Global and Chinese Nuclear Medicine/Radiopharmaceutic Industry, 2017 Market Research Report”:
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Growing number of cancer cases will drive the Nuclear Medicine/Radiopharmaceutic Market. Nuclear medicine scan involves the use of minute amount of radioactive material for diagnosing and treating diseases.
Increasing awareness about radiopharmaceuticals is also responsible for the growth of the market during the forecast period. These substances have a radioactive substance that can treat cancer, cardiac, and neurological disorders.
The conventional chemotherapy methods are being replaced by radiopharmaceuticals for oncology and treatment of cancer. Growing demand for SPECT and PET applications also drives the market.
Scope & Regional Forecast of the Nuclear Medicine/Radiopharmaceutic Market
Growing incidence of Parkinsons, Alzeihmers, cancer, and dementia elevate the demand for the Nuclear Medicine- Radiopharmaceutic Market in the forecast period. Increasing demand for nuclear study also propels the industry growth.
North America occupies a major share of nuclear imaging in the coming years. Asia Pacific will show fastest growth due to increasing investments.
Competition from orthodox diagnostic procedures hampers the market growth. Strict regulations which act as hurdles to clinical investigations are also barriers to the market.
The nuclear bone scan can help in the diagnosis of diseases and present accurate results.
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Technological advancements, presence of chronic diseases, and growing healthcare expenditure spur the growth of types of nuclear medicine in developing countries. In 2014, Cardiology segment dominated the market.
Diagnostics also occupied the top position in the same year.
The diagnosis of heart diseases and Alzeihmer’s disease provide opportunities for the growth of radioactive isotopes in the coming years. Nuclear medicine tests do not cause pain to the body and provide certain information about the state of an organ by specific amount of radiation.
Growing partnerships for the development of radiopharmaceuticals elevates the growth of the industry. It results in increase of low cost radipharmaceuticals.
Segmentations & Key Players Involved in the Nuclear Medicine/Radiopharmaceutic Market
The Nuclear Medicine/Radiopharmaceutic Market can be broken down into various segments as follows:
- Region- North America, Europe, Asia Pacific, Rest of the world.
Some of the key players involved in the Nuclear Medicine/ Radiopharmaceutic Market are as follows:
- GE Healthcare
- Hologic Inc
- Medix Inc
- Positron Corporation
- Bayer Healthcare
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