The development of nuclear medicine is moving at a rapid pace. Researchers in this field are working on diagnosis and treatment of multiple diseases.
Absolute Markets Insights offers its latest published report ‘Nuclear Medicine Market Product (Diagnostic Medicine, Therapeutic Medicine); by Application (Diagnostic Application, Therapeutic Application); by Regional Outlook (U.S., Rest of North America, France, UK, Germany, Spain, Italy, Rest of Europe, China, Japan, India, Southeast Asia, Rest of Asia Pacific, Rest of the World) – Global Insights, Growth, Size, Comparative Analysis, Trends and Forecast, 2018-2026’. The author of the report analyzed that the nuclear medicine market accounted for US$ 4.62 billion in 2016. Nuclear medicine is cost effective method for treatment and yields more accurate information than regular surgeries.
They also enable early stage detection of diseases at early stages.
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The nuclear medicine market is mainly driven by development of new treatments for diagnosis and therapy for various diseases.
A number of factors such as radiation risk and adverse effects from therapy can negatively impact the market. It has been reported that, these side effects are not long-term and potential risk from such therapies are on the lower side.
The emerging markets such as India and China are expected to show higher adoption rate of nuclear medicines in the future.
Based on Product, Therapeutic Medicine Segment of the Nuclear Medicine Market Is Projected to be the Fastest Growing Segment During the Forecast Period, 2018-2026
Therapeutic medicine is further segmented into beta emitters, alpha emitters and brachytherapy isotopes. They are used in the treatment of cancer, cardiovascular diseases and neurological diseases.
Also, therapeutic radionuclides such as phosphorous-32, yttrium-90, strontium-90 and iodine-131 are widely used in the treatment of malignant and benign disorders. High prevalence of liver and thyroid diseases in the global market is expected to drive this nuclear medicine industry in future.
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North America is Estimated to be the Largest Nuclear Medicine Market
The North American region held the largest market share for nuclear medicine in terms of revenue, in 2016. The growth of the North America market can be attributed to the widespread awareness of the use of radioisotopes and radiation in medicine for various medical conditions.
In the developed countries, the frequency of diagnostic and therapeutic nuclear medicine is rising exponentially.
Nuclear Medicine Market is Fragmented with the Presence of Global and Regional Players
Some of the key participants in global market are Cardinal Health, Inc., Medtronic, Minimally Invasive Therapies, Ion Beam Applications S.A (IBA Worldwide), Lantheus Medical Imaging Inc., General Electric Company, Bracco Imaging S.p.A, Bayer AG, Advanced Medical Isotope Corporation, Alliance Medical Limited, Alseres Pharmaceuticals, Inc., Avid Radiopharmaceuticals, Inc., Actinium Pharmaceuticals, Inc., Immunomedics, Inc., Jubilant Pharma LLC, Mallinckrodt Pharmaceuticals, Medi-Radiopharma Co., Ltd., Peregrine Pharmaceuticals, Inc.,Positron Corporation and Nordion (Canada) Inc. amongst others.
In the October 2017, Novartis, which is pharmaceutical company bought a French nuclear medicine group AAA. The specializes in the radio pharmaceuticals for diagnosis and treatment of tumours thereby increasing its pipeline of nuclear medicine.
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Nuclear Medicine Market- By Product
- Diagnostic Medicine
- SPECT Radiopharmaceuticals
- PET Radiopharmaceuticals
- Therapeutic Medicine
- Beta Emitters
- Alpha Emitters
- Brachytherapy Isotopes
Nuclear Medicine Market- By Application
- Diagnostic Application
- Therapeutic Application
- Bone Metastasis
- Endocrine Tumors
Market By Region
- North America
- Rest of North America
- The UK
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of Asia Pacific
- Rest of The World
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