Nuclear Medicines Market / Radiopharmaceuticals Market: Global Industry Insights, Market Size Estimation and Growth Forecast, 2017 – 2025

Nuclear Medicines Market / Radiopharmaceuticals Market - Introduction

The global nuclear medicines market / radiopharmaceuticals market is expected to expand at a healthy growth rate in coming years. Nuclear medicines market is segmented on the basis of radionuclide type, applications and geography. Nuclear medicines are a specialty of medical science, under whose premises radioactive substances are utilized for therapeutic, diagnostic or preventive applications.

Nuclear medicine is used for assessing physiological functions, diagnosis, and prevention or treatment of cancer and hyperthyroidism.

Nuclear medicine primarily deals with endoradiology, or radiology inside the body, since nuclear medical science records the radiations emitting from inside the body. Nuclear medicine utilizes radiopharmaceuticals for assessing physiological functions, diagnosis of a disease, and prevention or treatment of diseases such as cancer and hyperthyroidism among others. Advancement in the field of nuclear medicine has acted as catalyst for improved diagnostic and treatment procedures, related to different types of diseases. Diagnostic tests such as radioimmunoassay (RIA) and imaging procedures, such as Positron Emission Tomography (PET) scan falls under the purview of nuclear medicine.

Report Overview
Aspect Details
Base Year of Estimation 2016
Value Estimation Year 2017
Forecast Period 2017 - 2025
Market Segmentations By radionuclide type, application, region
Regional Scope North America, Europe, Asia-Pacific, Middle East & Africa (MEA) and South America.
Report Coverage Technology Analysis, Market Dynamics, Market Trends, Segmentation Overview and Competitive Landscape of the market

 

Technology Analysis

Several new technologies, coupled with newer applications of older technologies, are undergoing trials in the nuclear medicine field, while several others have been successfully deployed for diagnosing and treating diseases, in recent years.

Single-photon Emission Computed Tomography (SPECT) imager, SPECT imagers can precisely diagnose Parkinson’s disease.

The U.S. based National Institute of Biomedical Imaging and Bioengineering (NIBIB) is engaged in research for developing a lower cost Single-photon Emission Computed Tomography (SPECT) imager. SPECT imagers can accurately diagnose Parkinson’s disease and cost effective equipment can lower the cost of diagnosis significantly. Researchers from Stanford University’s School of Medicine has identified a newer protein, CD47, which when targeted by nuclear medicines has shown to provide better scan images. The technology can be expected to allow for better detection of bladder cancers.

 

Market Dynamics

As of 2016, growth in demand for nuclear medicines is driven by factors including rising application in various diagnostic procedures, growth in the number of patients diagnosed with various types of cancers and growing demand for accurate imaging technologies among others.

Diagnostic procedures, where nuclear medicines are being used, has been increasing with continuous research and development (R&D). R&D is being conducted by various types of institutes and organizations, with an aim to advance the nuclear medicinal science. This in turn has been promoting the growth of the nuclear medicines market. Additionally, there has been a huge growth in the number of persons suffering from various types of cancers, in recent years.

As per the World Health Organization’s data, approximately 8.8 million persons died from cancer in 2015 while approximately 14 million persons were diagnosed to have cancer in 2012.

Higher cost and side-effects of nuclear medicines have been restraining the growth of this market.

Nuclear medicines are commonly used to accurately diagnose and treat various types of cancers. Hence, the growing number of cancer patients globally is expected to act as a push factor for the nuclear medicines market.

Furthermore, the higher accuracy of nuclear medicine based imaging and diagnostic procedures have led to physicians relying on the same, rather than on older technologies. It in turn has also been positively impacting the growth of the market. However, relatively higher cost and concerns of side-effects of nuclear medicines have been restraining the growth of the market. In coming years, newer diagnostic procedures and techniques are expected to emerge as growth opportunity for the nuclear medicines market during the forecast period 2017 to 2025.

 

Market Trends

In June 2016, the U.S. Food and Drugs Administration (USFDA) published guidelines on expanded access of compassionate usage of under trial nuclear medicines. It outlined the regulations and procedures for providing an investigational nuclear medicine to patients having immediately life-threatening/ serious disease or condition, and when comparable treatments or drugs are unavailable. Also, several organizations, including the International Atomic Energy Association (IAEA) has been spreading awareness on the ill-effects of MO-99, an isotope of Molybdenum, to decrease their usage. Such awareness is being created since MO-99 is a carcinogenic compound, causing cancer, and has been in wide use for many years.

 

Segmentation Overview

By radionuclide type, the nuclear medicines market has been segmented into Iodine-131, Yttrium-90, Strontium-89, Radium-223, Technetium-99m and others. Technetium-99m held the largest market share in 2016, owing to its wide usage in diagnostic procedures. Others segment includes radionuclides such as Gallium-67 and Iodine-123 among others. On the basis of applications, the global nuclear medicines market has been segmented into Diagnosis and Therapy. Diagnosis. Therapy diagnosis has been segmented into in-vitro clinical tests and in-vivo procedures). In-vitro includes Radioimmunoassay (RIA), while in-vivo includes nuclear medicines for Positron Emission Tomography (PET) and SPECT scans among others. Therapy includes thyroid disorders, bone disorders, land cancer among others.

By geography, the market has been segmented into North America, Europe, Asia-Pacific, Middle East & Africa (MEA) and South America. In terms of revenue, North America held the largest share of the nuclear medicines market, owing to presence of large number of nuclear medicine researchers and manufacturers. However, Asia-Pacific is expected to become the largest market for nuclear medicines by end of 2025.

Market Segmentation Overview
By Term Segments
By Radionuclide Type Iodine-131, Yttrium-90, Strontium-89, Radium-223, Technetium-99m, Gallium-67, Iodine-123 and others
By Application Diagnosis and Therapy. Diagnosis has been segmented into in-vitro clinical tests and in-vivo procedures. In-vitro includes Radioimmunoassay (RIA), while in-vivo includes nuclear medicines for Positron Emission Tomography (PET) and SPECT scans among others.
By Region North America, Europe, Asia Pacific, Middle East & Africa (MEA) and South America

 

Competitive Landscape

Leading players operating in the nuclear medicines market are Bayer AG(Germany), Mallinckrodt Pharmaceuticals (Ireland), IRE - ELiT(Belgium), South African Nuclear Energy Corporation SOC Ltd. (South Africa), Australian Nuclear Science and Technology Association (Australia), ROSATOM Group(Russia), Cardinal Health, Inc. (The U.S.),General Electric Company (The U.S.) and Nordion (Canada), Inc. (Canada). As compared to North America and Europe, concentration of nuclear medicines producer is low in countries from the Middle East and Africa (MEA) and South America.

 

Conclusion

Considering the growing patient population, rising applications in diagnostic procedures and rise in research and development, it has been estimated that the nuclear medicines market is about to accelerate in coming years.

KEY QUESTIONS ANSWERED BY THE REPORT
What will be the nature of growth of the market till 2025?
What are the major push factors that will affect the growth of the market?
What are the growth possibilities in different segments of the market?
Who are the leading market players?
What are the key strategies implemented by the market leaders to sustain growth in the market?
What are the major restraining factors for the market?
What are the ways to generate new revenue streams?
In-depth analysis of the competitive landscape and competitor behavior in the market

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