The global nuclear medicine market size is expected to reach USD 12.6 billion by 2027, expanding at a CAGR of 9.5%, according to a new report by Grand View Research, Inc. Research and development of advanced technologies by the key players for diagnosis and treatment of diseases is expected to drive the radiopharmaceuticals market.
For
instance, in May 2019, GE Healthcare with Indi Molecular, Inc., collaborated to
develop Protein Catalyzed Capture (PCC) technology and immune cell-targeted PET
tracer candidates. This diagnostic tool will help in better understanding of
patient’s immune cell and in early treatment response.
Rising
prevalence of cancer and cardiovascular diseases is one of the major factors
responsible for market growth. Moreover, high prevalence of cancer in emerging
Asian countries is creating huge demand for radiopharmaceuticals in diagnosing
the disease. For instance, according to the GLOBOCAN, in 2018, approximately
48.4% of cancer cases were registered in Asia.
In
addition, presence of standard guidelines prepared by regulatory authorities
for radiopharmaceuticals is expected to accelerate market growth. For instance,
in August 2019, FDA published a guideline for non-clinical studies and product
labelling that are not covered by FDA and ICH guidelines for
radiopharmaceuticals used in the treatment of cancer.
Manufacturers
are focusing on development of innovative technologies to produce medical
isotopes that can fulfill the increasing demand for nuclear medicines. For
instance, in October 2018, with the support of ASML, The Institute For
Radioelements (IRE) developed and built an electron beamline to manufacture
medical isotope molybdenum 99 (Mo-99). Due to this innovative technology, the
process of production is waste-free and non-fission.
In
addition, research centers and hospitals are launching novel nuclear medicine
techniques to treat various diseases at an affordable cost as compared to the
existing treatments. For instance, in August 2017, the Kovai Medical Centre and
Hospital (KMCH) had launched Rhenium 188 Lipiodol to treat liver cancer and
other diseases such as metastatic bone pain, rheumatoid arthritis, and
hemophilic bleeding joints at low cost with lesser hospitalization.
Full Research Report On Nuclear Medicine Market Visit Here:
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Further key
findings from the study suggest:
- In 2019, the SPECT segment
had dominated the market owing to integration of SPECT with X-ray/CT that
has gained more acceptance and proved to be useful in many clinical
situations due to its high accuracy
- PET diagnostic nuclear
medicine is expected to witness the fastest growth over the forecast
period owing to the increasing adoption of high resolution PET scanners
- In case of the therapeutic
segment, brachytherapy is anticipated to be the fastest growing segment
due to the higher radiation protection as compared to other treatment
options
- The oncology application
segment dominated the nuclear medicine market in 2019 owing to the
presence of pipeline drugs and high prevalence of cancer
- The market in Asia Pacific
is projected to witness the fastest growth during the forecast period
owing to the high unmet needs and development of radiopharmaceuticals for
diagnosis and treatment of various diseases
- Key players in the market
include companies such as Eckert and Ziegler Group Nordion, Inc.; Bracco
Imaging S.p.A.; and GE Healthcare as well as government organizations such
as Department of Atomic Energy and Australian Nuclear Science and Technology
Organization (ANSTO).
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Grand View Research has segmented
the global nuclear medicine market on the basis of product, application, and
region:
Nuclear
Medicine/Radiopharmaceuticals Product Outlook (Revenue, USD Million, 2016 -
2027)
- Diagnostic products
- SPECT
- TC-99m
- TL-201
- GA-67
- I-123
- Other SPECT products
- PET
- F-18
- SR-82/RB-82
- Other PET products
- Therapeutic Products
- Alpha Emitters
- RA-223
- Other alpha emitters
- Beta Emitters
- I-131
- Y-90
- SM-153
- Re-186
- Lu-117
- Other beta emitters
- Brachytherapy
- Cesium-131
- Iodine-125
- Palladium-103
- Iridium-192
- Other brachytherapy
products
Nuclear
Medicine/Radiopharmaceuticals Application Outlook (Revenue, USD Million, 2016 -
2027)
- Cardiology
- Neurology
- Oncology
- Thyroid
- Lymphoma
- Bone Metastasis
- Endocrine Tumor
- Others
Nuclear Medicine/Radiopharmaceuticals
Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- U.S
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Netherlands
- Asia Pacific
- Japan
- China
- India
- Australia
- Singapore
- Malaysia
- New Zealand
- South Korea
- Philippines
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- Saudi Arabia
- South Africa
- Israel
- Turkey
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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