Nuclear Medicine Market Report

Nuclear Medicine Market Analysis By Application (Diagnostics: Cardiology, Neurology, Oncology, Thyroid, Lymphoma, Therapeutics: Thyroid, Bone Metastasis, Lymphoma, Endocrine Tumor) Segment Forecasts, 2013 - 2024

Published: November 2016  |  120 Pages  |  Format: PDF  |  Report ID: GVR-1-68038-086-6

Industry Analysis

The nuclear medicine market was valued at USD 5.7 billion in 2015 and is expected to witness a CAGR of 10.2% over the forecast period. Need for early and accurate diagnostic methods coupled with growing demand for better therapies are fueling the market growth. According to the information updated by the World Health Organization (WHO) in February 2015, the number of new cases of cancer is expected to grow by around 70.0% in the coming 2 decades.

Similarly, increasing prevalence of cardiovascular diseases is pushing the industry growth. The cardiovascular diseases accounted for more than 17 million deaths in 2015 globally. The number is anticipated to cross around 23 million by 2030. The rapidly increasing number of new cancer and cardiovascular cases recorded are together propelling the demand for nuclear medicine in the world, since they are used as a diagnostic tool for these diseases.

Global Nuclear Medicine Market, by region, 2013 - 2024 (USD Million)

Global Nuclear Medicine Market

Presently, these products are widely used in the field of oncology, and cardiovascular diseases. Ongoing research and studies demonstrating positive results is widening the scope of radioisotope applications for the diagnosis and treatment of bone diseases, respiratory diseases, thyroid-related diseases, and conditions of the digestive tract. Along with these applications, the radioisotopes are largely used in radio-pharmacology to study drug movement in lab subjects.

PET utilizes radioisotopes for the diagnosis of the targeted organ. Adoption of PET as a diagnostic tool is rapidly increasing since it offers high accuracy over other diagnostic techniques. The accuracy in the diagnosis has a direct impact on decision-making and treatment monitoring process. PET is commonly integrated with X-ray and computed tomography to increase the accuracy. The growing demand for these diagnostic procedures is expected to fuel the industry growth during the forecast period.

Product Insights

The nuclear medicine market based on product is segmented into diagnostic and therapeutic products. The diagnostic products include Single-Photon Emission Computed Tomography (SPECT) and Positron Emission Tomography (PET). While therapeutics products are Alpha Emitters, Beta Emitters, and Brachytherapy.

Advancements in scanning technology are increasing the efficiency of diagnosis using radioisotopes, and as a result, application areas of existing radioisotopes are swiftly increasing. Widening of applications of the existing products coupled with introduction of newer radioisotopes for the diagnosis of respiratory-, bones-, and thyroid-related diseases are spurring the growth of nuclear medicines in the diagnostics market.

Elements being used in SPECT and PET, 2015

Elements being used in SPECT and PET

High accuracy, ability to integrate with other diagnostic techniques such as x-ray, and growing awareness of this technique in the developing economies are the major factors expected to fuel the industry growth of the diagnostic radiopharmaceuticals during the forecast period.

Application Insights

The applications of nuclear medicines are bifurcated into diagnostics and therapeutics. Diagnostic applications include cardiology, neurology, oncology, thyroid and lymphoma. Therapeutic applications are thyroid, bone metastasis, lymphoma, and endocrine tumor.

Radiopharmaceutical diagnostic techniques provide better insight of the disease than the traditionally used diagnostic devices, including x-ray, ultrasound, CT, and MRI. SPECT and PET are the two widely used radiopharmaceutical diagnostic techniques that use radiotracers to study the targeted organ and tissues.

The therapeutic usage of the nuclear medicine is currently in the initial phase. Usage of radioactive elements is effective and equally risky to the patient as well as the operator of the devices. Introduction of advanced protective measures and growing awareness regarding the procedures are anticipated to drive the growth in near future.

Regional Insights

North America accounted for the largest share with over 40.0% in 2015. This can be attributed to the advanced healthcare infrastructure in this region especially in the U.S. In addition, rising burden of caner is one of the high impact rendering factor the growth.

North America diagnostic nuclear medicine market, by application, 2015

North America diagnostic nuclear medicine market

On the other hand, the demand for nuclear medicine is increasing in emerging countries such as China and India due to rising disposable income, improving healthcare standards and reforms in foreign policies.

Competitive Insights

Some of the key players in this industry include Eckert & Ziegler Group, Mallinckrodt Pharmaceuticals, GE Healthcare, Jubilant Life Sciences, Bracco Imaging S.p.A, Nordion, Inc, The Institute of Radioelements, Australian Nuclear Science & Technology Organization (ANSTO), NTP Radioisotopes SOC Ltd and Eczacibasi-Monrol.

New product launches, collaboration, mergers &acquisitions, and regional expansion are the key strategic initiatives undertaken by these industry players. Furthermore, radiopharmaceutical production control is expected to curb the current shortage issues, presenting the players with lucrative growth opportunities.

For instance, in August 2016, the Eckert & Ziegler Group acquired BR - 77 Comércio, Distribuidora e Transportes de Medicamentos Ltda based in Brazil. Through this acquisition, company aims to expand its geographic presence in South America.

Nuclear Medicine Report Scope

Attribute

Details

Base year for estimation

2015

Actual estimates/Historic data

2013 - 2015

Forecast period

2016 - 2024

Market representation

Revenue in USD Million & CAGR from 2016 to 2024

Regional scope

North America, Europe, Asia Pacific, Latin America & MEA

Country scope

U.S., Canada, UK, Germany, Japan, China, Brazil, Mexico, South Africa

Report coverage             

Revenue, company share, competitive landscape, growth factors, trends

15% free customization scope (equivalent to 5 analyst working days)

If you need specific market information, which is not currently within the scope of the report, we will provide it to you as a part of customization.

 

Segments Covered in the Report

This report forecasts revenue growth and provides an analysis on the market trends in each of the sub-markets from 2013 to 2024. For the purpose of this study, Grand View Research has segmented the nuclear medicine market on the basis of product, application, and region:

  • Product Outlook (USD Million), 2013 - 2024

    • Diagnostics

      • SPECT

        • TC-99m

        • TL-201

        • GA-67

        • I-123

        • Others

      • PET

        • F-18

        • RB-82

        • Others

    • Therapeutics

      • Alpha Emitters

        • RA-223

        • Others

      • Beta Emitters

        • I-131

        • Y-90

        • SM-153

        • Re-186

        • Lu-117

        • Others

      • Brachytherapy

        • Cesium-131

        • Iodine-125

        • Palladium-103

        • Iridium-192

        • Others

  • Application Outlook (USD Million), 2013 - 2024

    • Diagnostics

      • Cardiology

      • Neurology

      • Oncology

      • Thyroid

      • Lymphoma

      • Others

    • Therapeutics

      • Thyroid

      • Bone metastasis

      • Lymphoma

      • Endocrine tumor

      • Others

  • Regional Outlook (USD Million), 2013 - 2024

    • North America

      • U.S.

      • Canada

    • Europe

      • UK

      • Germany

    • Asia Pacific

      • Japan

      • China

    • Latin America

      • Brazil

      • Mexico

    • MEA

      • South Africa

Key questions answered by the report
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