The nuclear medicine market is expected to reach USD 13.8 billion by 2024, according to a new report by Grand View Research, Inc. The burden of chronic diseases such as cancer and cardiac disorders is on rise. Nuclear medicine products are widely used for diagnosis as well as treatment of cancerous and cardiovascular disease.
The increasing prevalence of these disorders poses direct impact on usage of radiopharmaceutical market. For instance, as per the data published by the World Health Organization (WHO), the incidences of cancer are anticipated to increase by 70.0% which is further anticipated to drive the demand for radiopharmaceuticals.
The diagnostics when combined with nuclear medicine improve on accuracy. The accuracy in the diagnosis has a direct impact on the decision-making and treatment monitoring process. Adoption of PET as a diagnostic tool is rapidly increasing since it has high accuracy over other diagnostic techniques.
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Further key findings from the study suggest:
The product segments of nuclear medicine are divided into diagnostic and therapeutic. Diagnostic products held commanding share in 2015, this can be attributed to the advancements in scanning technologies.
Therapeutic products such as Alpha Emitters, Beta Emitters and Brachytherapy are anticipated to exhibit lucrative growth.
The key diagnostic application areas of nuclear medicine formed the largest market in 2015. These applications are in cardiology, neurology, oncology, and thyroid.
North America owing to well-planned policies, reimbursement structure, high healthcare spending and increasing awareness dominated global nuclear medicine market in 2015.
Asia Pacific is expected to witness lucrative growth in coming eight years. Increasing per capita income and reform in policies is favoring market players in terms of ease of doing business.
The players in the nuclear medicine industry include Eckert & Ziegler Group, Mallinckrodt Pharmaceuticals, GE Healthcare, Jubilant Life Sciences, Bracco Imaging S.p.A, Nordion, Inc.
Grand View Research has segmented the global nuclear medicine market on the basis of product and region:
Global Product Outlook (Revenue, USD Million, 2013 - 2024)
Regional Outlook (Revenue, USD Million, 2013 - 2024)
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