The nuclear imaging uses long lived gamma emitters, which allow blood clearance as the tumor increases its uptake of the conjugate over time, so improving contrast. The nuclear imaging agents allows dose to the tumor and organs to be determined. The high energy gamma rays are emitted from alpha emitters, which also allow dose estimates for organs and tumors. In addition, the rise in the awareness about the alpha radio immunotherapy and availability of the therapies for the cancer treatment procedures are likely to foster the demand for nuclear imaging. Thus, owing to these factors the market for the nuclear medicine/radiopharmaceuticals is likely to propel at a significant rate during the forecast period.
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Eminent Key Players Profiling in this Market:
- Cardinal Health
- IBA Worldwide
- GENERAL ELECTRIC
- Bayer AG
- Positron Corporation
- NTP Radioisotopes SOC Ltd.
- Lantheus Medical Imaging Inc.
- Advanced Accelerator Applications
The global nuclear medicine/radiopharmaceuticals market expected to be US$ 3,982.11 Mn in 2018 and is predicted to grow at a CAGR of 6.2% during the forecast period 2019 – 2027, to reach US$ 6,683.99 Mn by 2027.
Europe is the second largest geographic market and is expected to be the second most significant revenue contributor throughout the forecast period. The region has witnessed several technological advancements in the field of healthcare by the incorporation of advanced nuclear medicines in order to increase the efficiency of imaging processes in the region. The growth is driven by factors such as the rising prevalence of neurologic disorders such as, Alzheimer’s and others along as well as the rising focus by market players in the European countries.
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The global nuclear medicine/radiopharmaceuticals market by application was led by diagnostic applications segment. In 2018, the diagnostic applications segment held a largest market share of the nuclear medicine/radiopharmaceuticals market, by applications. This segment is also expected to dominate the market in 2027 owing to availability of diagnostic devices and ease offered by these devices for diagnosis of various disorders. Moreover, increasing incidences of cardiac diseases, cancer, and neurological disorders are expected to fuel the demand for better diagnosis of these disorders.
There have been limited developments made in the nuclear medicine/radiopharmaceuticals market during recent years. However, growth strategies such as approvals, collaborations, and partnerships have been witnessed in the market of nuclear medicine/radiopharmaceuticals. For instance, during February 2019, Advanced Accelerator Applications S.A. (AAA), a Novartis company received Health Canada approval for its Lutathera for the treatment of metastatic, well-differentiated, somatostatin receptor-positive gastroenteropancreatic neuroendocrine tumors (GEP-NETs) in adults with progressive disease. Also, during November 2017, Cardinal Health and Shanghai Pharmaceuticals Holding Co., Ltd. signed an agreement to sell its China Business.
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