DUBLIN--(BUSINESS WIRE)--The "Global Nuclear Medicine/Radiopharmaceuticals Market by Type (Diagnostic (SPECT - Technetium, PET - F-18), Therapeutic (Beta Emitters - I-131, Alpha Emitters, Brachytherapy - Y-90)), Application (Oncology, Cardiology), Procedures, and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global nuclear medicine market is projected to reach USD 7.5 billion by 2026 from USD 4.8 billion in 2021, at a CAGR of 9% during the forecast period.
Growth in the nuclear medicine market can primarily be attributed to factors such as the increasing incidence and prevalence of cancer and cardiac ailments and initiatives to lessen the demand-supply gap of Mo-99. However, the short half-life of radiopharmaceuticals reduces their potential adoption, while hospital budget cuts and high equipment prices are expected to limit market growth to a certain extent.
Therapeutic segment is expected to grow at the highest CAGR
On the basis of type, the nuclear medicine market is segmented into diagnostic and therapeutic. The diagnostic segment accounted for a larger share of the market 2020. The large share of this segment can be attributed to the non-invasiveness, increasing prevalence of cardiovascular diseases and early diagnosis.
Thyroid applications segment is expected to register the highest growth during the forecast period
Based on application, the nuclear medicine market is segmented into SPECT, PET, and therapeutic applications. The SPECT applications is further segmented into cardiology, bone scans, thyroid applications, pulmonary scans, and other SPECT applications. The thyroid applications segment is projected to register the highest growth rate in the forecast period. The high growth of this segment can be attributed to the increasing incidence and prevalence of thyroid disorders
North America to witness significant growth from 2021 to 2026
In 2020, North America accounted for the largest share of the nuclear medicine market. A large share of North America can be attributed to The large share can be attributed to the development of novel technologies for radioisotope production, government funding, and company initiatives in the region.
Market Dynamics
Drivers
- Increasing Incidence and Prevalence of Target Conditions
- Development of Alpha-Radioimmunotherapy-Based Targeted Cancer Treatments
- Initiatives to Reduce the Demand and Supply Gap of MO-99
Restraints
- Short Half-Life of Radiopharmaceuticals
Opportunities
- Use of Radiopharmaceuticals in Neurological Applications
Challenges
- Hospital Budget Cuts and High Equipment Costs
Companies Mentioned
- Advanced Accelerator Applications (AAA) (A Part of Novartis)
- Bayer AG
- Bracco Imaging S.P.A.
- Cardinal Health
- China Isotope & Radiation Corporation
- Curium
- Cyclopharm
- Eckert & Ziegler
- Eczacibasi-Monrol Nuclear Products
- GE Healthcare
- Global Medical Solutions
- Institute of Isotopes Co., Ltd.
- Ire Elit
- Isotopia Molecular Imaging Ltd.
- Joint Stock Company Isotope (JSC Isotope)
- Jubilant Draximage, Inc. (A Subsidiary of Jubilant Pharma)
- Lantheus Medical Imaging, Inc.
- Nordion Inc. (A Sotera Health Company)
- Northstar Medical Radioisotopes, LLC
- NTP Radioisotopes SOC Ltd. (A Subsidiary of South African Nuclear Energy Corporation)
- Pharmalogic
- Shine Medical Technologies
- Siemens Healthineers
- Sinotau Pharmaceutical Group
- Yantai Dongcheng Pharmaceutical Group Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/auny40
