Global $10.74 Billion Nuclear Medicine/Radiopharmaceuticals Market to 2027: Key Players are Curium, Bayer, GE Healthcare, Cardinal Health, Jubilant Life Science, Lantheus, Novartis, SANEC, Fujifilm
DUBLIN, Oct. 9, 2020 /PRNewswire/ -- The "Nuclear Medicine/Radiopharmaceuticals Global Market - Forecast To 2027" report has been added to ResearchAndMarkets.com's offering.
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Increasing radioisotopes applications, rise in public awareness, use of SPECT/CT and PET/CT imaging scans, the abundance of radiopharmaceuticals, advancement in imaging technology (hybrid imaging) and alpha therapy based targeted cancer treatment is boosting nuclear medicine market growth. In addition, increasing need in emerging markets, production of radiopharmaceuticals from cyclotrons, efficient diagnosis and treatments, emerging radio isotopes and replacement of old/traditional equipment are the opportunities likely to propel the growth of the nuclear medicine market.
The nuclear medicinal market is classified based on modality into diagnosis and therapeutics. The diagnostics market commanded the largest market revenue in 2020 and is expected to grow at a mid single digit CAGR from 2020 to 2027 due to an increase in SPECT and PET procedures. The therapeutics segment is projected to grow at high teen CAGR from 2020 to 2027 due to technological advancements in the targeted treatment of cancers.
Potential new radioisotopes in the pipeline and advancement in neurological treatments are the key factors driving the growth of the therapeutics market. Diagnosis by products is segmented into SPECT and PET. SPECT market commanded the largest revenue in 2020 and is expected to grow at low single digit CAGR from 2020 to 2027 due to an increase in TC-99m isotope applications and product approvals.
Among SPECT is segmented based on isotopes into Technetium (Tc-99m), Thallium (Tl-201), Gallium (Ga-67), Iodine (I-123), Samarium (Sm-153), Xenon (Xe-133), Rhenium (Re-186) and others. Technetium (Tc-99m) accounted for the largest share in 2020 and is projected to grow at a mid single digit CAGR from 2020 to 2027 due to its extensive usage in various diagnostic applications and emerging sources to meet the demand. SPECT market by application is segmented into cardiology, pulmonary, oncology, nephrology, neurology, inflammation, thyroid gland, lymphology and others.
Cardiology accounted for the largest share in 2020 and is expected to grow at mid single digit CAGR from 2020 to 2027 due to an increase in the number of cardiac imaging cases using Tc-99m. Oncology is expected to grow at mid single digit CAGR from 2020 to 2027 due to increasing expanding usage in early screening tests in vulnerable populations in various developed countries.
PET is the fastest-growing segment with mid single digit CAGR from 2020 to 2027 due to an increase in the adoption of cyclotron for the production of PET isotopes increasing its availability. The PET isotopes include Fluorodeoxyglucose (18F-FDG), Gallium (Ga-68), Rubidium (Rb-82) and others.
Fluorodeoxyglucose (18F-FDG) accounted for the largest share in 2020 and the market is expected to grow at mid single digit CAGR from 2020 to 2027. Gallium (Ga-68) is expected to grow at high double digit CAGR from 2020 to 2027 due to an increase in usage as theranostic pair in assessing the suitability of patient for Lutathera and many emerging targeted radiotherapy agents.
PET by applications is segmented into cardiology, oncology, neurology, inflammation and others. Oncology accounted for the largest share in 2020 and is projected to grow at high single digit CAGR from 2020 to 2027 due to an increase in the patient pool of lung, thyroid, brain breast cancer and dementia related conditions.
Factors Influencing Market
Drivers and Opportunities
-- Increasing Applications of Radiopharmaceuticals
-- Production of Radiopharmaceuticals from Cyclotrons
-- Efficient Diagnosis and Treatments
-- Increasing Interest in Theranostics
-- Rise in Public Awareness
-- Technological Advancements
-- Increasing Demand in Emerging Markets
Restraints and Threats
-- The Shorter Half-Life of Radiopharmaceuticals
-- High Cost and Supply Shortage of Isotopes
-- Radio Toxicity
-- Shortage of Qualified Technicians
-- Withdrawal of Radiopharmacy Products Due to Limited Commercial Adoption
-- Regulatory Issues
-- Threat from Traditional/Alternative Diagnostic Procedures
-- Huge Capital Investment
Problem Areas
-- Closure of Reactors
Winning Imperatives
-- Availability of Technetium
Regulatory Guidelines
Some of the key players of the nuclear medicine market are
-- Curium Pharma (France)
-- Bayer Group (Germany)
-- GE Healthcare (U.S.)
-- Cardinal Health (U.S.)
-- Jubilant Life Science (India)
-- Lantheus Medical Imaging (U.S.)
-- Novartis International AG (Advanced accelerator) (Switzerland)
-- South African Nuclear Energy Corporation (NTP Radioisotopes SOC Ltd)
(South Africa)
-- Fujifilm Holding Corporation (Japan)
Key Topics Covered:
1 Executive Summary
2 Introduction
3 Market Analysis
4 Nuclear Medicine Global Market, by Modality
5 Nuclear Medicine Global Market, by End-Users
6 Stable Isotopes
7 Nuclear Medicine Global Market by Region
8 Competitive Landscape
9 Major Player Profiles
For more information about this report visit https://www.researchandmarkets.com/r/u9dia1
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