Global Nuclear Medicine/ Radiopharmaceuticals market is supposed to reach US$ 7.78 Bn by 2025, increasing at a CAGR of 5.5% for the examination period 2017-2025 respectively.
According to the latest market report “Nuclear Medicine/ Radiopharmaceuticals Market – Growth, Future Prospects and Competitive Analysis, 2017 – 2025” the global nuclear medicine/ radiopharmaceuticals market was valued at US$ 4.82 Bn in 2016, and is expected to reach US$ 7.78 Bn by 2025, expanding at a CAGR of 5.5% from 2017 to 2025.
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Nuclear medicine/ radiopharmaceuticals is a drug that can be used either for diagnostic or therapeutic purposes. Advantage such as targeted therapeutic irradiation with lower adverse effects and cost-effective treatment option are prime factors that are driving the nuclear medicine/radiopharmaceuticals market growth. Nuclear medicine/ radiopharmaceuticals is segmented on the basis of applications such as therapeutic (thyroid, oncology, bone metastasis and other applications) and diagnostics application (cardiology, thyroid, oncology and other therapeutic application).
It is estimated that therapeutic application will show fastest market growth during the forecast period due to its advantages over the traditional drug therapies such as targeted therapeutic action and lower side effects. Radiopharmaceuticals applications in cardiology and oncology are anticipated to grow significantly during the forecast period due to its increasing applicability in the diagnosis of the disease; furthermore, growing prevalence of this disease will fuel the market growth.
Radiopharmaceuticals market is categorized on the basis of types such as diagnostics radiopharmaceuticals (SPECT and PET) and therapeutic Radiopharmaceutical (beta emitter, alpha emitter, and brachytherapy). It is observed that, in the base year 2016, the diagnostic radiopharmaceutical is major revenue generating segment, due to the rising incidence of cancer and cardiac disease, improved affordability, more precise technique and advancement in PET and SPECT scan.
Radiopharmaceuticals market is currently dominated by North America due to technological advancement, higher investment in R&D activities, the presence of a large number of biopharmaceutical industries and research institutes. However, Asia Pacific will show fastest market growth due to increasing government investments in the life sciences sector and increasing partnership of key players with a local manufacturer, and rapidly expanding life science industries will witness phenomenal growth.
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- Asia Pacific
- Latin America (LATAM)
- North America
- The Middle East and Africa (MEA)
Market Competition Assessment:
The nuclear medicine/ radiopharmaceuticals market is observed to be highly competitive and comprises a large number of players. However, the market is currently dominated by few players such as Advanced Accelerator Applications S.A., Bayer AG, Bracco Imaging S.p.A., Cardinal Health, Inc., GE Healthcare, IBA Molecular Imaging, Lantheus Medical Imaging Inc., Mallinckrodt plc., Medtronic, plc., Nordion, Inc., NTP Radioisotopes SOC Ltd., Segami Corporation and others.