Market Trends of Asia-Pacific Nuclear Medicine Industry
Oncology Segment Expects to Register a High CAGR in the Asia-Pacific Nuclear Medicine Market Over the Forecast Period
The oncology segment is expected to witness significant market growth over the forecast period owing to the factors such as the rising prevalence of cancer in Asia-Pacific and increasing SPECT/PET applications.
The increasing prevalence of cancer is boosting the demand for radioisotopes for nuclear imaging for research purposes. For instance, according to the GLOBOCAN 2020 fact sheet, 200,021 new cancer cases were diagnosed in Australia in 2020, while the number of prevalent cases (5 years) of cancer was 808,997 in Australia in 2020. The most common cancers in Australia are breast cancer, prostate cancer, melanoma of the skin, lung cancer, colon cancer, and kidney cancer.
Additionally, as per the same source, 1,324,413 new cancer cases were diagnosed in India in 2020, while the number of prevalent cancer cases (5 years) was 2,720,251 in India in 2020. Thus, the high burden of cancer cases among the population increases the demand for nuclear medicine, which is anticipated to increase the demand for cancer drugs, thereby propelling segment growth.
Furthermore, the rising company activities in developing nuclear medicine for treating cancer also contribute to the market growth. For instance, in September 2021, ITM AG signed a long-term strategic agreement to create a Joint Venture with Chengdu Gaotong Isotope Co. Ltd to supply ITM's EndolucinBeta (n.c.a. 177Lu) and Gallium Generators to the rapidly emerging Chinese radiopharmaceutical industry. Similarly, in September 2021, FUJIFILM Toyama Chemical Co., Ltd. launched Lutathera Injection (INN: lutetium (177Lu) oxodotreotide) for the treatment of somatostatin receptor-positive neuroendocrine tumors in Japan.
Therefore, the studied market is expected to increase due to the factors above over the forecast period.
India is Expected to Have the Significant Market Share in Asia-Pacific Nuclear Medicine Market Over the Forecast Period
India is expected to witness significant growth in the Asia-Pacific nuclear medicine market over the forecast period. the factors attributed to the market growth are the rising prevalence of cancer and cardiac disorders and the increasing demand for biosimilar drugs due to their cost-effectiveness.
The increasing number of chronic diseases such as cancer, cardiovascular disease, diabetes, and others is the key factor driving the market growth. For instance, according to GLOBOCAN 2020 fact sheet, 1,324,413 new cancer cases (646,030 males and 678,383 females) were diagnosed in 2020 in India. In addition, as per the same source, 178,361 breast cancer, 123,907 cervix uteri cancer, 72,510 lung cancer, 60,222 stomach cancer, and 34,743 liver cancer were diagnosed in 2020. Thus, the high burden of cancer cases among the Indian population is expected to increase the demand for nuclear medicine that helps in treating different forms of cancer, thereby propelling the market growth.
Additionally, the rising company activities in developing nuclear medicine for treating cancer are also contributing to the market growth. For instance, in January 2021, the Bhabha Atomic Research Centre (BARC) in India developed a method to obtain ruthenium-106 of medical quality, enabling domestic production of plaques of the substance for use in treating eye cancer. Also, in May 2020, the Finance Minister of India announced the launch of a research reactor in public-private partnership (PPP) mode to facilitate the production of medical isotopes for the treatment of cancer and other diseases (DAE).
Therefore, the due to aforementioned factors the studied market is expected to increase over the forecast period.
