The European nuclear medicine market is expected to reach USD 5.63 billion by the end of 2021, growing at a CAGR of around 10% from 2016 to 2021.
Nuclear medicine utilizes radioisotopes for application in diagnosis and treatment of diseases. The drugs containing radionuclides are said to be radiopharmaceuticals. Their uses in radiological imaging include Magnetic Resonance Imaging (MRI), Computerized tomography (CT), Positron Emission Tomography (PET) and Single Proton Emission Tomography (SPECT).
Europe Nuclear Medicine Market-Market Dynamics
The use of nuclear medicine for diagnostic purposes is gaining importance in Europe rapidly. There has been increased use of SPECT, PET, CT and MRI for diagnosis of cardiac diseases, brain diseases, cancer and many others. Nuclear medicine is being used for therapeutic purposes for treatment of Alzheimer’s disease, coronary heart diseases, bone metastasis, different medical conditions affecting the thyroid gland, scar -tissue removal and many cancers. In Europe, treatment for thyrotoxicosis through nuclear medicine has a large share in nuclear medicine therapeutics market. Advancements in diagnostic imaging are bringing in more use of nuclear medicine.
The key driving factor for the market in Europe is the umbrella organization for nuclear medicine, the European Association for Nuclear Medicine (EANM) in Europe, which stands ready for political follow-up and professional input to guarantee patient care and safety throughout Europe. Other driving factors include:
Some of the factors restraining the market growth are:
The market offers ample opportunities to the players in the form of:
The European nuclear medicine market has been segmented based on type and application. The segmentation based on type of product has been further divided based on diagnostic market and therapeutic market, wherein, the diagnostics market has been further subdivided into SPECT radioisotopes that include Technetium-993, Thallium-201, Iodine-123, Gallium and PET radioisotopes that include Rubidium-82, Flourine-18, and the therapeutics category has been segmented into Alpha emitters (Radium-223), Beta Emitters(includes Iodine-131, Samarium-153, Lutetium-177, Yttrium-90) and Brachytherapy (includes iodine-125, Cesium-131, Palladium-103, & Iridium-192). The segmentation based on application has been similarly subdivided based on diagnostic and therapeutic application. The diagnostic application includes the application of SPECT and PET in Cardiology, Neurology, Oncology and others. The therapeutic applications include application in Oncology, Thyroid, Endocrinology and various other therapeutic areas.
On the basis of geography, the market has been segmented into the United Kingdom, Germany, France, Scandinavia, Italy, Spain, and the Benelux countries. Upcoming radioisotopes such as Ra-223 (Alpharadin) and Ga-68 possess huge potential for clinical applications. France, UK, and Germany lead when it comes to the use of nuclear medicine.
Currently, diagnostics segment holds the largest share in nuclear medicine market, in which SPECT has the largest share. In the segmentation based on type, the Beta Emitters hold the largest share.
Some of the key players in the market are:
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