Market Trends of Europe Nuclear Medicine Industry
This section covers the major market trends shaping the Europe Nuclear Medicine Market according to our research experts:
Oncology Segment is Expected to Register a Significant CAGR During 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 Europe 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 an article published by the Annals of Oncology in January 2022, it is estimated that 1,269,200 people will die from cancer in Europe in 2022, and 369,000 are expected to escape death.
In addition, according to an article published by the Frontiers in Medicine in August 2021, the CERN-MEDICIS (mainly consisting of European member countries) infrastructure offers a wide variety of radioisotopes useful for oncology diagnosis and therapy. In addition, an in-vitro study was conducted, in six patients with metastatic pancreatic adenocarcinoma, using a neurotensin receptor antagonist coupled to 177Lu (Lutetium), which showed feasibility, improvement of symptoms and quality of life in all patients, and partial response in one patient. These investigations suggest that the extensive isotope synthesis at CERN-MEDICIS can help develop radiolabelled neurotensin analogs as a novel therapeutic option for treating incurable pancreatic cancer. Furthermore, as per the same source, another study was conducted in which patients with unresectable pancreatic cancer received 125I-seed brachytherapy, which resulted in 70% pain alleviation in patients after two months, 65.4% overall response rate (including complete and partial remission), and an 88.5% local control rate. Thus, the rising usage of radioisotopes in treating various cancer types is expected to increase the demand for nuclear medicine, which is anticipated to augment the market growth over the forecast period.
Furthermore, the rising funding and initiatives for cancer treatment are also expected to boost market growth in Europe over the forecast period. For instance, according to an article published by the European Research Executive Agency in May 2022, the European Commission aims to support medical professionals through an inter-specialty training program and to promote equal access to cancer prevention and treatment. In addition, as per the same source, the European Union's Beating Cancer Plan received a total of EUR 4 billion (USD 4.53 billion) in funding, including EUR 1.25 billion (USD 1.42 million) from the next EU4 Health Search for available translations of the preceding program, in 2021. This is expected to increase the development and adoption of nuclear medicine in treating various types of cancer, which is anticipated to propel market growth over the forecast period.
Therefore, due to the aforementioned factors, such as the rising usage of radioisotopes in treating various cancer types, the rising funding and initiatives for cancer treatment, and the rising prevalence of cancer, the studied market is expected to grow over the forecast period.
Germany is Expected to Hold a Significant Market Share During the Forecast Period
The major factors driving the growth of the market in Germany are the increasing prevalence of cancer, the increasing prevalence of cardiovascular diseases, the rising geriatric population, and the growing research and development regarding nuclear medicine in the country.
The growing prevalence of cancer in Germany is one of the major factors driving the growth of the market. For instance, according to an article published by Elsevier in September 2022, colorectal cancer is the third most common cancer in Germany, and screening for this cancer reduces the cancer incidence and mortality, screening is generally recommended to start at ages 45 or 50 for individuals at average risk. The article also stated that demographic aging is a major factor in developing colorectal cancer.
Furthermore, the growing incidence of cardiovascular diseases in the country is also expected to boost market growth. For instance, according to the data updated by the Max Planck Institute for Biology of Ageing in 2022, cardiovascular disorders include all diseases affecting the heart and blood vessels and these include high blood pressure, atherosclerosis cardiac arrhythmias, heart diseases, and heart attacks among others. Elderly people are significantly affected by cardiovascular diseases in Germany and these diseases are the most common cause of death in Germany.
Thus, due to factors such as the increasing prevalence of cancer, the increasing prevalence of cardiovascular diseases, and the rising geriatric population, the studied market is expected to experience growth in Germany.
