The global nuclear medicines market is expected to reach USD 17,600 million by the end of 2020, growing at a CAGR of around 12.29% from 2015 to 2020. Nuclear medicine utilizes the radioisotope for application in diagnosis and treatment of diseases. The drugs containing radionuclides are called radiopharmaceuticals. The uses in radiological imaging include Magnetic Resonance Imaging (MRI), Computerized tomography (CT), Positron Emission Tomography (PET) and Single Proton Emission Tomography (SPECT).
The use of nuclear medicines for diagnostic purposes has gained huge popularity all around the world. 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, cancers and different medical conditions affecting the thyroid gland, and scar tissue removal. Advancement in diagnostic imaging is bringing in more use of nuclear medicine. Nuclear cardiology has gained great popularity in North America.
Global Nuclear Medicines Market- Market Dynamics
The report lists several driving and restraining factors for the global nuclear medicines market. In addition, it sheds light on several opportunities that exist for the market players. Some of these are listed below.
The global nuclear medicine market has been segmented based on type, application, and geography.
Based on the type of product, the market has been segmented into the 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 (subdivided intoRubidium-82, Flourine-18). 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 the 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.
The global nuclear medicine market has been geographically segmented into North America (includes United States, Canada, and Mexico), Europe (includes Germany, UK, France, Italy Spain, Russia and Others), Asia-Pacific (includes China, Japan, India, Australia South Korea and Others), Middle East and Africa (includes UAE, Saudi Arabia, Israel, and others), and Latin America (includes Brazil, Argentina, Mexico, and others). Due to high technological advancement coupled with a developed economy, North America has the largest market share, followed by Europe and Asia-Pacific.
Currently, the segment of diagnostics holds the largest share in nuclear medicines market, where 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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