The North America nuclear medicine market has been estimated to register a CAGR of 11% during the forecast period, 2018 to 2023. The growth of this market is due to the increasing preference for SPECT and PET scans.
Increasing Incidence of Cancer and Cardiac Ailments
Increasing incidence of cancer and cardiac ailments is the major driver of the market. Nuclear medicine shows huge potential for treating cardiac and cancer diseases. According to a survey by National Cancer Institute, in 2014, there were an about 14,738,719 people living with cancer in the United States. Cardiology applications will continue to demonstrate strong growth in the market. Other factors, such as increasing SPECT and PET applications and growing public awareness for healthcare are expected to drive the market in the future.
Strict Regulatory Guidelines
Regulatory requirements pose another hurdle to translational research and clinical investigations. In the United States, all pharmacologic agents, including diagnostic radiopharmaceuticals and radio therapeutics, undergo regulatory oversight by FDA. Radiopharmaceuticals face additional scrutiny and undergo unique regulatory and approval pathways. Sometimes, extensive toxicology testing poses considerable financial burden for the investigators.
Additionally, reimbursement hurdles for the manufacturers and high capital investment are also restraining the market growth.
Diagnostics Segment to Dominate the Market
The diagnostic radioisotopes segment is expected to account for the largest share of the North American nuclear medicine/radiopharmaceuticals market due to the increased use of SPECT and PET for diagnosis of cardiac diseases, brain diseases, cancer, and other diseases.
Key Developments in the Market
- April 2017: IBA Molecular and Mallinckrodt Nuclear Medicine LLC united created Curium - a world-class provider of nuclear imaging.
- January 2017: IBA Molecular had acquired Mallinckrodt Nuclear Imaging.
Major Key Players: GE Healthcare, Lantheus Medical Imaging, Inc., Bayer Healthcare, Bracco Imaging SpA, Siemens Healthcare, IBA Molecular Imaging, Advanced Accelerator Applications SA, and Cardinal Health, Inc. among others.
Reasons to Purchase this Report
- Current and future North America nuclear medicine market outlook in the developed and emerging markets
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- The segment that is expected to dominate the market
- Countries that are expected to witness the fastest growth during the forecast period
- Identify the latest developments, market shares, and strategies employed by the major market players
- 3-month analyst support, along with the Market Estimate sheet (in excel)
Customization of the Report
- This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.
