Market Trends of North America Nuclear Medicine Industry
This section covers the major market trends shaping the North America Nuclear Medicine Market according to our research experts:
Oncology is Expected to Hold a Significant Market Share in the Application Segment Over the Forecast Period
The rising prevalence of cancers and hospitalized cases linked to oncological diseases, and increasing awareness related to cancer are driving the demand for imaging modalities and the use of contrast media. For instance, according to the data from the American Cancer Society in 2022, it is estimated that there will be around 343,040 new cases of digestive system cancer in the United States in 2022. Furthermore, the Society of Breast Imaging in the United States is an organization that focuses on minimizing breast cancer's impact and saving patients' lives. They have a research & education fund program that aims at providing funds to support the research and education for breast imaging.
Moreover, continuous research is being conducted to determine the use of radioisotopes in diagnosing various cancers. The key developments are also boosting the segment's growth. For instance, in November 2021, the Canadian Nuclear Laboratories (CNL), Canada's premier nuclear science and technology organization, issued a call for proposals for a new 'health stream' within its Canadian Nuclear Research Initiative (CNRI). The new program is designed to accelerate the development of targeted radiopharmaceuticals in Canada through collaborative research projects related to health sciences, radiobiology, and medical isotope development, by providing access to the world-class laboratories and research capabilities at the Chalk River Laboratories campus. Through this expanded CNRI program, they hope to better leverage their resources to help people who suffer from a wide range of medical issues, with a key focus on cancer treatment.
Therefore, owing to the aforementioned factors such as the rising prevalence of cancer, increasing awareness about cancer, increasing research activities, and increasing key development in the region, the oncology segment is anticipated to witness growth over the analysis period.
The United States is Expected to Hold a Significant Market Share Over the Forecast Period
Nuclear imaging is hugely capable of diagnosing cancer and cardiac diseases. There is significant evidence proving that diagnosing with nuclear imaging techniques has more impact on patient management for monitoring tumors and their response to the drug. Therefore, this factor is driving the demand for nuclear imaging in the United States market. Nuclear medicine scans (also known as nuclear imaging, radionuclide imaging, and nuclear scans) can help doctors find tumors and see how much cancer has spread in the body.
According to the report published by the American Cancer Society in 2022, there will be an estimated 1.9 million new cancer cases diagnosed in the United States in 2022.
Similarly, mergers and acquisitions in the country are boosting the growth of the nuclear medicine segment. For instance, in April 2021, Siemens Healthineers completed the acquisition of Varian, a United States-based company, thus strengthening its position as a holistic partner in healthcare. The joint company is creating a unique, highly integrated portfolio of imaging, laboratory diagnostics, and AI and offering improved treatment for the global fight against cancer, with significant potential for increased value creation. Furthermore, in January 2021, Actinium Pharmaceuticals Inc., a United States-based company entered a research partnership with Astellas Pharma Inc. Under this agreement, Actinium will utilize its AWE Platform technology to develop and characterize selected Astellas targeting agents labeled with the potent alpha-emitting radioisotope Actinium-225 (Ac-225). Such factors are likely to fuel the growth of the United States market over the forecast period.
Therefore, owing to the aforementioned factors such as the rising prevalence of cancer in the United States, and increasing mergers and acquisitions in the country, the United States segment is anticipated to witness growth over the analysis period.
