Westford, USA, July 26, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, the nuclear medicine market is experiencing growth due to a strong product pipeline and supportive government initiatives to enhance access to nuclear medicine. Several products such as betalutin, omburtamab, yttrium-90 microspheres, PNT2003, and 177Lu-PNT2002 are currently under clinical trials. Despite the moderate impact of SARS-CoV-2, the market is expected to grow further owing to the increasing demand for nuclear medicine in diagnosing and treating various diseases.
Browse in-depth TOC on "Nuclear Medicine Market"
- Pages - 157
- Tables - 73
- Figures – 75
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Nuclear medicine is a highly specialized field of radiology that utilizes the minimal amounts of radioactive materials also known as radiopharmaceuticals, to evaluate the structure and function of organs. It is a multidisciplinary field that combines various disciplines, such as chemistry, physics, computer technology, mathematics and medicine to provide accurate imaging. Nuclear medicine market is particularly useful in detecting and treating diseases early in their progression, such as thyroid cancer.
Prominent Players in Nuclear Medicine Market
- GE Healthcare
- Siemens Healthineers
- Philips Healthcare
- Curium Pharma
- Cardinal Health
- Bracco Imaging
- Eckert & Ziegler
- Lantheus Medical Imaging
- Jubilant Life Sciences
- Nordion Inc.
- IBA Molecular
- Advanced Accelerator Applications (AAA)
- Progenics Pharmaceuticals
- Norgine B.V.
- FUJIFILM Holdings Corporation
- Bayer Healthcare
- Theragnostics
- RadioMedix Inc.
- Ion Beam Applications S.A. (IBA)
- Novartis AG
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Therapeutics Segment is Expected to Dominate the Market Due to the Rise in the Clinical Trials
The therapeutics segment is expected to experience the highest growth rate in the nuclear medicine market. This growth can be attributed to several factors such as the comparative effectiveness of the treatment options, the advantages associated with therapeutic radiopharmaceuticals and the increasing interest shown by market players in these options.
The markets in North America is dominating the nuclear medicine market, accounting for around 52% of the market share. The region is expected to maintain its leading position during the forecast period due to various factors such as its high economic development and the presence of advanced medical facilities, research centers, universities and medical device manufacturers.
Cardiology Segment is Expected to Grow the Market Due to the Rising Prevalence of Cardiovascular Diseases
The cardiology segment is expected to experience significant growth in the nuclear medicine industry due to the rising prevalence of cardiovascular diseases (CVD). For instance, Bracco Diagnostics Inc. recently announced its partnership with CardioNavix, LLC, which aims to improve the patient reach of the novel cardiac PET imaging system. This partnership will facilitate patients' easy access to hospitals, physicians and diagnostic centres, specifically for cardiac PET imaging.
Regional markets in Asia Pacific region is expected to witness the fastest growth in the nuclear medicine market owing to the increasing awareness about nuclear medicine therapies and rising investments in this field. In addition, a recent product launch in the region is expected to positively impact the market.
A comprehensive analysis of the major players in the nuclear medicine market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in Nuclear Medicine Market
- ITM Isotope Technologies Munich SE initiated a COMPOSE phase 3 trial of 177lu-edotreotide in 2022 to evaluate the product's efficacy in treating patients with neuroendocrine tumors. The study is expected to provide valuable insights into the safety and effectiveness of the therapy. The success of this clinical trial may lead to the approval of the product for commercial use and provide a new treatment option for patients with neuroendocrine tumors.
- Penang Adventist Hospital (PAH) expanded its healthcare services with the launch of a private nuclear medicine center in northern Malaysia in 2022. This new facility will provide advanced diagnostic and therapeutic services for cancer and other medical conditions using radiopharmaceuticals.
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Key Questions Answered in Nuclear Medicine Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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