New Jersey, NJ, Aug. 06, 2019 (GLOBE NEWSWIRE) -- Increasing incidence of cancer and cardiovascular disorders and rising usage of clear imaging technique such as PET and SPECT are driving the growth of the market. The global radiopharmaceuticals/nuclear medicine market is expected to grow from USD 6.5 Billion in 2017 to USD 12.41 Billion by 2025 at a CAGR of 7.11% during the forecast period from 2018-2025, according to the new report published by Fior Markets.
Radiopharmaceuticals are formulations made up of radioactive isotopes. These have applications in diagnosis and therapeutics. They contain a radioactive substance which is used in the treatment of cancer and cardiac & neurological disorders. These are more convenient therapeutic radiopharmaceuticals for oncology and cancer treatment. Moreover, these are convenient and safer alternative for patients as compared to X-Rays and other external radiation imaging devices. Radiopharmaceuticals, also known as nuclear medicines are used in applications such as lymphoma and bone metastasis. F-18, Tc-99, Ga-67, and I-123 are some of the nuclear medicines used in diagnostic procedures while I-131, Ir-192, Y-90 and Ra-223 are used in therapeutics procedures.
Increasing burden number of new cases of cancer and increasing applications of radioisotopes are positively impacting the global radiopharmaceuticals/nuclear medicine market. In addition, increasing investments by major players is strengthening the radiopharmaceuticals/nuclear medicine market. Short life of isotopes may restrict the growth of the market. However, rising elderly population and increasing prevalence of cardiovascular diseases is anticipated to drive the global radiopharmaceuticals/nuclear medicine market in upcoming years.
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Key players operating in the global radiopharmaceuticals/nuclear medicine market are GE Healthcare, Eckert & Ziegler Group, Jubilant Life Sciences, Mallinckrodt Pharmaceuticals, Bracco Imaging S.p.A, Nordion, Inc., Australian Nuclear Science & Technology Organization, The Institute of Radioelements, Eczacibasi-Monrol, NTP Radioisotopes SOC Ltd., Cardinal Health, Curium, Bayer, Lantheus Medical Imaging, and among others. The companies are adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership to maintain their presence in the global radiopharmaceuticals/nuclear medicine market.
- For instance, in 2016, Cardinal Health and AAA signed an agreement for the production of AAA’s Netspot. Cardinal Health’s widespread network of radiopharmaceutical manufacturing facilities in the US will prepare and deliver Netspot patient doses to advanced medical imaging sites.
- Market participants are engaged in various strategies to increase their footprints in the market. For instance, in August 2016, the Eckert & Ziegler Group acquired BR - 77 Comércio, Distribuidora e Transportes de Medicamentos Ltda based in Brazil. Through this acquisition, the company enhanced its footprints in South America.
- The leading companies are acquiring other players to increase their market position. For instance, in 2018, Novartis announced planned acquisition of Endocyte to expand expertise in radiopharmaceuticals and build on commitment to transformational therapeutic platforms. Under the terms of the agreement, Novartis would acquire all outstanding shares of Endocyte common stock for USD 24 per share. This offer values Endocyte's equity at USD 2.1 billion.
Diagnostic nuclear medicine segment is dominating the market and was valued around USD 3.38 billion in 2017
Type segment includes diagnostic nuclear medicine and therapeutic nuclear medicine. The Tc-99m, which is a sub segment of a diagnostic nuclear medicine segment is dominating the global radiopharmaceuticals/nuclear medicine market and was valued around USD 2.73 billion in 2017. Increasing applications in many diagnostic nuclear medicine procedures are driving the growth of the segment.
Oncology is dominating segment is dominating and held the largest market share of 59.73% in 2017
Application segment is divided into diagnostic applications and therapeutic applications. Oncology is dominating segment is dominating the global radiopharmaceuticals/nuclear medicine market and held the largest market share of 59.73% in 2017. Increasing usage of these therapies in the treatment of cancer is driving the growth of the market.
The diagnostic procedures segment is dominating and is expected to grow with the highest CAGR of 8.91% in the forecast period
Procedure segment is classified into diagnostic procedures and therapeutic procedures. The diagnostic procedures segment is dominating and is expected to grow with the highest CAGR of 8.91% in the forecast period. Rising prevalence of chronic disease is contributing for the growth of the market.
The hospitals segment is dominating and was valued around USD 8.17 Billion in 2017
End user segment is classified into hospitals and diagnostic centers and research institutes. The hospitals segment is dominating and was valued around USD 8.17 Billion in 2017. Rising healthcare infrastructure in emerging economies and increasing number of hospitals to cater to the demand are positively impacting the growth of the segment.
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Region Segment Analysis of the Radiopharmaceuticals/Nuclear Medicine Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
North America region dominated the global radiopharmaceuticals/nuclear medicine market and generated the largest revenue of USD 3.38 Billion in 2017 where as Asia pacific is expected to register the highest growth in the forecast period. North America region is expected to dominate the global radiopharmaceuticals/nuclear medicine market due to advanced healthcare infrastructure in the region, especially in U.S. Rising burden of cancer and various cardiovascular disorders is also supporting the market. Asia pacific is expected to register the highest growth in the global radiopharmaceuticals/nuclear medicine market in the forecast period. Demand for nuclear medicine is increasing in emerging markets due to rising disposable income, improving healthcare standards and favourable reforms in foreign policies.
About the report:
The global radiopharmaceuticals/nuclear medicine market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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