Global Nuclear Medicine Market: Overview, Trends, Opportunities and Regional Outlook
Nuclear medicine uses radioactive substances to diagnose and treat diseases. Nuclear medicine helps uncover medical information that is not easily available, or requires surgery or expensive and invasive diagnostic tests. It aids in unearthing symptoms at a very early stage of a disease. Nuclear medicine helps treat different types of diseases such as various forms of cancers, heart disease, gastrointestinal, endocrine, neurological disorders, and other abnormalities within the body.
A report by Transparency Market Research studies the global market for nuclear medicine in-depth by factoring in historic and current data. It also presents a qualitative analysis of the factors stoking growth in the market or hindering its progress. The report profiles the prominent names operating in the market and their growth strategies. It leverages market-leading analytical tools to understand the opportunities and threats awaiting them.
At the forefront of driving growth in the global market for nuclear medicine is the rising instances of different diseases and a thriving healthcare industry trying to meet the pressing demands for accurate and efficient medicinal scans. The increasing occurrence of cancer and cardiovascular diseases and the consequent demand for photon emission computed tomography (SPECT) and positron emission tomography (PET) as well radiopharmaceuticals has been propelling the market too.
On the flip side, expensiveness of the process, regulatory bottlenecks, and inadequate stock of nuclear medicine has been deterring growth in the market. Some of the noticeable trends in the market are partnerships for formulating nuclear medicine, increasing investment in research and development, and production based on cyclotron. All these factors will help in overcoming the myriad roadblocks to the market’s growth.
Depending upon the types of products available, the global market for nuclear medicine can be segmented into radiopharmaceuticals, nuclear medicine equipment, single photon emission computed tomography (SPECT), and positron emission tomography (PET). Among them, the radiopharmaceuticals dominate in terms of demand and going forward too is predicted to retain their leading position due to increasing use of radioactive pharmaceutical drugs as nuclear imaging agents.
Depending upon application, the global market for nuclear medicine can be classified into neurology, oncology, and cardiology. Depending upon end user again, it can be segmented into diagnostic centers, hospitals, and research centers.
From a geographical standpoint, North America is considered the most attractive market because of a highly developed healthcare infrastructure and swift uptake of cutting-edge technology. Europe is another key region that follows North America in terms of demand. However, vis-à-vis growth in demand, Asia Pacific is predicted to outshine all other regions in the upcoming years, powered primarily by Japan, China, Australia, and India – nations where a lot of funds are being funneled into research and development. The massive population, growing instances of neurological and cardiovascular diseases as well as cancer, is also contributing to the growth in the market in Asia Pacific.
Companies Mentioned in the Report
To assess the competition prevailing in the global market for nuclear medicine, the report profiles companies such as Lantheus Medical Imaging, Inc., Cardinal Health Inc., Eczacibasi-Monrol Nuclear Products, Bayer AG, Mallinckrodt plc, GE Healthcare, Nordion, Inc., IBA Molecular Imaging, Advanced Accelerator Applications S.A., and Bracco Imaging S.p.A.
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