Nuclear Medicine Market to Incur Steady Growth $8,207.5 million by 2022 | CAGR 7.8%
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Nuclear Medicine/Radiopharmaceuticals Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $8,207.5 million by 2022.
The global Nuclear Medicine/Radiopharmaceuticals market is poised to grow at a significant pace, owing to growing demand for non-invasive techniques, availability of effective cancer treatment, and ability to observe the functioning of the organ from outside the body. Furthermore, increasing incidence of cancer & cardiovascular aliments, growing demand for alpha radio immunotherapy-based targeted cancer treatment, mounting call for nuclear imaging techniques, and advancements in radiotracers are expected to open new avenues in the Nuclear Medicine/Radiopharmaceuticals market. Factors that are expected to drive the use of Nuclear Medicine/Radiopharmaceuticals include changing lifestyle, elevated levels of stress, and ability to identify various diseases sooner than other diagnostic tests. However, factors such as supply volatility & logistical challenges, stringent regulatory vigil, and competition from conventional diagnostic procedures are anticipated to impede the market growth.
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The oncology segment contributed more than half of the market share in the overall Nuclear Medicine/Radiopharmaceuticals market in 2015 and is expected to continue the same trend owing to perpetual rise in the number of cancer cases. The SPECT modality segment dominated the Nuclear Medicine/Radiopharmaceuticals market in 2015, whereas the PET modality segment is anticipated to grow at a comparatively higher CAGR of 8.3% from 2016 to 2022. PET segment is driven by better quality of image and higher precision in diagnosis. Other reasons attributed to its sustained dominance are growing R&D activities especially in developing economies and widening scope of radiopharmaceutical applications such as thyroid, oncology, and bone pain palliation.
The Asia-Pacific Nuclear Medicine/Radiopharmaceuticals market is expected to offer lucrative growth opportunities during the forecast period owing to aging population and increasing cancer incidences. The leading Asia-Pacific countries, such as China, Japan, and Australia would exhibit a steady growth rate.
The Major key companies profiled in the report Are:
Mallinckrodt plc.
General Electric
Medtronic Inc.
Bayer AG
Cardinal Health Inc.
Lantheus Medical Imaging, Inc.
IBA Group
Bracco Imaging S.p.A.
NTP Radioisotopes SOC Ltd.
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Key findings of Nuclear Medicine/Radiopharmaceuticals Market:
Therapeutics segment is projected to be the fastest growing segment in the Nuclear Medicine/Radiopharmaceuticals market, registering a CAGR of 16.9% from 2016 to 2022.
SPECT modality segment is expected to dominate the Nuclear Medicine/Radiopharmaceuticals market in 2015 and expected to retain its position throughout the study period.
Thyroid application segment is expected to exhibit double-digit CAGR of 11%.
Oncology application segment is expected to continue to lead the Nuclear Medicine/Radiopharmaceuticals market, accounting for close to 60% share by 2022.
Asia-Pacific is projected to be the fastest growing Nuclear Medicine/Radiopharmaceuticals market, registering a CAGR of 8.4%.
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