The Global Nuclear Medicine Market accounted for $8.8 billion in 2014 and is expected to grow at a CAGR of 9.6% to reach $20.4 billion by 2022. Nuclear medicine uses radiation to provide diagnostic information about the functioning of a person’s specific organs, or to treat them. According to World nuclear association, Over 10,000 hospitals across the world use radioisotopes in medicine, and about 90% of the procedures are for diagnosis. The most commonly used radioisotope in diagnosis is technetium-99, accounting for more than 80% of all nuclear medicine procedures worldwide. Computed X-ray tomography (CT) scans and nuclear medicine contribute 36% of the total radiation exposure and 75% of the medical exposure to the U.S. population, according to a US National Council on Radiation Protection & Measurements report.
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Factors driving the nuclear medicine market include advancements in radiotracers, increasing number of patients with cancer and cardiovascular ailment, increasing use of SPECT and PET scan results and alpha radio immunotherapy-based targeted cancer treatment. However, factors such as stringent regulatory guidelines, high capital investment, shorter half-life of radiopharmaceuticals and competition from conventional diagnostic procedures are inhibiting the growth of nuclear medicine market. Technological advancements in neurological applications and increasing demand from emerging countries are likely to create huge opportunities for the market growth.
The Global nuclear medicine market is segmented on the basis of type, application and geography. By type, the market is classified into nuclear medicine diagnostic market and nuclear medicine therapeutic isotopes market. Based on the application, the nuclear medicine market is categorized into diagnostics and therapeutics applications. The diagnostic application is further segmented into SPECT and PET market, where SPECT market comprises cardiology, neurology, thyroid and other diagnostic applications. The PET market comprises oncology and other PET applications. The therapeutics application is further segmented into thyroid, bone metastasis, endocrine tumors and other therapeutic applications. By geography, it is segmented into North America, Europe, Asia Pacific and Rest of the World. North America followed by the Europe dominates the global nuclear medicine market.
Some of the key players in nuclear medicine market include GE Healthcare (U.K.), Nordion, Inc. (Canada), Bayer Healthcare (Germany), Cardinal Health, Inc. (U.S.), Siemens Healthcare (PETNET) (Germany)., IBA Group (Belgium), Lantheus Medical Imaging, Inc. (U.S.), Eczacibasi-Monrol Nuclear Products (Turkey), Ashby Gorman Baker Ltd, and Mediso Ltd.