“Global nuclear medicine market is anticipated to reach USD 20.96 Billion by 2030”, says Visiongain

29 November 2019
Pharma

Visiongain has launched a new pharma report ‘’Nuclear Medicine Market Report 2020-2030’’ by Type {Diagnostic Nuclear Medicine (PET Radiopharmaceuticals, SPECT Radiopharmaceuticals), Therapeutic Nuclear Medicine (Alpha Emitters, Beta Emitters, Brachytherapy Isotopes)}, Application {Diagnostic Applications (PET Applications, SPECT Applications), Therapeutic Applications (Bone Metastasis, Endocrine Tumors, Lymphoma, Thyroid, Other Therapeutic Applications)}, and Geography.

The global nuclear medicine market is anticipated to grow at a lucrative CAGR of 10.3% and anticipated to reach USD 20.96 Billion by 2030.

In 2018, the global market for nuclear medicine was valued at USD 9.25 billion and is expected to show lucrative growth in the coming years. The increasing number of cancer diagnosis and treatment procedures is a key driver for the global growth of the industry in nuclear medicine. Certain factors driving the growth of the nuclear medicine industry include nuclear diagnostics for elderly patients resulting in healthcare savings and nuclear medicine for increased pediatric survival rates.

However, competition from other modalities of imaging, lack of patient and physician education and awareness can reduce nuclear medicines ' market penetration. Medical imaging is a highly competitive market with the costliest nuclear drugs available. As a result, the demand for nuclear medicine is largely limited. The current nuclear diagnostics market is saturated because its patient and doctor base has not been increased by nuclear diagnostics. The benefits of physiological imaging have also failed to educate patients.

Between medical practitioners, the competing imaging modalities are proactively welcomed and approved by clinicians, nuclear medicine remains largely secret from the mainstream. Therefore, nuclear diagnostics ' capacity remains unfulfilled. Educating medical practitioners and patients about the benefits of nuclear medicine will spread the economic benefits of nuclear medicine and reassure all classes.

In many parts of the world, nuclear drugs have been underused. In 2018, North America dominated the nuclear medicines industry, with the United States being a major consumer of nuclear medicines and Canada is the world's largest manufacturer of radioisotopes. South America has been a slowly growing market but is now realizing nuclear medicine's potential and is expected to show lucrative growth over the forecast period. PET and its hybrid modalities are expected to outpace SPECT research on the nuclear diagnostics market. Market players are focusing on additional capacity to serve Technetium-99's growing demand.

The increased incidence and prevalence of cancer and cardiovascular diseases (CVD) will be the key driver of market growth. With early detection and diagnosis, some cases can be prevented; nuclear medicine plays an important role in these fields. The global incidence of cancer in 2012 was 14.1 million (excluding non-melanoma skin cancer), according to GLOBOCAN 2012. Also, it is estimated that ~19.3 million new cases will be detected by 2025 annually. Worldwide, according to the WHO, 17.5 million people died in 2012 as a result of CVD, comprising 31 percent of global deaths. It is estimated that this number will hit 23.3 million by 2030.

During 2018, however, North America was a major nuclear medicine market, the Asian countries are projected to outstrip other regions by 2030, rising with a CAGR of ~13%. Japan is seeing a massive rise in the use of nuclear medicines in general. The players in China were concerned about the lack of protection of intellectual property for their formulations.

Also, due to growing cancer patients, rapidly aging population in China is seen as an opportunity for nuclear medicine companies. Nevertheless, the modality is severely underused in less developed countries such as Indonesia. In the Asian market, the major drivers attracting the manufacturing and other companies from more developed countries are the broad patient pool with the potential for increased consumer demand and the availability of cheap skilled labor. However, in the developing markets, most of the new production irradiators currently being built are.

Neuroscience has great potential for growth in Europe, but cost efficiency is an area of concern. In contrast, nuclear drugs in South America are priced differently than in other countries. Players in nuclear medicine in this area are selling their products at lower rates for economic reasons. Also, the companies are facing competition from regional nuclear energy agencies manufacturing and distributing tracers. The cost of imaging for nuclear medicine often limits its expansion into the less developed markets of healthcare.

It is important to focus on strategic measures to broaden the nuclear medicine market. Emphasis on the development of new radiopharmaceuticals should be charged. Importance should be given to raising public awareness of the benefits of nuclear medicine in the developing world, which will promote strong growth in nuclear medicine.

North America holds the majority of market share followed by Europe and will continue to dominate in the future as a result of several research projects in the region, coupled with funding for research institutes from the government. Also, the market will continue to be driven by the existence of the target population and increased R&D investment by important business organizations. Asia Pacific region is expected to experience the highest growth in terms of CAGR over the forecast period owing to the growing presence of a patient pool in markets such as India and China. Additionally, unmet needs of patients and untapped nations in this region have been attracting investments by global players and this is expected to boost Nuclear Medicine market growth over the forecast period.

Currently, key players are forming various strategies such as acquisitions, mergers, partnerships, collaborations and launching new products to strengthen their position in the global nuclear medicine market. Companies are also expanding their R&D, distribution, and management facilities to expand their business and to hold a competitive edge in the nuclear medicine market.

The comprehensive market report features companies such as Advanced Accelerator Applications (Acquired By Novartis), Bayer, Bracco Imaging S.P.A, Cardinal Health, Curium, Eckert & Ziegler Group, Eczacibasi-Monrol Nuclear Products, GE Healthcare, Jubilant Life Sciences Ltd., Lantheus Medical Imaging, Mallinckrodt, Nordion (A Subsidiary of Sterigenics International), NTP Radioisotopes SOC Ltd., The Institute For Radioelements (IRE), IBA Molecular Imaging, Ire-Elit SA, Fujifilm Holdings Corporation, Siemens AG among other prominent players. Also the research study offers market estimation and forecast for the period ranging 2020-2030 for global markets such as North America, Latin America, Europe, Asia Pacific and MEA along with regional sub-markets as U.S., Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, Russia, India, Japan, China, Australia, ASEAN, GCC and South Africa.

Notes for Editors
If you are interested in a more detailed overview of this report, please send an e-mail to sara.peerun@visiongain.com or call her on +44 (0) 207 336 6100.

About Visiongain
Visiongain is one of the fastest growing and most innovative independent media companies in Europe. Based in London, UK, Visiongain produces a host of business-to-business reports focusing on the automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors.

Visiongain publishes reports produced by analysts who are qualified experts in their field. Visiongain has firmly established itself as the first port of call for the business professional who needs independent, high-quality, original material to rely and depend on.

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