As per the report published by Fior Markets, 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. North America is expected to dominate the market during the forecast period. Rising geriatric population, unhealthy life style in the region and increasing adoption of radio-pharmaceutical medicines are contributing to the growth of the segment.
Global Radiopharmaceuticals/Nuclear Market by Type (Diagnostic, Therapeutic), procedure, Application, End User, and Region” and Global Forecast 2018-2025.
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Key players operating in the 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 others. Key players active in the market are involved in collaborative agreements and expansion to bolster the growth of the 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.
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 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. Application segment is divided into diagnostic applications and therapeutic applications. Oncology is dominating segment is dominating and held the largest market share in 2017. Increasing usage of these therapies in the treatment of cancer is driving the growth of the market. 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 in the forecast period. Rising prevalence of chronic disease is contributing for the growth of the market. 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.
Increasing burden number of new cases of cancer and increasing applications of radioisotopes are positively impacting the market. In addition, increasing investments by major players strengthening the market. Short life of isotopes may restrict the growth of the market. However, rising elderly population and increasing prevalence of cardiovascular diseases are further driving the market.
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