Nuclear Medicine Market | Ongoing Trends and Recent Developments | Major Key Players like Cardinal Health (US), GE Healthcare (US), Curium (France), Bayer (Germany)

Increasing incidence & prevalence of cancer and cardiovascular diseases and initiatives to lessen the demand-supply gap of Mo-99 are the key factors propelling the growth of this Nuclear Medicine Market. The Radiopharmaceuticals Market is expanding with the emergence of new applications and discovery of new medical isotopes. Nuclear Medicine is used in many diagnostic and therapeutic applications such as oncology, cardiology, neurology and other applications.

What the Market Looks Like?

Predicted to grow at a CAGR of 5.9% during the forecast period, the global Radiopharmaceuticals Market is estimated to reach $5.26 billion by the end of 2023. In 2018, North America dominated the market

Based on type, the Nuclear Medicine Market is segmented into diagnostic radiopharmaceuticals and therapeutic radiopharmaceuticals. Diagnostic radiopharmaceuticals have been further segmented into SPECT and PET radiopharmaceuticals. SPECT radiopharmaceuticals include Tc-99m, Tl-201, Ga-67, I-123, and other SPECT isotopes. In 2017, the Tc-99m segment accounted for the largest share of the nuclear medicine SPECT Radiopharmaceuticals Market.

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The major application areas of PET nuclear medicine include oncology, cardiology, neurology, and others. The oncology segment is projected to account for the largest share of the PET Nuclear Medicine Market during the forecast period. The large share of this segment can be attributed to the use of F-18 which is a key isotope used in oncology applications. It is used to analyze glucose metabolism in the heart, lungs, and brain, which aids in cancer diagnosis.

What Drives the Nuclear Medicine Market?

The growth of the global market for Radiopharmaceuticals is primarily influenced by the following factors:

• Increasing Incidence and Prevalence of Target Conditions
• Alpha Radioimmunotherapy-Based Targeted Cancer Treatment
• Initiatives to Lessen the Demand-Supply Gap of Mo-99
• Use of Radiopharmaceuticals in Neurological Applications

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Geographical growth scenario of Nuclear Medicine Market:

North America is expected to account for the largest share of the Nuclear Medicine Market in 2018, followed by Europe. The large share of this region can be attributed to the development of novel technologies for radioisotope production, government funding, and company initiatives in the region.

Leading Radiopharmaceuticals Market players and strategies adopted:

The prominent players in the Radiopharmaceuticals Market include Cardinal Health (US), GE Healthcare (US), and Curium (France) are the key players in the nuclear medicine. Other players involved in this market are Bayer (Germany), Lantheus Medical Imaging (US), Advanced Accelerator Applications (France), and Jubilant Life Sciences (India).

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Cardinal Health dominated the global Nuclear Medicine Market in 2017. Cardinal Health is a healthcare services company providing pharmaceutical and medical products and services to healthcare providers. Cardinal Health operates in the US, Canada, the British Virgin Islands, Malaysia, Singapore, the UK, Luxembourg, Thailand, Switzerland, Ireland, and Belgium through its 150 subsidiaries.

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