Nuclear Medicine Market On Target to Hit $8.20 billion by 2022, at a CAGR of 7.8% | Bayer AG, Cardinal Health Inc.

The diagnostics segment held a dominant share in the world radiopharmaceuticals market in 2015, and is expected to maintain its lead during the forecast period. Asia-Pacific is projected to continue to dominate the market throughout the forecast period.

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The world Nuclear Medicine (radiopharmaceuticals) market is expected to generate revenue of $8,207 million by 2022.

COVID-19 scenario-

1) Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.

2) However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.

3) Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.

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The world 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 world radiopharmaceuticals market. Factors that are expected to drive the use of 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.

The oncology segment contributed more than half of the market share in the overall 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 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.

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The Major Key Players 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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