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Nuclear Medicine/Radiopharmaceuticals Market Analysis Showcases Growth Trends,Research and Opportunity Assessment 2021-2031 | Cardinal Health, GE Healthcare, Curium, Lantheus Medical Imaging, Bayer AG
Nuclear Medicine/Radiopharmaceuticals Market
New York, According to a new market research report published by Global Insight Services Nuclear Medicine/Radiopharmaceuticals Market is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Nuclear medicine is primarily a specialized area of radiology that employs very small amounts of radioactive materials, called radiopharmaceuticals for examining organ functions and structures. Radiopharmaceuticals are pharmaceutical formulations comprising radioactive isotopes that are used in diagnosis and therapeutics. They are simple and small substances that contain a radioactive substance that is used in the treatment of cancer and cardiac & neurological disorders.
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Market Trends and Drivers
Increasing incidence and prevalence of target conditions will boost the business progression. The rising incidence and prevalence of cancer and cardiovascular disease (CVD) is a key factor supporting market growth. Most cases can be prevented through early detection and treatment; nuclear medicine plays a significant role in these areas. According to the WHO, cancer was the leading cause of death in 2020, accounting for nearly 10 million deaths. Annually, 19.3 million new cancer cases are expected to be reported worldwide by 2025. According to the WHO, globally, 17.9 million individuals died from CVD in 2019, accounting for 32% of the overall deaths globally. This figure is expected to reach 23.3 million by 2030. As nuclear medicine plays a significant role in disease diagnosis and treatment, the rising prevalence of these diseases is expected to drive the growth of the nuclear medicine market during the forecast period.
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Market Restraints and Challenges
Short half-life of radiopharmaceuticals may restraint the market growth. The expiry of a radiopharmaceutical primarily depends on the half-life of the radioisotope and the content of the radionuclide. For example, the radioactivity of F-18 in PET scans decreases if not used within 110 minutes, while the radioactivity of C-11 decreases within 20 minutes. In SPECT diagnosis, the radioactivity of Tc-99m is reduced after six hours, while I-123 and In-111 isotopes should be utilized within 13 and 67 hours, respectively. The non-utilization of radioisotopes within the prescribed shelf life causes radiation and chemical decomposition, reducing radiochemical purity to an unacceptable form, which may prove fatal during diagnosis and therapy.
Global Nuclear Medicine/Radiopharmaceuticals Market Segmental Overview
The report analyses the global nuclear medicine/radiopharmaceuticals market based on type, application, and region.
Global Nuclear Medicine/Radiopharmaceuticals Market by Type
Based on type, it is segmented into diagnostics and therapeutics. Among these, diagnostic segment held the highest market share in 2021 owing to the presence of a large patient base and the availability of advanced technologies such as Single-Photon Emission Computed Tomography (SPECT) and Positron Emission Tomography (PET). According to the World Nuclear Association Analysis 2021, about 40 million nuclear medicine procedures are performed annually and the demand for radioisotopes increases by around 5% every year. The wide range of radiotracers that are currently employed in the diagnosis of tumors, coupled with technological advancements, are contributing to the growth of the nuclear medicines market.
Major Players in the Global Nuclear Medicine/Radiopharmaceuticals Market
The key players in the market are Cardinal Health (US), GE Healthcare (US), Curium (France), Lantheus Medical Imaging (US), Bayer AG (Germany), Bracco Imaging (Italy), Eczacýbaþý-Monrol Nuclear Products (Turkey), Nordion (Canada), Advanced Accelerator Applications (France), NTP Radioisotopes (South Africa), among others.
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Reasons to buy Nuclear Medicine/Radiopharmaceuticals Market Report:
• Develop comprehensive understanding of market landscape - industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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About Global Insight Services:
Global Insight Services (GIS) is a leading multi-industry market research firm headquartered in Delaware, US. We are committed to providing our clients with highest quality data, analysis, and tools to meet all their market research needs. With GIS, you can be assured of the quality of the deliverables, robust & transparent research methodology, and superior service.
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