Nuclear Medicine Market Size, Share and Global Trend By Type (Diagnostic, Therapeutics), By Application (Cancer, Cardiovascular diseases, Neurological disorder, Gastrointestinal diseases, Others), By End User (Diagnostic laboratories, Hospitals, Ambulatory services, Others) and Geography Forecast till 2030

In July 2018, Jubilant Life Sciences Ltd. announched that the company had initiated Phase II clinical trials to determine the efficacy of I-131 MIBG indicated to treat neuroblastoma. Nuclear medicines use radiotracers and radiopharmaceuticals to treat and diagnose various forms of diseases. Radiotracers contain small amounts of radioactive moelcules that can be detected by a radioactive scan.

The major application of nuclear medicine is in diagnoses of tumor and neurological disorders. Advanced technologies that involve the use of small cameras to monitor the path of radiotracers facilitate the physicians in diagnosing a particular disease indication.

The global nuclear medicine market growth is expected to be driven by to the advantages it offers in early detection of tumors combined with increasing prevalence of disorders like irregular blood flow, aneurysm, and neurological diseases.

For instance, PET scanner uses radiotracers to help diagnoses disease at the cellular level, often before advanced disease progression, eliminating negative effects on the body at an early stage. The rising prevalence of cancer is expected to propel the global nuclear medicine market. According to the National Cancer Institute (NCI), an estimated 1 million new cases of cancers were diagnosed in the U.S.

Prolong exposure to an excessive amount of radioactive tracers could cause adverse reactions which might lead to cancer development. Elderly, children and pregnant women are more susceptible to adverse reactions by radioactive tracers. The risks involved with the use of radioactive material in nuclear medicine is expected to harm the global nuclear medicine segment growth.

Key Players Covered

Key players covered in the global nuclear medicine market report include General Electric Company, Mallinckrodt plc., Eckert & Ziegler Strahlen- und Medizintechnik AG, Teva Pharmaceutical Industries Ltd, Jubilant Life Sciences Ltd., and others. 

SEGMENTATION

Currently, among application types, the cancer segment is likely to hold the major share of the global nuclear medicine market due to the high requirement of diagnostic devices in detecting tumors.

Key Insights

• Regulatory scenario for key countries
• Key mergers and acquisitions
• Porter’s five forces analysis
• Key strategies of leading market players
• Key performance indicators for global nuclear medicine market market

Regional Analysis

The global nuclear medicine market has been segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. the developed countries of North America and Europe are projected to lead the global nuclear medicine market growth. The rising prevalence of various cancer diseases is expected to increase the use of nuclear medicines in these regions. According to NCI, in the US estimated 15,000 children below the age of 19 were diagnosed with cancer in the year 2017. Technological improvements and large investments in the field of cancer research and diagnostics are expected to provide lucrative growth opportunities for the global nuclear medicine market in North American and Europe region. For example, the U.S FDA approved radiotherapeutic drug AZEDRA, developed by Progenics Pharmaceuticals Inc. in the year 2018. Additionally, Asia Pacific is expected to witness a growth in nuclear medicine market owing increasing awareness regarding early detection of cancer combine with evolving healthcare sector.

Nuclear Medicine Industry Developments

• In August 2016, Eckert & Ziegler Strahlen- und Medizintechnik AG acquired BR-77 Comércio, Distribuidora e Transportes de Medicamentos Ltda. to expand its presence in the South America.
• In January 2017, Mallinckrodt plc. announced that it closed the deal of the company’s global nuclear imaging business to IBA Molecular.
• In November 2018, General Electric Company announced Class I recall of Millennium Nuclear Medicine Systems owing to detector detachment.