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The global nuclear medicine/radiopharmaceuticals market size was USD 4.86 billion in 2018 and is projected to reach USD 9.67 billion by 2026, exhibiting a CAGR of 9.2% during the forecast period.
Nuclear medicine has witnessed a number of technological advances, with its applications ranging from diagnostics to therapeutics. In recent years, several technological advancements in nuclear diagnostic imaging have led to significant ease in the diagnosis, treatment, and management of chronic and critical disorders. Critical and chronic diseases such as several types of cancers, cardiac ailments, and other diseases are witnessing increased prevalence globally. Furthermore, factors such as the aging population, inadequate nutritional intake, and sedentary lifestyle are driving significant growth in the prevalence of these diseases. For instance, according to the World Health Organization (WHO), the global population of the ages 60 years and over is projected to increase from 962 million in 2017 to 2.1 billion in 2050. PET/PET-CT and SPECT scanners are primarily and increasingly used for imaging in clinical areas such as oncology, cardiology, and neurology. Factors such as further expected to lead to high demand for diagnostic radiopharmaceuticals. At the same instance, radiotherapy can be used for the treatment of critical illnesses such as cancers.
In the current global nuclear medicine/radiopharmaceuticals market scenario, there are several positive factors providing significant impetus to the growth of these product offerings. There is increased awareness concerning the positive impact of accurate diagnostics and the possible repercussions or negative impact to its neglect. Nuclear medicine imaging often plays a crucial role in health protection by timely diagnosis and management of serious chronic ailments. In therapeutic radiopharmaceuticals, recent product launches such as Lutathera by Advanced Accelerator Applications and anticipated product launches due to robust pipelines in upcoming years, is expected to drive the global market.
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The recent technological advancements in the nuclear imaging modalities and advent of advanced therapeutics in the global market has further provided major impetus for growth. Continued and persistent R&D efforts leading to innovations in new application areas are majorly contributing to the market growth. For instance, in 2014, Philips announced the launch of Vereos PET/CT, which is the first digital PET/CT scanner offering considerably better resolution, accuracy, and sensitivity as compared to the conventional analog systems.
“Technological Advancements in Nuclear Imaging Modalities is Likely to Propel the Global Market.”
One of the crucial drivers for the nuclear medicine imaging market growth is the increased awareness regarding the potential impact of early and timely diagnosis and the corresponding positive impact in the management and treatment of chronic disorders. Advancements in nuclear imaging technology, specifically PET/PET-CT, have aided in the expansion of applications of this modality beyond oncology to cardiology, neurology, and detection of infections. There has been a substantial increase in the volume of the PET and SPECT procedures due to these technological advancements. For instance, other improvements such as the development of cadmium zinc telluride (CZT)-based detectors, which helps in the simultaneous viewing of physiological and anatomical structures, is expected to drive the adoption of SPECT-CT systems.
“New Product Launches of Diagnostic and Therapeutic Radiopharmaceuticals Coupled with Strong Product Pipeline is anticipated to drive the Global Market.”
Other critical driving factors are the new product launches in the radiopharmaceuticals and the strong and robust pipeline of several key market players. Rising demand for nuclear imaging has led to new product launches and the development of robust diagnostic radiopharmaceutical pipelines. Due to the high prevalence of cancer and wide application of nuclear medicine imaging in its diagnosis, several product launches have been aimed in different oncology applications. For instance, in November 2018, Norgine B.V. announced the launch of LYMPHOSEEK (Tc 99m tilmanocept), a diagnostic radiopharmaceutical, and was explicitly designed for the oncological procedure of sentinel lymph node biopsy (SLNB). These factors have further contributed to the growth of the global market. Also, several key market leaders have entered into agreements and partnerships for the development and commercial launches of diagnostic radiopharmaceuticals, leading to strong product pipelines. A number of key market leaders in therapeutic radiopharmaceuticals are also focusing greatly towards the launch of new therapeutics. The first therapeutic radiopharmaceuticals growth trend was initiated with the launch of Xofigo by Bayer in 2013. These trends of growth have continued with the subsequent launch of Lutathera by Advanced Accelerator Applications.
“The PET Radiopharmaceuticals Segment Would Ensure to Generate the Highest Growth Rate During the Forecast Period.”
On the basis of type, the global market can be segmented into diagnostic and therapeutic radiopharmaceuticals. The diagnostic type is further classified into PET radiopharmaceuticals and SPECT radiopharmaceuticals. The PET radiopharmaceuticals can be further sub-segmented into FDG-PET/18F, 68Ga, 68Cu, 11C, and others. The SPECT radiopharmaceuticals can be further sub-segmented into Technetium-99m, Iodine-123, Xenon-133, Thallium-201, and others.
The PET radiopharmaceuticals segment is estimated to hold dominant share of the global market due to their high imaging capabilities, shorter half-life, and increasing applications in the oncology area. This segment is also anticipated to grow at the highest CAGR due to its positive features and is witnessing increasing procedural volumes worldwide.
The SPECT radiopharmaceuticals segment is considered to be the workhorse of the nuclear imaging modalities due to its sheer procedural volume, higher reimbursements, and lower costs compared to PET. But, in terms of imaging capabilities, it is yet to catch up with the technologically advanced PET radiopharmaceuticals. These factors are considered to contribute to the lower CAGR and the lesser market share of SPECT radiopharmaceuticals, despite its high procedural volume.
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The therapeutics radiopharmaceuticals are anticipated to grow at a rapid and strong CAGR which can be attributable to the increasing interest in therapeutic radiopharmaceuticals by conventional pharmaceutical companies. Another critical factor in the growth of this segment is the anticipated therapeutic launches by 2022, which is anticipated to substantially increase the market share of the segment in the global market. Increased prevalence and awareness of serious illnesses such as various types of cancers are expected to drive the market growth. In October 2018, Novartis (Advanced Accelerator Applications) presented new positive data at the 2018 European Society for Medical Oncology (ESMO) congress demonstrating significant improvement in progression free survival (PFS) regardless of baseline liver tumor burden.
“Oncology is Anticipated to Exhibit a Significant CAGR during the Forecast Period.”
On the basis of application, the global radiopharmaceutical market can be segmented into neurology, cardiology, oncology, and others. In terms of application, the oncology segment is anticipated to grow at a faster CAGR. This is primarily due to the increasing prevalence of various forms of cancers across the world. Other factors contributing to the growth of the oncology segment are the popular trend of PET procedures as a means of diagnosis, a diagnostic that is actively supported by several healthcare professionals due to its high imaging capabilities. Diagnosis of cancers is also one of the most common imaging procedures undertaken across the globe especially due to increasing awareness, high prevalence, and its necessity in the treatment and management of disorders. In terms of therapeutic radiopharmaceuticals, a number of product launches are directed towards oncology, with a number of product offerings in pipelines of prominent companies.
Due to the increasing prevalence of chronic and serious disorders in other specialties such as cardiology and neurology, attention is focused on other applications of nuclear imaging procedures. This is further driven by several key market players focusing on newer application areas of radiopharmaceuticals to aim new product launches. For instance, one of the newer application areas is neurology, and several research initiatives are driven towards critical neurological disorders such as dementia and Alzheimer’s disease.
“Hospitals & Clinics Segment Would Hold the Highest Share Among the End Users.”
On the basis of the end users, the global market for radiopharmaceuticals can be segmented into hospitals & clinics, diagnostic centers, and others. The hospitals & clinics segment is anticipated to hold a dominant share because of the high procedural volume of nuclear imaging procedures at these institutions and the higher efficiency of the handling of these sensitive products at these locations. For instance, despite the increasing numbers of diagnostic centers in some key European countries in the region as an end user, in France, out of the total 499,729 PET procedures performed in 2017, an estimated 323,073 PET procedures were performed in hospitals & clinics.
Diagnostic centers segment is anticipated to be the holder of the second largest market share due to the increasing opening of these specialty diagnosis institutions, and in some countries in Europe, diagnostic centers account for huge procedural volumes.
North America generated a revenue of USD 2.45 billion in 2018 and is anticipated to emerge dominant in the global market during the forecast period. The rapid adoption of efficient nuclear imaging technologies coupled, with the increasing usage of technologically advanced and efficient therapeutic radiopharmaceuticals across the region will lead to the market growth in the region. Besides this, the increasing prevalence of various cancers and other chronic disorders, coupled with new product launches in newer applications, are expected to fuel the growth of the market in North America during the forecast period.
North America Nuclear Medicine/Radiopharmaceuticals Market Size, 2018
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The Asia Pacific is expected to witness the highest growth in terms of market value. Due to the increasing disposable incomes across the region, there is a greater awareness concerning imaging diagnostics and their usage in effective diagnosis and management of various diseases. Increasing procedural volumes of nuclear imaging due to the increased prevalence of chronic disorders from India, China, Japan, and the rest of Asia Pacific are further leading to the growth. The huge population in these regions is going to positively drive the market due to sheer growth in procedural volumes. In Japan, a number of therapeutic radiopharmaceuticals product launches is anticipated to strengthen the market in the country.
On the other hand, Europe is projected to witness significant growth in the market due to the adoption of advanced radiopharmaceuticals and recent product launches. The high growth countries, including UK, France, and Germany, would contribute to the growth of the European market. The rest of the world, which includes the Latin American and the Middle East and Africa market, is anticipated to witness a higher growth due to increasing healthcare expenditures, rising awareness of the impact of efficient diagnostics and therapeutics on the management of critical disorders, and developing healthcare infrastructure.
“Market Players like Lantheus Medical Imaging, Inc., Curium, Bracco Diagnostic Inc., and Jubilant Life Sciences Will Ensure to Strengthen the Market Position concerning Providing Radiopharmaceuticals across the Globe”
The nuclear medicine imaging market is dominated by some key companies due to their strong product portfolio, key strategic decisions, and dominance of market share. These include a group of 4-5 key companies with wider geographic presence and continued R&D resulting in strong regulatory approvals. Anticipated executions of major strategic decisions such as Lantheus’ acquisition of Progenics is further expected to consolidate the major revenue share amongst key companies. Strong and robust therapeutic radiopharmaceutical pipelines of prominent pharmaceuticals companies is also expected to drive the competitive landscape.
The increasing technological advancements in nuclear imaging, increasing demand for efficient and advanced therapeutics, and new product launches based on newer applications are expected to increase the global market growth.
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Along with this, the report provides an elaborative analysis of the global market dynamics and competitive landscape. Various key insights presented in the report are the installed base of PET/PET-CT Scanners – for key countries, 2015 and 2018, installed base of gamma cameras – for key countries, 2018, PET/PET-CT procedure volume – for key countries, 2018, reimbursement scenario in key countries, new product launches, key industry developments, and pipeline analysis.
Value (USD billion)
By End User
Fortune Business Insights says that the global market was valued at USD 4.86 billion in 2018 and is projected to reach USD 9.67 billion by 2026.
In 2018, the market was valued at USD 4.86 billion.
Growing at a CAGR of 9.2%, the market will exhibit steady growth in the forecast period (2019-2026)
Diagnostic radiopharmaceuticals segment is expected to be the leading segment in this market during the forecast period.
Increased demand for nuclear imaging and increasing prevalence of cancers requiring advanced therapeutics will drive the growth of the global market.
Lantheus Medical Imaging, Inc., Curium, Bracco Diagnostic Inc., and Jubilant Life Sciences Limited are the top players in the market.
North America is expected to hold the highest market share in the market.
Increased demand for advanced diagnostics, increasing prevalence of cancers and other disorders, new product launches, robust therapeutic radiopharmaceutical pipelines and technological advancements in nuclear imaging would drive the adoption of radiopharmaceuticals.
Adoption of advanced diagnostic radiopharmaceuticals, increasing prevalence of cancers and other disorders, advancements in imaging technologies, new product launches, and technological advancements in nuclear imaging, strong therapeutic radiopharmaceutical pipelines and increased numbers of PET procedures are the hyper-market trends.
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