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In June 2019, BGN Technologies Ltd. developed a novel method to produce molybdenum-99 and isotopes for medical imaging and nuclear medicine. Radioisotopes have become an integral part of the diagnostic procedures and help in the study of various dynamic processes taking place in the body. The short half-life of the radioisotopes and the ability to emit radiations make nuclear medicines radioisotopes apt to use in the treatment of diseases.
Nuclear medicines radioisotopes are extensively used for the diagnosis and treatment of almost all types of cancer. According to the World Health Organization, the total number of cancer cases in the world in 2018 are approximately 18.1 million which is estimated to reach 29.5 million by 2040, this could support the growth of the nuclear medicines radioisotopes market.
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Apart from this, radiopharmaceuticals are also employed to study the function of the various organs, examine the flow of blood to the brain and others. Nuclear medicines radioisotopes are now also being used for palliative care. For example, strontium-89 is used for the treatment of bone pain triggered by cancer.
The growth in global nuclear medicines radioisotopes market is being driven by the increase in demand for PET scan and nuclear medicines, deeper penetration of radioisotopes in healthcare and development of radiopharmaceuticals drugs. In addition, the huge government funding for the research in radioisotopes nuclear medicine is also anticipated to fuel the growth in global nuclear medicines radioisotopes market in the forecast years.
Conversely, strict government regulation and the risk of adverse effects due to increased exposure to radioisotopes are the major factors that can hamper the growth in global nuclear medicines radioisotopes market.
Some of the major companies that are present in the global nuclear medicines radioisotopes market Bayer AG, Medtronic plc, General Electric Company, Siemens Healthcare Private Limited, Cardinal Health, Aenorasis, Bracco Imaging S.p.A., Positron Corporation, Hologic Inc., and other players.
By Product Type
· Diagnostic centers
· Specialty clinics
· Education and research institutes
· North America (USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
Currently, Technetium-99 is estimated to hold a major share of the global nuclear medicines radioisotopes market owing to its increasing adoption in diagnostics. According to the World Nuclear Organisation, nearly 40 million procedures are done per year using Technetium-99 accounting for almost 80% of the worldwide nuclear procedure.
The global nuclear medicines radioisotopes market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The nuclear medicines radioisotopes medicines market in North America is backed by active government support. According to the National Cancer Institute, in 2018, approximately 1,735,350 new cases of cancer are expected to be diagnosed in the United States, implying an increase in the nuclear medicines radioisotopes market in North America. The nuclear medicines radioisotopes market in Europe and the Asia Pacific is projected to expand in the forecast years due to the increase in the use of radioisotopes in the diagnosis of diseases and evolving health infrastructure.
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