According to the latest market report published by Credence Research, Inc. “Nuclear Medicine/ Radiopharmaceuticals Market – Growth, Future Prospects and Competitive Analysis, 2017 – 2025” the global nuclear medicine/ radiopharmaceuticals market was valued at US$ 4.82 Bn in 2016, and is expected to reach US$ 7.78 Bn by 2025, expanding at a CAGR of 5.5% from 2017 to 2025.
Browse the full report Nuclear Medicine/ Radiopharmaceuticals Market – Growth, Future Prospects and Competitive Analysis, 2017 – 2025 report at https://www.credenceresearch.com/report/nuclear-medicine-radiopharmaceuticals-market
Nuclear medicine/ radiopharmaceuticals is a drug that can be used either for diagnostic or therapeutic purposes. Advantage such as targeted therapeutic irradiation with lower adverse effects and cost effective treatment option are prime factors that are driving the nuclear medicine/radiopharmaceuticals market growth. Nuclear medicine/ radiopharmaceuticals is segmented on the basis of application such as therapeutic (thyroid, oncology, bone metastasis and other applications) and diagnostics application (cardiology, thyroid, oncology and other therapeutic application). It is estimated that, therapeutic application will show fastest market growth during forecast period due to its advantages over the traditional drug therapies such as targeted therapeutic action and lower side effects. Radiopharmaceuticals applications in cardiology and oncology is anticipated to grow significantly during forecast period due to its increasing applicability in diagnosis of the disease; furthermore, growing prevalence of these disease will fuel the market growth. Radiopharmaceuticals market is categorized on the basis of type such as diagnostics radiopharmaceuticals (SPECT and PET) and therapeutic Radiopharmaceutical (beta emitter, alpha emitter and brachytherapy). It is observed that, in the base year 2016, diagnostic radiopharmaceutical is major revenue generating segment, due to the rising incidence of cancer and cardiac disease, improved affordability, more precise technique and advancement in PET and SPECT scan. Radiopharmaceuticals market is currently dominated by North America due to technological advancement, higher investment in R&D activities, presence of large number of biopharmaceutical industries and research institutes. However, Asia Pacific will show fastest market growth due to increasing government investments in the life sciences sector and increasing partnership of key players with local manufacturer, and rapidly expanding life science industries will witness phenomenal growth.
Market Competition Assessment:
The nuclear medicine/ radiopharmaceuticals market is observed to be highly competitive and comprises large number of players. However, the market is currently dominated by few players such as Advanced Accelerator Applications S.A., Bayer AG, Bracco Imaging S.p.A., Cardinal Health, Inc., GE Healthcare, IBA Molecular Imaging, Lantheus Medical Imaging Inc., Mallinckrodt plc., Medtronic, plc., Nordion, Inc., NTP Radioisotopes SOC Ltd., Segami Corporation and others.
Key Market Movements:
- Factors such as increase in number of chronic disease, technological advancement and increasing awareness of radiopharmaceuticals are primarily driving the growth of nuclear medicine/ radiopharmaceuticals market globally
- The major opportunity radiopharmaceutical market is due to high unmet needs for treatment of various forms of cancer and this would expected to drive the nuclear medicine/ radiopharmaceuticals market growth during forecast period.