Nuclear medicine: Key market research findings
- The Americas dominate the market geographically
- Cyclotrons account for a majority of the market’s revenue
- Key vendors – Cardinal Health, Digirad, GE, Lantheus Medical Imaging, and Philips
Technavio’s market research analysts predict the global nuclear medicine market to grow at a CAGR of more than 8% between 2016 and 2020. The increase in the number of cancer and cardiovascular disease (CVD) cases worldwide is the primary driving force behind the growth of this market. Vendors are focusing on developing cost-effective equipment and radiopharmaceuticals and are developing hybrid nuclear imaging techniques with the integration of advanced software that can enable improved diagnostics. During 2015, the Americas dominated the global nuclear medicine market by accounting for around 60% of the overall market share. The high prevalence of cancer, neurological disorders, and orthopedic diseases, especially in the US, is expected to propel growth in the nuclear medicine market in the Americas during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the nuclear medicine segments based on the application.
“At present, the market is witnessing an increase in the production of nuclear medicines based on cyclotrons. Cyclotrons allow for the production of hospital-based radiopharmaceuticals. Approximately, 80% of the isotopes produced in cyclotrons can be used for medical applications. Besides, cyclotrons offer various advantages such as safety, low operating costs, and low waste generation,” says Barath Palada, Lead Analyst, Healthcare & Lifesciences, Technavio Research.
In 2015, the oncology segment accounted for more than 61% of the overall market share to become the key revenue generator in the global nuclear medicine market. The four most common types of cancers are lung cancer, breast cancer, bowel cancer, and prostate cancer. Fludeoxyglucose F-18 (FDG) is commonly used for the accurate diagnosis and optimal management of cancer. It is a tracer molecule that is an analog of glucose taken up by glucose-using cells. It undergoes radioactive decay and emits gamma rays, which are subsequently detected by scanners.
The key vendors in the global nuclear medicine market include Cardinal Health, Digirad, GE, Lantheus Medical Imaging, and Philips. This market is highly competitive owing to the presence of many vendors that compete on the basis of product development, distribution network, pricing and performance, advertising and promotion campaigns, and brand positioning. The level of competition in the market is expected to intensify in the coming years as the key vendors are developing highly advanced hybrid nuclear imaging equipment. At present, many manufacturers are also partnering with healthcare institutes to extend their geographical presence in the market.
A more detailed analysis is available in the Technavio report, Global Nuclear Medicine Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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