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Nuclear Medicine Market Foreseen to Grow Exponentially by 2024

Although not every medical isotopes are particularly radioactive in nature, nuclear medicines or radiopharmaceuticals make for one of the common drugs that are used for the diagnosis of dysfunctions in human body tissue. Nuclear medicines are used for both diagnostic and therapeutic purposes and there are more than 30 specific radiopharmaceuticals used by medical practitioners. Various forms of nuclear medicines are useful in treating cancer, neurological disorders, gastrointestinal, and other diseases. According to the findings of this business intelligence study, as the healthcare infrastructure improves across several emerging economies, the demand in the global radiopharmaceuticals market is primed to expand at a healthy CAGR during the forecast period of 2016 to 2024.

This Nuclear Medicine Market report has been developed by healthcare experts with a solitary aspiration to act as a dependable business document for selected audiences such as manufacturers and distributors of radiopharmaceuticals, healthcare institutions including hospitals and medical schools, research and development institutes, contract manufacturing organizations, and venture capitalists. The report includes comprehensive and figurative assessment of the demand potential of various market segments, analyzes various impacting factors including trends, drivers, and obstructions, and takes stock of the demand that can be expected out of different countries and regions. The report also contains a featured chapter on the competitive landscape of the radiopharmaceutical market.

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A number of factors are poised to augment the demand for nuclear medicine, but none bigger than the growing prevalence of cancer and cardiac disorders. According to the World Health Organization (WHO), cancer causes almost one out of six deaths across the world and the population suffering from various type of it is expanding consistently as a result of lifestyle involving tobacco and alcohol, low intake of fruits and vegetables, and lack of physical activity.

Advances in radiotracers, advent of alpha radioimmunotherapy (Rit)-based targeted cancer treatments, and investments via public and private partnerships to revolutionize diagnostic measures are some of the other factors expected to drive the demand for radiopharmaceuticals market in the near future. On the other hand, significantly shorter half-life of radiopharmaceuticals, substantially high cost of these specific medicines, and shutting down of several nuclear reactors are some of the restraints obstructing the market from attaining greater profitability. That being said, the analysts have also highlighted growing demand from emerging economies, upcoming radioisotopes, and expanding usage across neurological applications are some of the opportunities that will open new revenue avenues in the near future.

Apart from segmenting the radiopharmaceuticals market on different aspects such as type, procedural volume, and application, the report has also gauged the potential of demand that can be expected out of every important region and country. Presently, North America is the leading provider of demand, followed by Europe. However, emerging economies such as China, India, Malaysia, and Indonesia are expected to transform Asia Pacific into high potential region during the second half of the aforementioned forecast period of the report.

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GE Healthcare, Cardinal Health Inc., Bayer AG, Mallinckrodt PLC, Nordion, Inc., IBA Molecular Imaging, and Advanced Accelerator Applications S.A. are some of the notable companies holding prominent positions in this market.