Global Nuclear Medicine/Radiopharmaceuticals Market: Overview
Nuclear medicines are primarily drugs that contain radioactive elements for radionuclide-emitting ionizing radiations. Their core application lies in the diagnosis and treatment of various diseases that conventional medicines fail to achieve. Radiopharmaceuticals are unique as they are used to directly target specific organs sites in the body where the drug can emit radiations. These radiations are then captured by gamma cameras placed in proximity of the patient. The radiation dose in these pharmaceuticals is kept as low as possible to avoid the side effects of radiation exposure.
Radiopharmaceuticals are administered within a patient’s body through different routes, including oral, inhalation, or injection. This largely depends on the nature of the elements being used and the organ that is targeted. Radiopharmaceuticals can help in the diagnosis of the blood flow in brain cells, heart pumping rate and working mechanism of kidney cells. Radiopharmaceuticals are also used in the diagnosis of mental diseases such as Parkinson’s disease and Alzheimer’s, as well as help pinpoint the location of cancers or minute bone fractures in a body.
This report is a comprehensive revision of current trends in the global nuclear medicine/radiopharmaceuticals market, along with its drivers, restraints, and future opportunities. The report offers market projections for the coming years as well as an examination of recent developments in the market. These factors can be viewed through the use of research methodologies such as Porter’s five force model analysis and SWOT analysis. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
Global Nuclear Medicine/Radiopharmaceuticals Market: Trends and Opportunities:
The global nuclear medicine/radiopharmaceuticals market is primarily being driven by the increasing rate of incidence of Alzheimer’s, Parkinson’s, dementia, cancer, and cardiac failures. The overall market is also being propelled by the swiftly increasing demand generated from emerging countries, thanks to their improving medical infrastructure, growing expenditure on healthcare, and the non-invasive nature of this procedure, a factor that is finding great favor among all patient demographics. The market is further boosted by increasing awareness, progress in the creation of radiotracers, and potential radioisotopes in the pipeline.
However, the global nuclear medicine/radiopharmaceuticals market is being held back by short half-lives of radiopharmaceuticals, stringent regulatory guidelines, and unavailability of reimbursement policies. The side effects of radiation exposure are also creating an aversion among patients for radiopharmaceuticals. The main side effects include fatigue, skin irritation, nausea, vomiting, and infertility among men.
The global nuclear medicine/radiopharmaceuticals market can be segmented on the basis of product types and applications. The former can be classified into diagnostic and therapeutic products. Diagnostics products include SPECT and PET isotopes, while therapeutics include alpha emitters, beta emitters, and brachytherapy. Based on applications, the global nuclear medicine/radiopharmaceuticals market can be segmented into cardiology, neurology, oncology, thyroid, bone metastasis, and endocrine tumors.
In 2014, cardiology accounted largest share of the nuclear medicine market from its applications. The same year saw diagnostics at the top share position in the radiopharmaceuticals market. Furthermore, SPECT captured the leading share in radiopharmaceuticals market, based on types.
Global Nuclear Medicine/Radiopharmaceuticals Market: Region-wise Outlook:
Geographically, the global radiopharmaceuticals market can be segmented into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. The market was dominated by North America in 2014, followed by Asia Pacific and Europe. North America led the market due to a well-positioned healthcare industry for the adoption of modern treatments and diagnostic procedures, the increasing rates of cancer and cardiac diseases, rising awareness regarding the advantages that radiopharmaceuticals have to offer, and the relatively easier access to radiopharmaceuticals. According to the Society of Nuclear Medicine (SNM), approximately 5,000 nuclear medicine centers were present in the U.S. till recently, and over 18 mn procedures are performed within these centers per year. Asia Pacific is anticipated to grow at a leading pace over the coming years.
Companies Mentioned in the Research Report:
Some of the major players in the global radiopharmaceuticals market include Cardinal Health, Inc., GE Healthcare, Eczacibasi-Monrol Nuclear Products, Bayer Healthcare AG, IBA Molecular Imaging, Mallinckrodt Plc., and Sigma Aldrich Corporation. Other companies in radiopharmaceuticals / nuclear medicine market includes Medtronic Plc., Nordien, Inc., Jubilant Pharma, and Siemens Healthcare.