Increasing Focus on Advanced Hybrid Nuclear Imaging Equipment Gives Global Nuclear Medicine Industry Significant Push

Published Date : Aug 01, 2016

ALBANY, NY, Aug 01, 2016: has announced the addition of a new market study to its offering. The report provides a study of the market for nuclear medicine across the globe. The report talks about the existing market scenario and how it will influence the future of the nuclear medicine market globally. The report, titled “Global Nuclear Medicine Market 2016-2020”, offers a comprehensive study with in-depth reports of the market landscape, present trends, and its growth prospects over the forecast period. Thus, the report offers quantitative and qualitative insights into the global nuclear medicine market. 

Nuclear medicine is a branch of medicine that involves the use of radioactive substances in diagnosis, treatment, and research. It requires the use of modalities such as positron emission tomography (PET) and single photon emission computed tomography (SPECT) scans to detect and assess various disorders in the areas of cardiology, oncology, and neurology. According to the research report, the global nuclear medicine industry will rise at an 8.34% CAGR during the forecast period.

The report mentions a detailed study of market drivers and challenges and their impact on the growth of the market. The rising incidence of various types of cancer, orthopedic disorders, and CVDs is giving a boost to the demand for nuclear medicine.

In nuclear medicine procedures, a very small dose of radioisotopes is either injected, inhaled, or swallowed by the patient and reaches the targeted organ with the help of pharmaceutical compounds, and emit radiation that can be detected by a detector or scanner. The rising demand for SPECT and PET scans is likely to drive the market in the coming years. Furthermore, the increased awareness about radiopharmaceuticals will boost the prospects for the nuclear medicine market across the globe.

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However, shortage of nuclear medicines due to the low availability of raw materials is one of the primary constraints on the nuclear medicine market. As a result, the cost of nuclear medicine is quite high, which reduces its popularity amongst middle-class and low-income demographics. The easier access to alternatives at cheaper costs also restrains the growth of the global nuclear medicine market.

The report presents a detailed study of the market based on various criteria. By product, the market is segmented into radiopharmaceuticals and nuclear medicine equipment. Radiopharmaceuticals were the leading segment in 2015 and are anticipated to register the highest growth rate in the forecast period. The growth of the segment can be attributed to the growing use of radioactive pharmaceutical drugs as nuclear imaging agents in nuclear medicine. In terms of geography, the Americas lead the market, accounting for nearly 60% of the global market by revenue. Other regions such as APAC and EMEA are expected to exhibit a steady growth rate during the forecast period.

As per the reports, several vendors are partnering with healthcare institutes to resolve radiopharmaceutical concerns and extend their reach in the market. As a result, there is a high amount of competition in the market on the basis of advertising and promotion campaigns, distribution networks, pricing and performance, product development, and brand positioning. The key players in the market, such as Cardinal Health, Digirad, Philips Healthcare, Lantheus Medical Imaging, and GE Healthcare, are working towards the development of highly advanced hybrid nuclear imaging equipment. The report mentions their market share and their contribution in the vertical.

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