Market Analysis: Bright Future for Nuclear Medicine

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Nuclear medicine is a growing segment of the health care imaging landscape, according to several reports.

The global nuclear medicines market is expected to reach $17.6 billion by the end of 2020, growing at a compound annual growth rate (CAGR) of around 12.29 percent from 2015 to 2020, according to Mordor Intelligence.

nuclear-medicine

Grand View Research also predicts continue growth.

The nuclear medicine market is expected to reach $13.8 billion by 2024, according to a new report by Grand View Research.

The nuclear medicine/radiopharmaceuticals market is projected to reach $7.27 billion by 2021, according to another report by MarketsandMarkets.
Nuclear medicine uses in radiological imaging include magnetic resonance imaging (MRI), computerized tomography (CT), positron emission tomography (PET) and single proton emission tomography (SPECT).

“The use of nuclear medicines for diagnostic purposes has gained huge popularity all around the world. There has been increased use of SPECT, PET, CT and MRI for diagnosis of cardiac diseases, brain diseases, cancer and many others,” according to Mordor Intelligence. “Nuclear medicine is being used for therapeutic purposes for treatment of Alzheimer’s disease, coronary heart diseases, bone metastasis, cancers and different medical conditions affecting the thyroid gland, and scar tissue removal. Advancement in diagnostic imaging is bringing in more use of nuclear medicine. Nuclear cardiology has gained great popularity in North America.”

The Mordor Intelligence report lists several driving factors for the global nuclear medicines market. In addition, it sheds light on several opportunities that exist for the market players. Some of the market drivers are the increasing incidence and prevalence of cancer and cardiac ailments, increasing application of SPECT and PET with advancement of technology, growing awareness amongst physicians and public awareness for better health care.

“The segmentation based on the application has been subdivided based on diagnostic and therapeutic application,” according to Mordor Intelligence. “The diagnostic application includes the application of SPECT and PET in cardiology, neurology, oncology and others. The therapeutic applications include application in oncology, thyroid, endocrinology and various other therapeutic areas.”

The global nuclear medicine market has been geographically segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America. Due to high technological advancement coupled with a developed economy, North America has the largest market share, followed by Europe and Asia-Pacific.

“Currently, the segment of diagnostics holds the largest share in nuclear medicines market, where SPECT has the largest share,” according to Mordor Intelliegnce.

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