Diagnostic applications segment is expected to grow the market for nuclear medicine/radiopharmaceuticals over the forecast period for applications segment.
According to a new market research study titled 'Nuclear Medicine/Radiopharmaceuticals Market to 2027 – Global Analysis and Forecasts by Applications and End User'. The Global Nuclear Medicine/Radiopharmaceuticals Market is expected to reach US$ 6,683.99 Mn in 2027 from US$ 3,982.11 Mn in 2018. The market is estimated to grow with a CAGR of 6.2% from 2019-2027. The report highlights the trends prevalent in the global nuclear medicine/radiopharmaceuticals market and the factors driving the market along with those that act as deterrents to its growth.
Global nuclear medicine/radiopharmaceuticals market, based on the applications, was segmented as, diagnostic applications and therapeutic applications. In 2018, the diagnostic applications segment held a largest market share of 70.6% of the radiopharmaceuticals market, by applications. This segment is also expected to dominate the market in 2027 owing to availability of diagnostic devices and ease offered by these devices for diagnosis of various disorders. Moreover, increasing incidences of cardiac diseases, cancer, and neurological disorders are expected to fuel the demand for better diagnosis of these disorders. Also, nuclear medicine provide better diagnostic information about the functioning of a specific organ, as it uses radiation. Hence, owing to the above statements, this segment is also anticipated to witness the growth at a significant rate during the forecast period, 2019 to 2027.
The market for nuclear medicine/radiopharmaceuticals is expected to grow, owing to factors such as rising prevalence of chronic diseases, alpha radioimmunotherapy-based targeted oncology treatment and advancement in imaging technologies using radiopharmaceuticals play vital role in the growth of the radiopharmaceuticals market. However, the restraints such as short shelf-life of radiopharmaceuticals and availability of substitutes of radiopharmaceuticals are likely to impact the growth of the market in the forecast period.
The major players operating in the nuclear medicine/radiopharmaceuticals market include Cardinal Health, IBA Worldwide, Curium, GENERAL ELECTRIC, Bayer AG, Positron Corporation, NTP Radioisotopes SOC Ltd, Bracco, Lantheus Medical Imaging Inc., and Advanced Accelerator Applications. The market has witnessed various organic as well as inorganic developments during recent years in the nuclear medicine/radiopharmaceuticals market. During January 2019, Curium and Progenics entered into a collaboration to develop and commercialize PyL in Europe. This agreement has helped the companies to offer better products to its customers across the globe.
The report segments the global nuclear medicine/radiopharmaceuticals market as follows:
Global Nuclear Medicine/Radiopharmaceuticals Market – By Applications
Global Nuclear Medicine/Radiopharmaceuticals Market – By End User
Global Nuclear Medicine/Radiopharmaceuticals Market – By Geography
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