Transparency Market Research

Nuclear Medicine Market to Be Driven by Unrestrained Rise in Chronic Conditions Worldwide

Transparency Market Research Report Added "Nuclear Medicine Market" to its database.


Albany, NY -- (SBWIRE) -- 02/09/2016 -- In its report, entitled, 'Nuclear Medicine Market - Global Industry Analysis, Size, Shre, Growth, Trends and Forecast 2015–2023,' Transparency Market Research states that nuclear medicine will attract greater interest as it proves capable of treating life threatening diseases, especially cancer. The report identifies key drivers, restraints, and opportunities that will enable market players to devise better growth and expansion strategies. Nuclear medicine entails the injection of 'radioactive tracers' for diagnosing diseases and administering therapies. The most commonly used imaging modalities in nuclear medicine include: SPECT, PET, CT, and MRI.

The race for finding the most effective and specific class of drugs has brought nuclear medicine into the spotlight in recent years. This has led to the applications of nuclear medicine rising tremendously over the last decade and the interest in shows no signs of flagging. On the basis of application, the nuclear medicine market is segmented into therapeutics and diagnostics.

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The therapeutics segment is further split into scar-tissue removal and cancer treatment, whereas the diagnostics segment is divided into neurology, cardiovascular, oncology, nephrology, pulmonology, and hepatology. Companies profiled in the global nuclear medicine market report include: AIPES, COMECER S.P.A, G.E Healthcare, Ashby Gorman Baker Ltd, Pinestar Technology, Inc., and Mediso Ltd.

From the geographic standpoint, the global nuclear medicine market has been segmented into: Europe, North America, Asia Pacific, and Rest of the World. Of these, the highest revenue contribution to the global nuclear medicine market comes from North America – a region known for its technological supremacy and affluent consumers who can spend on purchasing expensive nuclear medicines. European companies, on the other hand, continue to perform well and contribute significantly to the growth of the global nuclear medicine market.

Diagnostic nuclear medicine represents the largest application segment in the global nuclear medicine market. Although therapeutic nuclear medicine comes second to the leading segment, it carries immense potential in terms of revenue growth owing to it being an expensive procedure. The therapeutic nuclear medicine segment could thus outdo the diagnostic nuclear medicine segment in revenue over the next few years.

On the restraints that will impede the growth of the global nuclear medicine market, the report states that factors such as a dearth of skilled personnel and the high cost of nuclear medicine materials (sometimes prohibitively so) could stand in the way. The cost aspect is especially pertinent to economies in Asia Pacific where consumers are conscious of price. Even so, this challenge could ease in the coming years thanks to the growing spending power of consumers here and the alarming rise in people suffering from neurological diseases, cardiovascular diseases, and cancer. China, Japan, and Australia together constitute the largest market for nuclear medicine in Asia Pacific. Australia holds special importance given its standing as a leading manufacturer of pharmaceutical radio-isotopes.

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