Nuclear Medicine is used in many diagnostic and therapeutic applications such as oncology, cardiology, neurology and other applications.

Northrook, IL -- (SBWire) -- 01/09/2020 --Increasing incidence & prevalence of cancer and cardiovascular diseases and initiatives to lessen the demand-supply gap of Mo-99 are the key factors propelling the growth of this nuclear medicine market. The market is expanding with the emergence of new applications and discovery of new medical isotopes.

What the Market Looks Like?

Predicted to grow at a CAGR of 5.9% during the forecast period, the global Radiopharmaceuticals Market is estimated to reach USD 5.26 Billion by the end of 2023. North America dominated the market in 2018.

Nuclear Medicine/Radiopharmaceuticals are drugs that contain radionuclide-emitting ionizing radiation, used in nuclear imaging to diagnosis and treat diseases. The nuclear medicine uses radiation to provide diagnostic information about the functioning of a specific organ. Therapy radioisotopes are used to treat medical conditions, especially cancer, using radiation to weaken or destroy particular targeted cells.

PET applications in oncology, cardiology, neurology, and other applications (musculoskeletal and rheumatoid arthritis) drive the growth of nuclear medicine market.

Oncology

FDG F-18 is used in diagnostic PET imaging to evaluate areas of abnormal Glucose metabolism. FDG-PET is more accurate and preferred to conventional imaging for diagnosing various malignancies from staging and restaging to detecting radionecrosis from viable tumors.

FDG F-18 is approved for oncology applications such as staging of cervical, esophageal, gastric, and non-small-cell lung cancer as well as for head and neck carcinomas and lymphoma.

Cardiology

PET radioisotopes are used for diagnosing CVDs. FDG F-18 and Ru-82 are used for diagnosing cardiac disorders such as CAD and left ventricular dysfunction. Ru-82 isotope is a cost-effective alternative to the Tc-99m SPECT isotope, with a preference for Ru-82 in cardiology increasing due to its use in diagnosing CAD. Moreover, Ru-82 offers several advantages over SPECT imaging radioisotopes for the accurate detection of CAD and is thus preferred over Tl-201 SPECT radioisotope.

Neurology

The increasing incidence of AD, epilepsy, and Parkinson's disease is the major driver for the growth of the PET neurology market. FDG F-18 is majorly used for imaging cerebral glucose consumption. Hence, use of FDG F-18 is increasing for neurology, neurosurgery, and psychiatry applications.

Other Applications

Sensors play an important role in the durability of medical devices and healthcare systems. Nuclear medicines are widely used in applications such as sensing end position, medical mobility equipment, hospital beds, lift chair position, power wheelchair, and mobility scooter. In such applications, nuclear medicines are required to provide enhanced reliability and high sensitivity to ensure patient or user safety.

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What Drives the Market?

The growth of the global market for Radiopharmaceuticals is primarily influenced by the following factors:

- Increasing Incidence and Prevalence of Target Conditions
- Alpha Radioimmunotherapy-Based Targeted Cancer Treatment
- Initiatives to Lessen the Demand-Supply Gap of Mo-99

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Geographical growth scenario of Radiopharmaceuticals Market

Geographically, the Radiopharmaceuticals market has been studied for North America is expected to account for the largest share of the nuclear medicine market in 2018, followed by Europe. The large share of this region can be attributed to the development of novel technologies for radioisotope production, government funding, and company initiatives in the region. APAC is expected to grow at the highest CAGR during the forecast period. The major factors driving the growth of this regional segment include research initiatives in Japan and the rising installations of PET scanners in India and China.

Leading market players and strategies adopted

The prominent players in the Radiopharmaceuticals market include Cardinal Health (US), GE Healthcare (US), Curium (France), Bayer (Germany), Lantheus Medical Imaging (US), Advanced Accelerator Applications (France), and Jubilant Life Sciences (India).

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