Seattle, WA -- (SBWIRE) -- 07/25/2017 -- This report studies the North American Nuclear Medicine/Radiopharmaceuticals market for the forecast period of 2015 to 2020. This market is expected to reach USD 2.98 Billion by 2020 from USD 1.97 Billion in 2015, at a CAGR of 8.6%.

The North American nuclear medicine/radiopharmaceuticals market is segmented on the basis of type, application, and country.

Based on type, the North American nuclear medicine/radiopharmaceuticals market is categorized into diagnostic and therapeutic radioisotopes. In 2015, the diagnostic segment accounts for a major share of the North American nuclear medicine/radiopharmaceuticals market. The large share can be attributed to increasing patient population, introduction of new and effective radioisotopes, and increase in awareness about nuclear medicine. The diagnostic radiopharmaceuticals market is further segmented into SPECT and PET radioisotopes. In 2015, the SPECT segment accounts for the largest share of the North American diagnostic nuclear medicine/radiopharmaceuticals market. The large share of the SPECT market can be attributed to growing cancer patient population, increasing preference for SPECT procedures, advances in SPECT radioisotopes, and cyclotron-based Tc-99m generation. The therapeutic radiopharmaceuticals market is further segmented into beta emitters, alpha emitters, and brachytherapy. In 2015, the beta emitters segment accounts for the largest share of the North American nuclear therapeutic medicine/radiopharmaceuticals market. The large share of beta emitters can be attributed to heavy funding for research on beta emitters, new therapeutic radioisotopes, and reimbursement policies in favor of using radiopharmaceuticals for cancer therapy.

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Based on application, the North American nuclear medicine/radiopharmaceuticals market is segmented into SPECT, PET, and therapeutic applications. In 2015, the cardiology application accounts for the largest share of North American nuclear medicine/radiopharmaceuticals market for SPECT applications. This large share can be attributed to new hardware and software designs in SPECT, rising incidence rate of CVDs, and adoption of SPECT in new cardiac applications. The PET market is dominated by oncology applications owing to its accuracy, and preference of PET over conventional imaging. In 2015, the therapeutic market was dominated by thyroid applications. This large share of thyroid applications can be attributed to the factors such as non-invasive method for treatment, and growing incidence of thyroid cancer.

On the basis of country, the market is divided into U.S. and Canada. In 2015, U.S. accounts for the largest share of the North American nuclear medicine/radiopharmaceuticals market, followed by Canada. The major factors driving market growth in the U.S. include the focus on domestic production of Mo-99, the approval of new radiopharmaceuticals by the FDA in the U.S., FDA approval for alpha emitter, growing focus on therapeutic nuclear medicine as an alternative treatment in oncology, and growing incidence of thyroid cancer.

Factors such as increasing preference for SPECT and PET scans, alpha radioimmunotherapy-based targeted cancer treatment, advances in radiotracers, growing incidence of cancer and CVDs, and rising awareness about the effective use of radiopharmaceuticals in various applications are driving the growth of this market. However, factors such as requirement of high capital investments to limit the procurement of scanners, shorter half-life of radiopharmaceuticals, stringent regulatory guidelines and GMPs, and competition from conventional diagnostic procedures are hindering the growth of this market. Moreover, upcoming radioisotopes, alternative diagnostic radiopharmaceutical solutions, cyclotron-based production, and use of radiopharmaceuticals in neurological applications provide a good opportunity for North American nuclear medicine/radiopharmaceuticals the market.

Some of the major players in the North American nuclear medicine market include Cardinal Health Inc. (U.S.), Mallinckrodt plc (Ireland), GE Healthcare (U.K.), Lantheus Medical Imaging, Inc. (U.S.), Bayer Healthcare (Germany), Bracco Imaging S.p.A (Italy), Eczacibasi-Monrol Nuclear Products (Turkey), Nordion, Inc. (Canada), Advanced Accelerator Applications S.A. (France), and IBA Molecular Imaging (Belgium).