North America to Witness Significant Growth from 2021 To 2026
Northbrook, IL -- (SBWIRE) -- 09/14/2021 -- According to the new market research report "Nuclear Medicine/Radiopharmaceuticals Market by Type (Diagnostic (SPECT - Technetium, PET - F-18), Therapeutic (Beta Emitters - I-131, Alpha Emitters, Brachytherapy - Y-90)), Application (Oncology,Cardiology), Procedures - Global Forecast to 2026", published by MarketsandMarkets™, the global Nuclear Medicine Market is projected to reach USD 7.5 billion by 2026 from USD 4.8 billion in 2021, at a CAGR of 9.0% during the forecast period.
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324 – Tables
27 – Figures
253 – Pages
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Growth in the nuclear medicine market can primarily be attributed to factors such as the increasing incidence and prevalence of cancer and cardiac ailments and initiatives to lessen the demand-supply gap of Mo-99. However, the short half-life of radiopharmaceuticals reduces their potential adoption, while hospital budget cuts and high equipment prices are expected to limit market growth to a certain extent.
The companies have a large market spread across various countries in North America, Europe, Asia Pacific, and the Rest of the World.
Coronavirus disease 2019 (COVID–19) is an acute respiratory infectious disease caused by severe acute respiratory syndrome coronavirus 2 (SARS–CoV–2). Largely unknown before the outbreak began in Wuhan, China, in December 2019, COVID-19 has moved from a regional crisis to a global pandemic in just a few weeks. The World Health Organization (WHO) declared COVID-19 as a pandemic on March 11, 2020. The COVID-19 pandemic has led to major changes in the clinical operations of radiology departments worldwide. In parallel with clinical preparedness activities, academic medical centers and universities were rushed to shut down scientific research activities to maximize social distancing and minimize the spread of infection to research staff and others with whom they might have contact.
Therapeutic segment is expected to grow at the highest CAGR
On the basis of type, the nuclear medicine market is segmented into diagnostic and therapeutic. The diagnostic segment accounted for a larger share of the market 2020. The large share of this segment can be attributed to the non-invasiveness, increasing prevalence of cardiovascular diseases and early diagnosis.
Thyroid applications segment is expected to register the highest growth during the forecast period
Based on application, the nuclear medicine market is segmented into SPECT, PET, and therapeutic applications. The SPECT applications is further segmented into cardiology, bone scans, thyroid applications, pulmonary scans, and other SPECT applications. The thyroid applications segment is projected to register the highest growth rate in the forecast period. The high growth of this segment can be attributed to the increasing incidence and prevalence of thyroid disorders
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In 2020, North America accounted for the largest share of the nuclear medicine market. A large share of North America can be attributed to the large share can be attributed to the development of novel technologies for radioisotope production, government funding, and company initiatives in the region.
Some of the prominent players operating in the Radiopharmaceuticals Market include Cardinal Health (US), GE Healthcare (US), Curium (France), Lantheus Medical Imaging (US), Bayer AG (Germany), Bracco Imaging (Italy), Eczacýbaþý-Monrol Nuclear Products (Turkey), Nordion (Canada), Advanced Accelerator Applications (France), and NTP Radioisotopes (South Africa)