Radiopharmaceuticals/Nuclear Medicine Market is Expected to Reach US$ 9,348.6 Mn by 2025, Due to Surge in the Prevalence of Cancer and other Chronic Diseases

Analyst Speak:

 

“The Radiopharmaceuticals/Nuclear Medicine Market is growing at significant growth rate over the forecast period 2019-2025 and expected to reach US$ 9,348.6 Mn by 2025, due to rise in prevalence of cancer and other chronic diseases”

 

Precision Business Insights (PBI) in its report titled “Radiopharmaceuticals/Nuclear Medicine Market: Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2014-2018 and Forecast 2019-2025” assesses the market performance over seven years forecast period from 2019 to 2025. The report analyses the market value forecast and provides the strategic insights into the market driving factors, challenges that are hindering the market revenue growth over forecast period.

 

The global radiopharmaceuticals/nuclear medicine market projected to reach US$ 9,348.6 Mn by 2025. The market is growing at prominent growth rate over the forecast years owing to increase in the prevalence of chronic diseases such as cancer, cardiovascular, and neurological disorders. For instance, according to WHO 2018 data, approximately 9.6 Mn death occurred due to cancer and approximately 17.9 Mn deaths occurred due to cardiovascular disorders around the world. Moreover, rise in R&D for the development of innovative therapeutics, rise in demand for personalized medicine, and favorable reimbursement policies in developed countries. However, high cost of radiopharmaceuticals/nuclear medicine, severe adverse effects with radiopharmaceuticals, and stringent regulatory guidelines for the product approval are the factors impede the radiopharmaceuticals/nuclear medicine market over the forecast timeframe

 

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Radiopharmaceuticals/nuclear medicine market segmented on the basis of product type, application, route of administration, end user, and region.

 

Diagnostic Segment Expected to Dominate the Radiopharmaceuticals/Nuclear Medicine Market

 

Based on product type, the radiopharmaceuticals/nuclear medicine market is segmented into diagnostic radiopharmaceuticals and therapeutic radiopharmaceuticals. Diagnostic radiopharmaceuticals expected to dominate the global radiopharmaceuticals/nuclear medicine market owing to frequent product approvals and wide range of diagnostic applications with SPECT products such as Tc-99m. Moreover, therapeutic radiopharmaceuticals projected to grow at prominent growth rate due to surge in the R&D activities for the development of newer therapeutics for targeted treatment of various types of cancers. For instance, in January 2018, Norgine B.V. launched Lymphoseek (Tc 99m tilmanocept) in Finland and Sweden. Lymphoseek is specifically designed to target, bind, and retain in the sentinel lymph nodes to prevent the cancer

                                                                                                                                                                                   

North America Accounts for Major Revenue Share for Radiopharmaceuticals/Nuclear Medicine Market

 

Precision Business Insights (PBI), radiopharmaceuticals/nuclear medicine market report analyses the market in different regions North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Among the all regions, North America accounted for major revenue share in global radiopharmaceuticals/nuclear medicine market and the market is expected to grow at significant growth rate over the forecast years owing to favorable reimbursement policies, increase in the prevalence of cancer and cardiovascular diseases, and presence of huge number of market players in the region. In addition, Asia Pacific radiopharmaceuticals/nuclear medicine market creates lucrative opportunities over the forecast years owing to surge in the health awareness among the population and rise in medical tourism in the Asia Pacific region.

 

Strategic Alliances and Launch of Newer Tests in Radiopharmaceuticals/Nuclear Medicine Market

 

• In October 2018, Novartis entered into merger agreement with ndocyte, a US-based biopharmaceutical company to develop the novel radiopharmaceuticals for the treatment of targeted diseases

 

Key player’s profiles in the report are Advanced Accelerator Applications S.A. (France), Bayer AG (Germany), Bracco Imaging S.p.A (Italy), Cardinal Health, Inc. (U.S.), Eli Lilly and Co. (U.S.), GE Healthcare (U.S.), Jubilant Life Sciences Ltd (India), Lantheus Medical Imaging, Inc. (U.S.), Navidea Biopharmaceutical (U.S.), Nordion, Inc. (Canada), Norgine B.V. (Netherlands), Siemens Healthineers (Germany), and Novartis AG (Switzerland)

 

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Detailed Segmentation

 

By Product Type

• Diagnostic Radiopharmaceuticals
• SPECT Radiopharmaceuticals
• PET Radiopharmaceuticals
• Therapeutic Radiopharmaceuticals
• Beta Emitters
• Alpha emitters
• Brachytherapy
• Others

By Application

• Oncology
• Neurological disorders
• Cardiovascular diseases
• Thyroid
• Others

By Route of Administration

• Oral
• Inhalation
• Parenteral

By End User

• Hospitals
• Clinics
• Diagnostic Centers
• Research Institutes

Geography

 

North America

• US
• Canada

Europe

• Germany
• France
• UK
• Italy
• Spain
• Russia
• Poland
• Rest of Europe

Asia-Pacific

• Japan
• China
• India
• Australia & New Zealand
• ASEAN (Includes Indonesia, Thailand, Vietnam, Philippines, Malaysia, and Others)
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Argentina
• Rest of Latin America

Middle East and Africa (MEA)

• Gulf Cooperation Council (GCC) Countries
• Israel
• South Africa
• Rest of MEA

 

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