Albany, NY (PRWEB) December 10, 2014
The findings of the report state that the global market for radio pharmaceutical/nuclear medicine is slated to hit US$9 billion by the end of 2020, registering a CAGR of over 5.5% through the forecast period of the report. For the purpose of this report, the global radio pharmaceutical market is classified on the basis of into type (therapeutics and diagnosis), end-users, and applications. The market, by diagnosis, is split further into SPECT and PET. The therapeutics market, on the other hand, is segmented as alpha, beta and brachytherapy.
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The largest segment, according to the report, is that of diagnosis. It accounted for a whopping 85% share of the global market, as of 2013. This analyses and findings of this report are important mainly because role of nuclear medicine is becoming central to clinical decision-making. This advanced molecule imaging technique is also becoming a popular method for diagnosing and treating patients. In the future, radio therapy, along with radio pharmaceuticals or nuclear medicine, is poised to dominate as the number of emerging alpha radiation therapies continue to show strong growth.
What also makes this report is unique is that it analyzes the market for radio pharmaceutical/nuclear medicine from the perspective of both, generator manufacturers and radio pharmaceuticals processors. The analysis also identifies that the there is a visible shift from HEU to LEU, with this being a major strategy in the market for processors. For generator manufacturers, a key concern is the strengthening of the radio pharmaceuticals supply chain.
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Despite these factors, the wide application of radio pharmaceuticals is being restrained by stringent FDA approvals and massive capital investments required for nuclear medicine. The closure of several reactors worldwide is yet another concern that could possibly hinder the growth of the global radiopharmaceuticals/nuclear medicine market. It is also becoming imperative for market players to rein in the prices of medical procedures, as this could otherwise curtail growth to some extent. However, some of these concerns are offset by the accessibility of Technetium by accelerators and cyclotrons. As per the report, nearly 30 million procedures for nuclear imaging are performed every year, using Technetium (Tc-99). The market for Technetium generator has two dominant players – Lantheus Medical Imaging Inc and Mallinckrodt Plc.
The report also segments the nuclear medicine market based on the indication type as: Inflammation, oncology, nephrology, cardiology, neurology, thyroid glands, lymphology, and gastro intestinal. The largest segment was held by cardiology in 2013 in the SPECT nuclear medicine market. The fastest-growing market, on the other hand, is that of nephrology. The cardiology segment is witnessing frantic growth as well, on account of a rising number of aged patients, the growing incidence of cardiac ailments, and an inclination towards less painful and non-invasive diagnostics. In the PET market, oncology emerges not only as the fastest-growing segment, but also contributes about US$1 billion to the PET, making it the largest segment. Within therapeutics, nephrology ranks as the fastest growing segment. From the geographical perspective, North America is the largest market radiopharmaceuticals/nuclear medicine market, with Europe coming a close second.
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