Nuclear Medicine Market Poised for Double-digit Growth!

Nuclear medicine refers to the application of radioactive isotopes for therapeutic and diagnostic purposes in medicine. The constituents of nuclear medicine include radioactive isotopes and radiological imaging devices such as magnetic resonance imaging (MRI), positron emission tomography (PET), computerized tomography (CT), and single proton emission tomography (SPECT). The basic principle of nuclear medicine is the use of radiological imaging devices to view the concentration of radioactive isotopes injected within the body thereby enabling a picture (2D) or real-time study (3D) of the patients anatomy. In some therapeutic applications, radioactive isotopes are selected in a way that they get excited when under the influence of radio waves from radiology equipment thereby treating a condition (mostly tumor) wherein the isotope is concentrated. Nuclear medicine has therefore seen a rise in their applicability over the past decades and is expected to continue with greater interests in treating life threatening diseases such as cancer.

Based on their application, nuclear medicines can be segregated majorly into: diagnostics and therapeutics. Diagnostic nuclear medicine can be further segmented into: cardiovascular, neurology, nephrology, hepatology, oncology, and pulmonology. The therapeutic applications of nuclear medicine majorly focus on cancer treatment and scar- tissue removal.

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Geographically, the nuclear medicine market is segmented into four major regions: North America, Europe, Asia Pacific and Rest of the World. North America accounts for the largest share in terms of revenue due to several technological advancements and high cost associated with the nuclear medicines applications. Diagnostic nuclear medicine forms the largest application of nuclear medicine technology, radiopharmaceutical products and computer aided detection services in the region.

Therapeutic nuclear medicine follows diagnostic nuclear medicine in terms of applications. However therapeutic nuclear medicine being an expensive procedure has the potential to surpass diagnostic nuclear medicine in the future in terms of revenue. On the other hand European companies continue to remain a strong point in the global nuclear medicine market mainly due to the high quality of services offered, greater innovations and their increased reliability. Certain significant restrictions for nuclear medicine services such as shortage of radioactive isotopes, dearth of technical experts in hospitals and high cost of materials, continue to dampen the market growth especially in the cost sensitive economies of Asia Pacific region.

The demand for nuclear medicine services in the Asia Pacific region is expected to grow in the future due to increasing incidences of cancer, cardiovascular and neurological diseases, Australia, Japan, and China form the largest market in the Asia Pacific region as amajority of nuclear medicine diagnostic equipment manufacturing are from these countries. In addition Australia is among the world’s largest manufacturers of pharmaceutical radio-isotopes. South Asia and South East Asia on the other hand show great potential in terms of cardiovascular and neurological application. Therapeutic application of nuclear medicine for treating oncology cases are yet to be fully developed throughout the region, although countries such as Singapore exhibit a successful rate of nuclear medicine therapeutics.

Some of the key players contributing to the global nuclear medicine market include: G.E Healthcare, AIPES, COMECER S.P.A, Pinestar Technology, Inc., Ashby Gorman Baker Ltd, and Mediso Ltd.