Image courtesy of Philips Healthcare
January 27, 2020 — According to the new market research report "Nuclear Medicine Market by Type (Diagnostic (SPECT - Technetium, PET- F-18), Therapeutic (Beta Emitters – I-131, Alpha Emitters, Brachytherapy – Y-90)), Application (Oncology, Cardiology) - Global Forecast to 2024", published by MarketsandMarkets, the nuclear medicine market is expected to reach USD 5.2 billion by 2024 from an estimated USD 4.1 billion in 2019, at a CAGR of 4.7 percent.
The key factors driving the growth of this radiopharmaceuticals market are increasing incidence and prevalence of cancer and cardiac ailments, and initiatives to lessen the demand-supply gap of Mo-99.
SPECT radiopharmaceuticals segment expected to account for the largest share
Based on type, the market is categorized into diagnostic and therapeutic nuclear medicine. The diagnostic nuclear medicine segment is further categorized into SPECT and PET radiopharmaceuticals. The SPECT radiopharmaceuticals segment is expected to account for the largest share of the market in 2019. However, the PET radiopharmaceutical segment is projected to register the highest CAGR during the forecast period. Although PET is more expensive than SPECT, advances in PET imaging and the introduction of new PET radiotracers are supporting its growth in the market.
North America to dominate the market in 2019
North America, Europe, the Asia Pacific, and the Rest of the World (RoW) are the regions considered for geographic analysis of the global nuclear medicine market study. North America is expected to account for the largest share of the global nuclear medicine industry. The growth of the market in North America can be attributed to the development of novel technologies for radioisotope production, government funding, and company initiatives in the region.
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