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Global Nuclear Medicine Market to Exhibit 8% CAGR 2016-2020, North America to Retain Dominance

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Published on : Sep 09, 2016

ALBANY, New York, September 09, 2016: A recent market research report added to the vast repository of ResearchMoz.us presents a detailed overview of the present state of the global nuclear medicine market. The report, titled “Global Nuclear Medicine Market 2016-2020,” also gives a forward-looking perspective of the way the market is expected to develop in the next few years looking at how various forces such as drivers, restraints, trends, competition, and regulations are at work presently.

The report states that the market will exhibit a remarkable 8% CAGR from 2016 to 2024. The vast rise in demand for positron emission tomography (PET) imaging and single photon emission computed tomography (SPECT) is expected to emerge as one of the most impactful drivers of the market in the next few years. These technologies, enabling the early diagnosis of a variety of cancers, orthopedic disorders, and several other diseases, are finding extensive usage across fields such as angioplasty and interventional cardiology.

The report segments the global nuclear medicine market on the basis of product type into nuclear medicine equipment and radiopharmaceuticals. Of these, the segment of radiopharmaceuticals presently accounts for the dominant share of the market and is also expected to outpace the segment of nuclear medicine equipment over the report’s forecast period. Much of the growth of this segment is owing to the rising use of radioactive pharmaceutical drugs as nuclear imaging agents.

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In terms of geography, the global nuclear medicine market is dominated by the Americas, which accounted for over 60% of the global market’s revenues in 2015. Factors such as easy availability of technologically advanced products, a rapid rise in geriatric population, and favorable reimbursement policies are key to the region’s growth in the field of nuclear medicine in the past few years and will continue to drive the market in the near future. Moreover, the rising use of PET/CT and SPECT/CT imaging techniques for diagnosing and treating a vast number of diseases will also boost the overall growth of the Americas nuclear medicine market in the near future.

The market features intense competition owing to the presence of a large number of companies competing on the basis of factors such as pricing, performance, product development, distribution networks, brand positioning, and promotion strategies. The level of competition is expected to intensify in the next few years as key vendors are focusing on the development of technologically advanced hybrid nuclear imaging products. Many manufacturers are also collaborating with healthcare providers to widen their grasp across regional markets with promising growth opportunities.

Some of the key vendors in the market are Cardinal Health, GE Healthcare, Digirad, Philips Healthcare, Lantheus Medical Imaging, AGFA Healthcare, Jubilant DraxImage, Brain Biosciences, Bracco Imaging, Bayer, ABT Molecular Imaging, FUJIFILM Holdings, Navidea Biopharmaceuticals, and Toshiba Medical Systems.

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