Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Nuclear Medicine Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, March 31, 2021 (GLOBE NEWSWIRE) -- The Global Nuclear Medicine Market is anticipated to grow at a CAGR of around 9.8% during the forecast period 2020 to 2027 and to reach around US$ 12.8 Bn by 2027.
Increasing drug R&D activities and rise in demand for patient specific medicine are major factor expected to drive the growth of the global nuclear medicine market.
North America is expected to account for major revenue share in the global nuclear medicine market due to rapid advancements in drug development. There is noticeable increase in number of patients suffering from chronic diseases in the country. According to U.S. Department of Health and Human Services, in 2020, an estimated 1,806,590 new cases of cancer will be diagnosed in the United States and 606,520 people will die from the disease. As of January 2019, there were an estimated 16.9 million cancer survivors in the United States. The number of cancer survivors is projected to increase to 22.2 million by 2030. Consumers demand for advanced medication that has minimal side effects on body is gaining attention. Government is spending high for the development of new drugs. These factors are expected to impact the growth of target market.
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The Pharmaceutical Research and Manufacturers of America (PhRMA) trade group represents the leading biopharmaceutical research companies in the United States. In 2019, the research and development (R&D) expenditure of its member companies reached 83 billion U.S. dollars worldwide. Total cost to bring a single cancer drug to the healthcare market is US$780 million. Presence of large number of players operating in the country and availability of advanced infrastructure is expected to aid in development of new specialized medicine is expected to augment the regional market growth.
The market in Asia Pacific is expected to account for major revenue share in the nuclear medicine market due to developing medical landscape. Government is chancing the regulatory policies related to healthcare sector. High spending on healthcare infrastructure development and favorable business policies is attracting drug manufacturers to developing countries. Establishment of new facilities for R&D activities is expected to boost the regional market growth. There are a total of 293 nuclear medicine departments in India as per the Atomic Energy Regulatory Board's (AERB) list of July 2018. Today, 22 of 29 states (76%) and 3 of 7 union territories (43%) in India have nuclear medicine facility. Major players approach towards tracking the untapped market in developing countries and focus on partnership is expected to support the nuclear medicine market growth.
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Rapid technological advancements in drug discovery, substantial increase in number of patients suffering from cancer, and demand for patient specific medication from consumers are major factors expected to drive the growth of global nuclear medicine market. According to U.S. Department of Health and Human Services, in 2020, an estimated 16,850 children and adolescents ages 0 to 19 were diagnosed with cancer and 1,730 died of the disease. Increasing merger and acquisition activities by major players is expected to augment the target market growth. In 2019, Curium Pharma, a nuclear medicine company acquired MAP Medical.
The acquisition is expected to help the company to enhance the business presence in Europe market with direct access to Nordic and Baltic countries. Factor such as stringent product approval process by the government and short-life of the medications are expected to hamper the growth of global nuclear medicine market. In addition, high cost associated to R&D activities is expected to challenge the growth of target market. However, increasing investment by major players for product development and use of radiopharmaceuticals in neurological applications are factors expected to create new opportunities for players operating in nuclear medicine market over the forecast period. In addition, increasing strategic partnership between regional and international players is expected to support the revenue transaction of target market.
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The global nuclear medicine market is segmented into product and application. The product segment is bifurcated into diagnostic nuclear medicine, therapeutic nuclear medicine, and brachytherapy isotopes. Among product type the diagnostic nuclear medicine segment is expected to account for major revenue share in the nuclear medicine market. Players operating in the global nuclear medicine market are Cardinal Health, GE Healthcare, Curium, Lantheus Medical Imaging, Bayer AG, Bracco Imaging, Eczacıbaşı-Monrol Nuclear Products, Nordion, Advanced Accelerator Applications, NTP Radioisotopes, and JSC Isotope. The market is highly competitive due to presence of large number of players operating on global level.
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