Asia-Pacific Nuclear Medicine Market by Type (Diagnostics, Therapeutics, and Biochemistry Research), Modality (SPECT, PET, Beta emitters, Alpha Emitters, Brachytherapy, and Others), Application (Oncology, Cardiology, Thyroid, Neurology, ad Others) and End User (Hospitals & Diagnostic Centers and Research Institutes): Regional Opportunity Analysis and Industry Forecast, 2021–2028
The Asia-Pacific nuclear medicine market was valued at $4,116.43 million in 2020, and is projected to reach $8,957.89 million by 2028, registering a CAGR of 10.4% from 2021 to 2028. Radiopharmaceuticals are pharmaceutical formulations comprise radioactive isotopes that are used in diagnosis and therapeutics. They are simple and small substances that contain a radioactive substance used in the treatment of cancer and cardiac & neurological disorders. Moreover, nuclear medicines of modality, SPECT and PET work as a convenient and safer alternative for patients as compared to X-Rays and other external radiation imaging devices. Applications such as lymphoma and bone metastasis use radiopharmaceuticals, also known as nuclear medicines. F-18, Tc-99, Ga-67, and I-123 are some of the nuclear medicines used in diagnostic procedures, while I-131, Ir192, Y-90, I-125, Lu-177, and Ra-223 are used in therapeutics procedure. More convenient therapeutic radiopharmaceuticals for oncology and cancer treatment replace the conventional chemotherapy methods to open up new avenues in the radiopharmaceuticals market. The market is currently in its growth stage driven by increase in the number of cancer cases in the Asia-Pacific region and the surge awareness about nuclear medicine. Convenience of treatment with minimally invasive techniques attracts more patients toward the radiopharmaceuticals mode of treatment as compared to chemotherapy. The factors that drive the radiopharmaceuticals industry include increase in incidence of cardiac patients and adoption of clear imaging technique, with the help of diagnostic equipment such as PET and SPECT. The factors that hinder the growth of the market include supply shortages, logistical difficulties, and limited number of trained medical personnel.
The nuclear medicine market is categorized into type, modality, application, and end-user. On the basis of type, the market is segmented into diagnostics, therapeutics, and biochemistry research. The diagnostics segment led the market in 2020, and is anticipated to continue this trend during the forecast period, owing to the surge in prevalence of cancer that require early diagnosis for appropriate treatment could be provided in the Asia-Pacific region. Furthermore, rise in incidence of cardiac patients and clear imaging technique with the help of diagnostic equipment such as PET and SPECT is projected to help the diagnostics segment gain traction. By modality, the Asia-Pacific nuclear medicine market is segregated into SPECT, PET, beta emitters, alpha emitters, brachytherapy, and others. The SPECT segment is expected to witness extensive market growth during the forecast period, owing to advantages of getting multiple 2-D and 3-D images, by performing SPECT imaging technique with the help of gamma camera aids in better access for the physicians to visualize the targeted area. Increase in the demand for the diagnosis of conditions such as cancer, cardiac, and neurology is expected to drive the growth of the industry during the forecast period. By application, the Asia-Pacific nuclear medicine market is segregated into oncology, cardiology, thyroid, neurology and others. The oncology segment is expected to witness substantial market growth during the forecast period, owing to increase in cases of cancers and advancement of radio-therapeutics which has expedited the treatment process of cancerous tumors. However, thyroid segment is anticipated to gain highest CAGR, due to the growth in the number patient population in the coming years. By end user, the Asia-Pacific nuclear medicine market is segregated into hospitals & diagnostics centers and research institutes. The hospitals & diagnostic centers segment is expected to witness significant market growth during the forecast period, owing to the surge in preference toward hospitals & diagnostic centers. By country, China is expected to register the highest revenue share during the forecast period pertaining to the higher targeted population base, surge in awareness regarding early diagnosis and therapeutics of cancer and cardiac ailments, and rise in disposable income. However, India is anticipated to gain fastest CAGR, owing to the surge in the patient population in the country. Competitive rivalry in the Asia-Pacific nuclear medicine market was observed at high level as major players have focused on the adoption of growth strategies such as product launches, mergers & acquisitions (M&As), and partnerships & collaborations to attain strong position in the competitive market. Key players operating in the Asia-Pacific nuclear medicine market include Bracco S.P.A. (Bracco Imaging S.P.A.), Bwx Technologies, Inc. (Nordion, Inc.), Cardinal Health, Inc., Danaher Corporation (GE Healthcare), FUJIFILM Toyama Chemical Co., Ltd. (FUJIFILM Holdings Corporation), Ion Beam Applications (Ion Beam Applications, SA), Lantheus Holdings, Inc. (Lantheus Medical Imaging, Inc.), Novartis AG (Advanced Accelerator Applications S.A.), Otsuka Holdings Co., Ltd. (ABX advanced biochemical compounds GmbH), and Siemens Healthcare GmbH.
KEY BENEFITS FOR STAKEHOLDERS • The study provides an in-depth analysis of the Asia-Pacific nuclear medicine market size along with the current trends and future estimations to elucidate the imminent investment pockets • It offers market analysis from 2021 to 2028, which is expected to enable the stakeholders to capitalize on the prevailing opportunities in the market • A comprehensive analysis on region assists to understand the regional market and facilitate the strategic business planning and determine prevailing opportunities • The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook of the Asia-Pacific nuclear medicine market growth
KEY MARKET SEGMENTS
By Type • Diagnostics • Therapeutics • Biochemistry Research
By Modality • SPECT • PET • Beta Emitters • Alpha Emitters • Brachytherapy • Others
Malaysia Nuclear Medicines Market by Type (Diagnostics, Therapeutics, and Biochemistry Research), Modality (SPECT, PET, Beta Emitters, Alpha Emitters, Brachytherapy and Others), Application (Oncology, Cardiology, Thyroid, Neurology, and Others), and End User (Hospitals & Diagnostic Centers, and Research Institutes): Opportunity Analysis...
The global nuclear medicine market is projected to reach USD 7.5 billion by 2026 from USD 4.8billion in 2021, at a CAGR of 9.0% during the forecast period. Growth in the nuclear medicine market can primarily be attributed to factors such as the increasing incidence and prevalence of cancer and cardiac ailments and initiatives to lessen the...