Growth in the market can primarily be attributed to factors such as the increasing incidence and prevalence of cancer & cardiac ailments and initiatives to lessen the demand-supply gap of Mo-99. However, the short half-life of radiopharmaceuticals reduces their potential adoption, while hospital budget cuts and high equipment prices are expected to limit market growth to a certain extent.
What the Market Looks Like?
The North American nuclear medicine market is expected to reach USD 2.7 billion by 2024 from an estimated USD 2.2 billion in 2019, growing at a CAGR of 4.1% during the forecast period. The US accounted for the largest share of the nuclear medicine market in 2018.
SPECT applications is segmented into cardiology, bone scans, pulmonary scans,thyroid applications, other SPECT applications. Cardiology accounted for the largest share of the market. Market growth is mainly driven by the increasing incidences and mortality rate of CVDs.
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What are Key Trends in the Market?
The growth of the North American Nuclear Medicine Market is primarily influenced by the following factors:
- Increasing Incidence and Prevalence of Target Conditions
- Alpha Radioimmunotherapy-Based Targeted Cancer Treatment
- Initiatives to Lessen the Demand-Supply Gap of Mo-99
Based on type, the market is categorized into diagnostic and therapeutic nuclear medicine. The therapeutic nuclear medicine segment is further segmented into alpha emitters, beta emitters, and brachytherapy isotopes. In 2013, the FDA approved the first and only product for alpha emitters in the market, launched by Bayer AG under the name Xofigo (a Ra-223 dichloride molecule).
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