The nuclear medicine market is projected to reach USD 5.26 billion by 2023 from an estimated USD 3.95 billion in 2018, at a CAGR of 5.9%. In 2017, the nuclear medicine market was dominated by a few large players, namely, Cardinal Health (US), GE Healthcare (US), Curium (France), Bayer (Germany), Lantheus Medical Imaging (US), Advanced Accelerator Applications (France), and Jubilant Life Sciences (India).
Agreements, partnerships, contracts, and product approvals were the key strategies adopted by players between 2015 and 2018.
Cardinal Health dominated the global nuclear medicine market in 2017. Cardinal Health is a healthcare services company providing pharmaceutical and medical products and services to healthcare providers. Cardinal Health operates in the US, Canada, the British Virgin Islands, Malaysia, Singapore, the UK, Luxembourg, Thailand, Switzerland, Ireland, and Belgium through its 150 subsidiaries. Its global presence enables the company to operate the world’s largest network of nuclear pharmacies and expand its PET agent manufacturing capabilities to support new drug development and the growth of personalized medicine. The company has expanded its production capabilities in the US by opening three new cyclotrons in Sacramento, Portland, and Chicago.
Curium accounted for the second largest share of the global nuclear medicine market. Curium started its operations in 2017 through the union of two major players—IBA Molecular (France) and Mallinckrodt Pharmaceuticals (Ireland)—in the nuclear medicine market. Curium focuses on innovation and it invested ~USD 3 million to build a new R&D laboratory in 2017. The company is planning to introduce four new products which are likely to lead to a multifold increase in its revenue. With a strong, experienced workforce that has an extensive background in nuclear medicine and a steady focus on innovation, the company is likely to dominate the global nuclear medicine market in the coming years.
GE Healthcare accounted for the third largest share of the global nuclear medicine market. GE Healthcare has a huge network of radiopharmacies and a robust customer base in approximately 175 countries, primarily operating in North America, Europe, the Pacific Basin, the Americas, and the Middle East & Africa. Some major subsidiaries of the company are GE Healthcare USA Holdings, GE Healthcare (Japan), GE Healthcare Biosciences AB (US), and GE Healthcare AS (Norway). The company’s robust portfolio for the nuclear medicine market, large number of subsidiaries, and focus on customer satisfaction has contributed to its large share in the nuclear medicine market.
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