North America Nuclear Medicine Diagnostic Market expected to reach .04 billion

Posted by rohan on March 6th, 2018

The North America Nuclear Medicine Diagnostic Market is estimated at .54 billion in 2015 and is expected to reach .04 billion by 2020, at a compound annual growth rate (CAGR) of 11.3%.Nuclear medicine is a branch of medicine that uses radiation to deliver information about the functioning of a person's specific organs or to treat a disease. In most cases, the information will assist the physicians to make a quick, accurate diagnosis of the patient's illness.

Till now, SPECT imaging was the most conventional modality for nuclear medicine applications such as nuclear cardiology procedures. However, the trend is soon going to see a down turn owing to shortage of molybdenum-99 isotope which in turn will lead to deficiency of Technetium-99, which is the by-product of molybdenum. Therefore, PET imaging products which include hybrid PET-CT scanners is estimated to be the fastest growing and expected to account for a potentially hefty share in the near future.

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The emerging market affinity is expected to be a fusion of nuclear imaging with different diagnostic imaging products such as SPECT/CT, PET/CT and MRI/PET. This provides full range of imaging scans through the same unit and at the same time. PET market is expected to witness additional growth compared to SPECT imaging due to its better features of delivering higher resolution images and the lack of availability of technetium-99m.

Increasing usage of SPECT and PET in medical diagnostics, rising awareness among people about radiopharmaceuticals, and ready availability of radiopharmaceuticals are some of the major factors fuelling the growth of the market.However, shorter half- life of radioisotopes, regulatory guidelines, high capital investment and reimbursement issues are acting as restraints for the nuclear medicine market growth.

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The Nuclear Medicine Market is segmented into two major segments SPECT (Technetium-99m (TC-99m), Iodine (I-123) Thallium-201 (TL-201) and others) and PET (Rubidium-82 (RB-82), Fluorine-18, and others). By application, the market is categorized into SPECT (lymphoma, cardiology, neurology, thyroid and others) and PET (cardiology, oncology, neurology and others).

Furthermore, on the basis of geography, the North American market for nuclear diagnostics is analysed under two regions namely, USA and Canada.

Some of the key players influencing the North America nuclear medicine market are Cardinal Health, Inc., Bracco Imaging S.p.A,GE Healthcare, Eczacibasi-Monrol Nuclear Products, Nordion, Inc., Bayer Healthcare, Lantheus Medical Imaging, Inc.,Advanced Accelerator Applications S.A., IBA Molecular Imaging, and Mallinckrodt plc.

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