What This Report Will Provide?
The study involved four major activities in estimating the current size for the North American nuclear medicine market. Exhaustive secondary research was done to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research.
Expected Revenue Growth:
[159 Pages Report] 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.
Major Growth Boosters:
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.
Key Questions Addressed in The Report:
- Which product segment will dominate the North American nuclear medicine market in the future?
- Which application segment will dominate the market in the future?
- Emerging countries offer immense opportunities for the growth and adoption of nuclear medicine; will this scenario continue in the coming five years?
- Where will technology advancements offered by various companies take the industry in the mid- to long-term?
- What are the upcoming products in the nuclear medicine market?
The alpha emitters segment is expected to command the largest share of the therapeutic nuclear medicine market in 2019
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). The North American market for Ra-223 is expected to command the largest share owing to its targeted properties over beta emitters and being the only alpha-emitter product available in the market.
On the basis of type, which segment will command the largest market share?
On the basis of type, North America nuclear medicine market is segmented into diagnostic and therapeutic North America nuclear medicine. The diagnostic North America nuclear medicine market accounted for the largest share of the North America nuclear medicine market. The rising prevalence of cancer and cardiovascular diseases, increasing use of SPECT and PET imaging and advancements in radiotracers are driving the growth of this segment.
Regional Growth Analysis:
Geographically, the North American market comprises of US and Canada. In 2018, the US accounted for the largest share of the nuclear medicine market. The large share can be attributed to the development of novel technologies for radioisotope production, government funding, and company initiatives in the country.