Pune, India -- (SBWire) -- 05/16/2018 --The nuclear medicine market is mainly driven by development of new treatments for diagnosis and therapy for various diseases. A number of factors such as radiation risk and adverse effects from therapy can negatively impact the market. It has been reported that, these side effects are not long-term and potential risk from such therapies are on the lower side.
The author of the report analyzed that the nuclear medicine market accounted for US$ 4.62 billion in 2016. Nuclear medicine is cost effective method for treatment and yields more accurate information than regular surgeries.
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Nuclear medicines are radioactive materials called radiotracers that are injected into the bloodstream, inhaled or swallowed. It is used in diagnosis of various diseases. The radiotracer travels through the area to be examined and the energy released from these radiotracers in the form of gamma rays are detected by a special camera and a computer.
Global market based on the product type is classified as diagnostic medicine and therapeutic medicine. In the diagnosis, there are two types of imaging techniques which includes, single-photon emission computed tomography (SPECT) and positron emission tomography (PET). These techniques are very helpful in diagnosis of gall bladder disease, thyroid disease, cancer, Alzheimer's disease, heart conditions and brain conditions. The diagnostic medicine held the largest share in global nuclear medicine market and is also anticipated to be the fastest growing market in terms of the CAGR.
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Based on Product, Therapeutic Medicine Segment of the Nuclear Medicine Market Is Projected to be the Fastest Growing Segment During the Forecast Period, 2018-2026
Therapeutic medicine is further segmented into beta emitters, alpha emitters and brachytherapy isotopes. They are used in the treatment of cancer, cardiovascular diseases and neurological diseases.
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North America is Estimated to be the Largest Nuclear Medicine Market
The North American region held the largest market share for nuclear medicine in terms of revenue, in 2016. The growth of the North America market can be attributed to the widespread awareness of the use of radioisotopes and radiation in medicine for various medical conditions. In the developed countries, the frequency of diagnostic and therapeutic nuclear medicine is rising exponentially.
Nuclear Medicine Market is Fragmented with the Presence of Global and Regional Players
Some of the key participants in global market are Cardinal Health, Inc., Medtronic, Minimally Invasive Therapies, Ion Beam Applications S.A (IBA Worldwide), Lantheus Medical Imaging Inc., General Electric Company, Bracco Imaging S.p.A, Bayer AG, Advanced Medical Isotope Corporation, Alliance Medical Limited, Alseres Pharmaceuticals, Inc., Avid Radiopharmaceuticals, Inc., Actinium Pharmaceuticals, Inc., Immunomedics, Inc., Jubilant Pharma LLC, Mallinckrodt Pharmaceuticals, Medi-Radiopharma Co., Ltd., Peregrine Pharmaceuticals, Inc.,Positron Corporation and Nordion (Canada) Inc. amongst others.
In the October 2017, Novartis, which is pharmaceutical company bought a French nuclear medicine group AAA. The specializes in the radio pharmaceuticals for diagnosis and treatment of tumours thereby increasing its pipeline of nuclear medicine.
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Nuclear Medicine Market- By Product
- Diagnostic Medicine
- SPECT Radiopharmaceuticals
- PET Radiopharmaceuticals
- Therapeutic Medicine
- Beta Emitters
- Alpha Emitters
- Brachytherapy Isotopes
Nuclear Medicine Market- By Application
- Diagnostic Application
- Oncology
- Cardiology
- Neurology
- Others
- Therapeutic Application
- Thyroid
- Bone Metastasis
- Lymphoma
- Endocrine Tumors
- Others
Market By Region
- North America
- Europe
- Asia Pacific
- Rest of The World
