In 2021, Sequent Scientific Ltd. (India) received WHO’s GENEVA approval for API Praziquantel (Anthelmintic) under the prequalification program.

Northbrook, IL 60062 -- (SBWire) -- 07/10/2023 --According to the new market research report "Nuclear Medicine/Radiopharmaceuticals Market is projected to reach USD 9.4 billion by 2028 from USD 5.5 billion in 2023, at a CAGR of 11.3% from 2023 to 2028. Factors such as development of alpha-radioimmunotherapy-based targeted cancer treatments and increasing initiatives to lower the demand-supply gap of Mo-99 are propelling the market growth However, hospital cost cuts and excessive equipment prices are expected to restrain market growth.

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324 – Tables
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Growth in the nuclear medicine market can primarily be attributed to factors such as the increasing incidence and prevalence of cancer and 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.

The nuclear medicine market is mainly driven by factors such as rising incidence and prevalence of target disease, and need for adoption of nuclear medicine for early diagnosis of diseases. However, hospital budget cuts and high equipment prices have made it difficult for a section of end users to opt for nuclear medicine are challenging the growth of this market.

Key Market Players:

The nuclear medicine market is highly consolidated. Some of the major players operating in this market include GE HealthCare (US),Cardinal Health (US), Curium (France),Bayer AG (Germany), Lantheus Holdings, Inc.(US), Bracco Imaging S.p.A. (Italy), PharmaLogic Holdings Corp. (US), Eczacibasi-Monrol Nuclear Products (Turkey), NTP Radioisotopes SOC Ltd (South Africa), Nordion Inc.(Canada), Advanced Accelerator Applications (France), NorthStar Medical Radioisotopes (US), Eckert & Ziegler (Germany), Isotope JSC (Russia), Siemens Healthineers (Germany), Jubilant DraxImage,Inc. (Canada).

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Driver: Rising incidence of transboundary & zoonotic diseases

Transboundary and zoonotic diseases have become a growing concern worldwide due to their potential to cause significant harm to both animals and humans. These diseases, such as avian influenza, rabies, and African swine fever, can rapidly spread across borders and pose a threat to public health, animal welfare, and global trade. As a result, there has been an increase in the utilization of veterinary active pharmaceutical ingredients (APIs) to combat and prevent the spread of these diseases. Veterinary APIs provide essential tools for treating infected animals and preventing the spread of diseases. They are used to develop effective therapeutics that target specific pathogens, reduce the severity of symptoms, and aid in the recovery of affected animals. By controlling disease outbreaks in animals, veterinary APIs contribute to reducing the risk of transmission to humans. The increased usage of veterinary APIs aligns with global efforts to address transboundary and zoonotic diseases. International organizations, governments, and veterinary professionals collaborate to develop and implement disease control programs. The availability of effective and quality veterinary APIs plays a significant role in supporting these programs, facilitating international cooperation, and minimizing the impact of these diseases on public health and global trade.

The diagnostic nuclear medicine segment is expected to hold the largest market share during the forecast period.

On the basis of type, the nuclear medicine market is segmented into diagnostic and therapeutic nuclear medicine. The diagnostic nuclear medicine segment is further categorized as SPECT and PET radiopharmaceuticals, while the therapeutic nuclear medicine segment is further divided into beta emitters, alpha emitters, and brachytherapy isotopes. The diagnostic nuclear medicine segment is expected to holds the largest share of the nuclear medicine market during forecast period. The rising prevalence of cancer and cardiovascular diseases,and advancements in radiotracers are some of the key factors driving the growth of this segment.

The diagnostic procedure segment is projected to hold the largest market share during the forecast period.
On the basis of procedural volume, the nuclear medicine market is segmented into diagnostic and therapeutic procedures. The diagnostic procedure segment is further categorized as SPECT and PET procedures.The diagnostic procedures accounted for the largest share,in the nuclear medicine market. The large share of this segment can be attributed to the diagnostic radioisotopes finding wider demand and use as compared to therapeutic radioisotopes.

The diagnostic application segment is expected to account for the largest share of the nuclear medicine application market in 2022.

On the basis of application, the nuclear medicine market is segmented into diagnostic and therapeutic applications. The diagnostic application segment is further categorized as SPECT and PET applications, while the therapeutic nuclear medicine segment is further divided into endocrine tumors, thyroid indications, bone metastasis, lymphoma, other therapeutic applications. The diagnostic application segment is expected to account for the largest share of the nuclear medicine market. The increasing demand for SPECT diagnosis owing to the rising demand for minimally invasive surgeries and targeted radiotherapy is the major factor driving the adoption of the diagnostic application using nuclear medicine.

North America accounted for the largest share for players operating in the nuclear medicine market in 2022
On the basis of region, the nuclear medicine market is bifurcated into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America hold the largest share of the nuclear medicine market in 2022. This can be attributed to the rising surge of geriatric population,growing requirement of nuclear medicine in the early diagnosis of diseases, technology advancement for radioisotope production, government funding, and key players in this region are also impelling the nuclear medicine market in the region.

Report Link: Nuclear Medicine/Radiopharmaceuticals Market

Recent Developments of Veterinary API Industry

- In 2021, Sequent Scientific Ltd. (India) received WHO's GENEVA approval for API Praziquantel (Anthelmintic) under the prequalification program.

- In 2020, Sequent Scientific Ltd. Opened a state-of-the-art animal health R&D center in Mumbai, India.