Northbrook, IL -- (SBWIRE) -- 12/08/2020 -- According to the new market research report"Nuclear Medicine/Radiopharmaceuticals Market by Type (Diagnostic (SPECT - Technetium, PET- F-18), Therapeutic (Beta Emitters – I-131, Alpha Emitters, Brachytherapy – Y-90)), Application (Oncology, Cardiology) - Global Forecast" published by MarketsandMarkets™.

Revenue Growth Opportunities and Growth Drivers?

The nuclear medicine market is expected to reach USD 5.2 billion by 2024 from an estimated USD 4.1 billion in 2019, growing at a CAGR of 4.7% during the forecast period.

Growth Boosting Factors:

# Increasing Incidence and Prevalence of Target Conditions
# Alpha Radioimmunotherapy-Based Targeted Cancer Treatment
# Initiatives to Reduce the Demand-Supply Gap of Mo-99
# Use of Radiopharmaceuticals in Neurological Applications

Recent Developments:

- In 2019. Curium acquired MAP Medical, which will help it to increase its footprint in Europe with direct access to Nordic and Baltic countries.

- In 2019, Eczacýbaþý-Monrol and Telix Pharmaceuticals Limited (Australia) signed a manufacturing and distribution agreement. Under the terms of the agreement, Telix has appointed Eczacýbaþý-Monrol as a radiopharmaceutical production partner and distributor in Turkey, the Middle East, and North Africa.

- In 2019, Curium (France) and NRG (Netherlands) signed an agreement for the production of Molybdenum-99.

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Leading Key Players in the Worldwide Industry:

Cardinal Health (US), GE Healthcare (US), Curium (France), Lantheus Medical Imaging (US), Bayer AG (Germany), Bracco Imaging (Italy), Eczacýbaþý-Monrol Nuclear Products (Turkey), Nordion (Canada), Advanced Accelerator Applications (France), and NTP Radioisotopes (South Africa).

Geographical Regions Mapped in Report:

The global nuclear medicine market has been categorized on the basis of four major regional segments—North America, Europe, the Asia Pacific, and the Rest of the World. In 2018, North America 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 region.

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Market Segmentation in Detailed:

Based on type, the nuclear medicine 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.

Based on application, the nuclear medicine market is segmented into SPECT, PET, and therapeutic applications. The SPECT applications is further segmented into cardiology, bone scans, thyroid applications, pulmonary scans, and other SPECT applications. The thyroid applications segment is projected to register the highest growth rate in the forecast period. The high growth of this segment can be attributed to the increasing incidence and prevalence of thyroid disorders.