The market for nuclear medicine in the Asia-Pacific region is majorly driven by factors such as increasing incidents of cancer and cardiac ailments, rising application of SPECT and PET, and growing public awareness about healthcare.
Increasing incidence of cancer and cardiac ailments is the major driver of the market. Nuclear medicine shows a huge potential in treating cardiac and cancer diseases. According to Cancer Index, it is estimated that 6,763,000 new cases and 4,499,500 deaths occur every year due to cancer in the Asian region. Cardiology applications will continue to demonstrate strong growth in the market.
In addition, the regulatory requirements pose a hurdle to translational research and clinical investigations. For example, in India, all the approvals for nuclear medicine products are given by the Atomic Energy Regulatory Board (AERB), and, including diagnostic radiopharmaceuticals and radio therapeutics, undergo regulatory procedures by AERB. This indicates the focus on regulation of the nuclear medicine which makes the regulation process strict.
Key Market Trends
Diagnostics Segment is Expected to Show Better Growth in the Forecast Period.
The diagnostics segment is segmented into SPECT and PET. PET imaging radioisotopes have many applications in clinical neurology, which involve movement disorders, epilepsy, brain tumors, dementia, stroke, and neuronal plasticity. Future applications include early diagnosis of brain metastases, Parkinson syndromes, and neurodegenerative disorders, such as Alzheimer's disease. The market for radioisotopes is expected to be larger in the developing countries because of the increasing awareness among people about radioisotopes, increasing the incidence of chronic diseases, like cancer, and cardiovascular diseases. Hence, owing to these factors, the market is expected to witness rapid growth in the forecast period.
There is moderate competition among the players of the Asia-Pacific Nuclear Medicine market. However, this competition is not by virtue of competitive pricing or product differentiation. Additionally, big players of the pharmaceutical and biotechnology industries are leveraging their huge capital reserves to venture into this market, which is further increasing the competition. It is expected that in the coming years, few small to mid-sized companies will penetrate the market and hold a substantial share in the Asia-Pacific region.
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