The Europe Nuclear Medicine Market is growing due to the rising prevalence of cancer and cardiac disorders and the increasing demand for image guided procedures and diagnostics.
Nuclear medicine has shown a huge potential in treating cardiac and cancer diseases. According to WHO, it is estimated that 3.7 million new cases and 1.9 million deaths occur every year due to cancer, and cancer disease represents the second most significant cause of death and morbidity in Europe. Therefore the cardiology applications will also continue to demonstrate strong growth in the market. There are also other factors, such as increasing SPECT and PET applications and growing public awareness for healthcare that are also expected to drive the market in the future.
Regulatory requirements pose another hurdle to translational research and clinical investigations. In Europe, all the guidelines for nuclear medicine products are coordinated by the European Association of Nuclear Medicine (EANM) and, including diagnostic radiopharmaceuticals and radio therapeutics, undergo regulatory procedures by European Medicines Agency (EMEA). Radiopharmaceuticals therefore undergoes unique regulatory and approval pathways. Sometimes, extensive toxicology testing poses considerable financial burdens for the investigators.
Key Market Trends
Cardiology Segment is Expected to Grow During the Forecast Period
The nuclear imaging is used in the diagnosis and treatment of various diseases such as heart disease, cancer, and brain disorders by taking a small amount of radioactive particle and then determining the response with external detectors such as gamma cameras. These devices help in determining the severity and progression of the disease so that effective medication program can be developed. According to the estimates of the World Health Organization (WHO), in 2016, 17.9 million people died, due to CVDs. Therefore with the increasing cardiology diseases the segment is expected to have a positive contribution in the market growth.
There is high competition among the players of the global nuclear medicine market. 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. The major players in the Europe nuclear medicine market include Advanced Accelerator Applications, Bracco Imaging, Cardinal Health, Curium Pharma, GE Healthcare, Isotec Inc. (Sigma-Aldrich), Mallinckrodt Pharmaceuticals, Nordion Inc., and Siemens AG.
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