Increasing cases of cancer and cardiac ailments are the major drivers for the nuclear medicine radioisotopes market. Nuclear medicine has a huge potential in treating cancer and cardiac diseases. Growth of medical imaging is an opportunity for the growth of the nuclear medicine radioisotope market, as both markets are correlated. Radiopharmaceuticals are approved by the Food and Drug Administration (FDA) as either drugs or biologics. They meet the statutory definition of drugs under Section 1861(t) of the Social Security Act because they either are included in the various drug compendia or recognized by hospital medical staff as drugs. Historically, nuclear medicine has been well established as a therapeutic modality for thyroid cancer, Graves’ disease, hyperthyroidism, and bone pain palliation, associated with skeletal metastasis. Hence, the broadening applications of radioisotopes are expected to propel market growth.
Key Market Trends
Oncology Segment is Expected to Exhibit Fastest Growth Rate over the Forecast Period
Radiotherapy can be used to treat various medical conditions, especially cancer, using radiation to weaken or destroy particular targeted cells. PET, which is a precise technique, uses isotopes produced in a cyclotron. It is highly used for a clinical role in oncology, with fluorine-18 as the tracer, and it is proven to be the most accurate non-invasive method of detecting and evaluating most cancers. A new field for cancer treatment is targeted alpha therapy (TAT) or alpha radio-immunotherapy, especially for the control of dispersed cancers. Nuclear medicine is proven effective in oncology in several roles, spanning the course of the disease, including the characterization of a mass, staging, restaging, and monitoring of therapeutic response. Hence, owing to these associated factors, the oncology segment is expected to exhibit the fastest growth rate.
North America Captured the Largest Market Share and is Expected to Retain its Dominance
North America captured the largest market share in the nuclear medicine radioisotopes market. The United States was the largest contributor to the revenue of North America and is expected to retain its dominance owing to the higher procedural volume and increasing adoption of the nuclear medicine isotopes for various therapeutic applications. Bone scintigraphy is the next most common nuclear medicine procedure performed in the United States, but it represents only 17% of procedures. The volume of PET procedures in the United States is approximately 1.5 million per year. Oncology accounts for more than 90% of the PET and PET/CT procedures performed, whereas cardiology and neurology account for about 4% each. Canada is the largest producer of Technetium-99m. Due to the use of Tc-99m in radiopharmaceuticals, the market is expected to grow at a tremendous rate in Canada. 80% of the nuclear medicine market is driven by Tc-99m in various diagnostic procedures and treatments. Considering these factors associated with the United States and Canada, the North American market is expected to experience accelerated growth rates and market dominance.
There is high competition among the players of the global nuclear medicine radioisotopes 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. GE Healthcare,NTP Radioisotopes SOC Ltd, Nordion (Canada) Inc., Siemens Healthcare, and Positron Corp. are some of the major players in the nuclear medicine radioisotopes market.
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