iCrowdNewswire Oct 30, 202010:50 AM ET
North American Nuclear Medicine/Radiopharmaceuticals Market size is $2.16Bn in 2019, growing at a CAGR of 3.68% during the forecast period 2020-2025. It is a specialized area of radiology that uses very small amounts of radioactive materials, or radiopharmaceuticals, to examine organ function and structure and is a medical specialty that uses radioactive tracers (radiopharmaceuticals) to diagnose and treat disease. Specially designed cameras allow doctors to track the circulation, uptake and excretion of these radioactive tracers. It is used to diagnose or treat cancer. These medications can be delivered orally (in pill form), intravenously (injected into a patient’s vein) or interstitially (inserted into a cavity in the body). Nuclear medicine examinations provide unique information including details on the function and anatomy of body structures that is often unattainable using other imaging procedures. Nuclear medicine scans provide the most useful diagnostic or treatment information for many diseases. It is also used in diagnosing and treating illnesses such as hyperthyroidism, thyroid cancer, lymphomas and bone pain from cancer.
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By Application – Segment Analysis
In 2019, Single-Photon Emission Computed Tomography (SPECT) segment dominated the North American Nuclear Medicine/Radiopharmaceuticals Market in terms of revenue is estimated to grow at a CAGR of 3.13%. A single photon emission computed tomography (SPECT) scan is an imaging test that shows how blood flows to tissues and organs. It could be used to help diagnose seizures, stroke, stress fractures, infections, and tumors in the spine. It is a form of non-invasive nuclear imaging used to determine how organs inside the body work and is a nuclear medicine tomographic imaging technique using gamma rays. SPECT imagers have gamma camera detectors that can detect the gamma ray emissions from the tracers that have been injected into the patient abetting towards the market’s growth.
Country – Segment Analysis
In 2019, the U.S. region dominated North American Nuclear Medicine/Radiopharmaceuticals Market in terms of revenue with a market share of 52% owing towards advanced treatments, innovative products and favorable government policies for reimbursement in this country. This growth can be attributed towards the increasing research & development initiatives and government support for the improvement of the healthcare sector. According to the Society of Nuclear Medicine, 20 million nuclear medicine procedures using radiopharmaceuticals and imaging instruments are carried out in hospitals in the United States alone each year to diagnose disease and to deliver targeted treatments is the key factors in the growth of the North American Nuclear Medicine/Radiopharmaceuticals market. Canada is estimated to record the fastest growth rate during the forecast period 2020-2025.
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Drivers – North American Nuclear Medicine/Radiopharmaceuticals Market
- Increasing In The Prevalence Of Cancer
According to WHO, in 2018, 9.6 million people worldwide died of cancer. Cancer is said to be one of the leading causes of death globally. The increasing incidence of cancer has increased the need for cancer therapies. Nuclear medicine uses small amounts of radioactive material to treat cancer and other medical conditions affecting the thyroid gland, as well as treatments for other cancers and medical conditions is anticipated to boost market growth. National program on prevention and management of cancer by Government is the other major factor driving growth.
Challenges – North American Nuclear Medicine/Radiopharmaceuticals Market
- Side Effects Associated With Treatment
The soreness or swelling can be developed at the injection site and allergic reactions to the radiopharmaceutical are hampering the market’s growth. The unwanted health effects, including cancer used in nuclear medicine and radiology leads to such effects. Exposure to ionizing radiation carries some small risk of unwanted health effects, including cancer are restraining factors for the North American Nuclear Medicine/Radiopharmaceuticals Market.
- In February 2020, Medtronic Plc acquired Digital Surgery, a London-based privately-held pioneer in surgical artificial intelligence (AI), data and analytics and digital education and training. The acquisition of Digital Surgery is set to strengthen the Medtronic robotic-assisted surgery platform and has applicability for the Medtronic broader portfolio.
- In November 2019, Cardinal Health, Inc. collaborated with Magnolia Medical Technologies focused on improving clinical and economic outcomes by reducing blood culture contamination and false-positive diagnostic results for sepsis.
- Rising incidences and prevalence of thyroid disorders is the driving factors for the growth of North American Nuclear Medicine/Radiopharmaceuticals market.
- Increasing incidence of cardiac patients and adoption of clear imaging technique, with the help of diagnostic equipment such as PET and SPECT is the growing factor for this market.
- Canada region is estimated to record the fastest growth rate during the forecast period 2020-2025.
North American Nuclear Medicine/Radiopharmaceuticals Industry Outlook
Product Launches was the key strategy of the players in the North American Nuclear Medicine/Radiopharmaceuticals Industry. North American Nuclear Medicine/Radiopharmaceuticals top 10 companies include Medtronic, Inc., Bayer AG, Cardinal Health, Inc., Lantheus Medical Imaging, Inc., Mallinckrodt plc., General Electric Co., Sigma Aldrich Corporation, Cardinal Health, Inc., IBA Molecular Imaging and Monrol Nuclear Products.
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