(EMAILWIRE.COM, January 07, 2022 ) Growth in the market can primarily be attributed to factors such as the increasing incidence and prevalence of cancer & cardiac ailments and initiatives to lessen the demand-supply gap of Mo-99. However, the short half-life of radiopharmaceuticals reduces their potential adoption, while hospital budget cuts and high equipment prices are expected to limit market growth to a certain extent.
According to the new market research report North American Nuclear Medicine Market by Type (Diagnostic (SPECT Technetium, PET- F-18), Therapeutic (Beta Emitters I-131, Alpha Emitters, Brachytherapy Y-90)), Application (Oncology, Cardiology) Forecasts to 2024″, published by MarketsandMarkets, the North American Radiopharmaceuticals Market is expected to reach USD 2.7 billion by 2024 from an estimated USD 2.2 billion in 2019, at a CAGR of 4.1%.
The study involved four major activities in estimating the current size for the North American nuclear medicine market. Exhaustive secondary research was done to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size.
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The key factors driving the growth of this market are increasing incidence and prevalence of cancer & cardiac ailments and the initiatives to lessen the demand-supply gap of Mo-99.
By type, the SPECT radiopharmaceutical segment is expected to account for the largest share of the diagnostic nuclear medicine market in 2019
Based on type, the North American Nuclear Medicine Market is categorized into diagnostic and therapeutic nuclear medicine. The diagnostic nuclear medicine segment is further categorized into SPECT and PET radiopharmaceuticals. The SPECT radiopharmaceuticals segment is expected to account for the largest share of the market in 2019. However, the PET radiopharmaceutical segment is projected to register the highest CAGR during the forecast period. Although PET is more expensive than SPECT, advances in PET imaging and the introduction of new PET radiotracers are supporting its growth in the market.
By application, the PET oncology application segment is expected to account for the largest share of the market in 2019
Based on application, the North American Radiopharmaceuticals Market is segmented into SPECT, PET, and therapeutic applications. The PET applications segment is further segmented into oncology, cardiology, and neurology, among others. The oncology PET application segment is projected to register the highest growth rate in the forecast period. The high growth of this segment can be attributed to the use of F-18 in PET oncology. F-18 is a major isotope used in oncological applications such as breast cancer and bone metastasis.
By procedural volume assessment, the Tc-99m procedures segment is expected to account for the largest share of the SPECT procedures market in 2019
Based on procedural volume assessment, the market is segmented into SPECT, PET, and therapeutic procedures. The Tc-99m procedural volume segment is expected to account for the largest share of the SPECT procedural volume assessment in 2019. The large share of this segment can be attributed to the increasing use of Tc-99m in diagnostic nuclear medicine procedures.
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The US to dominate the market in 2019
The North American Radiopharmaceuticals Market is segmented into the US and Canada, based on country. The US is expected to account for the largest share and also register the highest CAGR during the forecast period. The growth of this market can be attributed to the development of novel technologies for radioisotope production, government funding, and company initiatives in the country
The prominent players in the global North American Nuclear Medicine Market include 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).
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