Market Overview:
According to market predictions, the nuclear medicine market will grow by USD 13 billion by the end of 2027. According to market research, the nuclear medicine business will increase at a compound annual rate (CAGR) of 13% by 2027. The growing incidence of target illnesses such as cardiovascular disease and cancer is propelling the nuclear medicine sector forward. The older population, which is rapidly growing, is poised to contribute to the rise in chronic illness incidence. Forecasters expect that the growing preference for employing radiopharmaceuticals to treat the elderly will result in a significant increase in the demand for nuclear medications in the near future. It is predicted to rise steadily in the next years as a consequence of increased usage, discoveries, and other reasons. However, the expensive expense of radiopharmaceuticals, as well as the negative consequences associated with radioactive contamination, continues to remain hurdles to their widespread usage.
This research includes an overview of the worldwide nuclear medicine market and its strengths. The research also includes a summary of dynamics, segmentation, main players, geographical analysis, and other important elements. The research also includes a full analysis of the nuclear medicine market prediction for 2027. Coronavirus disease 2019 is an acute respiratory infection sickness caused by SARS coronavirus. COVID-19 has gone from a localized disaster to a previously unknown global epidemic in just a few weeks. In line with clinical preparation measures, scientific research operations at academic medical centers and schools were rushed to a standstill in order to limit the spread of sickness to research staff and individuals with whom they potentially come into contact.
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Market Segmentation:
By application: The market is segmented into Thyroid, Cardiology, Oncology, Neurology, and Others are the application subcategories.
By end-users: The market is divided into Alpha-emitters, SPECT, PET, Beta-emitters, and Brachytherapy are the market segments.
Regional Classification:
North America, Europe, Asia Pacific, and the Rest of the World comprise the Global Nuclear Medicine Market. North America has the most established nuclear medicine market. Canada is the major Tc-99m producer in North America, whereas the United States is the region’s primary client market for radioisotopes. The United States was the greatest donor to the North American region in terms of income. Its dominance is expected to be challenged by rising system volume and increased use of nuclear medicine for a range of therapeutic applications. The global nuclear medicine market share is characterized by fierce competition among its competitors. However, this rivalry is caused by causes other than competitive pricing or product difference. Aside from that, significant companies in the biotechnology and pharmaceutical industries are entering this field with enormous financial reserves, increasing competitiveness even further.
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Industry News:
Cardinal Health, Lantheus Medical Imaging, Nordion Inc., Bayer, Advanced Accelerators Applications, Mallinckrodt Pharmaceuticals, GE Healthcare, Jubliant Lifesciences, and Medtronic plc, Bracco Imaging, Curium, are some of the prominent competitors in the nuclear medicine industry. Curium has acquired MAP Medical, allowing the firm to extend its position in Europe by gaining direct access to the Nordic and Baltic countries.
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