Nuclear medicine is redefining the paradigms of medical imaging by providing detailed and accurate results as well as early detection of potentially fatal conditions. This has brought more consumers in the folds of the global nuclear medicine market, leading to the market growing at a steady rate in the coming years, says a study by Transparency Market Research. According to the report, titled ‘Nuclear Medicine Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015–2023.’
Nuclear medicine entails the use of small amounts of radioactive isotopes. Diagnoses are conducted using different kinds of radiological scanning techniques such as computed tomography (CT), positron emission tomography (PET), single photon emission tomography (SPECT), and magnetic resonance imaging (MRI).
The use of nuclear medicine is increasingly seen in the diagnosis and treatment of neurological disorders, cardiovascular disease, cancers, and other disorders and abnormalities within the body. With a growing demand for accurate diagnosis and treatment, technologically sophisticated healthcare solutions are much in demand. This augurs well for the growth of the global nuclear medicine market. The TMR report also states that new advancements in neurological applications will aid the growth of the global nuclear medicine market.
According to the report, strict regulatory guidelines governing the use of nuclear medicine will create obstacles in the path of the market’s growth. At the same time, the use of traditional diagnostic procedures still continues to give competition to nuclear medicine, which could restrain the market, too. The world over, there is still a dearth of highly trained and experienced professionals in the field of nuclear medicine. A shortage of radioactive isotopes could also potentially impede the growth of the nuclear medicine market.
The report segments the global nuclear medicine market on the basis of application and geography. Nuclear medicine is primarily used in diagnostic and therapeutic applications, which form the two application segments of the nuclear medicine market.
The diagnostic applications segment is further divided into: neurology, nephrology, cardiovascular, pulmonology, oncology, and hepatology. The use of nuclear medicines is seen most widely in cancer treatment and scar tissue removal.
From the geographical standpoint, the global market for nuclear medicine is segmented into the following markets: Asia Pacific, North America, Europe, the Middle East and Africa, and Rest of the World. Although North America was the most dominant market for nuclear medicine in the world in 2015, the fastest growth rate can be expected from Asia Pacific. Countries in the region are beginning to see an upswing in the incidence of cancer and cardiovascular diseases.
The report includes a thorough evaluation of the performance and standing of leading companies in the nuclear medicine market. These include: G.E Healthcare, Ashby Gorman Baker Ltd., Pinestar Technology, Inc., and Mediso Ltd.