Published by Uma Rajagopal
Posted on February 17, 2022
Irrespective of disease, diagnosis is crucial as it gives a clear-eyed path for further treatment. Determining medical issues has become easier since the advent of X-ray technology. The application of nuclear particles and radioactive isotopes has made it effortless to diagnose, recognize, and treat various medical conditions. Furthermore, the rising prevalence of cardiovascular diseases and cancer has accelerated the demand for nuclear medicines. Not only this, radioisotopes are also used in sterilization of medical equipment and discerning the progress of a disease.
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Globally, radioisotopes are widely used in about 90% of diagnosis processes and medicine across 10,000 hospitals. Moreover, technetium-99 (Tc-99) has emerged to be the most common radioisotope with almost 40 million annual procedures (including medicinal and scans). The radioisotopes market has witnessed a sharp inclination of 5% in the demand. Widespread acknowledgment of radioisotopes and radiation in medicine, coupled with extensive use of radioactive tracers viz SPECT and PET applications, forecasts bloomy days for the nuclear medicine market.
Evolution of Radioisotopes Overtime Provides Impetus to the Application of Nuclear Medicine
The radiation emitted by radioisotopes is used to get diagnostic data about the functioning of specific human organs. These isotopes are dispensed in people via injection, inhalation, or orally. Further, the scintillation camera effortlessly captures the image that is further displayed on a computer screen. Unlike X-ray techniques, nuclear imaging offers a distinct benefit of effortlessly imaging both soft tissues and bone. This makes it easier for physicians to detect tumors and fractures in the organs. In addition to this, radiation is extensively used to weaken or destroy malfunctioning cells in some medical conditions.
In another big shift, developing nations are anticipated to adopt radioisotopes in the foreseeable days. The main factors to establish the usage of these isotopes are increasing awareness of nuclear medicine in treatments and the high incidence of fatal diseases such as cancer and cardiac ailments. Overall, the market for nuclear medicine is envisaged to augment growth in the forecast period.
North America is Expected to Dominate the Nuclear Medicine Market Over the Forecast Period
Worldwide, North America is the leading region for nuclear medicine. The U.S. is a thriving consumer market for radioisotopes while Technetium-99m is substantially produced in Canada. Moreover, the U.S. holds high procedural volume and is widely adopting nuclear medicine for diverse therapeutic uses. All in all, the nuclear market in North America is expected to grow at an exponential rate.
The demand for nuclear medicines in the emerging economies of APAC regions is on the upswing. Countries of Asia Pacific such as India and China have undergone significant shifts in terms of refining health standards, a surge in disposable income, and favorable formulation of foreign policies.
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Leading Players Dominating the Global Nuclear Medicine Market
Ruling companies in the global nuclear medicine domain include Avid Radiopharmaceuticals, Sinotau Pharmaceuticals, Advanced Accelerator Applications, Curium Pharma, Jubilant Radiopharma, Lantheus Holdings, Inc., Solcom, Blue Earth Diagnostics Ltd, Northstar Nuclear Medicine, Zionexa, Precirix NV, Digirad Corporation, and Karyopharm. With increasing fatal diseases and extensive use of nuclear medicine in the identification and treatment process, these companies are expected to flourish in times to come.
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