Rising demand for PET scans and nuclear medicines will primarily drive the global nuclear medicines radioisotopes market growth. Fortune Business Insights shares an in-depth market analysis in its report, titled “Nuclear Medicines Radioisotopes Market Size, Share and Global Trend By Product Type (Diagnostics, Therapeutic), By Application (Oncology, Gastroenterology, Neurology, Orthopedics, Others), By End-user (Hospitals, Diagnostic centers, Specialty clinics, Education and research institutes, Others) and Geography Forecast till 2026”. Comprehensive information regarding market trends and factors that will influence the market during the forecast period.
List of companies cover in the research report are;
- Siemens Healthcare Private Limited
- Cardinal Health
- Positron Corporation
- General Electric Company
Steadily Climbing Demand for Advanced Diagnostic Techniques to Fuel the Market
According to the World Nuclear Association, diagnostic methods employing radioisotopes has become commonplace the world over. The organization also reveals that the demand for radioisotopes is increasing by 5% annually, with the number of nuclear medicines procedures exceeding 40 mn. This bodes well for the global nuclear medicines radioisotopes market size as the demand for PET scans and nuclear medicinal procedures make the market more lucrative.
Furthermore, cancer cases are rising at an astonishing rate. The WHO predicts that cancer cases will reach 29.5 mn by 2040. The global nuclear medicines radioisotopes market stands to gain, since nuclear medicines are highly efficient in diagnosing almost all types of cancer at an early stage. Nuclear medicines are also highly potent in treating cancers and providing palliative care. For example, cancer-induced bone aches can be treated using strontium-89.
Rising Awareness Levels and Adoption Rates of Nuclear Medicines to Aid the Market
Widespread awareness of radioisotopes in medicines, particularly for diagnosis and therapy, is expected to provide a forward thrust to the global nuclear medicine’s isotopes market in the approaching decade. For instance, the World Nuclear Association notes that over 10,000 hospitals worldwide use medicines containing radioisotopes. Moreover, about 90% of the procedures are done for diagnostic purposes. Technetium-99 is the most common radioisotope used in diagnosis, featuring in almost 80% of the total procedures performed. Another important advantage of the technetium radioisotope is its half-life of six hours. This property makes it ideal for diagnosis as its long enough to investigate the problem, but short enough to do any harm to the patient.
Fear of Adverse Effects May Put Constrains on the Market
The global nuclear medicines radioisotope market may experience restrained growth owing to the apprehensions regarding the after-effects of getting exposed to radiation. For example, long exposure to radiation can result in acute radiation syndrome, which can also result in death. To counter this, the EPA strictly regulates radiation dosages for cancer patients.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Nuclear medicines are used for imaging purposes and the procedures are carried out using radiotracers. These radiotracers are essentially molecules linked with a very small amount of radioactive material. They are then injected, swallowed or inhaled. The radiotracer travels in the area under inspection through the bloodstream and emanates signals or energy in the form of gamma rays, which is detected on the PET scan camera. A radioisotope is an artificially produced isotope that has an unnatural combination of protons and neutrons.
Proactive Government Initiatives to Make the Market Dynamic
In order to ensure supply of molybdenum-99, the National Nuclear Security Administration of the US entered into an agreement with four companies in early 2019. Such collaborations between the government and the private sector are expected to enhance the global nuclear medicines radioisotopes market potential. Innovations by major companies have also boosted the market. For example, Positron Corporation developed a novel flourine-18 labeled PET tracer to detect blood clots.
Decisive Government Actions to Put North America in a Dominant Position
Government support and rising cases of cancer in North America will enable the region to hold a significant portion of the global nuclear medicines radioisotope market share. In Europe and Asia-Pacific, increasing adoption of radioisotopes for diagnostic purposes is expected to propel the market in these regions.
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