Nuclear Medicine Market Trends and Recent DevelopmentsDrugs & MedicationsUpdated on Apr 22, 2020 View more like this | Visit NEW YORK, NY | Contact Grand View Research, Inc. |
The global market for nuclear medicine is anticipated to be worth USD 12.6 billion by the year 2027, advancing at a healthy CAGR of 9.5% during this period, according to the latest report by Grand View Research.
Nuclear medicine is the branch of medicine that involves the application of radioactive substances for the treatment of a number of diseases, such as cancer, heart diseases, neurological disorders as well as other abnormalities. With the growing prevalence of these diseases around the globe, the nuclear medicine industry has started to be recognized as an important curb to illnesses.
Use of nuclear medicine to combat the spread of cancer is expected to boost the development of the product in coming years. the year 2017 saw 17 million new cases of cancer globally, while it is expected that by 2040 there will be 27.5 million new cases of cancer detected each year, according to Cancer Research UK; moreover, the number of deaths from cancer the same year stood at 9.6 million. Nuclear medicine scans can help doctors identify tumor location and the extent of the cancer spread.
According to the WHO, CVDs account for more than 17.9 million deaths each year, making them the leading global cause of death. Moreover, this number is expected to become more than 23.6 million by 2030. Nuclear medicines and nuclear imaging technologies help in the early detection of these diseases, thus improving patient outcome. The rise of CVDs coupled with the importance of nuclear medicines in treating them has increased their market attractiveness.
Radiation therapy (radiotherapy) is a very common cancer treatment that can be combined with other treatments such as surgery, chemotherapy or targeted therapies to improve the outcome. One of the advantages of radiotherapy is that the treatment is highly localized unlike chemotherapy, which means similar results, but minimal harm to the neighboring healthy cells. The constant research and study to improve the outcome of radiotherapy has led to increased market attractiveness.
Positron emitted tomography (PET) is a nuclear medicine procedure that is used in cases of cancer, or patients with brain or heart conditions. The use of PET can be done in combination with other diagnostic tests such as computed tomography or MRI to learn more about malignant tumors and other lesions. PET/CT, in particular, has shown much promise in the diagnosis and treatment of lung cancer, along with evaluating epilepsy, Alzheimer’s disease and CHD.
The development of medical isotopes has also gathered pace over the past few years, with a notable example being the US Department of Energy, which provided facilities and funding to 5 organizations for the commercial production of molybdenum-99. This again is expected to factor in the rapid development of the nuclear medicine market.
In terms of products, the market is further segmented into diagnostic and therapeutic products. The diagnostic segment was dominated by Single-Photon Emission Computed Tomography (SPECT) and PET techniques, and they are expected to remain substantial in the near future. The therapeutic segment was dominated by beta emitters, on account of them being very safe during application; the brachytherapy segment is expected to show fastest growth in the coming years on account of the high accuracy and minimum side effects associated with it.
In February 2020, Nordion teamed up with Westinghouse Electric Company to develop innovative isotope production technology, which would allow the production of Cobalt-60 in Pressurized Water Reactors (PWRs). The product plays a critical role in the safety of medical devices, as well as in the treatment of certain types of brain cancer. It is also used in food and other products to reduce pathogens.
Eckert and Ziegler Group has developed a new technology for the production of carrier-free lutetium-177, based on the irradiation of ytterbium-176 and the subsequent separation of the resulting lutetium-177 in a radiochemical facility. The commercial production of lutetium-177 has started, with the product being in high demand for use in many new cancer drugs, such as for treatment of metastatic prostate cancer.
Access full research report on global nuclear medicine market: www.grandviewresearch.com/industry-analysis/nuclear-medicines-market
Nuclear medicine is the branch of medicine that involves the application of radioactive substances for the treatment of a number of diseases, such as cancer, heart diseases, neurological disorders as well as other abnormalities. With the growing prevalence of these diseases around the globe, the nuclear medicine industry has started to be recognized as an important curb to illnesses.
Use of nuclear medicine to combat the spread of cancer is expected to boost the development of the product in coming years. the year 2017 saw 17 million new cases of cancer globally, while it is expected that by 2040 there will be 27.5 million new cases of cancer detected each year, according to Cancer Research UK; moreover, the number of deaths from cancer the same year stood at 9.6 million. Nuclear medicine scans can help doctors identify tumor location and the extent of the cancer spread.
According to the WHO, CVDs account for more than 17.9 million deaths each year, making them the leading global cause of death. Moreover, this number is expected to become more than 23.6 million by 2030. Nuclear medicines and nuclear imaging technologies help in the early detection of these diseases, thus improving patient outcome. The rise of CVDs coupled with the importance of nuclear medicines in treating them has increased their market attractiveness.
Radiation therapy (radiotherapy) is a very common cancer treatment that can be combined with other treatments such as surgery, chemotherapy or targeted therapies to improve the outcome. One of the advantages of radiotherapy is that the treatment is highly localized unlike chemotherapy, which means similar results, but minimal harm to the neighboring healthy cells. The constant research and study to improve the outcome of radiotherapy has led to increased market attractiveness.
Positron emitted tomography (PET) is a nuclear medicine procedure that is used in cases of cancer, or patients with brain or heart conditions. The use of PET can be done in combination with other diagnostic tests such as computed tomography or MRI to learn more about malignant tumors and other lesions. PET/CT, in particular, has shown much promise in the diagnosis and treatment of lung cancer, along with evaluating epilepsy, Alzheimer’s disease and CHD.
The development of medical isotopes has also gathered pace over the past few years, with a notable example being the US Department of Energy, which provided facilities and funding to 5 organizations for the commercial production of molybdenum-99. This again is expected to factor in the rapid development of the nuclear medicine market.
In terms of products, the market is further segmented into diagnostic and therapeutic products. The diagnostic segment was dominated by Single-Photon Emission Computed Tomography (SPECT) and PET techniques, and they are expected to remain substantial in the near future. The therapeutic segment was dominated by beta emitters, on account of them being very safe during application; the brachytherapy segment is expected to show fastest growth in the coming years on account of the high accuracy and minimum side effects associated with it.
In February 2020, Nordion teamed up with Westinghouse Electric Company to develop innovative isotope production technology, which would allow the production of Cobalt-60 in Pressurized Water Reactors (PWRs). The product plays a critical role in the safety of medical devices, as well as in the treatment of certain types of brain cancer. It is also used in food and other products to reduce pathogens.
Eckert and Ziegler Group has developed a new technology for the production of carrier-free lutetium-177, based on the irradiation of ytterbium-176 and the subsequent separation of the resulting lutetium-177 in a radiochemical facility. The commercial production of lutetium-177 has started, with the product being in high demand for use in many new cancer drugs, such as for treatment of metastatic prostate cancer.
Access full research report on global nuclear medicine market: www.grandviewresearch.com/industry-analysis/nuclear-medicines-market
