North American nuclear medicine market | Professional Analysis, Opportunities, Strategies and Growth Forecast to 2024

The report “North American Nuclear Medicine/Radiopharmaceuticals Market by Type (Diagnostic (SPECT – Technetium, PET- F-18), Therapeutic (Beta Emitters – I-131, Alpha Emitters, Brachytherapy – Y-90)), Application (Oncology, Cardiology) – Forecasts to 2024“, The North American nuclear medicine market is expected to reach USD 2.7 billion by 2024 from an estimated USD 2.2 billion in 2019, growing at a CAGR of 4.1% during the forecast period.

Growth in the market can primarily be attributed to factors such as the increasing incidence and prevalence of cancer & cardiac ailments and initiatives to lessen the demand-supply gap of Mo-99. However, the short half-life of radiopharmaceuticals reduces their potential adoption, while hospital budget cuts and high equipment prices are expected to limit market growth to a certain extent.

Key Questions Addressed by the Report

  • Which product segment will dominate the North American nuclear medicine market in the future?
  • Which application segment will dominate the market in the future?
  • Emerging countries offer immense opportunities for the growth and adoption of nuclear medicine; will this scenario continue in the coming five years?
  • Where will technology advancements offered by various companies take the industry in the mid- to long-term?
  • What are the upcoming products in the nuclear medicine market?

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Based on type, the market is categorized into diagnostic and therapeutic nuclear medicine. The therapeutic nuclear medicine segment is further segmented into alpha emitters, beta emitters, and brachytherapy isotopes. In 2013, the FDA approved the first and only product for alpha emitters in the market, launched by Bayer AG under the name Xofigo (a Ra-223 dichloride molecule).

Based on application, the North American nuclear medicine market is segmented into SPECT, PET, and therapeutic applications. The SPECT applications segment is further segmented into cardiology, bone scans, thyroid applications, pulmonary scans, and other SPECT applications. The thyroid applications segment is projected to register the highest growth rate in the forecast period. The high growth of this segment can be attributed to the increasing incidence and prevalence of thyroid disorders.

By Procedural Volume Assessment

  • Diagnostic Procedures
  • SPECT Procedures
  • PET Procedures
  • Therapeutic Procedures
  • Beta Emitter Procedures
  • Alpha Emitter Procedures

Based on procedural volume assessment, the market is segmented into SPECT, PET, and therapeutic procedures. The PET procedural volume segment by type is further segmented into F-18, Ru-82, and other PET Isotopes. The F-18 segment is expected to account for the largest share of the PET procedural volume assessment in 2019. The large share of this segment can be attributed to the increasing use of F-18 in diagnostic PET applications.

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The US accounted for the largest share of the nuclear medicine market in 2018

Geographically, the North American market comprises of US and Canada. In 2018, the US accounted for the largest share of the nuclear medicine market. The large share can be attributed to the development of novel technologies for radioisotope production, government funding, and company initiatives in the country.Cardinal Health (US), GE Healthcare (US), Curium (France), Lantheus Medical Imaging (US), Bayer AG (Germany), Bracco Imaging (Italy), Eczacýbaþý-Monrol Nuclear Products (Turkey), Nordion (Canada), Advanced Accelerator Applications (France), and NTP Radioisotopes (South Africa).

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