North America Accounts for the Highest Share of the Global Nuclear Medicine Diagnostic Market (SPECT and PET) - Cardiarc Ltd, Gamma Medica Inc., GE Healthcare Among the Major Players
Market is segmented into two major segments SPECT (Technetium-99m (TC-99m), Thallium-201 (TL-201), Iodine (I-123) and others) and PET (Fluorine-18, Rubidium-82 (RB-82) and others). By application market is segmented into SPECT (cardiology, lymphoma, thyroid, neurology and others) and PET(oncology, cardiology, neurology and others).By geography market is segmented into North America, Europe and Asia-Pacific etc.
The global nuclear medicine diagnostic (PET and SPECT) market is expected to grow from an estimated $ 8.77 billion in 2014 to $ 15.51 billion in 2019, at an estimated compound annual growth rate (CAGR) of 12.08 %.
Major factors for the growth of the market are increasing use of SPECT and PET in medical diagnostics, increased awareness of people about radiopharmaceuticals, and ready availability of radiopharmaceuticals .It has novel applications for diseases such as Alzheimer's and continually expanding oncology segment. However, some of the major constrains for the market are shorter half- life of radioisotopes, high capital investment, regulatory guidelines and reimbursement issues.
Till now, SPECT imaging was the mainstream modality for nuclear medicine applications like nuclear cardiology procedures. However, the trend is soon going to flip upside down because of global shortage of molybdenum-99 isotope which is in turn will lead to shortage of Technetium-99, which is the daughter product of molybdenum. Hence, PET imaging products which includes hybrid PET-CT scanners holds a potential market size in coming years. The cost associated with PET-CT service contract is usually 105 of the system purchase price annually and can be as high as $275,000 per year.
The emerging market trend is fusion of nuclear imaging with different diagnostic imaging products such as PET/CT, SPECT/CT, and MRI/PET. This provides full gamut of imaging scans through the same unit and at the same time. PET market is expected to witness more growth compared to SPECT imaging as it provides higher resolution images and the lack of availability of technetium-99m is propelling industry to look for alternative diagnostic procedures.
Analyzing the application segment of SPECT and PET, PET is majorly being used in oncology because of good quality of imaging. While, SPECT is majorly used in cardiology segment accounting for almost 90% of the market share in cardiology. North America has 5729 PET procedures while the number of PET procedures in Asia-Pacific region is 369636 owing to the increased demand of nuclear medicine diagnostic procedures in developing nations.
North America accounts for the highest share of the global nuclear medicine diagnostic market; followed by Europe and Asia-Pacific. Asian countries are expected to show a growing trend in diagnostic sector because of increasing diagnostic procedure demand and rise in medical device industry.
Major players in the market are Cardiarc Ltd., Digirad Corporation, Gamma Medica Inc., GE healthcare, Hologic Inc. etc. Mergers and acquisitions of small and medium sized manufacturers to enter in overseas market is another strategy adopted by multinational players.
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