Therapeutic nuclear medicines or radiopharmaceuticals are radioactive material used to treat certain medical conditions. This is also known as nuclear medicine therapy, which is most frequently used to treat an overactive thyroid gland – a condition known as hyperthyroidism or thyrotoxicosis. Few nuclear medicines are used to treat some type of cancer, relieve pain from cancer that has spread to bones and treating some type of arthritis. Nuclear medicine therapy is performed differently for different indications. While treatment of thyroid cancer or overactive thyroid gland, nuclear medicine is swallowed in a capsule or liquid form. Patients are usually treated as outpatients where single dose is needed in most of the cases. During treatment of joint pain (Arthritis), nuclear medicine is injected into joint fluid under local anaesthetic post which the joint is immobilized with the help of bandage or light splint. Bones affected due to spreading of pain caused by cancer is treated by injecting radiopharmaceutical in a vein in the arms.
Therapeutic Nuclear Medicines Market: Drivers & Restraints
Revenue growth in the therapeutic nuclear medicines market is expected to be fuelled by factors such as rising awareness about nuclear medicine and increasing number of cancer cases. Increasing prevalence of arthritis and hyperthyroidism is expected to affect positively on therapeutic nuclear medicines market. Few more factors such as non-invasive treatment by nuclear medicines, targeted treatment which is less traumatic than surgery and quick discharge are projected to favor the therapeutic nuclear medicines market over the forecast period.
Some factors that can pull back the market are rise in the cost of the procedure, low supply of several radiopharmaceuticals and side effects associated with use of nuclear medicine. Apart from these factors, short half-life of radiopharmaceuticals is expected to hamper the revenue growth of global therapeutic nuclear medicines market over the forecast period.
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Therapeutic Nuclear Medicines Market: Segmentation
Therapeutic nuclear medicines market is classified on the basis of product type, application, end user and region
Based on product type, the therapeutic nuclear medicines market is segmented into the following:
- Beta Emitters
- Alpha Emitters
- Brachytherapy products
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Based on application, the therapeutic nuclear medicines market is segmented into the following:
- Bone Metastasis
- Endocrine Tumors
Based on End-User, the therapeutic nuclear medicines market is segmented into the following:
- Ambulatory Surgical Centers
- Radiology Clinics
Based on geography, the therapeutic nuclear medicines Market is segmented into following:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, rest of Latin America)
- Western Europe (Germany, Italy, U.K, Spain, France, rest of Western Europe)
- Eastern Europe (Russia, Poland, rest of Eastern Europe)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand, rest of APEJ)
- Middle East and Africa (GCC, S. Africa, rest of MEA)
Therapeutic Nuclear Medicines Market: Overview
Therapeutic nuclear medicines market is expected to expand at a significant growth rate across regions. Major players in this segment are working on their research and development process to build superior products and increase their product portfolio. The prevalence of arthritis and cancer are on the rise across the globe due to a large number of elderly population. Furthermore, the prevalence of hyperthyroidism is increasing worldwide. Ease of treatment by nuclear medicine due to minimally invasive technique is attracting more number of patients which is expected to boost revenue growth of global therapeutic nuclear medicine market
Therapeutic Nuclear Medicines Market: Region-wise Outlook
A geographic condition regarding therapeutic nuclear medicines market, it has been segmented into seven key regions: North America, Latin America, Eastern Europe, Western Europe, Asia-Pacific excluding Japan, Japan and the Middle East & Africa.
North America is expected to account for significant contribution under therapeutic nuclear medicines by revenue generation. Accelerated growth on development of new products and high spending on research and development in Western Europe proves the uplift of the therapeutic nuclear medicines market. With rising in standards of health care services and increase in awareness towards the treatments in India and China is expected to favor the market for therapeutic nuclear medicines in overall Asia Pacific region.
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Therapeutic Nuclear Medicines Market: Key Players
Some of the players in therapeutic nuclear medicines market are Cardinal Health Inc., Mallinckrodt plc., GE Healthcare, Lantheus Medical Imaging, Inc., Bayer AG, Bracco Imaging S.p.A, Eczacibasi-Monrol Nuclear Products, Nordion, Inc., Advanced Accelerator Applications S.A. and IBA Molecular Imaging