New Study: Nuclear Medicine Market is Predicted to Claim $8,207 Million, by 2022

Nuclear Medicine Market by Type (Diagnostic, Therapeutic), Modality (SPECT, PET, Alpha-emitters, Beta-emitters, Brachytherapy), Application (Oncology, Cardiology, Neurology, Thyroid), Procedures (Central Nervous System, Endocrine, Skeletal, Gastrointestinal, Genito-urinary, Pulmonary) and End User (Hospitals and diagnostic centers, Research institutes) - Global Opportunity Analysis and Industry Forecast, 2014 - 2022

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Nuclear Medicine Market
Nuclear Medicine Market

“The diagnostics segment held a dominant share in the radiopharmaceuticals market in 2015, and is expected to maintain its lead during the forecast period. Asia-Pacific is projected to continue to dominate the market throughout the forecast period.”

The discovery of X-rays has brought a revolution in the field of medicine as it allows physicians and scientists to see through a living body. Currently, modern medicine is going through an important change due to the advent of nuclear medicine – one of the most effective forms of treatment available today. Along with molecular imaging, it helps to see the functioning of a body and what’s happening at the cellular and molecular level, thus helping to know the occurrence or progression of a disease, assess new drugs, improve the selection of therapy, track patient response to treatment, and more.

Currently, the market for nuclear medicine is experiencing fast gro wth, owing to the rise in cancer cases worldwide, growing adoption of SPECT and PET scans, increase in preference for radiation therapy for cancer treatment, and the developments in imaging technologies using radiopharmaceuticals. According to a report by Allied Market Research, the global nuclear medicine market is expected to garner $8,207.5 million by 2022.

Several developments took place in the nuclear medicine space recently. One of them is the acquisition of Northeast Electronics (NE), a provider of nuclear medicine equipment, assembly, installation, and repair services, by Absolute Imaging Solutions (AIS), an expert in nuclear medicine equipment service and sales. Another recent development is the launch of a nuclear medicine therapeutic service by Sidra Medicine, a medical center in Doha. Telix Pharmaceuticals Limited, a biopharmaceutical company that manufactures diagnostic and therapeutic products recently concluded a master service and distribution agreement with Eczacıbaşı-Monrol.

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In June 2019, Absolute Imaging Solutions purchased Northeast Electronics with the aim of providing high-quality diagnostic solutions and equipment across a broader geography. The acquisition is likely to help introduce the nuclear medicine equipment service and sales provider into the east coast market along with around 30 field service engineers from both companies. Northeast Electronics provides nuclear cameras and devices and long-term customer base developed from experience in the business. John R. Tomayko, CEO and president of TTG Healthcare LLC (Absolute Imaging Solutions is a subsidiary of TTG Healthcare, LLC, a holding company based in Pennsylvania) said, “AIS is able to provide a structured training program that has been in place and proven successful for years. This training will allow Northeast to expand to new modalities, specifically PET as well as newer SPECT systems, they have not been able to serve in the past.”

In June 2019 again, Telix Pharmaceuticals Limited announced its master services and distribution agreement with Eczacıbaşı-Monrol. As per the agreement, Telix opted Eczacıbaşı-Monrol as a radiopharmaceutical production partner and distributor in Turkey/Middle East/North Africa. The two companies plan to first concentrate on the manufacturing and supply of TLX250-CDx (89Zr-girentuximab) for imaging of renal cell carcinoma with Positron Emission Tomography (PET), including to support the addition of four Turkish clinical sites to the ZIRCON Phase III trial.

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According to Telix, Eczacıbaşı-Monrol is known as a crucial nuclear medicine company where they operate and provide critical nuclear medicine products and services. The company said that their partnership with Eczacıbaşı-Monrol enables them to spread Telix’s services in locations that have a growing and urgent need for their products as well as leverage Eczacıbaşı-Monrol’s strategies within the Turkish production team.

In April 2019, Sidra Medicine announced the provision of nuclear medicine therapeutic service to inpatients. Dr. Mehdi Djekidel, division chief, Nuclear Medicine and Molecular Imaging at Sidra Medicine, said they are working towards the opening of therapeutic service which is expected to launch soon. The launch is said to provide therapies to patients within the hospital itself so they do not need to travel abroad to get the services. He also said that they plan to extend the scope of the portfolio of radio tracers that they use in nuclear medicine there. They also plan to launch numerous new technologies in the country.

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