- What the Market Looks Like?
- What Drives the Market?
The study involved four major activities in estimating the current size for the North American nuclear medicine market. Exhaustive secondary research was done to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research.
What the Market Looks Like?
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. The US accounted for the largest share of the nuclear medicine market in 2018.
The large share can be attributed to the development of novel technologies for radioisotope production, government funding, and company initiatives in the country.
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What Drives the Market?
The growth of the North American nuclear medicine market is primarily influenced by the following factors:
- Increasing Incidence and Prevalence of Target Conditions
- Alpha Radioimmunotherapy-Based Targeted Cancer Treatment
- Initiatives to Lessen the Demand-Supply Gap of Mo-99
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.
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.
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