Market Trends of Global Nuclear Medicine Industry
This section covers the major market trends shaping the Nuclear Medicine Market according to our research experts:
Oncology Segment is Expected to Show Better Growth Over the Forecast Period.
The major factors responsible for the growth of this segment include the rise in the prevalence of cancers that require advanced diagnostics like PET/CT scans. The rise in funding for the treatment of these disorders is also expected to boost innovation and research leading to market growth.
The increasing prevalence of cancer is boosting the demand for radioisotopes for nuclear imaging for research purposes across the world. According to a study published by Richard P. Dittrich and others at Southend University Hospital NHS Foundation Trust in January 2021, there have been many new developments in gallium's utility, now as a gallium-68 labeled radiotracers including a shorter half-life, on-site generation, somatostatin receptor, prostate (68Ga-PSMA-11 PET/MR) tracers, and other cancer diagnoses, including boney and soft tissue metastasis. Also, 68Ga-DOTATATE plays a role in other somatostatin receptor tumors such as renal cell cancer, breast cancer, prostate cancer, malignant lymphoma, hepatocellular cancer, medulloblastoma, neuroblastoma, sarcoma, and gastric cancer. Such studies are helping in implying the use of radioisotopes such as gallium 68 for cancer imaging. Therefore, driving the growth of the market.
Similarly, according to an article published by Jared Sagoff in May 2021, titled,' Accelerating cancer treatments with the power of isotopes,' Radioisotopes are used in several ways for cancer treatment. Radioisotope allows doctors to visualize a tumor's precise location and contours within the body with greater clarity than an MRI scan provides and radionuclide to deliver cancer-killing radiation directly to tumor cells. According to the same source, Copper-67 is one of the isotopes of interest being studied by researchers at Argonne National Laboratory. Researchers are also investigating scandium-47, another exciting theragnostic isotope, and actinium-225, which has shown great promise for treating cancer. Therefore, driving the growth of the market.
Moreover, the launch of new products and services in the market is expected to boost growth during the study period. For instance, in February 2022, Applied Molecular Therapies launched 177Lu(n.c.a.)-PSMA-Therapy, a molecularly targeted radiopharmaceutical, for treating prostate cancer.
Hence, the market is expected to grow due to the above-mentioned developments.
North America is Expected to Dominate the Nuclear Medicine Market Over the Forecast Period
North America is the dominant market for nuclear medicine. Within North America, the United States is one of the largest consumer markets for radioisotopes, and Canada is one of the leading producers of Tc-99m. The robust growth of the healthcare sector in the United States, increasing incidences of cancer, the growing geriatric population, and the increase in product launches that are leading to the rising use of radioisotopes along with greater initiatives and investments toward advanced healthcare solutions involving cancer treatment, is expected to boost the market growth.
There is also increasing investment in cancer disease research and treatment in the United States. According to data published by the National Center for Health Statistics (NCHS) at the Centers for Disease Control & Prevention (CDC), the investments for cancer were estimated to reach up to USD 7,176 million in the year 2021. This was a marked increase from the 2020 figures of USD 7,035 million. Since treatment with radioisotopes is a novel field, rising investments in cancer research are expected to boost its growth during the forecast period.
Additionally, several key players are taking initiatives for the development of new technologies and improving radioisotopes options in the United States. For instance, in September 2021, Eckert & Ziegler Radiopharma GmbH successfully submitted an amendment to their Drug Master File (DMF) to the United States Food and Drug Administration for GalliaPharm. Gallium-68 from GalliaPharm is used for the preparation of diagnostic imaging drugs in Positron Emission Tomography (PET). With the development of generators with higher Ge-68 activity and the amendment of our DMF, there will be increasing demand for Ga-68-based diagnostics in the United States.
Also, in September 2021, NorthStar Medical Radioisotopes, LLC and POINT Biopharma Global Inc. signed a supply agreement for the therapeutic medical radioisotope actinium-225 (Ac-225). NorthStar will provide POINT with its electron accelerator-produced Ac-225, and POINT will use NorthStar's Ac-225 in investigational studies of PNT2001, a next-generation Prostate-Specific Membrane Antigen (PSMA) for non-metastatic castrate-sensitive prostate cancer.
Moreover, the mark of new entrants offering products in the studied market further indicates the huge potential to grow, thereby driving the market during the study period. For instance, in March 2022, Bracco Imaging launched Blue Earth Therapeutics to advance the development of therapeutic radiopharmaceutical technology. Blue Earth Therapeutics is building a pipeline of precision-targeted therapeutic radiopharmaceuticals, initially focused on prostate cancer, with plans to expand into additional disease areas in oncology.
Hence, the above developments are expected to aid the growth of the market studied in the North American Region.
