Asia-Pacific Nuclear Medicine Market to Garner $8.95 Billion by 2028: Allied Market Research
Rise in incidence and prevalence of target conditions, developments in imaging technologies using radiopharmaceuticals, and surge in adoption of SPECT and PET scans have boosted the growth of the Asia-Pacific nuclear medicine market. The market across China dominated in terms of revenue in 2020, accounting for more than one-fourth of the market.
Portland, OR, June 17, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the Asia-Pacific Nuclear Medicine Market was accounted for $4.11 billion in 2020, and is estimated to reach $8.95 billion by 2028, growing at a CAGR of 10.4% from 2020 to 2028.
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Rise in incidence and prevalence of target conditions, developments in imaging technologies using radiopharmaceuticals, and surge in adoption of SPECT and PET scans have boosted the growth of the Asia-Pacific nuclear medicine market. Moreover, alpha radioimmunotherapy-based targeted cancer treatment supplemented the market growth. However, short half-life of radiopharmaceuticals, supply volatility, logistical challenges, and stringent regulatory policies coupled with competition from conventional alternative diagnostic procedures hinder the market growth. On the contrary, use of radiopharmaceuticals in neurological applications is expected to create lucrative opportunities for the market players in the future.
Covid-19 scenario:
- The Covid-19 pandemic presented several challenges such as a disrupted supply chain and shortage of raw materials.
- The prolonged lockdown in Asian countries and temporary ban on cross-boarder import-export led to distribution problems.
The Asia-Pacific nuclear medicine market is segmented on the basis of type, modality, application, end user, and country.
Based on type, the diagnostic application segment held the lion’s share in 2020, accounting for more than 90% of the market. However, the therapy treatment segment is estimated to register the highest CAGR of 19.0% during the forecast period.
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On the basis of modality, the alpha emitters segment is projected to manifest the highest CAGR of 21.0% from 2020 to 2028. However, the SPECT segment held the largest share in 2020, contributing to around three-fifths of the market.
The Asia-Pacific nuclear medicine market is analyzed across several regions such as Japan, China, India, South Korea, Australia, and the Rest of Asia-Pacific. The market across China dominated in terms of revenue in 2020, accounting for more than one-fourth of the market. Moreover, the country is estimated to register the highest CAGR of 14.0% during the forecast period.
The Asia-Pacific nuclear medicine market report includes an in-depth analysis of the prime market players such as Bracco S.P.A. (Bracco Imaging S.P.A.), Bwx Technologies, Inc. (Nordion, Inc.), Cardinal Health, Inc., Danaher Corporation (GE Healthcare), FUJIFILM Toyama Chemical Co., Ltd. (FUJIFILM Holdings Corporation), Ion Beam Applications (Ion Beam Applications, SA), Lantheus Holdings, Inc. (Lantheus Medical Imaging, Inc.), Novartis AG (Advanced Accelerator Applications S.A.), Otsuka Holdings Co., Ltd. (ABX advanced biochemical compounds GmbH), and Siemens Healthcare GmbH.
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