The nuclear medicine global market is expected to reach $9.36bn by 2024, reflecting a CAGR of between 4-6% during the forecast period of 2018–24, according to a report by Research and Markets.
The nuclear medicine field is comprised of diagnostic and therapeutic techniques that utilize radioisotopes for applications such as cardiovascular, neurological and oncology disorders, providing information at cellular and molecular level for assessing treatment responses, probing, studying disease progression and tracking tissue function.
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On the findings, Research and Markets commented: "Increased radioisotopes applications, rise in public awareness, use of single photon emission-computed tomography (SPECT/CT) and positron emission tomography-computed tomography (PET/CT) imaging scans, abundance of radiopharmaceuticals, advancement in imaging technology (hybrid imaging) and alpha therapy-based targeted cancer treatment have been boosting nuclear medicine market growth.
"In addition, increasing need in emerging markets, production of radiopharmaceuticals from cyclotrons, efficient diagnosis and treatments, emerging radioisotopes and replacement of old/traditional equipments are the opportunities likely to propel the growth of nuclear medicine market."
North America was found to account for the largest market, however APAC is expected to grow at a CAGR of 7–9% during the forecast period due to increased public awareness and increase in application.