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.
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
On the basis of type, North America nuclear medicine market is segmented into diagnostic and therapeutic North America nuclear medicine. The diagnostic North America nuclear medicine market accounted for the largest share of the North America nuclear medicine market. The rising prevalence of cancer and cardiovascular diseases, increasing use of SPECT and PET imaging and advancements in radiotracers are driving the growth of this segment.
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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
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.
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