APAC Nuclear Medicine Market

APAC Nuclear Medicine Market Size (2022 to 2027)

The size of the nuclear medicine market in APAC is estimated at USD 2.29 billion in 2022 and is poised to reach USD 4.39 billion by 2027, at a CAGR of 13.9%.

The growing incidence of cancer cases in the Asia-Pacific region is one of the key factors propelling the APAC nuclear medicine market. Due to the growing number of people suffering from lung, breast, and colorectal cancer in India, the need for nuclear medicine has grown. An estimated 2.7 million people had cancer in India in 2020. One of the significant factors behind nuclear medicine use in cancer cases is its painless procedure. This nuclear medicine helps the doctor find a tumor in the body and give the correct treatment for fast recovery or to increase the patient's life span. Advanced technologies have been in the application of using nuclear medicine treatment. For instance, artificial intelligence (AI) technology has recently been used rapidly in various fields. In nuclear medicine imaging, AI is used to get imaging data. The diagnosis, therapy monitoring, and association analyses with pathology or a particular gene mutation are all helped by this. It is also used for picture production to shorten the time it takes to acquire images, lower the amount of tracer that must be injected, and improve image quality.

The other major factors driving nuclear medicine in the Asia Pacific region are growing investments in R&D, rising incidence of various cancers and CVDs, and government approval for advanced treatment using nuclear medicine.

However, the lack of programs to train specialists and technical personnel to facilitate diagnosis and treatment in some underdeveloped regions will restrain the market forward. In addition, other factors, such as lack of awareness in some regions, limited equipment in some regions, some of the health risks associated with the procedure, and the high cost of the treatment procedure, hamper the market growth.

This research report on the APAC nuclear medicine market has been segmented and sub-segmented into the following categories:

By Type:

• SPECT
• PET

By Application:

• Cardiology
• Lymphoma
• Thyroid
• Neurology
• Oncology
• others

By Country:

• India
• China
• Japan
• South Korea
• Australia
• New Zealand
• Thailand
• Malaysia
• Vietnam
• Philippines
• Indonesia
• Singapore
• Rest of APAC

Geographically, the Asia Pacific region had a considerable share in the global market in 2021 and is anticipated to register the fastest CAGR during the forecast period owing to factors such as increasing awareness of early diagnosis and increasing cancer and cardiac diseases. Recently, India has started using this nuclear medicine to detect different diseases in the body. In India, thyroid, bone, and cardiac scans are the most frequently used nuclear medicine procedures to detect diseases. In 2019, the Department of Atomic Energy (DAE) announced its expansion in the production of radioisotopes used in nuclear medicine, which is used for treating cancer and thyroid diseases. The government is funding the development and functioning of nuclear medicine. Most of India's key players made this nuclear medicine available to detect different diseases. Delhi holds the maximum market share. An increasing regular supply of radiopharmaceuticals and radioimmunoassay kits from BARC is the primary factor for developing nuclear medicine in India. In India, nuclear medicine is used in different medical platforms to improve Indian people's health.

China is one of the lucrative segments in the Asia-Pacific region for nuclear medicine. China has recently launched a plan to produce Molybdenum-99 and other radioisotopes for medical use. The Chinese government has started working on producing different types of radioisotopes for nuclear medicine. Growing training programs for the usage of nuclear medicine and the advantages associated with it.

International Atomic Energy has signed an agreement with the Japanese university to increase human resources in nuclear medicine. An increase in demand for higher-quality scans and an increasing clinical need for nuclear medicine scans will drive the market forward in this region. Due increase issues in the use of foreign nuclear medicine, the Japanese government decided to manufacture nuclear medicine in their own country for the betterment of medicine used by the Japanese people. According to the Japan Society of Nuclear Medicine, most of the medicine developed should follow strict rules and clinical trials for better treatment for various diseases.

KEY MARKET PLAYERS:

A few of the noteworthy companies operating in the APAC nuclear medicine market are Cardinal Health, Inc., Bracco Imaging S.p.A, GE Healthcare, Eczacibasi-Monrol Nuclear Products, Nordion, Inc., Bayer Healthcare, Lantheus Medical Imaging, Inc., Advanced Accelerator Applications S.A., IBA Molecular Imaging and Mallinckrodt PLC.