The size of the nuclear medicine market in APAC is expected to be valued at USD 5 billion by 2028 from USD 2.6 bn in 2023, growing at a CAGR of 13.9% from 2023 to 2028.
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 the APAC region, especially in India, the need for nuclear medicine has grown. An estimated 2.7 million people had cancer in India in 2020. Nuclear medicine is a painless procedure, due to which it is adopted widely in cancer treatments. The growing adoption of technological developments in nuclear medicine further enhances the quality of the efficacy of the treatment outcome. 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.
In addition, the growing investments to conduct R&D, the rising patient count suffering from cancer and CVDs across the APAC countries, and government approval for advanced treatment using nuclear medicine further fuel the market growth in APAC.
However, the scarcity of skilled personnel who can handle the operation of nuclear medicine in the underdeveloped and developing countries of the APAC region is one of the major factors limiting the market growth. In addition, poor awareness levels among people and unavailability of nuclear imaging equipment, side effects associated with nuclear medicine procedures and high costs associated with the treatment procedures are inhibiting the growth rate of the APAC nuclear medicine market.
This research report on the APAC nuclear medicine market has been segmented and sub-segmented into the following categories:
Geographically, the Asia Pacific region had a considerable share in the global market in 2022 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 regional segments in the Asia-Pacific nuclear medicine market. China has recently launched a plan to produce Molybdenum-99 and other radioisotopes for medical use. The Chinese government has started working on manufacturing various types of radioisotopes for nuclear medicine. Growing training programs for the usage of nuclear medicine and increasing awareness among people regarding the advantages associated with using nuclear medicine in China are propelling the market growth in China.
During the forecast period, the Japanese market is expected to occupy a considerable share of the APAC market. International Atomic Energy signed an agreement with the Japanese university to increase human resources in nuclear medicine. The growing demand for higher-quality scans and an increasing clinical need for nuclear medicine scans are driving the market growth in Japan. Considering the increasing number of issues occurring the imported nuclear medicine, the Japanese government decided to manufacture nuclear medicine in Japan itself. According to the Japan Society of Nuclear Medicine, the development of nuclear medicine must follow strict rules and clinical trials.
India is another notable region in the APAC nuclear medicine market and is anticipated to grow at a healthy CAGR in the coming years. The growing cancer population in India is majorly driving the Indian nuclear medicine market growth.
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.
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