The nuclear medicine diagnostic market in Europe is predicted to be worth USD 5.85 billion by 2027 from USD 3.38 billion in 2022, growing at a CAGR of 11.60% during the forecast period.
Nuclear medicine is a branch of medicine that uses radiation to deliver information about the functioning of a person's specific organs or to treat a disease. In most cases, the information will assist the physicians in making a quick, accurate diagnosis of the patient's illness.
The European nuclear medicine diagnostics market is primarily driven by the increasing incidences of cancer and cardiac disorders and the increasing demand for image-guided procedures and diagnostics. Nuclear medicine has shown enormous potential in the treatment of heart disease and cancer. According to the WHO, an estimated 3.85 million new cases and 1.95 million deaths occur each year from cancer. Cancer diseases are the second leading cause of death and morbidity in Europe.
According to the World Health Organization (WHO) estimates, in 2018, 18.9 million people died from cardiovascular disease; due to the increase in cardiac diseases, the applications of nuclear medicine will also continue to show strong growth in the market. In addition, there are also other factors such as an increase in SPECT and PET usage and growing public awareness of healthcare, which are expected to drive the future market.
Government initiatives and funding to develop new techniques are expected to stimulate the European nuclear medicine diagnostics market. For example, in 2019, the European Regional Development Fund (EFRO) and the Kansen voor West organization paid NRG $ 7.77 million for FIELD-LAB, developing new nuclear drugs to treat cancer. This is expected to have a positive impact on the European nuclear medicine diagnostics market in upcoming years.
There is great competition between companies in the European nuclear medicine diagnostics market. In addition, large companies in the pharmaceutical and biotechnology industries are leveraging their huge reserves of capital to enter this market, further increasing competition which helps develop the market.
However, regulatory requirements are the main obstacle to translational research and clinical investigations. In Europe, all guidelines for nuclear medicine products are coordinated by the European Association of Nuclear Medicine (EANM) and, including radiopharmaceuticals and diagnostic radiation therapy, are subject to the European Medicines Agency (EMEA). Therefore, radiopharmaceuticals are subject to unique regulatory and approval pathways, which is time-consuming. In addition, extensive toxicological tests sometimes impose a considerable financial burden on researchers. Factors such as the shortage of skilled workers to operate nuclear medicine diagnostics and competition from conventional diagnostic procedures hamper the growth of the European nuclear medicine diagnostics market.
This research report on the Europe Nuclear Medicine Diagnostics Market is segmented and sub-segmented into the following categories:
In 2020, Germany represented the largest share of the European nuclear medicine diagnostics market, followed by France, Italy, the United Kingdom, Spain, and Russia. However, in the upcoming years, the European nuclear medicine diagnostics market is expected to experience the strongest growth in the rest of European countries, particularly in Switzerland, Poland, Denmark, Sweden, and the Netherlands.
The European nuclear medicine diagnostics market is very competitive, as there are several large and many small companies offering similar product offerings. These companies adopt various strategies such as agreements, contracts, acquisitions, market developments, expansions, website launches, marketing and promotion activities, and technological improvements to increase their market share and establish a strong presence in the European market.
In 2020, France had good market growth owing to the development of new technologies for radioisotope production, government funding, and business initiatives in the region.
KEY MARKET PLAYERS:
A few of the promising companies operating in the European Nuclear Medicine Diagnostics 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 & Mallinckrodt plc.
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