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North America Nuclear Medicine Market Research Report - Segmented By SPECT, PET, Application & Country (the United States, Canada, & Rest of North America) - Industry Analysis on Size, Share, Trends, COVID-19 Impact and Growth Forecast (2022 to 2027)

Published: January, 2022
ID: 99
Pages: 143
Formats: report pdf report excel report power bi report ppt

North America Nuclear Medicine Market Size (2022 to 2027)

The size of the North American nuclear medicine market is estimated to value USD 8.63 billion by 2027 and USD 5.05 billion in 2022, growing at a CAGR of 11.3% during the forecast period.

The Nuclear medicine market in North America is majorly driven by the proliferation of cancer and cardiac ailments and the initiatives to lessen the demand-supply gap of Mo-99. The Nuclear medicine market is most likely to account for the largest share due to nuclear medicine adoption in therapeutics and diagnostics and the growing burden of diseases in the region. Also, increasing government funding and initiatives to develop advanced techniques are most likely to create market growth. For example, in July 2019, the United States government approved the Medicare Diagnostic Radiopharmaceutical Payment Equity Act of 2019. By altering the way Medicare pays for imaging services, the new law intends to provide access to high-targeted, more precise therapy and diagnosis of severe neurological disorders.

In addition, radiopharmaceuticals are widely employed in molecular imaging, a technique in which molecules are used as biomarkers for specific molecular processes that influence the illness's start and progression. During the projected period, this is likely to boost the nuclear medicine market. Increased funding for research and development in Canada is also helping to grow the market. ARTMS Products, a Vancouver-based business, received CAD 26.4 million in Series A funding in May 2020 to finance radiopharmaceutical research and development. Market growth has been supported by technical developments in the field of imaging. Scientists, academics, and engineers have integrated hybrid systems into clinical practice in recent years. A combination of two or more single diagnostic imaging modalities is used. 

Many technical developments, including the advent of a time of flight (ToF) and the rising popularity of hybrid imaging systems, are essential to market development. A new set of regulations has been implemented to ensure the safety of employees at imaging centers and other nuclear plants. The US Food and Drug Administration (US FDA) released guidance in 2020 to help nuclear medicine departments alter their operational practices to decrease the risk of COVID-19 infection among patients, employees, and the general public. 

Radiopharmaceuticals have a limited half-life, which limits their application. At the same time, hospital budget constraints and expensive equipment prices have made nuclear medicine less accessible to some end-users; these factors are expected to impede the market's growth.

This research report on the North America Nuclear Medicine Diagnostics Market is segmented and sub-segmented into the following categories:

By Type:

  • SPECT
  • PET

By Application:

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

By Country:

  • United States
  • Canada
  • Rest of North America

During the forecast period, the North American nuclear medicine market is predicted to have the most dominant share globally. The market growth is driven by increasing research and development on nuclear medicine, availability of advanced healthcare infrastructure, and growing awareness about nuclear imaging. North America has witnessed advanced technology in the healthcare sector, which is predicted to impact market growth positively. The key players in this region are implementing multiple strategies to maintain their significant share in nuclear medicine during the forecast period. The strategy implemented includes product developments, business expansion, and collaborative development.

The United States nuclear medicine market is predicted to account for the most significant share in the North American market during the forecast period. An increase in the incidence of chronic diseases such as cardiovascular disease and cancer, favorable reimbursement policies, growing healthcare spending, and advancing healthcare infrastructure in the country influence market growth.

On the other hand, the Canadian nuclear medicine market is predicted to have a moderate share in the forecast period. Growing investment for research and development in Canada also contributes to market expansion. For example, in May 2020, ARTMS Products, a Vancouver-based business, obtained CAD 26.4 million in Series A investment to aid radiopharmaceutical research and production.

KEY MARKET PLAYERS:

A few of the notable companies operating in the North America Nuclear Medicine Diagnostic 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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