The global nuclear medicine market size is expected to reach USD 12.6 billion by 2027, expanding at a CAGR of 9.5%, according to a new report by Grand View Research, Inc. Research and development of advanced technologies by the key players for diagnosis and treatment of diseases is expected to drive the radiopharmaceuticals market.
For instance, in May 2019, GE Healthcare with Indi Molecular, Inc., collaborated to develop Protein Catalyzed Capture (PCC) technology and immune cell-targeted PET tracer candidates. This diagnostic tool will help in better understanding of patient’s immune cell and in early treatment response.
Rising prevalence of cancer and cardiovascular diseases is one of the major factors responsible for market growth. Moreover, high prevalence of cancer in emerging Asian countries is creating huge demand for radiopharmaceuticals in diagnosing the disease. For instance, according to the GLOBOCAN, in 2018, approximately 48.4% of cancer cases were registered in Asia.
In addition, presence of standard guidelines prepared by regulatory authorities for radiopharmaceuticals is expected to accelerate market growth. For instance, in August 2019, FDA published a guideline for non-clinical studies and product labelling that are not covered by FDA and ICH guidelines for radiopharmaceuticals used in the treatment of cancer.
Manufacturers are focusing on development of innovative technologies to produce medical isotopes that can fulfill the increasing demand for nuclear medicines. For instance, in October 2018, with the support of ASML, The Institute For Radioelements (IRE) developed and built an electron beamline to manufacture medical isotope molybdenum 99 (Mo-99). Due to this innovative technology, the process of production is waste-free and non-fission.
In addition, research centers and hospitals are launching novel nuclear medicine techniques to treat various diseases at an affordable cost as compared to the existing treatments. For instance, in August 2017, the Kovai Medical Centre and Hospital (KMCH) had launched Rhenium 188 Lipiodol to treat liver cancer and other diseases such as metastatic bone pain, rheumatoid arthritis, and hemophilic bleeding joints at low cost with lesser hospitalization.
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