Market Analysis: Nuclear medicine

Market Analysis: Nuclear medicine

The nuclear medicine market is expected to experience growth over the next decade and beyond. The forecasted growth, however, will come amid some factors that are limiting the global radiopharmaceutical market.

“The North American market for nuclear medicine is estimated to be $2.2 billion in 2014, and is poised to reach $3.85 billion by 2019, with an estimated Compound Annual Growth Rate of 11.84 percent,” according to a report by Mordor Intelligence.

The report indicates that the market is set to be mostly driven by therapeutic radiopharmaceuticals, markets that are expected to increase annually by 30 percent between 2013 and 2030. Other factors expected to fuel the nuclear medicine market include an aging population and an increase in the number of heart disease cases. Newer technologies and reimbursements will dictate shifts in the U.S. market.

Danny Hamm, Vice President of Sales for InterMed Nuclear Medicine, says heart disease will continue to steer the nuclear medicine market.

He said the number of heart disease patients will continue to increase as baby boomers age.

“More tests are being ordered just because more people are in the age bracket where heart disease is a concern,” Hamm said.

He said SPECT will continue to be a staple of the nuclear medicine market.

“I don’t think it’s going anywhere,” Hamm says. “The diagnostic value of it is very high with certain studies with cardiology being the main one. I don’t see heart disease or heart studies decreasing anytime soon.”

“There is really not anything else that gives you the same diagnostic value,” Hamm adds. “It’s not going away because it would cost more to do the same study with PET.”

However, Hamm said PET will continue to be a big part of the nuclear medicine market.

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