The Asia-Pacific nuclear medicine market is projected to grow at a CAGR of 6.56% between 2025 to 2030.
As it is a superior technique over traditional imaging methods, it is being widely employed by healthcare facilities. The Asia-Pacific countries are improving their health sector by introducing advanced methods of treatment. This is another market driver.
Thirdly, the growing incidences of cancer, cardiovascular disease, and thyroids in these countries are demanding better diagnostic techniques. The nuclear medicine market can avail these opportunities in the region to expand their market.
Growth Factors.
According to WHO, there were nearly 10 million deaths due to cancer worldwide. The number of deaths in the Asia-Pacific region is also increasing. Likewise, cardiovascular diseases are also increasing among the population. An estimated 17.9 million people died from cardio-related diseases in 2019, representing 32% of all global deaths. The numbers of deaths are more in low developing countries because of poor diagnostic facilities. This region accounts for high rates of poverty and skewed income distribution exposing the population to more diseases. Nuclear medicines can bring about changes to these affairs and eventually develop a market in these countries.
As the numbers of research facilities grow in Asia-Pacific countries especially China and Japan, medical advancements have been flourishing. Research and studies are conducted to enhance radiotherapy for various diseases such as thyroid-related diseases, respiratory diseases, bone diseases, and neurological diseases. In addition, radiopharmaceuticals are being extensively used in molecular imaging, a technique involving molecules as biomarkers for specific molecular processes that determine the onset and/or progress of a disease. This is expected to drive the market for nuclear medicine during the forecast period.
Restraint.
Nuclear medicine is an efficient medical technique. But the growing inequality in the region is a strong restricting market factor. The lower strata of the society are unable to afford the services. The government-sponsored health sector also fails to provide these services in the truest sense. These causes have debarred the market from fully expanding in the region. Then again, government initiatives and funding for the development of new techniques are anticipated to drive the nuclear medicine market in the long run.
Impact of COVID–19.
The pandemic has placed significant challenges on healthcare systems worldwide, whether in the preparation, response, or recovery phase of the pandemic. Both diagnostic and therapeutic nuclear medicine procedures declined precipitously, with countries worldwide being affected by the pandemic to a similar degree. Nevertheless, the market started to pick up after these techniques were used for the treatment of the novel coronavirus. The use of nuclear medicine imaging to diagnose the respiratory organs affected by the virus increased its demand. The market is likely to expand in the coming years recovering the losses with progressive techniques.
Competitive Insights.
The market leaders for the Asia-Pacific Nuclear Medicine are Bracco Diagnostic Inc., Koninklijke Philips N.V, Curium, Lantheus Medical Imaging, Inc., Mitsubishi, Sterigenics International., GE Healthcare, Fujifilm Holdings Corporation, Cardinal Health, and SC Health Corp. The key players in the market implement growth strategies such as product launches, mergers, and acquisitions, etc. to gain a competitive advantage over their competitors. For instance,
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