Global Therapeutic Nuclear Medicines Market: Overview
Nuclear medicine is largely used for diagnosing illnesses at the earliest and treating various chronic illnesses. Depending on the procedure, nuclear medicine are either swallowed, injected, or inhaled. Thanks to their effectiveness, these medicines are becoming critical for providing imaging and information biochemical changes which was difficult to obtain earlier.
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These medicines travel through the body in the form of gamma rays and require interception from computers and special cameras to replicate the inner imagery. The rise in chronic diseases, and growing awareness about nuclear medicine are expected to drive growth of the therapeutic nuclear medicines market.
Due to the radioactive nature of these medicines, their use is still limited in special cases like pregnancy and in small doses. However, growing advances are making way for using nuclear medicines without special precautions such as sedation or limitations on diet beforehand.
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Global Therapeutic Nuclear Medicines Market: Notable Developments
Domestic Supply for Nuclear Medical Isotope on the Horizon
The Food and Drug Administration (FDA) and Nuclear Regulatory Commission (NRC) have been working towards regulating the supply chain of Technetium-99m. This is the most widely used nuclear substance in the imaging of several life threatening illnesses.
Earlier, supply issues affected demand for this isotope and resulted in shortage and delays in imaging techniques in the US. This is a major boost for the therapeutic nuclear medicine market as over 50% of the demand for these isotopes was limited in the North America region. The boost from the FDA and NRC are expected to solve one of the major pain points in the nuclear medicine market.
Rise in Drug Innovation to be a Major Boon
Major pharmaceutical companies around the world increasingly focused on creating major products with innovation. Additionally, the nuclear medicines market is expected to play a major role in this development. During the phase-1 trials of new drugs, PET imaging can save as much as $235 million for pharmaceutical companies.
Additionally, this is highly important for innovation as the costs for bringing new drugs to the market can be anywhere between $0.8 billion $1.7 billion. Moreover, only 1 in 5 which reach the final stage are ultimate approved for commercialization. Furthermore, molecular imaging can also bring down times required for development of new drugs considerably in the near future. This currently stands at 12 years on average, and molecular imaging provides twice more accuracy as compared to analog data. Hence, rise in drug development patents is expected to be a major boon for the nuclear medicines market.
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Global Therapeutic Nuclear Medicines Market: Drivers and Restraints
Expansion of Nuclear Imaging Promises Major Opportunities
Furthermore, PET imaging is also expected to pick up considerable pace in diagnosis as well. PET imaging can save $400,000 per every 100 patients in detection of malignant tumors as compared to conventional methods such as biopsy, and surgeries. Moreover, the procedures have been in use in the US for more than 25 years.
In many major countries around the world, CT scans continue to remain important while diagnosing various stages of cancers. Despite the effectiveness and its widespread adoption in the US, adoption of nuclear medicine due to concerns and lack of regulatory framework. In the US, the nuclear medicines are used for a diagnosing a wide variety of diseases such as esophageal cancer, small lung cancer, colorectal cancers, stage melanoma, and metastic breast cancer as well.
Lack of awareness and availability of raw materials continue to remain barriers to growth of the therapeutic nuclear medicines market.
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Global Therapeutic Nuclear Medicines Market: Geographical Analysis
The therapeutic nuclear medicines market is expected to witness robust growth in the North America region, due to the stabilization of supply, and rising cases of chronic illnesses like cancers. Additionally, innovation in the pharmaceutical industry is on the rise. The growing innovation, speedier, and smoother FDA approvals are expected to be a major driver for growth in the therapeutic nuclear medicines market.
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