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(MoneyNewsWire.Net, May 17, 2018 ) The Latin America market for nuclear medicine Radiopharmaceuticals is estimated at $585 million in 2015 and is poised to reach $1050 million by 2020, growing at a CAGR of 12.4%. Nuclear medicine falls under the field of Molecular imaging, which involves usage of minute amount of radioactive material (radiopharmaceuticals) to diagnose and treat disease.
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Increasing incidence of cancer and cardiac ailments, immense technological advancements, increasing demand for SPECT and PET applications along with the growing public awareness for healthcare are fuelling the market growth for Radiopharmaceuticals. Further, Integration of X ray tomography (CT) into SPECT has recently emerged as an excellent diagnostic tool in medical imaging and is considered to be a major driving factor for the growth of the market. Strict regulatory frameworks pose a major hurdle to the translational research and clinical investigations. Reimbursement issues are other major issues blocking the growth of the market. In addition, shorter half-life of radiopharmaceuticals and competition from orthodox diagnostic procedures are also restraining the Latin America nuclear medicine Radioisotopes market.
The market of radiopharmaceuticals is segmented into Diagnostic radioisotopes and Therapeutic radioisotopes. Diagnostic radioisotope market is further sub segmented into SPECT (Technetium-99m, Thallium-201 Gallium-67, Iodine) and PET (Fluorine-18, Rubidium-82) radioisotopes. Therapeutic radioisotopes cover Beta emitters (Iodine-131, Yttrium-90, Samarium-153, Rhenium-186, Lutetium-177), Alpha Emitters (Radium-223) and Brachytherapy (Cesium-131, Iodine-125, Palladium-103, Iridium-192). By application market is segmented into (cardiology, lymphoma, thyroid, neurology oncology, and others). Furthermore, on the basis of geography, the Latin America Market is segmented into Argentina, Brazil and Mexico.
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Radiopharmaceuticals market is the dominating segment and estimated to account for 90 % of the market while therapeutic radioisotopes contribute for 10% of the market. Based on type of radioisotopes the market is segmented into Technetium-99m (TC-99m), Thallium-201 (TL-201), Fluorine-18, Iodine (I-123), Rubidium-82 (RB-82) and others. The F-18 market is mostly contributed by F-18 FDG tracers though this market is enriched with future tracers such as F-18 Florbetapir and F-18 Choline. The promising clinical outcomes of these tracers have gained the business interest of major research institutes and PET isotope players. Ga-68 and Rb-82 are two other potential isotopes in the PET diagnostic market, ensuring high growth of the diagnostics segment. Diagnosis of coronary artery disease, bone metastasis, and Alzheimer’s disease are the most promising indications for the future growth of PET radioisotopes market.
Some of the key players influencing the Latin America nuclear medicine market are GE Healthcare, Hologic Inc., Medix Inc., Segami Corporation,Positron Corporation,Bracco Imaging S.p.A, Naviscan Inc., Bayer Healthcare, Lantheus Medical Imaging, Inc. and IBA Molecular Imaging.
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