The global market for nuclear medicine equipment and radiopharmaceuticals generated $4.7 billion in revenues in 2016 and is expected to grow at a compound annual growth rate of 9.3% to reach $7.3 billion by 2021, according to a new report from MarketsandMarkets.
Market growth is being driven by factors such as the increasing use of SPECT and PET, advances in radiotracers and alpha radioimmunotherapy-based targeted cancer treatment, and the rising incidence of cancer and cardiac ailments, according to the company. On the downside, growth is being held back by issues such as the short half-life of radiopharmaceuticals, stringent regulatory guidelines, and competition from conventional diagnostic procedures, the company said.
