Increasing demand for nuclear medicine is driving the growth in Global Nuclear Pharmacy Market in the forecast period, 2022-2026.
According to TechSci Research report, “Nuclear Pharmacy Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026”, the global nuclear pharmacy market has a potential to project an impressive CAGR toward forces growth in the period, 2022-2026, on the account of increasing instances of cancer. Also, conventional chemotherapy methods are being taken over by more convenient radiopharmaceutical and driving the growth of the global nuclear pharmacy market in the upcoming five years.
Increasing utilization of radio pharmaceutical is also supporting the growth of the global nuclear pharmacies market in the next five years. Additionally, advancement in the nuclear medicine and their storage conditions along with possible distribution channel advances substantiate the growth of the global nuclear pharmacy market in the future five years.
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The global nuclear pharmacy market is segmented on the basis of type, purpose, competitional landscape, and regional distribution. Based on type, the market is further fragmented into institutional, and commercial. Institutional nuclear pharmacy is anticipated to register largest revenue shares of the market and dominate the market segment in the upcoming five years on the account of increasing instances of cancer.
Also, radio pharmacy numbers are increasing with the hospital dependency and thus supporting the growth of the global nuclear pharmacy market in the next five years. Also, increasing number of patients over burdens the hospitals and attached institutional nuclear pharmacy relives that over burdening on the hospitals thus supporting the global nuclear pharmacy market growth in the future five years.
Furthermore, commercial nuclear pharmacy is expected to register fastest growing CAGR on the account of rising disposable income among the population. The tendency of the patients over spending to avail expensive healthcare facilities is further driving the growth of the sub-segment as well as aiding the growth of the global nuclear pharmacy market in the forecast years.
On the basis of purpose, the market is bifurcated into diagnostic, and therapeutic. Diagnostic purpose of the nuclear pharmacies is anticipated to register the largest revenue shares of the market in the upcoming five years on the grounds of increasing demands for the effective and early diagnosis of the cancer diseases.
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Identification of cancer is very difficult and often happens when the disease has already matured. Late-stage presentation and lack of access to the early diagnosis presents threat to the larger population of the world. Governments are taking solid initiatives and research institutes are consistently trying to evolve their methods of diagnosis such that they support the growth of the global nuclear pharmacy market in the upcoming five years.
Increasing demand for the effective treatment and ongoing research along with the development of the technologically advanced therapies for cancer is expected to support the significant growth of the therapeutic purpose of the nuclear pharmacy meanwhile supporting the growth of the global nuclear pharmacy market in the forecast period, until 2026.
Some of the global market players, dominating the global market are:
- Jubilant Radiopharma (Jubilant Pharma Holdings Inc.)
- GE Healthcare
- Cardinal Health, Inc.
- ARTMS Inc.
- AnazaoHealth Corp.
- SOFIE
- Pacific Radiopharmacy, Ltd.
These market players along with new market entrants, are focused on extensive research and bringing innovative and advanced nuclear pharmaceutical products and services. Technologically advanced manufacturing of the nuclear medicine and their storage and distribution channels would aid in decreasing the cost and aid the players in managing their investments. Moreover, initiatives from the government and private fundings would support the global nuclear pharmacy market growth indirectly.
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“North America is anticipated to dominate the market region on the grounds of increasing number of patients suffering from cancer. Moreover, increasing instances of breast cancer, blood cancer, lung cancer, and liver cancer is increasing and demands for the effective treatment is aiding the growth of the global nuclear pharmacy market in the next five years. Also, well-established healthcare industry in countries like the United States, Canada, are also supporting the growth of the global nuclear pharmacy market in the upcoming five years. Consistent research and technologically advanced nuclear medicines are further substantiating the growth of the global nuclear pharmacy market in the future five years. Asia Pacific region is further expected to register significant growth in the upcoming five years owing to the budding research institutes and their dedicated approaches toward cancer treatments is projected to support the growth of the global nuclear pharmacy market in the region in forecast years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Nuclear Pharmacy Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026 Segmented By Type (Institutional v/s Commercial), By Purpose (Diagnostic v/s Therapeutic), By Region”, has evaluated the future growth potential of global nuclear pharmacy and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global nuclear pharmacy market.
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