Portland, OR, July 07, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the Malaysia Nuclear Medicines Market generated $33.68 million in 2020, and is expected to reach $70.24 million by 2028, growing at a CAGR of 9.9% from 2020 to 2028.
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Rise in incidence of targeted population in Malaysia, surge in adoption of SPECT and PET scans, and increase in geriatric population in Malaysia drive the growth of the Malaysia nuclear medicines market. However, short half-life of radiopharmaceuticals coupled with supply volatility, logistical challenges, and stringent regulatory policies in Malaysia hinders the market. On the contrary, use of radiopharmaceuticals in neurological applications is expected to open lucrative opportunities for the market players in the future.
Covid-19 scenario:
- The pandemic led to decrease in the number of diagnostic and therapeutic procedures with nuclear medicines, as Covid-19 is a communicable disease.
- Several countries imposed country-wide lockdown to curb the spread of infection. During the lockdown, the number of patient visits to hospitals and clinics dropped significantly.
- On the other hand, radiopharmaceuticals could help in the detection of the coronavirus. Moreover, it can provide evidence and clarify contradictory concepts in use of non-steroidal and anti-inflammatory drugs for Covid-19.
The report segments the Malaysia nuclear medicines market on the basis of type, modality, therapy, SPECT, PET, and end users.
Based on type, the diagnostic application segment dominated the market in 2020, contributing to more than 90% of the total revenue. However, the therapy treatment segment is projected to register the highest CAGR of 17.0% during the forecast period.
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On the basis of modality, the brachy therapy segment is estimated to manifest the highest CAGR of 18.5% from 2020 to 2028. However, the SPECT segment held the lion’s share in 2020, accounting for around three-fifths of the market.
Based on end users, the research institutes segment is anticipated to manifest the highest CAGR of 13.0% during the forecast period. However, the hospitals and diagnostic centers segment held the largest share in 2020, contributing to around 90% of the Malaysia nuclear medicines market.
The Malaysia nuclear medicines market report includes an in-depth analysis of the prime market players such as Fujifilm Holdings Corporation (Irvine Scientific Sales Company, Inc.), Cardinal Health, Inc., Ion Beam Applications (Ion Beam Applications, SA), GE Healthcare, MERCK KGAA (Sigma Aldrich), Lantheus Holdings, Inc. (Lantheus Medical Imaging, Inc.), Otsuka Holding Co., Ltd. (ABX advanced biochemical compounds GmbH), Novartis AG (Advanced Accelerator Applications S.A.), Siemens Healthcare GmbH, and Taiyo Nippon Sanso Corporation (Mitsubishi Chemical Holdings Corp).
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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
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