The nuclear medicine market has been forecast to increase at a compound annual growth rate (CAGR) of 7.8% over the next five years, rising from a valuation of $3.8 billion in 2012, to hit a market value of $5.5 billion by the year 2017.

The medical device industry has witnessed explosive growth in recent years. According to estimates, the global market was worth $236.1bn in 2010. Much of this growth is linked to the rising prevalence of a number of diseases worldwide; most notably in cardiac and neurological systems.

This has fuelled a strong demand for technically advanced medical and diagnostic imaging devices, capable of providing accurate and detailed diagnoses, which can allow earlier, and potentially life-saving, medical intervention.

Despite a decline in sales volume and reduced demand in the aftermath of the global economic recession, the industry has "recovered well."

Nuclear medicine is a medical specialty involving the application of radioactive substances in the diagnosis and treatment of disease.

In nuclear medicine procedures, radionuclides are combined with other elements to form chemical compounds, or else combined with existing pharmaceutical compounds, to form radiopharmaceuticals.

These radiopharmaceuticals, once administered to the patient, can localize to specific organs or cellular receptors. This property of radiopharmaceuticals allows nuclear medicine the ability to image the extent of a disease process in the body, based on the cellular function and physiology, rather than relying on physical changes in the tissue anatomy.

In some diseases nuclear medicine studies can identify medical problems at an earlier stage than other diagnostic tests. Nuclear medicine, in a sense, is "radiology done inside out" or "endo-radiology" because it records radiation emitting from within the body rather than radiation that is generated by external sources like X-rays.

Research also suggests that the world nuclear medicine market may benefit from globalisation. Developed nuclear medicine markets such as the US and UK are highly saturated and the focus is likely to be towards upgrading stand-alone PET and SPECT system with fully integrated hybrid units, that offer a high level of anatomical and functional detail.

Emerging countries such as China and India will offer more opportunity, due a lack of nuclear medicine facilities and technologies, and increased healthcare spending. It has been predicted that healthcare investment in these countries is expected to double in the next seven years.

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Nuclear medicine market to be worth $5.5 billion by 2017