According to a research report published by Spherical Insights & Consulting, the global nuclear medicine market will be valued at $9.2 billion in 2021, and the global nuclear medicine market is expected to reach $24.9 billion by 2030. Companies Covered: Mallinckrodt plc., General Electric Co. (Healthcare division), Medtronic, Inc., Bayer AG, Cardinal Health, Inc., Lantheus Medical Imaging, Inc., IBA Group and others.
NEW YORK, USA, May 15, 2023 (Globe Newswire) — Global nuclear medicine market size It is expected to grow from US$9.2 billion in 2021 to US$24.9 billion by 2030 at a compound annual growth rate (CAGR) of 13.8% during the forecast period.
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Radiopharmaceuticals are essentially pharmaceuticals containing radioactive isotopes used in therapeutic and diagnostic procedures. These are small, simple compounds with radioactive properties that are used to treat neurological, cancer, and heart disease. Convenient therapeutic radiopharmaceuticals are replacing traditional chemotherapy techniques in oncology and cancer therapy, creating new business opportunities for radiopharmaceuticals.
The industry is greatly boosted by the increasing incidence and prevalence of cancer and cardiovascular disease. Nuclear medicine is very important because the majority of these cases could have been avoided with improved identification and treatment. Rising prevalence of various diseases is expected to drive the expansion of the global nuclear medicine market over the course of the forecast years, as nuclear medicine helps in diagnosing and treating diseases. Nuclear medicine is used to diagnose cancer and cardiovascular disease. Moreover, the application area of radiopharmaceuticals is expanding and as a result, the market share and demand are expected to increase during the forecast year.
Players may take advantage of this condition by offering radiopharmaceuticals for neurological purposes, thereby diversifying their product offerings and market positioning. Short shelf life, hospital spending restrictions, and expensive equipment are expected to hinder market expansion. However, the greatest impact on radiopharmaceutical shelf life is due to the half-life of the radioisotope and the chemical composition of the radionuclide. If the radioisotope is not used within the recommended storage period, radiation and chemical degradation will reduce its radiochemical purity. This can be fatal during the course of treatment and diagnosis.
Browse key industry insights across the report’s 105 market data tables and 200 pages of figures and charts. ”Global nuclear medicine market sizeBy Product (Diagnostic (SPECT, PET)), Therapeutic (Alpha Emitter, Beta Emitter, Brachytherapy), By Application (Oncology, Thyroid, Neurology, Cardiology, Bone Metastases, Lymphoma, Endocrinology) oncology, and others), by region (North America, Europe, Asia-Pacific, Latin America, Middle East, Africa), 2021-2030 analysis and forecasts”. A detailed description of the report is available here:
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The diagnostic products segment accounted for the largest market share throughout the forecast period.
Based on product, the global nuclear medicine market is segmented into diagnostics, therapeutics. The diagnostic segment is further subsegmented into SPECT and PET. The therapeutic segment is further sub-segmented into Alpha Emitter, Beta Emitter and Bracey Therapy. Among these, the diagnostic products segment will continue to grow in the forecast due to its sizeable patient population and the ready availability of state-of-the-art technologies such as Positron Emission Tomography (PET) and Single Photon Emission Tomography (SPECT). Dominated the market with the largest revenue share throughout the period. Available. Approximately 40 million nuclear-related procedures are performed each year, according to an analysis by the World Nuclear Association, and the need for radioisotopes continues to grow by about 5% each year. The market is also growing as a result of technological developments and various radiotracers used in cancer screening.
The oncology segment dominates the market throughout the forecast period.
Based on application, the global nuclear medicine market is segmented into oncology, thyroid, neurology, cardiology, bone metastasis, lymphoma, endocrine tumors, and others. Among these, the oncology segment dominates the market and will continue its dominance during the forecast period. Various factors such as smoking habits, unhealthy diet, and lack of exercise are leading to cancer deaths worldwide, which is driving the expansion of the market. Increased funding for nuclear medicine research and development for cancer therapy could also help expand the field.
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North America dominates the market with the largest market share during the forecast period
North America will continue to dominate the market, capturing the largest market share throughout the forecast period, owing to its high volume of nuclear medicine technology, sophisticated medical infrastructure, and increasing investment in R&D. For example, Eckert & Ziegler announced in January 2021 plans to build a cGMP facility in Boston, USA, for contract manufacturing of radiopharmaceuticals.
On the other hand, Asia-Pacific is expected to witness the fastest market growth during the forecast period due to growing interest in nuclear medicine therapy and increasing investment in this area. For example, Penang Adventist Hospital (PAH) has announced that it will open a private nuclear medicine center in northern Malaysia in March 2022. The opening of this center has a positive impact on the local economy.
Competitor analysis:
This report provides a good analysis of major organizations/companies involved in the global market along with comparative evaluation mainly based on product offering, business overview, geographical presence, company strategy, segment market share and SWOT analysis. . The report also provides an in-depth analysis focused on the company’s current news and developments, including product developments, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, etc. This allows us to assess the overall competition within the market. Major vendors in the global nuclear medicine market include Mallinckrodt plc., General Electric Co. (Healthcare Division), Medtronic, Inc., Bayer AG, Cardinal Health, Inc., Lantheus Medical Imaging, Inc., and IBA Group. included.
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