Nuclear Medicine Market Overview
The global nuclear medicine market size was worth USD 8 billion in 2021 and is estimated to grow to USD 18.24 billion by 2028, with a CAGR of approximately 12.50 percent over the forecast period.
Nuclear medicine is a branch that uses tiny quantities of radioactive substances, known as radiopharmaceuticals, to examine organ architecture and functioning. Increasing government funding for innovative procedures and increasing public awareness of healthcare issues will contribute to industry growth. There has been an increase in cardiovascular disorders due to the growing geriatric global burden in both developing and established nations. Nuclear medicine has become extremely popular because of the rise in cardiovascular problems among the elderly population. Additionally, there has been an increase in cancer patients worldwide, a serious condition requiring nuclear medications. This kind of therapy is crucial in detecting and treating cancer. The amount invested in research and development projects employing radioactive materials to treat various ailments has increased. Research is being done to increase the usage of radiopharmaceuticals in new ways, which is expected to stimulate the market.
Nuclear medical technology saw significant expansion during the current coronavirus crisis, driven by increased penetration to lower the frequency of late-stage failures. Techniques like single-photon emission computer tomography (SPECT) and positron emission tomography (PET) were in high demand to prevent viruses’ spread. Rising radionuclide-based treatment techniques encouraged the pandemic’s economic growth.
Nuclear Medicine Market Drivers
The usage of nuclear medications has benefited the market due to the rising incidence of cardiac and cancer ailments. The market will develop because of various diagnostic and therapeutic procedures that employ radiopharmaceuticals. The market for radioisotopes has seen a rise in the importance of research partnerships and collaborations in recent years. This is another significant reason fueling market expansion. In addition, the opening of nuclear medicine centers, which will make nuclear medicine treatments available to people worldwide, is anticipated to impact the market positively. Nuclear Medicine Market Forecast to 2028: Request for Free Sample Report
Nuclear Medicine Market: Restraints
The acceptance of MRI and CT scans, which are readily available worldwide, has also occurred in the numerous imaging modalities that use nuclear medicines to diagnose and treat cardiovascular disorders. The future expansion of the market for nuclear medicines will be constrained by the use of these alternatives for diagnosing various ailments. Since these choices are more affordable than nuclear medicine, there has been a surge in the use of MRI and CT scans in developing countries to detect or diagnose numerous ailments. Several reimbursement policies on the market can be utilized to use these alternative methods, which are expected to hinder the market growth.
Nuclear Medicine Market Segmentation
The global nuclear medicine market has been segmented into type, modality, and applications.
Based on components, the diagnostic and therapeutic are segments of the global nuclear medicine market. In 2021, the diagnostic category dominated the global market. Due to the development of numerous cutting-edge technologies that will aid in diagnosing ailments, the diagnostic market is predicted to expand. The market for diagnostics is anticipated to expand in the next years as more people are predicted to suffer from various forms of cancer and cardiovascular illnesses. Advancements in the utilization of various technologies have been made to detect various tumor kinds. Radiotracers, which aid in diagnostics and significantly contribute to the expansion of this market, are currently being used more frequently. Besides, the therapeutic segment is estimated to hold the highest share of the market. The use of photon therapy in treating this type of disease has increased. The therapies employ a variety of alpha emitters. The various radioisotopes employed in the future to treat these disorders are actinium and yttrium because of enhanced research and development efforts.
Based on application, the market is segmented into cardiology, neurology, oncology, thyroid, and others. The oncology segment dominated the market in 2021. Adopting poor diets and various lifestyle changes have led to an increase in cancer fatalities worldwide. Rapid population growth has increased the number of people who regularly smoke, and beard smoking has been linked to cancer development. Most people who work in various companies enjoy sedentary lifestyles, which is another major risk factor for cancer. The oncology sector will rule the market in the coming years because of decreased physical activity and increased junk food consumption. There has been an increase in funding for developing new cancer treatments. Additionally, the cardiology segment is anticipated to grow at a significant rate over the forecast period. The availability of imaging tests that aid in the detection of cardiovascular problems has contributed to the market’s improved growth. This technology is being used more frequently in various healthcare settings, which will fuel market expansion in the years to come.
Nuclear Medicine Market Regional Landscape
North America dominated the market for nuclear medicine in 2021. The North American region will have healthy growth in the years to come because of significant technological advancement and the presence of the greatest healthcare infrastructure in the region. It is anticipated that this area will hold the greatest market share in the upcoming years. In the upcoming years, the market will expand because of the presence of numerous radioisotope production businesses in this area. The quantity of money spent on research and development activities in the North American region has not increased, so there will be solid growth in the upcoming years. Large manufacturing companies are taking better steps to increase their market share.
Nuclear Medicine Market Competitive Landscape
Some of the main competitors dominating the global nuclear medicine market include- General Electric Co., Bayer AG, Lathes Medical Imaging, Inc., Medtronic, Inc., Cardinal Health Inc., Triad Isotopes, Siemens Healthiness AG, Advanced Accelerator Applications, Curium, and Cambridge Isotope Laboratories Inc.
- January 2021: Bayer purchases Noria Therapeutics to provide a larger oncology portfolio for nuclear medicine. These businesses produce radiopharmaceuticals used in the treatment and diagnosis of illnesses.
- May 2022: Penang Adventist Hospital (PAH), on the Malaysian island of Pulao Pinang, opened a full-fledged private nuclear medicine department there. For specific ailments and diseases like hyperthyroidism, thyroid cancer, lymphomas, and bone pain brought on by various cancers, the new center offers diagnostic and therapeutic methods
Global Nuclear Medicine Market is segmented as follows:
Nuclear Medicine Market by Type
Nuclear Medicine Market by Modality
Nuclear Medicine Market by Application
Nuclear Medicine Market by Region
- North America
- The UK
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America