Newark, New Castle, USA, Feb. 13, 2023 (GLOBE NEWSWIRE) -- According to the latest report published by Growth Plus Reports, the Global Nuclear Medicine Market is expected to clock US$ 25.0 billion by 2030 and to grow at a CAGR of 13.2% during the forecast period. Owing to the rise in the prevalence of cancer and cardiac disorders and increasing demand for image-guided procedures and diagnostics. This exclusive information is published by Growth Plus Reports in its report titled “Nuclear Medicine Market – Global Outlook & Forecast 2022-2030”.
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Market Drivers
Nuclear medicine comprises the research, diagnosis, and treatment of radioactive substances. The primary drivers for the market under consideration are rising cancer and heart disease prevalence. Nuclear medicine has enormous potential in the treatment of heart and cancer illnesses. According to GLOBOCAN 2021, 19.3 million new cancer cases were diagnosed worldwide in 2020, which is anticipated to climb to 30.2 million cases by 2040. Because nuclear medicines, such as radiotherapy, are employed in cancer treatment, there is an increasing need for nuclear medicine, which is driving the market. Other factors, such as rising SPECT and PET applications and public awareness of healthcare, are projected to drive the market in the future. Single photon emission computed tomography (SPECT), which offers metabolic and functional information about the heart, has uses in cardiology. It is a non-invasive technology that involves injecting radioactive tracers into a patient's circulation to obtain images that show whether or not the patient has cardiovascular disease.
Excerpts from ‘By Application Segmentation’
Based on application, the global nuclear medicine market has been segmented into:
- Cardiology
- Neurology
- Oncology
- Thyroid
- Lymphoma
- Bone Metastasis
- Endocrine Tumor
- Others
The oncology segment dominated the market during the forecast period. The rise in the prevalence of tumors that require advanced diagnostics, such as PET/CT scans, is one of the primary factors driving the expansion of this market. Increased financing for treating various conditions is also projected to spur innovation and research, resulting in market development. The rising prevalence of cancer is driving global demand for radioisotopes for nuclear imaging for research purposes. According to a study published in January 2021 by Richard P. Dittrich and colleagues at Southend University Hospital NHS Foundation Trust, there have been many new developments in gallium's utility, including a shorter half-life, on-site generation, somatostatin receptor, prostate (68Ga-PSMA-11 PET/MR) tracers, and other cancer diagnoses, such as boney and soft tissue metastasis. 68Ga-DOTATATE is also implicated in other somatostatin receptor malignancies, including renal cell cancer, breast cancer, prostate cancer, malignant lymphoma, hepatocellular cancer, medulloblastoma, neuroblastoma, sarcoma, and gastric cancer. Such research points to the use of radioisotopes like gallium 68 for cancer imaging. As a result, the market is expanding.
Excerpts from ‘By Region Segmentation’
North America occupies the largest share of the global nuclear medicine market. The United States is one of North America's main radioisotope consumer markets, and Canada is one of the primary manufacturers of Tc-99m. The robust growth of the healthcare sector in the United States, rising cancer incidences, a growing geriatric population, and an increase in product launches leading to increased use of radioisotopes, as well as increased initiatives and investments in advanced cancer treatment, are expected to drive market growth. In the United States, there is also an increase in funding for cancer illness research and treatment. Cancer investments are expected to reach US$ 7,176 million in 2021, according to data published by the National Center for Health Statistics (NCHS) at the Centers for Disease Control and Prevention (CDC). This was a significant rise over the 2020 figure of USD 7,035 million. Because radioisotope treatment is a novel subject, increased investments in cancer research will likely drive its rise during the projection period.
The Asia Pacific nuclear medicine market is expected to grow due to increasing demand for non-invasive diagnostic procedures and the growing prevalence of chronic diseases such as cancer, cardiovascular diseases, and neurological disorders. The region is also witnessing an increase in the number of nuclear medicine centers and the adoption of advanced imaging technologies. However, factors such as the high cost of equipment, lack of trained professionals, and concerns over radiation exposure may pose challenges to the market's growth in the region.
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Excerpts from ‘Competitive Landscape’
Some of the prominent players in the global nuclear medicine market include:
- GE Healthcare Nordion, Inc.
- Bracco Imaging S.P.A
- NTP Radioisotopes SOC Ltd.
- Jubilant Life Sciences Ltd.
- The Australian Nuclear Science and Technology Organization
- Eckert & Ziegler
- The Institute for Radioelements (IRE)
- Lantheus Medical Imaging, Inc.
- Mallinckrodt
The market under consideration is moderately fragmented. The participants in the global nuclear medicine market are fiercely competitive. This competition, however, is not based on competitive pricing or product difference.
Table of Content
- INTRODUCTION
- Market Ecosystem
- Timeline Under Consideration
- Historical Years - 2020
- Base Years - 2021
- Forecast Years – 2022 to 2030
- Currency Used in the Report
- RESEARCH METHODOLOGY
- Research Approach
- Data Collection Methodology
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Approach
- Bottom Up
- Top Down
- Market Forecasting Model
- Limitations and Assumptions
- PREMIUM INSIGHTS
- Current Market Trend (COVID-19 Perspective)
- Key Players & Competitive Positioning (2021)
- MARKET DYNAMICS
- Drivers
- Restraints/Challenges
- Opportunities
TOC Continued…
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- Covid 19 impact trends and perspective
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- Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
- Blanket coverage on competitive landscape
- Winning imperatives
- Exhaustive coverage on 'Strategic Developments' registered by leading players of the market
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