Ottawa, July 08, 2022 (GLOBE NEWSWIRE) -- The global nuclear medicine market size was accounted at USD 9.49 billion in 2021. The use of radioactive isotopes or the use of nuclear medicines in treating cancer and various cardiovascular diseases has proven to be the most efficient way which will drive the market growth in the coming years.
Key Takeaways:
- By product, the U.S. nuclear medicine market was estimated at USD 3.5 bn in 2021
- By application, the oncology segment accounted highest revenue share of 40% in 2021
- In 2021, cardiology application segment contributed market share of around 21%
- By product, the diagnostic segment has garnered 81% of revenue share in 2021
- In 2021, North American region has contributed 46% of market share
- Asia Pacific region is anticipated to reach at a remarkable CAGR from 2022 to 2030
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Regional snapshots
The North American region is expected to dominate the market in the coming years. As there has been an increased amount of investment in the activities for conducting research and development in this field will drive the market in the North American region. The existence of the healthcare infrastructure which happens to be extremely efficient will also drive the market growth. Many facilities have been developed and dedicated for the manufacturing of radioisotopes. Radio isotopes of the commercial stage as well as the investigational stage are manufactured in the North American region. As there has been an increase in the number of cancer patients in the North American region the market for nuclear medicine is expected to grow during the forecast period.
Apart from the North American region the European region will also grow with a good amount of market share as there have been and entry of manufacturers in this region. There have been increased number of mergers and acquisitions in this region that shall lead to the growth of the market. As there has been an increase in the all varnas regarding the availability of nuclear medicines fault diagnosis and therapeutic purposes the Asia Pacific region will also see a growth in the coming years. In the developing nations one of the most important factors that will restrain the growth of the market will be the high cost of these therapies. In the developing nations the population with lower income may not be able to afford this treatment.
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Scope of the Report
| Report Attributes | Details |
| Market Size in 2021 | USD 9.49 Billion |
| Revenue Forecast by 2030 | USD 25.7 Billion |
| CAGR | 11.7% from 2022 to 2030 |
| Largest Market | North America |
| Fastest Growing Region | Asia Pacific |
| Base Year | 2021 |
| Forecast Year | 2022 to 2030 |
| Key Players | GE Healthcare, Nordion (Canada), Inc., Bracco Imaging S.P.A, Jubilant Life Sciences Ltd, NTP Radioisotopes SOC Ltd., The Australian Nuclear Science and Technology Organization, The institute for radioelements (IRE) |
Market dynamics
Drivers
In most of the hospital's radioisotopes are used and they are preferred for the detection and the treatment of these major illnesses. As there has been an increase in the number of chronic diseases if the geriatric population the market is expected to grow in the coming year. Increased research and development activities have led to the adoption of new clear medicines for the treatment of cancer. What are the most important factors that are driving the growth of the market is effectiveness of these treatments in curing the disease is completely. The use of nuclear medicines has created a positive impact on the overall market. The use of different types of diagnostics as well as therapy which make use of radio pharmaceuticals will help in driving the growth of the market.
Restraints
Apart from the pet scan for detection of cancer and different types of imaging techniques that make use of nuclear medicines for detecting and treating the cardiovascular diseases there has also been an adoption of MRI and the CT scans that are available across the globe. The use of these alternatives for the diagnosis of various illnesses will restrain the growth of the market for nuclear medicines in the coming years. In the developing nations there has been an increase in the use of MRI and greater use of CT scans for detecting or diagnosing various illnesses as these options happen to be cost effective as compared to the nuclear medicines. In order to make use of these alternative ways there are many reimbursement policies available in the market. Owing to all of these reasons the market for nuclear medicine will be hampered.
Opportunities
The growth opportunities for nuclear medicine is that the effectiveness of the use of these radiopharmaceuticals. As compared to the other alternatives available in the market this happens to be the most effective treatment of all. Due to an increased awareness about the better outcome of the use of nuclear medicines in the treatment and the diagnosis of cardiovascular diseases as well as cancer will provide better opportunities for the growth of the market in the coming years. Rapid urbanization and increase in the per capita income of the developing nations will make the use of nuclear medicines affordable.
Challenges
One of the most important challenging factor is the shelf life of these products. Another restraining factor for the growth of the market in the developing nations is bill lack of various equipments that are extremely important in the production of these but they do pharmaceuticals. Another challenge is that of the safety of the worker. The presence of the profit oriented organisations makes compromise on the safety of the workers. Another challenging factor is the disposal of the radioactive waste material. The lack of disposal facilities in the developing nations is another challenge for the growth of the market. The current condition for the reimbursement in case of nuclear medicines is extremely inadequate. It happens to be an expensive procedure and the high cost associated with this procedure is another challenge. The number of health care facilities that provide nuclear medicines for the diagnosis and the treatment of cardiovascular diseases or cancer in the developing nations is less
Report highlights
- On the basis of the product type, the diagnosis segment will dominate the market as there has been an increase in the number of people suffering with different cardiovascular diseases and cancer. In order to detect these diseases, there has been an increase in the use of nuclear medicines. In order to detect tumors in patients there has been an increase in the use of radiotracers.
- The oncology segment will dominate the market as there has been an increase in the number of deaths due to cancer. The research and development activities have provided medicines for treating cancer and this shall drive the market growth in the coming years. The introduction of different isotopes that shall be helpful in curing the patients suffering with the tumors of the neuroendocrine system will also lead to the growth of the market segment.
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Recent developments
- The development of a facility that shall be helpful in manufacturing radiopharmaceuticals for the Boston region was announced by Eckert & Ziegler in the year 2021.
- Penang Adventist hospital launched or center for the private nuclear medicine in Malaysia in the year 2022
Market Segmentation
By Product
- Diagnostic Products
- SPECT
- TC-99m
- TL-201
- GA-67
- I-123
- Other SPECT products
- PET
- F-18
- SR-82/RB-82
- Other PET products
- Therapeutic Products
- Alpha Emitters
- RA-223
- Beta Emitters
- I-131
- Y-90
- SM-153
- Re-186
- Lu-117
- Other beta emitters
- Brachytherapy
- Cesium-131
- Iodine-125
- Palladium-103
- Iridium-192
- Other brachytherapy products
- Alpha Emitters
By Application
- Cardiology
- Neurology
- Oncology
- Thyroid
- Lymphoma
- Bone Metastasis
- Endocrine Tumor
- Others
By End-user
- Hospitals and Clinics
- Diagnostic Centers
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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