New York, United States , May 15, 2023 (GLOBE NEWSWIRE) -- The Global Nuclear Medicine Market Size to grow from USD 9.2 Billion in 2021 to USD 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 pharmaceutical preparations that contain radioactive isotopes that are employed in therapeutic and diagnostic procedures. They are small, straightforward compounds with radioactive properties that are utilised to treat neurological, cancerous, and cardiac conditions. Convenient therapeutic radiopharmaceuticals are used instead of traditional chemotherapy techniques for oncology and cancer treatment, which creates new business opportunities for radiopharmaceuticals.
The industry is being significantly boosted by the increase in the incidence and prevalence of cancer and cardiovascular illnesses. Nuclear medicine is crucial since the majority of these cases could have been averted with the aid of improved identification and treatment. As nuclear medicine aids in the diagnosis and treatment of diseases, the rising prevalence of various disorders is anticipated to propel the expansion of the global nuclear medicine market during the course of the forecast year. Nuclear medicine is used to diagnose cancer and cardiovascular disease. Additionally, radiopharmaceuticals' application domains are expanding as a result of which their market share and demand are anticipated to increase over the course of the projection year.
Players may use this symptom to their advantage by providing radiopharmaceuticals for neurological purposes, thereby diversifying their product offers and market positioning. Its short shelf lives, hospital spending limitations, and expensive equipment are anticipated to impede the market's expansion. The largest influence on a radiopharmaceutical's shelf life, however, comes from the radioisotope's half-life and the radionuclide's chemical composition. Radiochemical purity is poor when radioisotopes are not used within the recommended shelf life because to radiation and chemical deterioration. This could be lethal during the course of treatment and diagnosis.
Browse key industry insights spread across 200 pages with 105 market data tables and figures & charts from the report on "Global Nuclear Medicine Market Size, Share, and COVID-19 Impact Analysis By Product (Diagnostics (SPECT, PET)), Therapeutics (Alpha Emitters, Beta Emitters, Brachytherapy), By Application (oncology, thyroid, neurology, cardiology, bone metastasis, lymphoma, endocrine tumors, and others), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030". Get Detailed Report Description Here:
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The diagnostic product segment accounted the largest market share over the forecast period.
On the basis of product, the global nuclear medicine market is segmented into diagnostics, therapeutics. The diagnostics segment is further sub segmented into SPECT and PET. The therapeutics segment is further sub segmented into Alpha Emitters, Beta Emitters, Bracytherapy. Among these, the diagnostic product segment is dominating the market with the largest revenue share over the forecast period because there is a sizable patient population and cutting-edge technology like Positron Emission Tomography (PET) and Single Photon Emission Computed Tomography (SPECT) are readily available. According to World Nuclear Association analysis, almost 40 million nuclear procedures are performed annually, and the need for radioisotopes continues to grow annually by about 5%. The market is also growing as a result of technological developments and a variety of radiotracers used in cancer screening.
The oncology segment is dominating the market over 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 is dominating the market and is going to continue its dominance over the forecast period. Due to various variables like smoking habits, an unhealthy diet, and a lack of exercise, many people worldwide are dying from cancer, which is driving the market's expansion. Increasing funding for nuclear medicine research and development for the treatment of cancer may also aid in the segment's expansion.
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North America is dominating the market with the largest market share over the forecast period
Due to its high volume of nuclear medicine techniques, sophisticated medical infrastructure, and increasing investment in research & development, North America will continue to dominate the market with the biggest market share over the projection period. For instance, Eckert & Ziegler announced in January 2021 their plans to build a cGMP facility in Boston, United States, for the contract production of radiopharmaceuticals.
On the other hand, Asia Pacific is expected to see the fastest market growth during the projected period as a result of rising interest in nuclear medicine therapies and rising investment in the sector. For instance, Penang Adventist Hospital (PAH) announced the opening of a private nuclear medicine centre in northern Malaysia in March 2022. The opening of this centre has had a favourable effect on the local economy.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of 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.
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