New York, Feb. 07, 2024 (GLOBE NEWSWIRE) -- The global nuclear medicine market size is predicted to expand at ~20% CAGR between 2023 and 2033. The market is projected to garner a revenue of USD 20 billion by the end of 2033, up from a revenue of ~USD 9 billion in the year 2022.The growth of this sector is set to be dominated by the rising prevalence of cardiovascular disease. As per the predictions of the World Health Organization, an estimated 17.9 million people worldwide lose their lives to cardiovascular diseases (CVDs), making them the top cause of death worldwide. Therefore, the market is poised to grow.
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Cardiomyopathy (diseases of the heart muscle) and coronary artery disease are assessed in cardiac nuclear medicine imaging. It is additionally feasible to assess whether radiation or chemotherapy has caused damage to the heart. Small amounts of radioactive substances known as radiotracers have applications in nuclear medicine; these elements are normally injected into the bloodstream, breathed, or eaten. Furthermore, there have been rising cases of kidney disease which has also boosted the market expansion. A degenerative illness, chronic kidney disease impacts more than 9% of the global population, or more than 799 million people.
Growing Geriatric Population to Boost the Growth of Global Nuclear Medicine Market
The WHO projects that one in six individuals on the planet will be 60 years of age or older by 2030. There ought to be 1.4 billion people over 60 by now, as opposed to just 1 billion in 2020. It is predicted that the number of individuals 60 years of age or older worldwide will increase to 2.1 billion by 2050, which is double the current number. Nuclear medicine may assist in the identification of illnesses that affect the elderly thus assisting in social adjustment and elderly care. Therefore, with the rising geriatric population, the market for nuclear medicine is growing.
Nuclear Medicine Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Population to Drive the Market Expansion in Asia Pacific
The nuclear medicine market in Asia Pacific is set to capture the highest revenue in the market over the forecast period. This growth is set to be dominated by a rising population since with the rise in the population the prevalence of disease also increases. About 4.3 billion people, or 60% of the world's population, live in the Asia and Pacific region, which is also home to China and India, the two most populous countries on the planet.
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Growing Neurological Disorder to Boost the Market Growth in North America
The North America market for nuclear medicine is estimated to have notable growth in the market over the forecast period. The major factor to dominate the market expansion in this region is rising neurological disorder. In the US, there are over 795,000 stroke victims annually. Of them, about 610,000 are new or first-time strokes.
Nuclear Medicine, Segmentation by Application
- Cardiology
- Neurology
- Oncology
- Lymphoma
- Bone Metastasis
- Endocrine Tumor
The oncology segment is set to capture the highest revenue by the end of 2033. This could be on account of the growing consumption of tobacco which has further boosted cases of cancer. According to the World Health Organization, over 8 million individuals die from tobacco usage each year. The majority of tobacco-related deaths take place in low- and middle-income nations, which are frequently the focus of intense marketing and industry influence.
Nuclear Medicine, Segmentation by End-User
- Hospitals & Clinics
- Diagnostic Centers
The hospitals & clinics segment is set to have notable growth in the market over the forecast period. The major element that is driving the segment growth is the rise in the number of hospitals. In 2021, the world will consist of about 164,000 hospitals.
Nuclear Medicine, Segmentation by Product
- Diagnostic Products
- Therapeutic Products
A few of the well-known industry leaders in the global nuclear medicine market that are profiled by Research Nester are GE Healthcare, Jubilant Pharmova Limited, Nordion (Canada), Inc., Bracco Imaging S.P.A, The Institute for Radioelements (IRE), NTP Radioisotopes SOC Ltd., The Australian Nuclear Science and Technology Organization (ANSTO), Mallinckrodt Pharmaceuticals, Lantheus, Eckert & Ziegler, and others.
Recent Development in the Nuclear Medicine Market
- GE Healthcare has announced a new generation nuclear medicine scanner intended for use in cardiac imaging. It offers additional automated workflow tools and an enhanced field-of-view processing capacity for a rapid and "comfortable exam." Doctors can choose the best course of treatment for their patients with the help of MyoSPECT, which offers an amazing image of heart architecture and pathology. It was created utilizing the CZT module design and the company's own Alcyone technology.
- One of the first companies to produce molybdenum-99 (Mo-99) was the Institute for Radioelements (IRE). The most widely used radioisotope in nuclear medicine for diagnostic purposes, fadioisotope, declared that it has created the first batch of Mo-99 Low Enriched Uranium (LEU) for the US market.
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