Austin, United States, Dec. 08, 2024 (GLOBE NEWSWIRE) -- Medical Isotope Market Size & Growth Analysis:
“According to SNS Insider, The Global Medical Isotope Market was valued at USD 5.66 billion in 2023 and is projected to reach USD 12.15 billion by 2032, at a compound annual growth rate of 8.87% over the forecast period 2024-2032.”
An increase in the applications of medical isotopes for diagnostics and therapy, mainly in cancer treatment, fuels the market's growth. Medical isotopes such as technetium-99m, iodine-131, and lutetium-177 are very crucial for furthering nuclear medicine and targeted therapies.
Market Overview
The Medical Isotope Market plays a pivotal role in the healthcare industry, particularly in the fields of nuclear medicine, diagnostics, and cancer therapies. The demand for medical isotopes has surged, driven by the increasing adoption of non-invasive imaging techniques and advancements in cancer treatment methods. Medical isotopes such as technetium-99m, iodine-131, and lutetium-177 are crucial in diagnostic imaging and therapeutic applications. The global supply chain of these isotopes relies heavily on specialized reactors, such as the ones used for the production of Molybdenum-99, which decays into technetium-99m, a key isotope used in diagnostic procedures.
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The supply-demand dynamics for medical isotopes are being impacted by the need for stable, reliable sources to meet increasing demand, particularly as healthcare systems adopt more advanced diagnostic technologies and personalized treatments. The shortage of critical isotopes and the challenge of their transportation due to their radioactive nature have led to increasing investments in local production facilities to improve supply reliability and delivery speed. The medical isotope market's growth is also being fueled by the rising prevalence of cancer and cardiovascular diseases, which require advanced imaging and therapy techniques.
Major Players Analysis Listed in this Report are:
- Eczacibasi-Monrol Nuclear Products
- GE Healthcare
- Jubilant Radiopharma
- Canadian Nuclear Laboratories (CNL)
- Mallinckrodt Pharmaceuticals
- IBA Radiopharma Solutions
- NorthStar Medical Radioisotopes LLC
- Curium
- Nordion Inc.
- Isotopen Technologien München (ITM)
Medical Isotope Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 5.66 billion |
| Market Size by 2032 | US$ 12.15 billion |
| CAGR | CAGR of 8.87% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | Technological Advancements and Theranostics Drive Growth in the Medical Isotope Market |
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Segment Analysis
By Type
In 2023, radioisotopes dominated the medical isotope market, holding approximately 65.0% of the market share. This dominance can be attributed to their essential role in diagnostic and therapeutic procedures. Technetium-99m, one of the most widely used radioisotopes in nuclear imaging, is responsible for a significant portion of diagnostic nuclear medicine globally. Moreover, isotopes such as Iodine-131 and Lutetium-177 are crucial for targeted cancer therapies, making radioisotopes indispensable in clinical settings.
On the other hand, stable isotopes represent the fastest-growing segment within the type category over the forecast period, driven by their rising adoption in advanced medical research and non-invasive diagnostic tools. The use of stable isotopes like carbon-13 in breath tests and oxygen-18 for metabolic studies is gaining momentum. These isotopes are also increasingly being utilized in precision medicine, research, and drug development, contributing to their rapid growth.
By Application
The diagnostic segment was the leading application for medical isotopes in 2023, accounting for 70.0% of the market share. The widespread use of isotopes like technetium-99m in SPECT and PET scans has made diagnostic imaging an essential part of early disease detection and management. Increased healthcare investments, advancements in imaging technologies, and the growing demand for non-invasive diagnostic procedures are key factors driving the growth of this segment.
The nuclear therapy segment is the fastest-growing application over the forecast period, driven by innovations in theranostic approaches, which combine both diagnostic and therapeutic functions. Isotopes like Lutetium-177 and Yttrium-90 are being increasingly used for targeted cancer therapies, particularly in the treatment of prostate cancer and neuroendocrine tumors. The expanding adoption of these therapies and the growing prevalence of cancer are fueling the growth of nuclear therapy as an essential part of modern treatment regimens.
Medical Isotope Market Key Segmentation:
By Type
- Stable Isotopes
- Radioisotopes
By Application
- Diagnostic
- Nuclear Therapy
By End-user
- Hospitals
- Diagnostic Centers
- Research Institutes
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Regional Insights
North America
In 2023, North America held a substantial share of the medical isotope market. The region is home to leading medical isotope manufacturers, including GE Healthcare, Jubilant Radiopharma, and Mallinckrodt Pharmaceuticals. The dominant share is primarily driven by advanced healthcare infrastructure, high demand for nuclear imaging, and increased research investments in the development of targeted therapies. Furthermore, the U.S. and Canada are also witnessing significant growth in the demand for isotopes used in cancer treatment, contributing to the market's expansion.
Europe is another significant market for medical isotopes, with countries like Germany and the Netherlands hosting critical production facilities for isotopes such as technetium-99m and iodine-131. The growing aging population and an increasing number of cancer patients are driving demand for diagnostic imaging and nuclear therapy. Moreover, European nations are investing in local isotope production to reduce reliance on external suppliers and ensure supply stability.
The Asia-Pacific region is expected to exhibit the fastest growth rate in the coming years. The increasing prevalence of cancer and other chronic diseases, coupled with rising healthcare expenditure, is driving demand for medical isotopes. Countries like China, India, and Japan are expanding their nuclear medicine capabilities, and governments are investing in developing local production facilities to address supply chain challenges. The rise of precision medicine and advancements in research and technology is expected to further fuel the demand for medical isotopes in this region. The rapid adoption of Stable Isotopes in advanced research and diagnostics is anticipated to drive market growth in the coming years.
Recent Developments in the Medical Isotope Market
Nov 2024: The government, with Bruce Power, announced plans to construct a medical isotope processing facility on-site or near the Bruce Energy Centre. It will help process isotopes in-house, avoiding sending them abroad and making their delivery faster to patients.
Medical Isotope Market, nuclear medicine, isotope applications, medical imaging, healthcare market trends, isotope diagnostics, market growth forecast, medical isotope innovations, radiopharmaceuticals, global isotope market.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Incidence and Prevalence (2023)
5.2 Prescription Trends (2023), by Region
5.3 Device Volume, by Region (2020-2032)
5.4 Healthcare Spending, by Region (Government, Commercial, Private, Out-of-Pocket), 2023
6. Competitive Landscape
7. Medical Isotope Market Segmentation, by Type
8. Medical Isotope Market Segmentation, by Application
9. Medical Isotope Market Segmentation, by End User
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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