Nuclear Medicine Market Is Expected To Reach USD 18.9 Billion By 2029 At A CAGR Of 14.7 Percent.
Maximize Market Research has published a report on the Nuclear Medicine Market that provides a detailed analysis for the forecast period of 2022 to 2029. According to the report, Nuclear Medicine Market is estimated to grow at a CAGR of 14.7 percent over the forecast period 2022 to 2029, reaching nearly USD 18.9 Billion by 2029. Health Information Exchange Market size was valued at USD 5.5 Billion in 2021.
The report provides comprehensive market insights for industry stakeholders, including an explanation of complicated market data in simple language, the industry’s history and present situation, as well as expected market size and trends. The research investigates all industry categories, with an emphasis on key companies such as market leaders, followers, and new entrants. The paper includes a full PESTLE analysis for each country. A thorough picture of the competitive landscape of major competitors in the Nuclear Medicine Market by goods and services, revenue, financial situation, portfolio, growth plans, and geographical presence makes the study an investor’s guide.
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Nuclear Medicine Market Overview:
The rising incidence and prevalence of cancer and heart disorders, as well as measures to close the Mo-99 demand-supply gap, are driving growth in the Nuclear Medicine market. However, Nuclear Medicine’s short half-life limits their potential adoption, while hospital budget constraints and costly equipment prices are estimated to restrain market growth to some extent. Nuclear medicine is mostly used to diagnose cardiovascular disease and cancer. Due to the saturation of these markets, a number of firms and stakeholders have decided to focus on increasing the total uses of Nuclear Medicine. With Nuclear Medicine’s growing application areas, demand and uptake are expected to rise in the future years. This suggests that manufacturers have a chance to broaden their products and market share by responding to the need for Nuclear Medicine in neurological applications.
Nuclear Medicine Market Dynamics:
The increased incidence and prevalence of cancer and cardiovascular disease (CVD) is a major driver of market expansion. The majority of instances are preventable with early identification and treatment; nuclear medicine plays an important role in these areas. Cancer was the biggest cause of death in 2020, accounting for about 10 million fatalities, according to the WHO. By 2025, 19.3 million new cancer cases per year are estimated to be recorded worldwide. According to the WHO, 17.9 million people died from CVD in 2019, accounting for 32 percent of all fatalities worldwide. By 2030, this population is expeceted to rise to 23.3 million. Because nuclear medicine is used to diagnose and cure disorders, the growing incidence of certain diseases is likely to fuel the growth of the nuclear medicine market over the forecast period.
The half-life of the radioisotope and the content of the radionuclide determine the expiration of a Nuclear Medicine. For example, the radioactivity of F-18 in PET scans reduces after 110 minutes, but C-11 radioactivity drops after 20 minutes. Tc-99m radioactivity is diminished after six hours in SPECT diagnosis, but I-123 and In-111 isotopes should be used within 13 and 67 hours, respectively. Non-use of radioisotopes within the specified shelf life results in radiation and chemical breakdown, lowering radiochemical purity to an undesirable level that can be lethal during diagnostic and therapy.
Nuclear Medicine Market Regional Insights:
North America dominated the market with a 45.2 percent share in 2021 and is expected to rise rapidly during the forecast period. The region’s significant market share may be ascribed to increasing R&D expenditure, a large volume of nuclear medicine procedures, and a solid healthcare infrastructure. For example, in January 2021, Eckert & Ziegler announced plans to build a cGMP facility for contract manufacture of Nuclear Medicine in Boston, Massachusetts. The facility will be dedicated to the manufacturing of late-stage and commercial-stage radioisotopes used in nuclear medicine, and it will assist meet the market’s rising demand for radionuclides.
Because of increased knowledge of nuclear medicine therapies and rising investment in the nuclear medicine arena, the Asia Pacific area is expected to be the fastest-growing region. For example, Penang Adventist Hospital (PAH) announced the opening of a private nuclear medicine facility in northern Malaysia in March 2022. This introduction is expected to have an influence on the regional market. However, the high cost of these medicines may limit market expansion since the lower-income population in developing nations may be unable to afford such therapy. In India, for example, the cost of therapy with Yttrium-90, Lutetium-177, and Iodine-131 may be around USD 23,850, USD 5,962, and USD 3,312 correspondingly.
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Nuclear Medicine Market Segmentation:
Type
- Diagnostic Radiotherapeutics
- Therapeutic Radiotherapeutics
Application
- Neurology
- Oncology
- Cardiology
- Others
End User
- Hospitals
- Clinical Laboratories
- Diagnostic Centers
- Others
Nuclear Medicine Market Key Competitors:
- Cardinal Health
- GE Healthcare
- Bayer
- Bracco Imaging
- Curium
- Lantheus Medical Imaging Inc.
- Nordion Inc
- Advanced Accelerators Applications
- Mallinckrodt Pharmaceuticals
- Jubliant Lifesciences
- Medtronics plc
- Norgine BV
- Traid Isotopes
- Siemens Healthineers AG
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