Nuclear Medicine Market: Global Industry Analysis and Forecast (2023-2029)

The Nuclear Medicine Market size was valued at USD 6.30 Bn. in 2022 and the total Insulation revenue is expected to grow by 14.7 % from 2023 to 2029, reaching nearly USD 16.47 Bn.

Nuclear Medicine is a medical speciality that uses radioactive tracers to assess bodily functions and to diagnose and treat disease.These Diagnostic nuclear medicine relies heavily on imagining techniques that measures cellular functions and physiology. Nuclear Medicines is the excellent chioice for the phsicians at the forefront of medicines.They have wide range of available radioisotopes with various energy emission levels and longer half-lives.The Nuclear medicine uses short-lived radioactive isotopes that releases small amounts of radiations that are recorded by gamma camera and processesd by compute to produce an image of various anatomical structures to assess the function of various organs such as kidneys,hearts , bones and thyroid.These Nuclear medicines are primary used to study anatomic and metabolic functions.Various technology are involved in performing scans in the nuclear medicine department hospital. The new IMAGINE database are the trendsetter for the global datatbase o nuclear medicine , it contains detailed information of 170 countries and terrioritories on the availability of medical imagining and nuclear medicine equipment ,and of human resources for both modalities.

According to the data from the Center for Medicine and Medicaid Servies(CMS), nuclear medicine plays an essential role in medical specialities from the cardiology to oncology to neurology and is a $1.7 billion industry. It is etimated that 20million nuclear medicines procedures are performed annually in the United States, of which 12 miilion are procedures approved for reimbursed by CMS. Nuclear medicine imaging has enabled functional investigations of numerous aspects of normal and abnormal physiologies.
Scope of the Report:
The Research aims to provide detailed analysis with key market opportunities for the stake holders in the Nuclear Medicine Market. The study has covered the Nuclear Medicine industry’s key developments, investment trends, penetertion with infrasutrcture available in specific region with market size in US dollars. The report will give deep insights about future market trends and opportunities with key driving and restraining factors. With scientific research methdologly for collecting secondary and primary data, this report is most authentic study available in the market in the filed of Nuclear Medicine.

PORTER and PESTEL analyses has covered the Nuclear Medicine Markets’s ecosystem throughly.To know about the Research Methodology :- Request Free Sample Report
Nuclear Medicine Market Dynamics:
Nuclear Medicine Imaging has often enabled physicians to accurately diagnose and stage complex disease including cardiovascular disease, cancer as well as to monitor disease progression or response to treatment. The increased incidence and prevalence of cardiovascular disease (CVD) and cancer is a major driver of Nuclear Medicine market growth. Early detection and treatment are key to prevent the majority of instances; nuclear medicine is crucial in these areas. According to WHO, 10 million deaths were caused due to Cancer in 2020. By 2025, 19.3 million new instances of cancer per year are anticipated to grow worldwide. According to the WHO, 17.9 million people worldwide passed away from CVD(Cardio Vascular Diseases) in 2019, making up 32% of all fatalities. By 2030, this number is anticipated to increase by 23.3 million. This increasing incidence of diseases is anticipated to fuel the growth in nuclear medicine market.

For the diagnosis and treatment of various serious disorders, radioisotopes are employed in the majority of hospitals. The market is anticipated to grow in the forecast year thanks to a rise in the prevalence of chronic diseases among the senior population. The adoption of new, simple cancer treatments is the result of increased research and development efforts. The success of these treatments is one of the most significant elements influencing the market's growth. The usage of nuclear medications has a favourable effect on the market as a whole. The utilisation of various diagnostic techniques and radiopharmaceutical-based forms of therapy are driving the Nuclear Medicine market.

Adoption of MRI and CT scans are accessible worldwide, in addition to the pet scan for the identification of cancer, many imaging techniques are used for the nuclear medications detection and treatment of cardiovascular disorders. The market for nuclear medications might slowdown the expansion in the upcoming years due to the usage of these alternatives for the diagnosis of various ailments. Due to the fact that these choices are more affordable than nuclear medicine, there has been a surge in the use of MRI and CT scans in poor countries for the detection or diagnosis of numerous ailments. There are numerous reimbursement schemes that can be used to utilise these alternative methods,owing to restrain the Nuclear Market expansions.

The advancemet and emergence in the Nuclear Medicines with high resolution and hybrid imagining technologies like SPECT,CT,PET and the development of newer and targeted radiotracers for diagnosis as well as therapy has paved the way for the expotential growth of the nuclear medicine market around the world.The Nuclear medicine is one of the most promising and fast growng segments of the medical imaging industry, As Nuclear medicines comprises of diagnostic and therapeutics procedures through painless , and cost effective techniques, owing to these technologies providing automatical information , and if found highly beneficial in diagnosis of various Cardiac diseases .Nucler medicines has an edge on all other diagnostic techniques as it determines the presence of various diseases on the basis of metabolic changes rather than the organ strutures.For Instance, India has been the recognized entity in the filed of Nuclear medicine science with over 300 centres of excellence of nuclear medicines spread over 60 cities and with about 250 PET Centers. The increased focus on Healthcare by the Government of India there are strong opportunites for the European companies to invest in the expansion of the Nuclear Medicine Market .
Nuclear Medicine Market Consolidation Trends:
The report has also covered the consolidation trends in the market by covering the JVs, M&A and partnership with their implication on the market curves by region. For instance, The agency and the sovereign Military Order of Malta has signed practical Arrangments to collaborate on outreach and resource mobilization for Agency activities in nuclear medicines.

Mediso Medical Imaging Systems with the headquarters of Budapest has acquired nuclear medicine supplier Bartec Technologies,Mediso Ltd on 4 may 2022 announced the accquisation of Bartec Technologies Ltd,UK based specialized in the supply,installatons and support of Nuclear Medicine
Nuclear Medicine Market Segment Analysis:
By Type, Increasing number of patient population and the availability of cutting-edge technologies like Single-Photon Emission Computed Tomography (SPECT) and Positron Emission Tomography, the diagnostic product segment had the biggest market share in 2022. (PET). Around 40 million nuclear medical treatments are carried out annually, and the need for radioisotopes rises by roughly 5% yearly, according to the World Nuclear Association Analysis 2022. The market for nuclear medications is expanding as a result of technology improvements and the large variety of radiotracers currently used in tumour diagnosis.

The therapeutic market is further segmented into brachytherapy, alpha emitters, and beta emitters. The segment growth could be fueled by the segment's strong product pipeline along with the approval and commercialization of nuclear medicine. For instance, diffusing alpha-emitters radiation therapy (DaRT) was approved and given breakthrough designation by the U.S. FDA in October 2021 for the treatment of patients with recurrent glioblastoma multiforme (GBM). When other treatments failed to help GBM patients, this therapy was used alone. Radium (Ra-223) is currently the most popular alpha emitter in therapeutics. Growth of the Nuclear Medicine market is anticipated to be boosted by the development of prospective radioisotopes such Terbium (Tb-149), Bismuth (Bi-212), and Actinium (Ac-225).

By Application, The Nuclear Medicines are segmented into Gastrointestinal System, Gastroesphageal reflux, Cardiovascular system, Pulmonary System, Musculoskeletal systems, One of the main causes of death in the globe is cancer. The prevalence of some conditions is on the rise as a result of factors like poor diet, smoking, and inactivity. Additionally, increasing spending on research and development of innovative nuclear therapies for the treatment of cancer may support segment expansion. As an illustration, the COMPOSE phase 3 trial of 177lu-edotreotide was launched by ITM Isotope Technologies Munich SE in January 2022 to assess the product's potential for the treatment of patients with neuroendocrine tumours.
Nuclear Medicine Market Regional Insights:
With a 45.2% market share in 2022, North America led the industry and is expected to continue to expand rapidly over the forecast period. The high volume of nuclear medicine treatments, the solid healthcare infrastructure, and the increased investment in R&D activities can all be credited for the region's significant market share. For instance, Eckert & Ziegler announced in January 2022 their plans to build a cGMP facility in Boston, United States, for the contract production of radiopharmaceuticals. The facility can assist in meeting the market's rising demand for radionuclides because it will be devoted to the manufacturing of late-investigational-stage and commercial-stage radioisotopes used in nuclear medicines.

The increase wider adoption and use of the nuclear medicines has forced the need for government lvel agreements with market leaders in the nuclear medicines such as Rosatom,The Shortage of patient centered infrastructure for specialized care has well recognized particularly in South Asia,these agrrements between countries and global supplies and manfacturers of nuclear medicine technologies are going to be crucial in bidging the critical gap,consequently helping million lives.
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Nuclear Medicine Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 6.30  Bn.


Forecast Period 2023 to 2029 CAGR:
14.7%
Market Size in 2029:
US $ 16.47 Bn.


 Segments Covered:
by Product Type
• Diagnostic Radiotherapeutics
• Therapeutic Radiotherapeutics


by Application
• Neurology
• Oncology
• Cardiology
• Others


by End-User
• Hospitals
• Clinical Laboratories
• Diagnostic Centers
• Others



Nuclear Medicine Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Nuclear Medicine Market, Key Players are:
• Cardinal Health Inc (US)
• GE HealthCare Technologies Inc (US)
• Jubliant Lifesciences (US)
• Lantheus Medical Imaging Inc. (US)
• Biodex Medical Systems, Inc. (US)
• Standard Imaging Inc. (US)
• Digirad Corporation (US)
• CMR Naviscan (US)
• Nordion Inc. (Canada)
• Bayer AG (Germany)
• Siemens Healthineers (Germany)
• SurgicEye GmbH (Germany)
• Curium (France)
• Advanced Accelerator Applications (France)
• Mallinckrodt Pharmaceuticals (UK)
• Bartec Technologies Ltd. (UK)
• Norgine B.V. (Netherland)
• Medtronic plc (Ireland)
• DDD-Diagnostic A/S (Denmark)
• Mediso Ltd. (Hungary)
• Neusoft Corporation (China)
• Canon Medical Systems Corporation (Japan)
• FUJIFILM Holdings Corporation (Japan)
• Cyclopharm (Australia)
• Bozlu Holding A.Ş (Turkey)

FAQs:

1. What is the study period of the market?
Ans. The Global Nuclear Medicine Market is studied from 2017-2029.

2. What is the growth rate of Nuclear Medicine Market?
Ans. The Nuclear Medicine Market is growing at a CAGR of 14.7% over forecast period.

3. What is the market size of the Nuclear Medicine Market by 2029?
Ans. The market size of the Nuclear Medicine Market by 2029 is expected to reach at USD 16.47 Bn.

4. What is the forecast period for the Nuclear Medicine Market?
Ans. The forecast period for the Nuclear Medicine Market is 2023-2029.

5. What was the market size of the Nuclear Medicine Market in 2022?
Ans. The market size of the Nuclear Medicine Market in 2022 was valued at USD 6.30 Bn.