Nuclear Medicine Market
Number of pages: 100 | Report Format: PDF | Published date: February 08, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 8.2 billion |
|
Revenue Forecast in 2030 |
US$ 25.0 billion |
|
CAGR |
13.2% |
|
Base Year For Estimation |
2021 |
|
Forecast Year |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Product Type, Application, End User, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global nuclear medicine market was valued at US$ 8.2 billion in 2021 and is expected to register a revenue CAGR of 13.2% to reach US$ 25.0 billion by 2030.
Nuclear Medicine Market Fundamentals
Nuclear medicine is a branch of medicine that employs a small amount of radiology or other radioactive elements to examine the structure or function of an organ in the human body. It is mostly utilized for many disorders requiring nuclear medicine diagnosis and treatment. Radiopharmaceuticals are used to treat the patient. This treatment is required for various conditions, including thyroid cancer, various types of bone discomforts, and hyperthyroidism.
Nuclear medicine is a discipline that examines a human organ’s structure or function using a small quantity of radiology or other radioactive materials. It is usually used to diagnose and treat illnesses requiring nuclear medicine. Radiopharmaceuticals are employed to treat the patient. This treatment is needed for several illnesses, including thyroid cancer, bone pain, and hyperthyroidism.
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Nuclear Medicine Market Dynamics
The cases of cardiovascular disorders have increased with an increase in the geriatric population worldwide, both in developing and developed economies. The demand for nuclear medicine has increased owing to the rising prevalence of cardiovascular illness in the senior population. Moreover, an increase in the number of cancer patients worldwide, a serious ailment that necessitates using nuclear medications, is expected to fuel revenue growth in the global market, as this sort of therapy is extremely significant in detecting and treating cancer. In 2020, around 10 million deaths occurred due to cancer. Since then, there has been a rise in cancer cases worldwide. During the forecast period, the number of cancer patients and deaths is likely to increase to 23.3 million. Nuclear medicine plays a significant role in cancer treatment by detecting cancers as well as treating these tumors or cell proliferation. The market is likely to gain significant revenue growth opportunities during the forecast period due to an increase in the prevalence of these types of disorders.
Nuclear Medicine Market Ecosystem
The global nuclear medicine market has been analyzed from four perspectives: product type, application, end user, and region.
Nuclear Medicine Market by Product Type
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Based on product type, the global nuclear medicine market has been segmented into diagnostics and therapeutic products.
The diagnostics market is sub-segmented into SEPT & PET, whereas the SEPT is also sub-segmented into TC-99m, TL-201, GA-67, I-123, and other SPECT products. The PET sub-segment is sub-segmented into F-18, SR-82/RB-82, and other PET products. The therapeutics segment is sub-segmented into alpha emitters, beta emitters, and brachytherapy.
The diagnostics segment is expected to dominate the market during the forecast period, due to an increase in the number of people suffering from various types of cardiovascular illnesses and cancer. The broad spectrum of radiotracers currently used in tumor diagnosis and technical improvements are driving the expansion of the nuclear medicine industry.
Nuclear Medicine Market by Application
Based on application, the global nuclear medicine market has been segmented into cardiology, neurology, oncology, thyroid, lymphoma, bone metastasis, endocrine tumor, and others.
The oncology segment is expected to dominate the market during the forecast period. This can be ascribed to a rise in the number of deaths worldwide due to cancer. Cancer mortality has increased globally due to several lifestyle changes and the adoption of an unhealthy diet.
Nuclear Medicine Market by End User
Based on end user, the global nuclear medicine market has been segmented into hospitals, clinics, diagnostic centers, and others.
The hospitals & clinics segment is expected to dominate the market during the forecast period. The large procedural volume of nuclear imaging operations and the increased efficiency of handling these delicate goods in hospitals and clinics are key factors fueling revenue growth in the segment.
Nuclear Medicine Market by Region
Based on region, the global nuclear medicine market has been segmented into North America, Europe, Asia Pacific, Rest of the World.
North America dominates the global market due to increasing R&D expenditure, a high volume of nuclear medicine procedures, and a solid healthcare infrastructure in the region. For instance, in January 2021, Eckert & Ziegler announced plans to build a cGMP facility for the contract manufacture of radiopharmaceuticals in Boston, Massachusetts. The facility was expected to be dedicated to manufacturing late-stage and commercial-stage radioisotopes used in nuclear medicine, and it was likely to help meet the market’s increasing demand for radionuclides.
Furthermore, Asia Pacific is expected to be the fastest-growing region, attributable to the increased awareness about nuclear medicine therapies and expanding investment in nuclear medicines. For instance, Penang Adventist Hospital (PAH) announced the opening of a private nuclear medicine center in Northern Malaysia in March 2022. This introduction was expected to have an impact on the regional market. However, the high cost of these medicines may limit market expansion as the lower-income population in developing nations may be unable to afford such treatments. In India, for instance, the cost of therapy with Yttrium-90, Lutetium-177, and Iodine-131 may be around US$ 23,850, US$ 5,962, and US$ 3,312, respectively.
Middle East & Africa is experiencing significant revenue growth in the nuclear medicine market, driven by factors such as the increasing prevalence of chronic diseases and growing awareness about the benefits of nuclear medicine imaging. Additionally, advancements in technology, increasing healthcare expenditure, and supportive government policies are expected to further boost the revenue growth of the market in the region. However, limited infrastructure and high costs of imaging equipment and procedures are some of the challenges faced by the market in the Middle East & Africa region.
Nuclear Medicine Market Competitive Landscape
The prominent players in the global nuclear medicine market include:
Nuclear Medicine Market Strategic Developments
Asia Pacific is the key revenue growth region in the global nuclear medicine market.
The rise in the prevalence of cancer and cardiac disorders and increasing demand for image-guided procedures and diagnostics are propelling revenue growth in the global market.
The global nuclear medicine market is expected to be valued at US$ 25.0 billion by 2030.
The global nuclear medicine market is expected to register a revenue CAGR of 13.2% during the forecast period from 2022 to 2030.
GE Healthcare Nordion, Inc., Bracco Imaging S.P.A, NTP Radioisotopes SOC Ltd., Jubilant Life Sciences Ltd., and The Australian Nuclear Science and Technology Organization are among the top players in the global market.
*Insights on financial performance is subject to availability of information in public domain