According to a new report by MarketsandMarkets™
According to a new report by MarketsandMarkets™, "Nuclear Medicine Market by revenue was estimated to be worth $5.5 billion in 2023 and is poised to reach $9.4 billion by 2028, growing at a CAGR of 11.3% from 2023 to 2028. Growth in the incidence and prevalence of target diseases, and the consequent need to adopt nuclear medicine for early disease diagnosis, are some of the drivers of this market. However, hospital budget cuts and high equipment prices make it challenging for a section of end users to opt for nuclear medicine; this, in turn, hampers the growth of this market.
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During the forecast period, the diagnostic nuclear medicine segment is projected to hold the largest share in the market.
Based on type, the market segments of nuclear medicines include diagnostic and therapeutic nuclear medicine. Diagnostic nuclear medicine segments are further categorized as SPECT and PET radiopharmaceuticals while the therapeutic nuclear medicine segments are further divided into beta emitters, alpha emitters, and brachytherapy isotopes. The segment of diagnostic nuclear medicine is expected to hold the major share in the nuclear medicine market during the forecast period. Some of the key factors driving this segment include the rising prevalence of cancer and cardiovascular diseases and advancement in radiotracers.
The diagnostic procedure segment is expected to capture the largest share of the market during the forecast period.
Based on procedural volume, the nuclear medicine market is segmented into diagnostic and therapeutic procedures. The diagnostic procedure segment is further categorized as SPECT and PET procedures. Diagnostic procedures accounted for the largest share in the nuclear medicine market. The large share of this segment can be attributed to the diagnostic radioisotopes finding wider demand and use as compared to therapeutic radioisotopes.
The diagnostic application segment is expected to contribute a major share in the nuclear medicine application market.
Application-wise, the segments in the nuclear medicine market are diagnostic and therapeutic applications. The diagnostic application segment has SPECT, PET applications of diagnostic segment. The therapeutic nuclear medicine is segmented into endocrine tumors, thyroid indications, bone metastasis, lymphoma, other therapeutic applications. Major share for diagnostic application segment is estimated in the nuclear medicine market. The major driving factor for the use of the diagnostic application with nuclear medicine is because of the emergence and increasing demand for SPECT diagnosis due to the rising need for minimally invasive surgeries as well as targeted radiotherapy.
It was also said that North America had the largest share for the players operating in the nuclear medicine market.
Based on geography, the nuclear medicine market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America accounted for the major share in the nuclear medicine market. This can be attributed to the rising surge of the geriatric population, growing requirement of nuclear medicine in the early diagnosis of diseases, technology advancement for radioisotope production, government funding, and the key players in this region are also impelling the nuclear medicine market in the region.
The nuclear medicine market is highly competitive. Some of the key players that are operational in this arena include GE HealthCare, Cardinal Health, Curium, Bayer AG, Lantheus Holdings, Inc., Bracco Imaging S.p.A., PharmaLogic Holdings Corp., Eczacibasi-Monrol Nuclear Products, NTP Radioisotopes SOC Ltd, Nordion Inc., Advanced Accelerator Applications, NorthStar Medical Radioisotopes, Eckert & Ziegler, Isotope JSC, Siemens Healthineers, and Jubilant DraxImage, Inc., among others.
Nuclear Medicine Market Dynamics:
Drivers:
• The increasing incidence and prevalence of target conditions
• Attainment of alpha-radioimmunotherapy in the field of targeted treatments against cancer
• Demand and Supply gap reduction of Mo-99 initiatives
Restraints:
• Radiopharmaceuticals with a short half-life
Opportunities:
Radiopharmaceutical use in neurological applications
• Emerging economy growth opportunities
Challenges:
• Budget cuts in hospitals and the high costs of equipment
Nuclear Medicine Market Benefits:
• Accurate diagnosis: Nuclear medicine makes the correct diagnosis of various diseases and conditions, including cancers, heart, and neurological disorders possible. This is because it allows for imaging and functional assessment at a molecular level hence giving more information on the disease with high accuracy.
• Personal treatment: Radiopharmaceuticals applied in nuclear medicine can be prepared for certain tissues or cells in the human body; for this reason, treatment will become personalized for the patients. It can minimize side effects and enhance outcomes.
• Minimally invasive: nuclear medicine procedures are minimally invasive and require only small quantities of radioactive materials. Thus, they are considered to be much safer generally and less invasive compared to surgical procedures.
Early detection: Nuclear medicine can often detect diseases and conditions in their early stages, due to taking a snapshot of physiological activity of the organs of the body. This will enable treatments to be made earlier than might have otherwise been possible.
• Noninvasive-out of the many nuclear medicine studies, most of them are noninvasive. This means that it eliminates the need to create incisions and/or insert invasive devices. In most cases, this reduces the recovery time and eradicates most risks generally brought about by complications.
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https://www.marketsandmarkets.com/PressReleases/radiopharmaceuticals.asp
https://www.marketsandmarkets.com/ResearchInsight/radiopharmaceuticals-market.asp
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