Global Nuclear Medicine Market

Nuclear Medicine Market Size, Share, Growth Analysis, By Procedural Volume Assessment (Diagnostic, Therapeutic), By Application (Oncology, Cardiology), By Procedural Volume Assessment (Diagnostic Procedures, Therapeutic Procedures), By Region - Industry Forecast 2024-2031


Report ID: SQMIG35I2285 | Region: Global | Published Date: August, 2024
Pages: 157 | Tables: 146 | Figures: 78

Nuclear Medicine Market Dynamics

Nuclear Medicine Market Drivers 

Rising Incidence and Prevalence of Cancer and Cardiovascular Disease (CVD) is a Major Driver of Market Expansion

  • Most cases are preventable through early detection and treatment; nuclear medicine plays an important role in these areas. Cancer was the leading cause of death in 2020, accounting for nearly 10 million deaths, according to the WHO. By 2025, 19.3 million new cancer cases per year are expected to be reported worldwide. According to the WHO, 17.9 million people died from CVD in 2019, accounting for 32% of all deaths worldwide. By 2030, this figure is expected to rise to 23.3 million. Because nuclear medicine is used to diagnose and treat diseases, the rising prevalence of these diseases is expected to drive growth. 

Technological Advancements in Nuclear Imaging Modalities are one of the Crucial Drivers for the Nuclear Medicine Imaging Market Growth

  • Increased awareness regarding the potential impact of early and timely diagnosis and corresponding positive impact on the management and treatment of chronic disorders is driving market growth. Advancements in nuclear imaging technology, specifically PET/PET-CT, have aided in the expansion of applications of this modality beyond oncology to cardiology, neurology, and detection of infections. There has been a substantial increase in the volume of the PET and SPECT procedures due to these technological advancements. 

Restraints 

Use of Alternative Methods for the Diagnosis of Various Illnesses 

  • Apart from the PET scan for detection of cancer and different types of imaging techniques that make use of nuclear medicines for detecting and treating the cardiovascular diseases there has also been an adoption of MRI and the CT scans that are available across the globe. The use of these alternatives for the diagnosis of various illnesses will restrain the growth of the nuclear medicine imaging market in the coming years. In the developing nations, there has been an increase in the use of MRI and greater use of CT scans for detecting or diagnosing various illnesses as these options happen to be cost effective as compared to the nuclear medicines. To make use of these alternative ways there are many reimbursement policies available in the market. Owing to all these reasons the market for nuclear medicine will be hampered. 

Radiopharmaceutical Short Shelf Life 

  • The short shelf life of radiopharmaceuticals is the major hurdle. As these compounds decay rapidly, these limit their usability and require careful logistical planning for timely administration. Furthermore, the government regulations are required for handling and disposal is further complicating their management. Due to the short lifespan, operational costs increase and the risk of wastage which is impacting efficiency and profitability. Additionally, innovative strategies are also important for prolonging the life of radiopharmaceuticals stability and smoothening logistics for mitigating this challenge and open the full potential of nuclear medicine technologies.
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FAQs

Global Nuclear Medicine Market size was valued at USD 8.4 Billion in 2022 and is poised to grow from USD 10.2 Billion in 2023 to USD 22.23 Billion by 2031, at a CAGR of 13.00% during the forecast period (2024-2031). 

The market is competitive with several market players adopting strategic collaborations in emerging economically favorable regions, contributing to the research and development. 'GE Healthcare (US) ', 'Siemens Healthineers (Germany) ', 'Philips Healthcare (Netherlands) ', 'Cardinal Health (US) ', 'Bracco Imaging (Italy) ', 'Eckert & Ziegler (Germany) ', 'Lantheus Medical Imaging (US) ', 'Jubilant Life Sciences (India) ', 'IBA Molecular (Belgium) ', 'Norgine B.V. (Netherlands) ', 'FUJIFILM Holdings Corporation (Japan) ', 'Bayer Healthcare (Germany) ', 'Theragnostics (UK) ', 'RadioMedix Inc. (US) ', 'Ion Beam Applications S.A. (IBA) (Belgium) ', 'Novartis AG (Switzerland) ', 'GLOBAL MEDICAL SOLUTIONS (US) ', 'ISOTOPE JSC (Russia) ', 'SHINE TECHNOLOGIES, LLC (US) ', 'ISOTOPIA MOLECULAR IMAGING LTD. (Israel) ', 'BWXT MEDICAL LTD. (Canada)'

Most cases are preventable through early detection and treatment; nuclear medicine plays an important role in these areas. Cancer was the leading cause of death in 2020, accounting for nearly 10 million deaths, according to the WHO. By 2025, 19.3 million new cancer cases per year are expected to be reported worldwide. According to the WHO, 17.9 million people died from CVD in 2019, accounting for 32% of all deaths worldwide. By 2030, this figure is expected to rise to 23.3 million. Because nuclear medicine is used to diagnose and treat diseases, the rising prevalence of these diseases is expected to drive growth. 

Advancements in the Nuclear Medicine Therapies: Companies in the market are constantly focusing on the development of nuclear medicine therapies. The clinical effects of this treatment option in comparison to other therapies are driving its global demand. Furthermore, factors such as the sophistication of therapeutic application outcomes in the treatment of cancer and other disorders are expected to drive demand for nuclear medicine therapies in countries with a high cancer burden. For example, the US FDA granted Curium a Study May Proceed letter to begin its Phase-III trial with its investigational product, lutetium Lu 177 PSMA I&T. It is a radiopharmaceutical that binds to the protein Prostate-Specific Membrane Antigen (PSMA). Similarly, many market participants are developing new therapeutic products to treat a variety of medical conditions, which is driving market growth.

North America is the largest region in the nuclear medicine market and has a share of about 45.1% and is anticipated to grow add a considerable rate during the forecasted period. Due to the increased investment in R&D activities, high volume of nuclear medicine procedures, and strong health infrastructure is contributing towards the high market share of this region. For instance, Eckert and Ziegler made a development plan for cGMP facility in U.S. for contract manufacturing of radiopharmaceuticals. It will help in the production of late investigational stage and commercial stage radioisotopes which are used in nuclear medicine and help in contributing to the increasing demand for radionuclides in the market. 

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Global Nuclear Medicine Market

Report ID: SQMIG35I2285

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