The nuclear medicine diagnostics market has expanded rapidly, increasing from $6.57 billion in 2023 to $7.34 billion in 2024, marking a CAGR of 11.7%. This growth is fueled by advancements in medical imaging, the rise in chronic diseases, and expanding clinical applications in oncology. The market is anticipated to grow to $11.31 billion by 2028, at a CAGR of 11.4%. Key factors include the adoption of precision medicine, growing demand for theranostics, and innovations in radiopharmacy and quantitative imaging analysis.
Major Driver In The Nuclear Medicine Diagnostics Market
The burgeoning demand for nuclear medicine diagnostics is poised to drive the growth of the nuclear medicine diagnostics market. Nuclear medicine utilizes radioactive substances within the body for diagnostic purposes or to target and eliminate diseased or damaged organs and tissues during treatment. The diagnostic applications of nuclear medicine primarily revolve around radiation and life-saving treatments. Increasingly, the demand for nuclear medicine diagnostics is driven by advantages such as precise results and enhanced treatment decision-making capabilities. Notably, data from the World Nuclear Association indicates that the annual number of nuclear medicine treatments surpasses 40 million, with the need for radioisotopes escalating at a rate of up to 5% annually. Moreover, more than 90% of procedures involving radioisotopes in medicine occur across over 10,000 hospitals globally. Hence, the rising demand for nuclear medicine diagnostics is expected to fuel the growth of the nuclear medicine diagnostics market. It is imperative to consider market sizes for 2023, 2024, and 2028 to anticipate market trends accurately.
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Nuclear Medicine Diagnostics Market Competitive Landscape
Siemens AG, Bayer Aktiengesellschaft, Novartis AG, GE Healthcare Technologies Inc., Perkin Elmer Inc., Mallinckrodt Pharmaceuticals, Bracco Diagnostics Inc., Lantheus Holdings Inc., IBA Radiopharma Solutions, Curium SAS, Cardinal Health Inc., Eckert & Ziegler Strahlen- und Medizintechnik AG, Advanced Accelerator Applications, Telix Pharmaceuticals Limited, Nordion (Canada) Inc., NorthStar Medical Technologies LLC, SHINE Medical Technologies LLC, Navidea Biopharmaceuticals Inc., Cyclopharm Limited, Isologic Innovative Radiopharmaceuticals, Clarity Pharmaceuticals Limited, Actinium Pharmaceuticals Inc., Jubilant DraxImage Inc., PharmaLogic Holdings Corp, Institute of Isotopes Co Ltd., Global Medical Solutions LLC, Theragnostics Ltd., Sirona Complete Care, Nordic Nanovector ASA, Eczacibasi-Monrol Nuclear Products Co
Key Nuclear Medicine Diagnostics Market Trend
Major companies operating in the nuclear medicine diagnostics market are focused on introducing advanced solutions, such as advanced medical technologies, to gain a competitive edge in the market. Advanced medical technologies are cutting-edge technologies in the field of medicine to improve patient outcomes, enhance the standard of care, and promote better health. For instance, in August 2023, Gleneagles Hospital, a Malaysia-based company that provides medical and healthcare services, launched the Nuclear Medicine Unit. The nuclear medicine unit is a specialized facility within a hospital or medical center that is equipped with the latest technology and staffed by highly skilled professionals. This facility is designed to provide early detection, diagnosis, and treatment of diseases using nuclear medicine imaging techniques.
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Nuclear Medicine Diagnostics Market Segmentation
The nuclear medicine diagnostics market covered in this report is segmented –
1) By Type: SPECT Radiopharmaceuticals, PET Radiopharmaceuticals
2) By Application: Cardiology, Thyroid, Neurology, Oncology, Other Applications
3) By End-User: Hospitals And Diagnostic Centers, Research Institutes
By Geography:The regions covered in the nuclear medicine diagnostics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the nuclear medicine diagnostics market in 2023.
The Nuclear Medicine Diagnostics Global Market Report 2024 furnishes information about the global nuclear medicine diagnostics market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
