What Has Been The Evolution of the Medical Isotopes Market in Recent Years?
The medical isotopes market has seen considerable growth due to a variety of factors.
• The medical isotopes market has grown strongly in recent years. It will rise from $6.8 billion in 2024 to $7.35 billion in 2025, with a CAGR of 8.1%.
The growth is driven by the increasing incidence of chronic diseases, expansion of the pharmaceutical industry, advancements in cancer treatments, higher demand for diagnostic imaging, and developments in nuclear medicine.
What Is the Forecasted Market Size and Growth Rate for The Medical Isotopes Market Size In The Coming Years?
The medical isotopes market is expected to maintain its strong growth trajectory in upcoming years.
• The medical isotopes market is set to reach $9.92 billion by 2029 at a CAGR of 7.8%.
Growth is fueled by public health initiatives, partnerships, infrastructure investments, the shift to personalized medicine, an aging population, and regulatory changes. Key trends include the growth of radiopharmaceuticals, adoption of cyclotron and generator technologies, supply chain resilience, AI integration, and advancements in PET imaging.
What Factors Are Driving Growth In The Medical Isotopes Market?
The increasing rates of cancer and heart disease are expected to drive the medical isotope market. The prevalence of these diseases is linked to factors like sedentary lifestyles and modern technology. Medical isotopes are utilized in the diagnosis and treatment of cancer and heart disease, through imaging methods such as PET and SPECT scans and therapies like radiation treatment and radioactive stents. For instance, the World Health Organization predicted in February 2024 that the number of cancer cases would rise by 77%, reaching over 35 million new cases by 2050. Additionally, in September 2024, the British Heart Foundation revealed that 7.6 million people in the UK suffer from heart and circulatory diseases, responsible for 27% of deaths in the country, further boosting the demand for medical isotopes.
What Are The Main Segments Of The Global Medical Isotopes Market?
The medical isotopes market covered in this report is segmented –
1) By Product Type: Stable Isotopes, Radio Isotopes
2) By Production Method: Neutron Activation, Cyclotron, Nuclear Reactor, Other Production Method
3) By Application: Nuclear Therapy, Equipment Radioactive Source, Diagnosis
4) By End Use: Hospitals, Diagnostic Centers, Research Institutes
Subsegments:
1) By Stable Isotopes: Carbon-13, Nitrogen-15, Oxygen-18, Other Stable Isotopes
2) By Radio Isotopes: Technetium-99m, Iodine-131, Cobalt-60, Strontium-89, Other Radio Isotopes
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Which Emerging Market Trends Are Altering The Medical Isotopes Industry?
Main players in the medical isotope market, such as International Isotopes Inc. and Phantech Medical, are focusing on strategic partnerships to enhance their market position. Such partnerships present a formal agreement where two or more entities collaboratively work to achieve shared, well-defined goals. In an example from September 2023, International Isotopes Inc., an American medical technology firm, joined forces with Phantech Medical, a biomedical hardware company also based in the U.S., intending to transform the calibration and reference sources market for pre-clinical imaging. They plan to do this by creating, manufacturing, and distributing innovative sealed sources for the communities involved in medical imaging and theranostics.
Who Are the Key Players In The Medical Isotopes Market?
Major companies operating in the medical isotopes market are:
• Rosatom State Atomic Energy Corporation
• Bayer AG
• Siemens Healthineers AG
• GE HealthCare
• Urenco Ltd.
• Lantheus Holdings Inc.
• Curium Pharma
• Canadian Nuclear Laboratories
• Eckert & Ziegler Strahlen- und Medizintechnik AG.
• Advanced Accelerator Applications a Novartis company
• Nordion Inc.
• NTP Radioisotopes SOC Ltd.
• The Institute for Radioelements (IRE)
• NorthStar Medical Radioisotopes LLC
• Isotopen Technologien München AG (ITM)
• Eczacibasi-Monrol Nuclear Products Co.
• SHINE Medical Technologies LLC
• Blue Earth Diagnostics Limited
• Isologic Innovative Radiopharmaceuticals
• IBA Radiopharma Solutions
• Izotóp
• Coquí RadioPharmaceuticals Corp.
• Jubilant DraxImage Inc.
• Positron Corporation
What Is The Most Dominant Region In The Medical Isotopes Market?
North America was the largest region in the medical isotopes market in 2024. The regions covered in the medical isotopes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
