How Has the Nuclear Medicine Diagnostics Market Size Evolved in Recent Years?
The nuclear medicine diagnostics market has seen considerable growth due to a variety of factors.
• The market size for nuclear medicine diagnostics has seen swift expansion in the recent past. The size is projected to enlarge from $7.16 billion in 2024, reaching $7.94 billion by 2025, with a compound annual growth rate (CAGR) of 11.0%.
The historical growth period can be linked to developments in medical imaging, a rising rate of chronic diseases, trends related to an aging population, clinical usage in the field of oncology, and increased diagnostic accuracy and precision.
What is the Market Size Forecast for the Nuclear Medicine Diagnostics Market?
The nuclear medicine diagnostics market is expected to maintain its strong growth trajectory in upcoming years.
• A significant surge is expected in the nuclear medicine diagnostics market size in the forthcoming years. By 2029, it's projected to bolster to $12.56 billion, growing at a compound annual growth rate (CAGR) of 12.1%.
This anticipated growth during the outlook period can be tied to the broadening applications in neurology, incorporation with different imaging methods, precision medicinal strategies, an increase in demand for theranostics, and worldwide disease eradication initiatives. The prominent trends predicted within this period include the transition towards more compact, decentralized radiopharmacy; the application of nuclear medicine within neurology; the introduction of radiomics and quantitative imaging analysis; research and developmental collaborations; and a focus on radiation safety and dosimetry.
What Are The Core Factors Supporting Growth In Nuclear Medicine Diagnostics Market?
The burgeoning need for nuclear medicine diagnostics is anticipated to boost the expansion of this specific market. Utilizing radioactive substances within the body, nuclear medicine can both diagnose diseases and aid in the removal or treatment of affected organs and tissue. Predominantly used in radiation and other serious treatments, nuclear medicine diagnostics are being sought after more for their precision and improved treatment decision-making capabilities. This is evident in an April 2022 report by the UK-based World Nuclear Association, which promotes nuclear power, revealing over 40 million annual nuclear medicine treatments and a constant rise in the requirement for radioisotopes by up to 5% annually. Furthermore, 90% of medical procedures making use of radioisotopes take place in over 10,000 hospitals across the globe. Given these factors, the escalating demand for nuclear medicine diagnostics is projected to drive the nuclear medicine diagnostics market's growth.
What Are The Major Segments Within The Nuclear Medicine Diagnostics Market?
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
Subsegments:
1) By SPECT Radiopharmaceuticals: Technetium-99m-Based Radiopharmaceuticals, Iodine-123-Based Radiopharmaceuticals, Thallium-201-Based Radiopharmaceuticals, Other SPECT Radiopharmaceuticals
2) By PET Radiopharmaceuticals: Fluorine-18-Based Radiopharmaceuticals, Carbon-11-Based Radiopharmaceuticals, Gallium-68-Based Radiopharmaceuticals, Other PET Radiopharmaceuticals
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Which Trends Are Expected To Transform The Nuclear Medicine Diagnostics
Leading corporations in the nuclear medicine diagnostics market are concentrating their efforts on debuting advanced solutions like avant-garde medical technologies to secure a vantage point in the market. These pioneering medical technologies aim to uplift the quality of medical care, improve patient results, and inspire overall good health. For example, Gleneagles Hospital, a company based in Malaysia specializing in healthcare and medical services, unveiled its Nuclear Medicine Unit in August 2023. This unit is a specialized facility located within a hospital or medical center, equipped with state-of-the-art technology and staffed by highly proficient professionals. Its primary purpose is to facilitate early detection, diagnosis, and treatment of diseases utilizing nuclear medicine imaging methodologies.
Who Are the Key Players in the Nuclear Medicine Diagnostics Market?
Major companies operating in the nuclear medicine diagnostics market include:
• 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.
• Eczacibasi-Monrol Nuclear Products Co.
What Is The Most Dominant Region In The Nuclear Medicine Diagnostics Market?
North America was the largest region in the nuclear medicine diagnostics market in 2024. The regions covered in the nuclear medicine diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
