What Has Been the Growth Trajectory of the Nuclear Medicine Market?
The nuclear medicine market has seen considerable growth due to a variety of factors.
• The size of the nuclear medicine market has experienced swift expansion in the past few years. Its projected growth from $8.93 billion in 2024 to $10.2 billion in 2025 represents a compound annual growth rate (CAGR) of 14.2%.
Factors contributing to the growth during the historic period include an aging population, advancements in cancer diagnosis and staging, cardiology applications, neurological disorder treatments, and regulatory approvals.
What Does the Future Hold for the Nuclear Medicine Market?
The nuclear medicine market is expected to maintain its strong growth trajectory in upcoming years.
• In the forthcoming years, the nuclear medicine market is predicted to experience swift expansion. The market is projected to increase to $15.77 billion by 2029, with an 11.5% compound annual growth rate (CAGR).
The anticipated growth in this period could be ascribed to personalized medicine, research in oncology and neurology, sustainable methodologies, research, and development, along with telemedicine services. The key market trends projected for this period include radioimmunotherapy, hybrid imaging, artificial intelligence (AI), emerging radiopharmaceuticals, and advancements in diagnostic imaging.
What Are The Leading Drivers Of Growth In The Nuclear Medicine Market?
The surge in consistency and frequency of cardiovascular disease (CVD) and cancer is anticipated to drive the nuclear medicine market's expansion. Cardiovascular diseases encompass a variety of heart and blood vessel diseases, while cancer is a condition characterized by uncontrolled cell growth that spreads to other parts of the body. Nuclear cardiac imaging is instrumental for swifter diagnosis of cardiac ailments. Nuclear medicine therapy is another tool for cancer treatment that can be utilized alongside or following other treatments like surgery and chemotherapy. Hence, the escalating consistency and frequency of cardiovascular disease and cancer amplify the need for the nuclear medicine market. For instance, the American Cancer Society Inc., a not-for-profit health organization based in the US, predicted in January 2023 that there would be 1,958,310 new cancer diagnoses in the US in 2023, marking a rise from over 1,918,030 new cancer cases in 2022. As such, the accelerating consistency and frequency of cardiovascular diseases and cancer are crucial contributors to the growth of the nuclear medicine market.
How Are The Segments Defined Within The Global Nuclear Medicine Market?
The nuclear medicine market covered in this report is segmented –
1) By Type: Diagnostic, Therapeutic
2) By Application: Cardiology, Lymphoma, Thyroid, Neurology, Oncology, Other Application
3) By End-User: Hospitals and Clinics, Diagnostic Centers, Other End Users
Subsegments:
1) By Diagnostic: Single Photon Emission Computed Tomography (SPECT), Positron Emission Tomography (PET), Gamma Cameras, Radiopharmaceuticals for Imaging, Other Diagnostic Imaging Techniques
2) By Therapeutic: Radiopharmaceuticals for Targeted Therapy, Beta Emitters, Alpha Emitters, Radiosynovectomy Agents, Other Therapeutic Applications
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How Are New Trends Expected To Influence The Growth Of The Nuclear Medicine Market?
Top firms in the nuclear medicine market are concentrating on the introduction of pioneering solutions like nuclear medicine cyclotrons. These are designed to raise the production of radiopharmaceuticals and upgrade diagnostic imaging abilities. These cyclotrons are specialized particle accelerators that create radioactive isotopes for medical imaging and therapy by aiming high-energy particles at target components, facilitating the creation of radiopharmaceuticals used for procedures such as positron emission tomography (PET). For example, in January 2024, GE Healthcare China, a medical technology corporation based in the United States, debuted its inaugural series of cyclotrons on December 1, 2023, in the Chengdu Tianfu International Bio-Town. These state-of-the-art particle accelerators play a fundamental role in nuclear medicine by manufacturing medical isotopes for use in molecular imaging and therapeutic applications. Their introduction is geared towards the establishment of a comprehensive nuclear medicine ecosystem to boost early disease detection and tailor-made treatments.
Who Are the Key Players in the Nuclear Medicine Market?
Major companies operating in the nuclear medicine market include:
• Bracco Imaging S.P.A.
• Lantheus Medical Imaging Inc.
• NTP Radioisotopes SOC Ltd.
• Eckert & Ziegler Group
• Jubilant Pharma LLC
• Australian Nuclear Science & Technology Organisation
• Cardinal Health Inc.
• GE Healthcare Technologies Inc.
• Curium Pharma
• Advanced Accelerator Applications USA Inc.
• Nordion Inc.
• The Institute for Radioelements
• Eczacibasi-Monrol Nuclear Products Co.
• Siemens Healthineers AG
• Cambridge Isotope Laboratories Inc.
• Bayer AG
• Medtronic plc
• Triad Isotopes Inc.
• FUJIFILM Holdings Corporation
• Mallinckrodt Pharmaceuticals plc
• PharmaLogic Holdings Corp.
• Institute of Isotopes Co. Ltd.
• Sinotau Pharmaceuticals Limited
• Isotopia Molecular Imaging Limited
• SHINE Medical Technologies Inc.
• Global Medical Solutions LLC
• Charles River Analytics Inc.
• Touchlight Genetics Ltd.
• Numares B.V.
• Tech-X Corporation
• Karyopharm Therapeutics Inc.
• JSC Isotope Inc.
• NorthStar Medical Radioisotopes LLC
What Is The Most Dominant Region In The Nuclear Medicine Market?
North America was the largest region in the nuclear medicine market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the nuclear medicine market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
