The Global Nuclear Medicine Market is Expected to Grow at a CAGR of 9.32% and Reach USD 8804.54 Million Through 2027.
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The Global Nuclear Medicine Market is expected to grow at a CAGR of 9.32% and reach USD8804.54 million through 2027. This can be attributed to the increasing cases of chronic diseases and respiratory ailments. The need for finding better cure for the ailments caused due to the multiple chronic diseases has significantly increased the demand for novel techniques such as nuclear medicine. Additionally, the growing demand for nuclear medicine and imaging has significantly led companies to focus on this sector which has made companies increase their research & development activities and introduce new products in the market. For instance, in March 2021, GE Healthcare introduced StarGuide. StarGuide is a nuclear imaging system developed to improve patient outcomes in therapeutic areas such as neurology, cardiology, and oncology.Speak directly to the analyst to clarify any post sales queries you may have.
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Growing Popularity of Personalized Treatment
Precision medicine is an emerging trend in the healthcare industry that refers to providing disease treatment and prevention, considering the individual's genetic makeup, variability in genes, environment, and the patient's lifestyle. Other factors such as the patient's age, gender, and pre-existing conditions are also considered. Precision medicine uses data and genomics to provide treatment to the patient. The growing popularity of targeted radionuclide therapy provides efficacious treatment modalities against cancer. The growing popularity of personalized treatment has significantly increased the demand for nuclear medicine.Increasing Population of Geriatric Population
According to WHO, the number of people aged 60 and up is rising, as is their population proportion. The number of persons aged 60 and up reached one billion in 2019. By 2030, this number will rise to 1.4 billion; by 2050, it will rise to 2.1 billion. This rise is occurring at an unprecedented rate and is expected to intensify in the next decades, especially in emerging countries. The elderly population is much more prone to health ailments and diseases, which drives the market in the forecast period. Healthcare is also improving due to the initiatives by the government; for example, there is the availability of free medical facilities for elderly people in the U.K.Increasing Cases of Cancer Drives the Global Nuclear Medicine Market
The cases of cancer are increasing rapidly. As mentioned by WHO, some of the most common cancer types are the breast, lung, colon and rectum, and prostate. These types of cancers are prevalent globally. This has resulted in the death of 10 million people globally in 2020, which means that one out of every six deaths worldwide is due to the different types of cancer. Thus, nuclear medicine is in demand for the early detection and diagnosis of cancer. Multiple cancer has a high chance of curing if detected at the early stage, as the early diagnosis of cancer helps cure the ailment much faster & effectively, thus, driving the demand for nuclear medicine in developed countries as well in numerous developing countries.Improved Advancements in Nuclear Imaging Techniques
The number of nuclear medicine procedures is increasing. This can be ascribed to the continuous improvement in the accuracy of detection, localization, and characterization of disease through PET and SPECT. PET and SPECT are among the nuclear medicine radiology modalities employed in clinical settings. As per the Society of Nuclear Medicine, every year, millions of nuclear medicine procedures are performed with radiopharmaceuticals and imaging instruments to diagnose disease and deliver targeted treatments in the countries across the region. These techniques have also been adopted in immunology, infection, gastroenterology, cardiology, oncology, neurology, and psychiatry, among other fields, for diagnosis and other applications. Advanced nuclear medicines and modern nuclear imaging equipment are aiding in accurate diagnosis of diseases in a comparatively shorter duration. The continuous development of new radiopharmaceuticals for the PET/CT and SPECT/CT platforms, which are used in novel clinical applications such as neurology and orthopedics, along with the increasing accuracy of different tumor staging methods, are further contributing to the market growth. In September 2020, Curium launched Detectnet, a positron emission tomography (PET) agent, indicated for the localization of somatostatin receptor-positive neuroendocrine tumors (NETs) in adult patients. Thus, the technological advancements
Market Segmentation
The Global Nuclear Medicine Market is segmented based on type, diagnostic nuclear medicine, therapeutic nuclear medicine, application, end-user and region. Based on type, the Global Nuclear Medicine Market can be split into diagnostic nuclear medicine, therapeutic nuclear medicine. Based on diagnostic nuclear medicine, the market can be further categorized into SPECT radiopharmaceuticals, PET radiopharmaceuticals. Based on therapeutic nuclear medicine, the market can be categorized into beta emitters, alpha emitters, brachytherapy isotopes. Based on application, the market can be categorized into oncology, cardiology, neurology, and others. Based on end-users, the market can be classified into hospitals & clinics, diagnostic centers, academic & research institutions, and others. By region it is split into North America, South America, Europe, Asia Pacific, Middle East & Africa. The United States nuclear medicine market is expected to grow at a CAGR of 9.55% and reach USD2388.71 million in 2027.Company Profiles
Major companies in the market are Cardinal Health, Inc., Curium SAS, GE Healthcare, Inc., Novartis (Advanced Accelerator Applications SA), Lantheus Medical Imaging, Inc. Bayer AG, Bracco Imaging S.p.A and others. Major players operating in the market are following strategies such as mergers and acquisitions, new therapy, among others, to stay competitive and have an edge over other players in the market.Report Scope:
In this report, the Global Nuclear Medicine Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:Global Nuclear Medicine Market, By Type:
- Diagnostic Nuclear Medicine
- Therapeutic Nuclear Medicine
Global Nuclear Medicine Market, By Diagnostic Nuclear Medicine:
- SPECT Radiopharmaceuticals
- PET Radiopharmaceuticals
Global Nuclear Medicine Market, By Therapeutic Nuclear Medicine:
- Beta Emitters
- Alpha Emitters
- Brachytherapy Isotopes
Global Nuclear Medicine Market, By Application:
- Oncology
- Cardiology
- Neurology
- Others
Global Nuclear Medicine Market, By End-User:
- Hospitals & Clinics
- Diagnostic Centers
- Academic & Research Institutions
- Others
Global Nuclear Medicine Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- UAE
- Saudi Arabia
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global Nuclear Medicine Market.Available Customizations:
With the given market data, the publisher offers customizations according to a company’s specific needs.Table of Contents
1. Product Overview2. Research Methodology3. Executive Summary4. Impact of COVID-19 on Global Nuclear Medicine Market14. Market Trends and Developments16. Strategic Recommendations
5. Voice of Customer
6. Global Nuclear Medicine Market Outlook
7. North America Nuclear Medicine Market Outlook
8. Europe Nuclear Medicine Market Outlook
9. Asia Pacific Nuclear Medicine Market Outlook
10. South America Nuclear Medicine Market Outlook
11. South America: Country Analysis
12. Middle East and Africa Nuclear Medicine Market Outlook
13. Market Dynamics
15. Competitive Landscape
List of Figures
List of Tables
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Cardinal Health, Inc.
- Curium SAS
- GE Healthcare Inc.
- Advanced Accelerator Applications SA (Novartis AG)
- Lantheus Medical Imaging, Inc.
- Bayer AG
- Bracco Imaging S.p.A
- Nordion (Canada) Inc.
- Isotopia Molecular Imaging Limited
- NorthStar Medical Radioisotopes, LLC
