Nuclear Medicine Market Growth Forecast: Exploring Trends and Opportunities for the Next Decade
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What Growth Opportunities are Expected to Drive the Nuclear Medicine Market’s CAGR Through 2034?
The size of the nuclear medicine market has experienced speedy growth in the past few years. Its growth is projected to increase from $8.93 billion in 2024 up to $10.2 billion in 2025, marking a compound annual growth rate (CAGR) of 14.2%. The expansion during the historic phase can be linked to factors like the escalating aging population, advancements in cancer diagnosis and staging, cardiology applications, neurological disorders, and regulatory approvals.
Anticipated to experience a swift expansion in the coming years, the nuclear medicine market is projected to reach a valuation of $15.77 billion by 2029, boasting a compound annual growth rate (CAGR) of 11.5%. This predicted growth can be linked to various factors such as personalized medicine, research in oncology and neurology, sustainable measures, research and development activities, and telemedicine services. Furthermore, the forecast period will witness several significant trends such as radioimmunotherapy, hybrid imaging, the rise of artificial intelligence (AI), emerging radiopharmaceuticals, and advancements in diagnostic imaging.
What Drivers Are Shaping the Growth of the nuclear medicine Market?
The expanding frequency and pervasiveness of cardiovascular disease (CVD) and cancer are predicted to boost the growth of the nuclear medicine market. CVDs refer to a set of disorders impacting the heart and blood vessels, while cancer is characterized by uncontrolled and abnormal cell growth spreading to other parts of the body. Faster diagnosis of cardiac diseases is made possible through nuclear cardiac imaging. In the treatment of cancer, nuclear medicine therapy might be employed in combination with or following other therapeutic modalities, such as surgery or chemotherapy. Consequently, the rising frequency and pervasiveness of CVD and cancer fuel the demand for the nuclear medicine market. For example, in January 2023, the American Cancer Society Inc., a non-profit health organization based in the US, forecasts that there will be 1,958,310 new cancer diagnoses in the US. This represents an increase from the 1,918,030 new cancer cases in 2022. Thus, the escalating frequency and prevalence of cardiovascular diseases and cancer are contributing positively to the growth of the nuclear medicine market.
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What Are the Leading Industry Players Dominating the Nuclear Medicine Market?
Major companies operating in the nuclear medicine market include:
• Bracco Imaging S.P.A._x000D_
• Lantheus Medical Imaging Inc._x000D_
• NTP Radioisotopes SOC Ltd._x000D_
• Eckert & Ziegler Group_x000D_
• Jubilant Pharma LLC_x000D_
What Are the Latest Trends Leading to Disruption in the Nuclear Medicine Market?
Leading corporations in the nuclear medicine market are prioritizing the development of groundbreaking solutions such as nuclear medicine cyclotrons, with the goal of increasing radiopharmaceutical production and enhancing diagnostic imaging. Nuclear medicine cyclotrons, a type of specific particle accelerator, generate radioactive isotopes for medical imaging and therapy by propelling high-energy particles towards target materials, thus facilitating the production of radiopharmaceuticals indispensable for positron emission tomography (PET). For example, GE Healthcare China, an American medical tech firm, unveiled their pioneering batch of cyclotrons on December 1, 2023, in Chengdu Tianfu International Bio-Town. They launched it officially in January 2024. These sophisticated particle accelerators are indispensable in nuclear medicine for producing medical isotopes used for molecular imaging and therapeutic uses. The aim of this initiative is to set up a holistic nuclear medicine ecosystem, thereby enriching the early disease detection and personalized treatment capabilities.
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What Major Market Segments Define the Scope and Growth of the 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
Which Regions Are Significant to the Growth of 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.
How Can We Define the Nuclear Medicine Market and Its Key Components?
Nuclear medicine refers to a specialised area of radiology that uses radioactive material inside the body to inspect the overall health condition of the concerned patient.
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