What’s Driving Growth in the Nuclear Medicine Market? Insights into Key Trends and Opportunities
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How has the nuclear medicine market grown in recent years?
The size of the nuclear medicine market has seen substantial expansion recently. The market, which is projected to escalate from $8.93 billion in 2024 to $10.2 billion in 2025, will experience a compound annual growth rate (CAGR) of 14.2%. Factors such as an aging population, diagnosis and staging of cancer, cardiology applications, neurological disorders, and regulatory approvals have all contributed to this growth in the historic period.
How is the nuclear medicine market size expected to evolve during the forecast period?
The market size for nuclear medicine is projected to experience a swift expansion in the upcoming years, reaching $15.77 billion in 2029 with a compound annual growth rate (CAGR) of 11.5%. This projected increase is due to factors such as personalized healthcare, research in oncology and neurology, sustainable practices, ongoing research and development, and expanded telemedicine services. Key trends expected in this period encompass the use of radioimmunotherapy, hybrid imaging techniques, Artificial Intelligence (AI), progressing radiopharmaceuticals, along with advancements in diagnostic imaging.
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Which key drivers are propelling the nuclear medicine market’s growth?
The escalation in the consistency and occurrence of cardiovascular disease (CVD) and cancer anticipates boosting the expansion of the nuclear medicine market. Cardiovascular diseases encompass a range of heart and blood vessel disorders, while cancer represents an illness in which cells uncontrollably grow and spread throughout the body. Nuclear cardiac imaging possesses the capability to speed up the diagnosis of cardiac diseases. The treatment of cancer may incorporate nuclear medicine therapy, either as an alternative or in conjunction with other therapies like surgery and chemotherapy. Consequently, the rising consistency and incidence of cardiovascular disease and cancer escalates the need for the nuclear medicine market. For instance, data from the American Cancer Society Inc., a non-profit health organization based in the US, reveals an expected diagnosis of 1,958,310 new cancer cases in the US in January 2023, an uptick from more than 1,918,030 new cancer cases in 2022. Thus, the increasing consistency and occurrence of cardiovascular diseases and cancer propel the nuclear medicine market.
What are the market segments in the nuclear medicine industry?
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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Which leading companies are shaping the growth of 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 key trends are currently impacting the nuclear medicine market’s development?
Prominent businesses in the nuclear medicine market are concentrating on creating innovative solutions such as nuclear medicine cyclotrons, to boost the production of radiopharmaceuticals and refine diagnostic imaging capabilities. Nuclear medicine cyclotrons, which are specific particle accelerators, generate radioactive isotopes for medical imaging and therapy through targeting high-energy particles at certain materials. This process enables the creation of radiopharmaceuticals used in procedures like positron emission tomography (PET). As an example of this trend, GE Healthcare China, a US-based medical technology firm, introduced its first set of cyclotrons on December 1, 2023, at the Chengdu Tianfu International Bio-Town. These advanced particle accelerators are vital for nuclear medicine, facilitating the production of medical isotopes used in molecular imaging and therapeutic applications. This endeavor intends to establish a holistic ecosystem for nuclear medicine, improving capabilities in detecting diseases early and providing personalized treatment.
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Which geographic areas are influencing 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.
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