Discover trends, market shifts, and competitive outlooks for the nuclear medicine industry through 2025-2034 with The Business Research Company’s reliable data and in-depth research

#How Has The Nuclear Medicine Market Size Shifted, And What Is the Outlook Through 2034?

The size of the nuclear medicine market has been experiencing swift expansion in the past few years. This market is projected to expand from $8.93 billion in 2024 to reach a value of $10.2 billion in 2025, growing at a compound annual growth rate (CAGR) of 14.2%. Factors contributing to the growth in the historic period include the aging population, cancer detection and staging, cardiology uses, neurological issues, and regulatory approvals.

In the upcoming years, an accelerated growth is anticipated in the size of the nuclear medicine market, escalating to $15.77 billion in 2029 with a compound annual growth rate (CAGR) of 11.5%. Reasons contributing to this growth in the estimate period include advancements in personalized medicine, oncology and neurology studies, sustainable measures, research and development efforts, as well as telemedicine services. The forecast period is also set to witness major trends such as radioimmunotherapy, hybrid imaging, the incorporation of artificial intelligence (AI), the emergence of radiopharmaceuticals, and advancements in diagnostic imaging.

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What External and Internal Drivers Are Contributing to the Growth of theNuclear Medicine Market?

The escalating persistence and incidence of cardiovascular disease (CVD) and cancer are projected to fuel the expansion of the nuclear medicine market. Cardiovascular diseases are an array of disorders affecting the heart and blood vessels, while cancer entails the abnormal and uncontrollable growth of cells that invade other parts of the body. The rapid diagnosis of cardiac diseases is facilitated by nuclear cardiac imaging. Furthermore, nuclear medicine therapy offers an approach to cancer treatment that can be employed in conjunction or succession with other therapies like surgery and chemotherapy. Hence, the mounting persistence and frequency of cardiovascular disease and cancer stoke the demand for the nuclear medicine market. As an example, the American Cancer Society Inc., a non-profit health organization based in the US, predicted that 1,958,310 new cancer diagnoses are anticipated in the US in January 2023, marking an increase from over 1,918,030 new cancer cases reported in 2022. Consequently, the escalating persistence and incidence of cardiovascular diseases and cancer are boosting the growth of the nuclear medicine market.

What Segment Types Define the Nuclear Medicine Market Structure?

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 Geographic Areas Hold the Strongest Growth Potential 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.

What Long-Term Trends Are Transforming the Competitive Landscape of the Nuclear Medicine Market?

Leading firms in the nuclear medicine market are centering their efforts on inventing advanced solutions like nuclear medicine cyclotrons to elevate the creation of radiopharmaceuticals and upgrade diagnostic imaging technologies. Nuclear medicine cyclotrons, which are specific particle accelerators, generate radioactive isotopes for medical imaging and treatment. They accomplish this by directing powerful particles at target substances, leading to the manufacture of radiopharmaceuticals employed in procedures such as positron emission tomography (PET). For example, US-based medical technology firm, GE Healthcare China, introduced its initial series of cyclotrons at the Chengdu Tianfu International Bio-Town on December 1, 2023, following an announcement in January 2024. These modern particle accelerators are vital for nuclear medicine, facilitating the generation of medical isotopes for molecular imaging and therapeutic uses. The step is intended to set up a holistic ecosystem for nuclear medicine, bolstering abilities in early disease diagnosis and individualized treatment.

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What Is the Definition of the Nuclear Medicine Market?

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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