How Will The Nuclear Medicine Market Grow In 2022?
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The nuclear medicine market is forecasted to achieve notable growth in the coming few years with a forecast CAGR (compound annual growth rate) of more than 13%, as per The Business Research Company’s market report!
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The Nuclear Medicine Market Size In 2022 And Forecast
The global nuclear medicine market is expected to grow from $6.00 billion in 2021 to $6.77 billion in 2022 at a compound annual growth rate (CAGR) of 12.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The nuclear medicine market is expected to grow to $11.20 billion in 2026 at a CAGR of 13.4%.
The nuclear medicine market consists of sales of nuclear medicine and related products by entities (organizations, sole traders, and partnerships) that are used to assess the health of organs or tissue or to identify and remove any diseased or damaged organs or tissue.
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Increase In Constancy And Prevalence Of Cardiovascular Disease And Cancer Is Driving The Growth Of The Nuclear Medicine Market
For instance, in 2020, according to GLOBOCAN, a US-based cancer observatory, there were 19.29k new cancer cases in the world in the year 2020, and 28.88k cases are anticipated by 2040. Further, in 2019, according to the World Health Organization (WHO), a Switzerland-based international organisation responsible for public health, estimates that 17.9 million people worldwide died from cardiovascular diseases (CVDs) in the year 2019, accounting for 32% of all fatalities. 85% of these fatalities were caused by heart attack and stroke. Therefore, the growing constancy and prevalence of cardiovascular diseases and cancer are driving the nuclear medicine market.
Competitive Landscape And The Regional Analysis Of The Nuclear Medicine Market
Major players in the nuclear medicine market are Bracco Imaging S.P.A., Lantheus Medical Imaging Inc., NTP Radioisotopes SOC Ltd, Eckert & Ziegler Group, Jubilant Pharma LLC, Australian Nuclear Science & Technology Organization, Cardinal Health Inc., GE Healthcare, Curium Pharma7, Advanced Accelerator Applications, Nordion Inc., The Institute for Radioelements, Eczacbas-Monrol, Siemens Healthineers AG, and Cambridge Isotope Laboratories Inc.
Additionally, as per TBRC’s research – North America was the largest region in the nuclear medicine market in 2021 holding the largest market share and Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Nuclear Medicine Global Market Report 2022 covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the nuclear medicine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the nuclear medicine market.
Product Innovation – A Key Trend In The Nuclear Medicine Market
Major companies operating in the nuclear medicine market are focused on developing new innovative products to strengthen their position.
Nuclear Medicine Market Segmentation By The Business Research Company
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
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