nuclear medicine market
Healthcare Services

What Will The Nuclear Medicine Market Look Like In 2023?

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s nuclear medicine market report forecasts the nuclear medicine market size to grow to $12.34 Billion by 2027, with a CAGR (compound annual growth rate) of more than 12%.

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Nuclear Medicine Market Size Forecast
The global nuclear medicine market is expected to grow from $6.79 billion in 2022 to $7.71 billion in 2023 at a compound annual growth rate (CAGR) of 13.6%. 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, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The nuclear medicine market size is expected to grow to $12.34 billion in 2027 at a CAGR of 12.5%.

North America held the largest nuclear medicine market share, and Asia-Pacific was the fastest-growing region in 2022.

Key Nuclear Medicine Market Driver ­– Increase In Constancy And Prevalence Of Cardiovascular Disease And Cancer
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. Therefore, the growing constancy and prevalence of cardiovascular diseases and cancer are driving the nuclear medicine market.

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Key Nuclear Medicine Market Trend – Product Innovation
Major companies operating in the nuclear medicine market are focused on developing new innovative products to strengthen their position. For instance, in March 2021, GE Healthcare, a US-based company that deals with nuclear medicine, launched Star Guide, a new nuclear medicine system to assist in advancing precision health and theranostics. StarGuide uses the most recent developments in Cadmium Zinc Telluride (CZT) technology to assist providers in exploring and better understanding the patient’s condition, enhancing patient outcomes throughout the continuum of care. It has unique features such as digital focus detectors and 360-degree imaging of the system that are intended to support improved theranostic capabilities in nuclear medicine and advanced precision health.

Nuclear Medicine Market Segment
1) By Type: Diagnostic, Therapeutic
2) By Application: Cardiology, Lymphomia, Thyroid, Neurology, Oncology, Other Application
3) By End-User: Hospitals and Clinics, Diagnostic Centers, Other End Users

Nuclear Medicine Market Major Players and Strategies
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, the 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.

In April 2022, Mediso Ltd., a Hungary-based nuclear medicine imaging equipment manufacturer, acquired Bartec Technologies Ltd. for an undisclosed amount. The acquisition aimed at strengthening the market position of Mediso in the UK and Ireland by leveraging Bartec Technologies resources. Bartec Technologies Ltd., is a UK-based specialising in nuclear medicine and molecular imaging equipment and accessories.

The Nuclear Medicine Global Market Report 2023 covers regional data on nuclear medicine market size, nuclear medicine market trends and drivers, opportunities, strategies, and nuclear medicine market competitor analysis. 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, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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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