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What Is the Forecast for the Nuclear Medicine Market Growth in 2025?
The size of the nuclear medicine market has witnessed a fast-paced expansion in the preceding years. The market, standing at $8.93 billion in 2024, is predicted to escalate to $10.2 billion in 2025, with a compound annual growth rate (CAGR) of 14.2%. Factors such as an ageing population, cancer diagnosis and staging, cardiology applications, neurological disorders, and regulatory approvals have considerably contributed to the growth during the historic period.
What Is the Forecast for the Nuclear Medicine Market Size Through 2029?
Expectations are high for quick expansion in the nuclear medicine market over the coming years. The market is projected to soar to $15.77 billion by 2029, with a compound annual growth rate (CAGR) of 11.5%. This growth in the forecasted period can be credited to factors such as personalized medicine, oncology and neurology research, sustainable practices, research and development, coupled with telemedicine services. Notable trends anticipated within this period encompass radioimmunotherapy, hybrid imaging, application of artificial intelligence (AI), emerging radiopharmaceuticals, and advancements in diagnostic imaging.
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What are the Key Market Players in Nuclear Medicine Market and How They’re Evolving?
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 Are the Primary Growth Drivers in the Nuclear Medicine Market?
The nuclear medicine market is projected to expand as a result of the rising consistency and prevalence of cardiovascular disease (CVD) and cancer. CVDs refer to disorders of the heart and blood vessels, while cancer is a condition where cells proliferate uncontrollably and invade other areas of the body. The speedier diagnosis of cardiac diseases is facilitated by nuclear cardiac imaging. Cancer treatment may also involve nuclear medicine therapy, which can complement or follow other treatment avenues like surgery and chemotherapy. Consequently, the increased consistency and incidence of CVD and cancer bolster the demand for nuclear medicine. In 2023, 1,958,310 new cancer cases are anticipated in the US, as per data from the American Cancer Society Inc., a non-profit health body in the US. This is up from the 1,918,030 new cases recorded in 2022. Hence, the growth of the nuclear medicine market is being propelled by the escalating consistency and occurrence of cardiovascular diseases and cancer.
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What Are the Leading Segments in the Global 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
What Are the Key Market Trends in the Nuclear Medicine Industry?
Key players in the nuclear medicine market are channeling their efforts into developing cutting-edge solutions, such as nuclear medicine cyclotrons, with the intent to heighten the production of radiopharmaceuticals and refine diagnostic imaging. Nuclear medicine cyclotrons are specialized forms of particle accelerators that manufacture radioactive isotopes for medical imaging and therapy by directing high-energy particles towards target materials. This process facilitates the production of radiopharmaceuticals utilized in actions like positron emission tomography (PET). GE Healthcare China, a pioneering medical technology establishment based in the US, for instance, launched its initial series of cyclotrons on December 1, 2023, at the Chengdu Tianfu International Bio-Town. These exceptional particle accelerators play a vital role in nuclear medicine by enabling the creation of medical isotopes used in molecular imaging and therapeutic applications. The purpose of this initiative is to construct a comprehensive infrastructure for nuclear medicine, thereby boosting capabilities in early disease diagnosis and personalized treatment plans.
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What Is the Regional Outlook for 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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This Report Delivers Insight On:
1. How big is the nuclear medicine market, and how is it changing globally?
2. Who are the major companies in the nuclear medicine market, and how are they performing?
3. What are the key opportunities and risks in the nuclear medicine market right now?
4. Which products or customer segments are growing the most in the nuclear medicine market?
5. What factors are helping or slowing down the growth of the nuclear medicine market?
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