Nuclear Medicine Market Overview
Nuclear Medicine Market Insights report has valued the industry size at USD 6.24 billion in 2021 and is projected to grow from USD 7.06 billion in 2022 to USD 24.03 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 13.2% during the forecast period (2023 - 2032).
Nuclear Medicine is a branch of medicine which uses radioactive substances in small amounts for diagnosis and treatment of various diseases. Nuclear medicine can be used for the treatment of various conditions including blood disorder, and some cancers and use vastly different imaging technologies than those used in traditional imaging as they show physiological function of the system making it a more targeted method of imaging. Market Research Future's report on the global nuclear medicine market overview divulges several vital figures and facts about the market.
Nuclear medicine market offers precise diagnostic abilities and is useful in the early detection of cancer as well as other diseases such as cardiovascular disorders. The increasing prevalence of cancer and other chronic diseases and a high demand for early diagnosis of such diseases for effective treatment is a significant driver of the global market. Moreover, increasingly radiopharmaceuticals are being used for the diagnosis or treatment of chronic diseases in geriatric patients. The rapid expansion of this demographic is expected to encourage the growth of the market. The WHO has recorded astounding figures regarding the prevalence of cancer at nearly one out of every six deaths, making it one of the most significant causes for patient mortality, thus increasing the demand for nuclear medicine.
The promising future of the global nuclear medicine market is threatened by the high costs of radiopharmaceuticals which makes treatment unaffordable. Although it has not been proven to be distinctly harmful, erring on the side of safety has made patients wary of adopting nuclear medicine due to the side effects associated with exposure to radiation. However, market opportunities are expected to mitigate these threats to growth. Radioisotopes are witnessing increased usage for diagnostics and therapeutics as they offer the potential for learning medical information that is otherwise unobtainable. They have a wide range of applications in medical research which range from observing metabolic processes to tracing drug movement in biological systems.
Nuclear medicine is a rapidly evolving field in the healthcare industry that combines the principles of nuclear physics with medical imaging and diagnosis. It employs radioactive materials to visualize and treat various diseases, offering non-invasive insights into the human body's internal functions. Over the years, the nuclear medicine market has witnessed substantial growth and innovation, driven by technological advancements, increased prevalence of chronic diseases, and a growing aging population. This article explores the current state and future prospects of the nuclear medicine market.
Regional Analysis
The Americas due to the presence of North America has established itself as a market leader. The presence of several important market players combined with the high prevalence of cancer and other chronic diseases has influenced the growth of the Americas nuclear market. The region, particularly countries such as U.S Canada have well-developed healthcare sectors which receive high investments. Moreover, the region has a high geriatric patient population which is expanding rapidly and is growing increasingly aware regarding advanced therapies.
Segmentation
MRFR has conducted a detailed study of the various parts of the nuclear medicine market which has been segmented based on product type, application, end-user, and region.
By product types, the nuclear medicine market has been segmented into diagnostic nuclear medicine and therapeutic radiopharmaceuticals. At present, the diagnostic nuclear medicine segment has attained a leadership position. However, the therapeutic radiopharmaceuticals segment is the fastest growing segment during the forecast period. The diagnostic nuclear medicine segment is segmented further into SPECT radiopharmaceuticals, and PET radiopharmaceuticals. Meanwhile, the therapeutic radiopharmaceuticals segment is sub-segmented into alpha emitters, beta emitters, and brachytherapy isotopes.
Applications of nuclear medicine are segmented into diagnostic applications and therapeutic applications. Diagnostic applications are a major segment which is sub-segmented into SPECT applications and PET applications. Meanwhile, the therapeutic applications segment is growing at the fastest pace.
End-users have been segmented into hospitals diagnostic centres, research institutes, and others. Research institutes display the highest potential for growth over the forecast period, while hospitals diagnostics centres have been identified as the most significant segment in terms of market share.
All sub-segments have been segmented further and included in the report.
Key Players
Some of the major key players listed in the Nuclear Medicine Market Outlook report include Jubilant Lifesciences, Lantheus Medical Imaging, Mallinckrodt Pharmaceuticals, Medtronic plc, Bayer AG, Advanced Accelerators Applications, Nordion Inc., Cardinal Health, Bracco Imaging, Curium, and GE Healthcare.
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