The Global Nuclear Medicine Market to Exhibit Growth at a Significant CAGR of ~10% by 2027 | DelveInsight
The nuclear medicine market is expanding rapidly due to the rising prevalence of cancer, cardiovascular disease, and other chronic diseases caused by an inactive lifestyle. Furthermore, the growing geriatric population susceptible to chronic diseases, rising demand for image-guided procedures and diagnostics globally, and the presence of robust products in the pipeline will drive nuclear medicine demand during the forecast period
LAS VEGAS, March 30, 2023 /PRNewswire/ -- DelveInsight's Nuclear Medicine Market Insights report provides the current and forecast market analysis, individual leading nuclear medicine companies' market shares, challenges, nuclear medicine market drivers, barriers, and trends, and key nuclear medicine companies in the market.
Key Takeaways from the Nuclear Medicine Market Report
- As per DelveInsight estimates, North America is anticipated to dominate the global nuclear medicine market during the forecast period.
- Notable nuclear medicine companies such as Lantheus., Cardinal Health., GE Healthcare, Curium Pharma, Nihon Medi-Physics Co., Ltd., Novartis (Advanced Accelerator Applications), Cambridge Isotope Laboratories, Inc, Sotera Health LLC, Bracco Imaging SpA, Jubilant Pharma Limited, Necsa, IBA Radiopharma Solutions, Bayer AG, Norgine, Eczac?ba??-Monrol, NorthStar Medical Radioisotopes, LLC., Eckert & Ziegler., Telix Pharmaceuticals Limited, ITM Isotope Technologies Munich SE, Mallinckrodt PLC, and several others are currently operating in the nuclear medicine market.
- In February 2023, Nuclear Medicine 600/800 Series Systems were recalled by GE HealthCare due to risk of detector fall injuring patients.
- In May 2022, Penang Adventist Hospital (PAH), located in Pulau Pinang, Malaysia, launched a full-fledged private nuclear medicine center in northern Malaysia. The new facility offers diagnostic and treatment procedures for specific conditions and diseases such as hyperthyroidism, thyroid cancer, lymphomas, and bone pain caused by different types of cancer.
- In March 2022, Bracco Imaging launched Blue Earth Therapeutics to advance the development of therapeutic radiopharmaceutical technology. Blue Earth Therapeutics is building a pipeline of precision-targeted therapeutic radiopharmaceuticals, initially focused on prostate cancer, with plans to expand into additional disease areas in oncology.
- In February 2022, Applied Molecular Therapies launched 177Lu PSMATherapy, a molecularly targeted radiopharmaceutical for treating prostate cancer.
- In February 2022, Cerveau Technologies, Inc. and Nihon Medi-Physics announced that they signed a manufacturing service agreement in which Cerveau grants NMP the right to manufacture [18F] MK-6240, a next generation investigational Positron Emission Tomography (PET) imaging agent.
To read more about the latest highlights related to the nuclear medicine market, get a snapshot of the key highlights entailed in the Global Nuclear Medicine Market Report
Nuclear Medicine Overview
Nuclear Medicine is an essential component of today's healthcare delivery system and has a significant impact on patient care. The development of various radionuclide and radio-labeled compounds and equipment has resulted in rapid growth in the Nuclear Medicine Market over the last four to five decades. Nuclear medicine employs trace amounts of radioactive materials (or tracers) in products and procedures to aid in the diagnosis and treatment of a wide range of illnesses. Iodine-131 was the first radionuclide used in medicine. Following that, several other radionuclides and isotopes were created for diagnostic purposes. Several radioisotopes are now produced and distributed in the market for various medical purposes. The two major types of conditions for which Nuclear Medicine has enormous potential are cancer and cardiovascular disease. It also has applications in a variety of diseases, including nephro-urology, orthopedics, rheumatology, and neuropsychiatry.
Nuclear Medicine Market Insights
North America dominated the global nuclear medicine market in 2021 and will continue to do so during the forecast period (2022–2027). This can be attributed to the region's increasing incidence of cancer, cardiovascular disorders, and other diseases due to high processed food consumption and lifestyle changes. Furthermore, the presence of key domicile players in the region, the rising burden of the geriatric population prone to chronic diseases, the favorable reimbursement scenario for radiopharmaceuticals in the United States, and others are among the key factors that contribute to the growth of the nuclear medicine market in North America between 2022 and 2027. In addition, the rise in product launches in the region is expected to boost the nuclear medicine market growth. For instance, in April 2022, the FDA recently approved 177Lu-PSMA-617 (Lu 177 vipivotide tetraxetan; Pluvicto) as a targeted radioligand therapy for the treatment of patients with PSMA-positive metastatic castration-resistant prostate cancer (mCRPC).
To know more about why North America is leading the market growth in the nuclear medicine market, get a snapshot of the Nuclear Medicine Market Outlook
Nuclear Medicine Market Dynamics
One of the key factors driving the nuclear medicine market is the rising prevalence of cancer, cardiovascular disease, and other diseases around the world, which can be attributed to a variety of factors such as genetics, age, obesity, and unhealthy lifestyles. Furthermore, the establishment of nuclear medicine centers that will provide access to nuclear medicine treatments all over the world is expected to boost the nuclear medicine market. Moreover, increasing technological advancements in disease diagnosis and treatment, and the rising approval of new nuclear medicine-based devices that aid in meeting patients' treatment needs will drive the nuclear medicine market in the coming years.
However, the high cost of nuclear medicine, the equipment used in the procedure, and the stringent regulatory approval process may impede the growth of the nuclear medicine market.
Additionally, the nuclear medicine market suffered during the COVID-19 pandemic because the outbreak resulted in the cancellation of outpatient visits and the suspension of non-emergency hospitalization and diagnostic procedures. As a result, routine clinical examinations and diagnosis procedures were reduced. However, the development of the COVID-19 vaccine has begun the process of economic recovery, with the easing of lockdown restrictions and the return of normalcy in the economic landscape, which has begun the process of resumption of regular healthcare services such as outpatient visits for diagnosis and treatment purposes, bringing the demand for products in the nuclear medicine market back on track.
Get a sneak peek at the nuclear medicine market dynamics @ Nuclear Medicine Market Dynamics Analysis
Report Metrics | Details |
Coverage | Global |
Study Period | 2019–2027 |
Base Year | 2021 |
Nuclear Medicine Market CAGR | ~10% |
Projected Nuclear Medicine Market Size by 2027 | USD 12.4 Billion |
Key Nuclear Medicine Companies | Lantheus., Cardinal Health., GE Healthcare, Curium Pharma, Nihon Medi-Physics Co., Ltd., Novartis (Advanced Accelerator Applications), Cambridge Isotope Laboratories, Inc, Sotera Health LLC, Bracco Imaging SpA, Jubilant Pharma Limited, Necsa, IBA Radiopharma Solutions, Bayer AG, Norgine, Eczac?ba??-Monrol, NorthStar Medical Radioisotopes, LLC., Eckert & Ziegler., Telix Pharmaceuticals Limited, ITM Isotope Technologies Munich SE, Mallinckrodt PLC, among others |
Nuclear Medicine Market Assessment
- Nuclear Medicine Market Segmentation
- Market Segmentation By Product Type: Diagnostic Products [Single Photon Emission Computed Tomography (SPECT) {Technetium-99m, Iodine-123, Xenon-133, And Others}, And Positron Emission Tomography (PET) {Flourine-18, Carbon-11, Gallium-68, and Others}], Therapeutic Products [Alpha Emitters {Astatine-211, Actinium-225, Lead-212, and Others}, Beta Emitters {Lutetium-177, Iodine-131, Yttrium-90, and Others}, and Brachytherapy]
- Market Segmentation By Application: Cardiology, Neurology, Oncology, and Others
- Market Segmentation By End User: Hospitals, Diagnostic Centers, and Others
- Market Segmentation By Geography: North America, Europe, Asia-Pacific, and Rest of World
- Porter's Five Forces Analysis, Product Profiles, Case Studies, KOL's Views, Analyst's View
Which MedTech key players in the nuclear medicine market are set to emerge as the trendsetter explore @ Nuclear Medicine Companies
Table of Contents
1 | Report Introduction |
2 | Executive summary |
3 | Regulatory and Patent Analysis |
4 | Key Factors Analysis |
5 | Porter's Five Forces Analysis |
6 | COVID-19 Impact Analysis on Nuclear Medicine Market |
7 | Nuclear Medicine Market Layout |
8 | Global Company Share Analysis – Key 3-5 Companies |
9 | Nuclear Medicine Market Company and Product Profiles |
10 | Project Approach |
11 | About DelveInsight |
Interested in knowing the nuclear medicine market by 2027? Click to get a snapshot of the Nuclear Medicine Market Trends
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SOURCE DelveInsight Business Research, LLP
