Nuclear Medicine Market Size And Forecast
Nuclear Medicine Market size was valued at USD 9.25 Billion in 2021 and is projected to reach USD 13.55 Billion by 2030, growing at a CAGR of 4.50% from 2022 to 2030.
An increase in the nuclear medicine market is attributed to factors such as rising constancy and popularity of cancer and cardiac disease, along with creativity in closing the Mo-99 demand-supply gap. The market is recent, with growth being driven by an increase in the number of cancer diseases and increased awareness of nuclear medicine. Radiopharmaceuticals are pharmaceutical formulations that contain radioactive isotopes for diagnostic and therapeutic purposes. They are a simple and small necessity that contains a radioactive substance that is used in the treatment of cancer, cardiac and neurological disorders, and other diseases.
Global Nuclear Medicine Market Definition
Nuclear medicine refers to a medical speciality, which utilizes radioactive material or radiopharmaceuticals to evaluate bodily functions along with identifying and treat various types of diseases, such as cardiac disease, neurological disorders, and cancer. Technology advanced cameras allow physicians to track the path of the radioactive tracers. In addition to this, positron emission tomography (PET) and single-photon emission computed tomography (SPECT) scans are among the critical imaging modalities in the nuclear medicine sector.
Global Nuclear Medicine Market Overview
The growing constancy and prevalence of cancer and cardiovascular disease (CVD) is a key factor helping market growth. Most cases can be prevented through advanced detection and treatment; nuclear medicine plays an important role in these domains. According to the WHO, cancer was the leading cause of death in 2020, accounting for nearly 10 million deaths. Annually, 19.3 million new cancer diseases are expected to be reported globally by 2025. According to the WHO, worldwide, 17.9 million individuals died from CVD in 2019, accounting for 32% of the overall deaths worldwide.
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This statistic is expected to reach 23.3 million by 2030. As nuclear medicine plays an important role in disease diagnosis and treatment, the increasing pervasiveness of these diseases is expected to drive the growth of the nuclear medicine market during the forecast period. Nuclear medicine is highly used for diagnosing CVD and cancers. Because of the saturation of these markets, a number of industries and stakeholders have decided to focus on improving the overall segment of radiopharmaceuticals.
With the growing application sectors of radiopharmaceuticals, their demand and hold are expected to increase in the forecasting period. This symptom an opportunity for players to expand their offerings and market shares by catering to the demand for radiopharmaceuticals in neurological applications. The short duration of radiopharmaceuticals, hospital budget cuts, and high equipment prices are expected to limit market growth to a certain limited extend. However, the expiry of a radiopharmaceutical primarily depends on the half-life of the radioisotope and the content of the radionuclide.
For instance, the radioactivity of F-18 in PET scans decreases after 110 minutes, whereas C-11 radioactivity decreases after 20 minutes. In SPECT diagnosis, the radioactivity of Tc-99m is reduced after six hours, while I-123 and In-111 isotopes should be utilized within 13 and 67 hours, respectively. The non-utilization of radioisotopes within the prescribed shelf life causes radiation and chemical decomposition, reducing radiochemical purity to an unacceptable form, which may prove fatal during diagnosis and therapy.
Global Nuclear Medicine Market Segmentation Analysis
The Global Nuclear Medicine Market is segmented based on Type, Modality, Application, and Geography.
Nuclear Medicine Market, By Type
• Diagnostic
• Therapeutic
Based on Type, the market is bifurcated into Diagnostic and Therapeutic. the diagnostic segment accounts for the majority of the nuclear medicine market, and the adoption of PET as a diagnostic tool is gradually increasing as it offers greater accuracy than other diagnostic techniques. In general, it is combined with X-ray and computed tomography to improve accuracy (CT). The growing demand for early and accurate diagnosis, as well as the rising demand for high-quality medical solutions, is driving the radiopharmaceuticals market.
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Nuclear Medicine Market, By Modality
• SPECT
• PET
• Alpha-emitters
• Beta-emitters
• Brachytherapy
Based on Modality, the market is bifurcated into SPECT, PET, Alpha-emitters, Beta-emitters and Brachytherapy. SPECT dominated the nuclear medicine market in 2019 due to its low cost and wide use in a variety of segments. Furthermore, key players in the nuclear medicine market are introducing digital SPECT scanners to improve diagnosis. For instance, in November 2018, Spectrum Dynamics has acquired FDA approval for the VERITON-CT 64 SPECT/CT system, which delivers more image detail and a 360-degree multi-detector geometry for high perceptivity.
Nuclear Medicine Market, By Application
• Oncology
• Cardiology
• Neurology
• Thyroid
• Others
Based on Application, the market is bifurcated into Oncology, Cardiology, Neurology, Thyroid, and Others. The cardiology market accounted for the largest share of the nuclear medicine market and is expected to grow at the highest CAGR during the forecast period. Cardiology is expected to be the fastest-growing segment during the forecast period due to the low cost of techniques and high promotion rate.
Nuclear Medicine Market, By Geography
• North America
• Europe
• Asia Pacific
• Rest of the World
On the basis of Geography, The Global Nuclear Medicine Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America is the dominant market for nuclear medicine. Within North America, the United States is the largest customers market for radioisotopes, and Canada is the highest producer of Tc-99m. The United States was the highest contributor to the North American region, in terms of revenue, and it is expected to contract its dominance, due to the higher system volume and growing adoption of nuclear medicine for various therapeutic applications.
Key Players
The “Global Nuclear Medicine Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are General Electric Co., Bayer AG, Lantheus Medical Imaging, Inc., Medtronic, Inc., Cardinal Health Inc., Triad Isotopes, Siemens Healthineers AG, Advanced Accelerator Applications, Curium, and Cambridge Isotope Laboratories Inc. are a few major companies operating in the Nuclear Medicine Market. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
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