Nuclear Medicine Market

Market Synopsis:

The Global Nuclear Medicine Market was valued at USD 7.88 Billion in 2022 and is forecast to reach a value of USD 20.37 Billion by 2030. In the forecast period, the Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 12.60%.

Nuclear Medicine is a branch of medicine that uses radioactive substances or radiopharmaceuticals to diagnose and treat various illnesses, including cancer, cardiac disease, and neurological disorders. Medical professionals can follow the radioactive tracers' progress thanks to high-technology cameras. Additionally, two essential imaging modalities in Nuclear Medicine are Positron Emission Tomography (P.E.T.) and Single Photon Emission Computed Tomography (SPECT) examinations. For the diagnosis and treatment of these severe disorders, radioisotopes are employed in the majority of hospitals. The Nuclear Medicine Market is anticipated to grow exponentially owing to the prevalence of chronic diseases in the elderly population. The adoption of new, simple cancer treatments is the result of increased research and development efforts. The success of these treatments in totally curing the ailment is one of the most significant elements influencing the market's growth. The usage of nuclear medications has had a favorable effect on the market. Using various diagnostic techniques and radiopharmaceutical-based therapies will aid in promoting development. There has been an adoption of Magnetic Resonance Imaging (M.R.I.) and Computed Tomography Scans (C.T. scans) that are accessible worldwide. In addition to the P.E.T. scan (Positron Emission Tomography) for identifying cancer and several imaging techniques that use nuclear medications to detect and treat cardiovascular disorders. The market for Nuclear Medicine will have slow expansion in the upcoming years due to the use of these alternatives for diagnosing various ailments.

Market Segmentation:

The Nuclear Medicine market is segmented based on Type, Applications, Procedural Volume Assessment, and Region. Based on the Type, the market is segmented into Diagnostic Nuclear Medicine, Therapeutic Nuclear Medicine, and Brachytherapy Isotopes. Furthermore, based on the Applications segment, the market is further segregated into Diagnostic Applications, Procedural Volume Assessment, Diagnostic Procedures, and Therapeutic Procedures. In addition, the market is further segmented into Diagnostic Procedures and Therapeutic Procedures based on the segment Procedural Volume Assessment.

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Based on Type:

Diagnostic Nuclear Medicine category dominated the market in 2021

The Diagnostic Nuclear Medicine segment dominated the market due to a sizable patient population and the accessibility of advanced technology like Single-Photon Emission Computed Tomography (SPECT) and Positron Emission Tomography (P.E.T.). The expansion is also a result of an increase in the number of people with cancer and various cardiovascular ailments. As a result, nuclear medications have increased the use of nuclear medications to diagnose these disorders. In addition, the broad range of radiotracers currently used in tumor diagnosis and technological improvements are causing the market for Nuclear Medicine to expand.

Based on Application:

Oncology category dominated the market in 2021

The Oncology category dominated the market in 2021 and is forecast to continue to dominate in the forecast period. One of the most often carried out imaging procedures worldwide is the diagnosis of malignancies. This trend is brought on by growing knowledge of early detection, the high incidence of cancer, and the advantages of diagnosis in managing and treating different types of cancer. In addition, Oncology is the target indication for several pipeline products of Nuclear Medicine therapeutics, which is anticipated to contribute to the segment's growth in the upcoming years.

Based on Regional Analysis:

Asia Pacific is projected to grow at the highest CAGR during the forecast period

The Asia Pacific is accounted to grow at the highest CAGR (Compound Annual Growth Rate) during the forecast period. As disposable incomes rise throughout the region, more people are becoming aware of imaging diagnostics and how to use them to diagnose and treat various diseases effectively. The Asia Pacific region's nuclear imaging market is expanding due to rising procedural volumes driven by the region's major economies, including China, India, and Japan, where chronic diseases are more common. Other considerations include the development of new techniques for producing radioisotopes, government financing, rising R&D (Research and Development) costs, and business activity in the area.

Recent Developments:

• In September 2021, Medtronic P.L.C., a world leader in medical technology, unveiled the most contemporary upgrades to its ecosystem for minimally invasive spine surgery. This upgrade makes it the only business to offer spinal implants, biologics, navigation, robots, and AI-powered data to doctors and patients.
• In June 2021, Curium announced the acquisition of the pharmaceutical company IASON, based in Austria, to increase its presence in Europe.

Competitive Landscape:

The key players in the Global Nuclear Medicine Market include- Curium, Bracco Imaging S.P.A., Pharmalogic, Eczacibaşi-Monrol Nuclear Products, Cardinal Health, NTP Radioisotopes SOC LTD. (A Subsidiary of South African Nuclear Energy Corporation), GE Healthcare, Nordion Inc. (A Sotera Health Company), Advanced Accelerator Applications (AAA) (A part of Novartis), Northstar Medical Radioisotopes LLC, Eckert & Ziegler, Joint Stock Company Isotope (JSC Isotope), Bayer AG, Siemens Healthineers, Jubilant Draximage Inc. (A Subsidiary of Jubilant Pharma), Lantheus Medical Imaging Inc., Global Medical Solutions, Shine Medical Technologies, Isotopia Molecular Imaging Ltd., Sinotau Pharmaceutical Group, Institute of Isotopes Co. Ltd., China Isotope & Radiation Corporation, Yantai Dongcheng Pharmaceutical Group Co. Ltd., Cyclopharm, IRE Elit and others.

Segmentation of the Global Nuclear Medicine Market: