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NEW YORK, June 7, 2022 /PRNewswire/ — Polaris Market Research recently published a research report on “Nuclear Medicine Market Share, Size, Trends, Industry Analysis Report, By Type (Diagnostic, Therapeutic, Others); By Modality (Beta-emitters, PET, SPECT, Alpha -emitters, Brachytherapy, Others); By Application; By End-Use; By Regions; Segment Forecast, 2021 – 2028” in its research database.
According to recent research study, the global nuclear medicines market size & share is expected to grow at a CAGR of 9.0% between 2021 and 2028. The nuclear medicines industry revenue of USD 6.19 billion in 2020 is expected to grow up to USD 12.17 billion by 2028.
What is Pharmaceutical Nuclear Medicines? How Big is Nuclear Medicine Market?
Nuclear medicine refers to a specialized medical which uses radioactive materials or radiopharmaceuticals to examine bodily functions and to identify and treat various types of diseases. Technology advanced cameras allow doctors to track the path of these radioactive tracers. The device is a combination of many different disciplines methods including chemistry, physics, mathematics, computer technology, and medicine. This branch of radiology is often used to treat diseases, such as cardiac disease, neurological disorders, and cancer.
Physicians are using the more convenient therapeutic radiopharmaceuticals instead of the conventional chemotherapy methods for treating oncology and cancer, which is expected to offer new opportunities in the nuclear medicine market. Doctors find this radiology a convenient and safer alternative for patients as compared to X-Rays and other external radiation imaging devices. The rising number of cancer cases and increasing awareness about nuclear medicine are driving the global nuclear medicine market growth.
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- In Sep 2021Medtronic plc, a global healthcare technology leader, announced the latest additions to its minimally invasive spine surgery ecosystem, making it the only company to combine spinal implants, biologics, navigation, robotics, and AI-powered data for surgeons and patients.
- In June 2021Curium unveiled the acquisition of Austrian-based pharmaceuticals firm IASON to increase its footprint in Europe.
- In March 2021Bracco Diagnostics Inc. announced a partnership with CardioNavix, LLC to enhance the patient experience of the novel cardiac PET imaging system.
Top Global Market Players Are:
- Bracco Imaging SPA
- Lantheus Medical Imaging Inc.
- NTP Radioisotopes Soc LTD
- Eckert & Ziegler Group
- Jubilant Pharma LLC
- Australian Nuclear Science & Technology Organization
- Cardinal Health
- Isotopia Molecular Imaging Limited
- Bayer AG
- The Institute for Radio Elements
- Curium SAS
- Advanced Accelerator Applications
- Nordion Inc.
- GE Healthcare
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Nuclear Medicine Market: Growth Driving Factors
The increasing constancy and prevalence of cancer and cardiovascular disease (CVD) is driving the market growth. The rising demand for therapeutic nuclear medicine is anticipated to increase over the forecast period, thus contributing to the market growth. The demand for radiopharmaceuticals is expected to rise during the predicted period owing to its growing application sectors. Also, the increasing need to deliver effective healthcare services, the rising elderly population, rising cases of chronic diseases, and the need to deliver better patient experience are expected to boost the nuclear medicine market growth. In addition, the growing prevalence of leading market players across developing economies will support the market growth.
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Nuclear Medicine Market: Report Dynamics & Scope Analysis
Revenue forecast for 2028
USD 12.17 billion
Market size value in 2020
USD 6.19 billion
9.0% from 2021 – 2028
2021 – 2028
Top Market Companies
Bracco Imaging SPA, Lantheus Medical Imaging, Inc., NTP Radioisotopes Soc, LTD, Eckert & Ziegler Group, Jubilant Pharma LLC, Australian Nuclear Science & Technology Organization, Cardinal Health, Isotopia Molecular Imaging Limited, Bayer AG, The Institute for Radioelements, Curium SAS, Advanced Accelerator Applications, Nordion, Inc., Mallinckrodt, and GE Healthcare
By type, by modality, by application, by end use, by region
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Also Read, Press Release on Nuclear Medicine Market Size Worth $12.17 trillion By 2028 | CAGR: 9.0%
Nuclear Medicine Market: Segmentation
- Based on type, the market is categorized into diagnostic, therapeutic, and others. The diagnostic segment accounted for the largest market share in the global nuclear medicine market in 2019.
- On the basis of modality, the market is segmented into Beta emitters, PET, SPECT, Alpha emitters, brachytherapy, and others. SPECT segment led the nuclear medicine market in 2019 due to its low cost and large use in a variety of segments.
- On the basis of application, the market is characterized into the thyroid, cardiology, bone metastasis, oncology, neurology, gastroenterology, immunology, and others. The cardiology market segment generated the largest share of the nuclear medicine market and is anticipated to grow at the highest CAGR over the forecast period.
- Based on the end-use outlook, the market is segmented into hospitals, clinics & diagnostic centers, research institutes, and others.
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Geographic Overview: Nuclear Medicine Market
Based on geography, NorthAmerica dominated the global nuclear medicine market in 2020 due to the rising elderly population, increasing research and development activities, favorable guidelines about the use of medical isotopes, and the technological developments are accelerating the market growth in the region. Moreover, the Asia Pacific region is expected to grow at a faster pace owing to increased awareness about nuclear medicine therapies and growing investment in the nuclear medicine space. Rising cases of chronic diseases, increasing health consciousness, well established healthcare infrastructure, rising awareness about preventive healthcare, and early diagnosis of diseases are additional factors contributing to the demand for nuclear medicine in the region.
Browse the Detail Report “Nuclear Medicine Market Share, Size, Trends, Industry Analysis Report, By Type (Diagnostic, Therapeutic, Others); By Modality (Beta-emitters, PET, SPECT, Alpha-emitters, Brachytherapy, Others); By Application ; By End-Use; By Regions; Segment Forecast, 2021 – 2028” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/nuclear-medicine-market
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Nuclear Medicine Market: By Type Outlook
Nuclear Medicine Market: By Modality Outlook
- beta emitters
- alpha emitters
Nuclear Medicine Market: By Application Outlook
- bone metastasis
Nuclear Medicine Market: By End-Use Outlook
- Clinics & Diagnostic Centers
- Research institutes
Frequently Asked Questions About the Market:
- What is the global nuclear medicine market size at the global level?
- What are the recent developments and government policies?
- What are the top trends in the market?
- What is the growth rate of the global nuclear medicine market?
- Which is the most potential market segment?
- Which are the top industry players in the nuclear medicine market?
- Which region would offer high growth for vendors in the global nuclear medicine market?
- How will the market dynamics change because of the impact of future opportunities, restraints, and drivers?
- What is the impact of the regulations on the growth of the business?
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