Nuclear Medicine Market to Exceed Value of US$ 11.4 Billion by 2031, States TMR Analysis

Posted on 2024-03-28 by Transparency Market Research in Healthcare // 0 Comments

Wilmington, Delaware, United States, 2024-Mar-28 — /EPR Network/ — Transparency Market Research Inc. –

The global nuclear medicine industry achieved a valuation of US$ 5.2 billion in 2022. Analysts project a robust growth trajectory, anticipating a Compound Annual Growth Rate (CAGR) of 9.2% from 2023 to 2031, leading to a market valuation exceeding US$ 11.4 billion by the culmination of 2031.

Analysts assert that the burgeoning awareness and acceptance of nuclear medicine procedures serve as pivotal drivers propelling the global nuclear medicine market forward. Nuclear medicine offers precise and early diagnosis capabilities for a multitude of medical conditions, contributing significantly to its growing adoption. The increasing uptake of cutting-edge imaging technologies such as PET-CT (Positron Emission Tomography – Computed Tomography) and SPECT (Single-Photon Emission Computed Tomography) is anticipated to be a primary catalyst fueling the expansion of the global nuclear medicine industry throughout the forecast period.

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Moreover, the surge in the utilization of nuclear medicine procedures in the treatment paradigm of various medical conditions, including cancer and cardiovascular diseases, is poised to further augment the size and reach of the global nuclear medicine market. This trend underscores the evolving role of nuclear medicine as a pivotal component in contemporary healthcare, driving demand and fostering innovation within the industry.

Market Introduction:

Nuclear medicine, a specialized field within radiology, employs small amounts of radioactive substances called radiopharmaceuticals to examine organ structure and function. This interdisciplinary technique integrates chemistry, physics, mathematics, computer technology, and medicine. It aids in early disease detection and treatment, particularly in cases like thyroid cancer.

By tracking the behavior of radionuclides in the body during a nuclear scan, medical professionals can diagnose various conditions, including infections, tumors, cysts, and organ enlargement. These scans also assess organ function and blood circulation.

Positron emission tomography (PET) is a nuclear medicine method utilizing a tracer to reveal cell activity, offering detailed insights into organ function and cell health. Often, PET scans are combined with three-dimensional imaging technologies like computed tomography (CT) or magnetic resonance imaging (MRI) for a comprehensive organ assessment.

Increase in Incidence of Cancer and Cardiovascular Diseases

The global nuclear medicine market is propelled by a surge in cancer and cardiovascular diseases incidence, with nuclear medicine playing a vital role in their diagnosis, staging, and treatment. Cancer, a leading global cause of mortality, is witnessing a rise in new cases, driving the use of nuclear medicine techniques like PET and SPECT for diagnosis, staging, and treatment planning. Radiopharmaceuticals target cancer cells, delivering precise radiation therapy while minimizing damage to healthy tissue.

Likewise, cardiovascular diseases, including heart disease and stroke, are significant global health concerns. Nuclear medicine techniques such as MPI and PET are pivotal for their diagnosis and management.

Factors such as an aging population and the demand for personalized medicine further propel the global nuclear medicine industry. With an aging demographic, chronic diseases requiring nuclear medicine interventions are on the rise. Additionally, personalized medicine, tailored to an individual’s genetic and biological characteristics, relies heavily on nuclear medicine for accurate diagnosis and treatment.

In summary, the increasing incidence of cancer and cardiovascular diseases, coupled with an aging population and the demand for personalized medicine, are anticipated to drive the nuclear medicine market in the coming years.

Key Players:

GE Healthcare, Siemens Healthineers, Philips Healthcare, Cardinal Health, Bracco Imaging S.p.A., Curium Pharma, Eckert & Ziegler, Jubilant Radiopharma, Lantheus Medical Imaging, Nordion, Inc., Advanced Accelerator Applications (AAA), IBA Radiopharma Solutions, NorthStar Medical Radioisotopes, Polatom, and Isotopia Molecular Imaging

Market Segmentation-

Type
- Diagnostic Nuclear Medicine
  - PECT Radiopharmaceuticals
  - PET Radiopharmaceuticals
- Therapeutic Nuclear Medicine
  - Alpha Emitters
  - Beta Emitters
  - Brachytherapy Isotopes

Application
- Cardiology
- Neurology
- Oncology
- Pulmonology
- Gastroenterology
- Others

End-user
- Hospitals
- Diagnostic Centers
  - Individual Practice
  - Group Practice
- Research Institutes

Market Drivers and Challenges:

Drivers:
- Technological advancements in imaging modalities.
- Increasing prevalence of chronic diseases.
- Growing adoption of nuclear medicine for early disease diagnosis.
- Favorable reimbursement policies.
Challenges:
- High cost associated with nuclear medicine procedures.
- Regulatory constraints and safety concerns regarding radiation exposure.
- Limited availability of skilled professionals.

Key Developments in Global Nuclear Medicine Market

In February 2023, Telix Pharmaceuticals Limited completed its joint research project with Heidelberg University Hospital (UKHD) under the Research Cooperation Agreement announced in February 2021. The goal of this project was to develop and validate a PSMA-targeting generator-based theranostic compound for urologic oncology using the beta-emitting isotope rhenium-188 (188Re).
In February 2023, United Imaging announced multiple partnerships in Middle East & Africa at Arab Health 2023. During this annual event, United Imaging and I-ONE Nuclear Medicine & Oncology Centre signed an MOU for a collaboration and research agreement for the first PET/MR uPMR 790 in the Gulf countries. The I-ONE Nuclear Medicine & Oncology Centre is the first of its kind in Saudi Arabia’s western region.
In October 2021, the DRIVE-MRT (Molecular RadioTherapy) solution was developed in collaboration with Oncodesign, Covalab, CheMatech, and ABX-CRO. Designed to provide therapeutic development in nuclear medicine, this includes theranostics, which includes everything from therapeutic target validation, radiolabeled biological vector generation, lead optimization, preclinical candidate drug generation and IND, to clinical trial design and management.

Regions Covered:

North America(USA, Canada and Mexico)
Europe(UK, Germany, France and the Rest of Europe)
Asia Pacific(China, Japan, India, and the Rest of the Asia Pacific region)
South America(Brazil, Argentina and the Rest of South America)
Middle East and Africa(GCC and Rest of the Middle East and Africa)

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Market Trends:

Growing focus on personalized medicine and targeted therapies.
Integration of artificial intelligence (AI) and machine learning in nuclear medicine imaging.
Shift towards hybrid imaging techniques for improved diagnostic accuracy.
Increasing utilization of radiopharmaceuticals for theranostic applications.

Future Outlook: The nuclear medicine market is poised for significant growth in the coming years, driven by advancements in imaging technologies, expanding applications of nuclear medicine in various medical specialties, and growing investments in research and development.

Key Market Study Points:

Market size and forecast for the period 2024-2032.
Analysis of market segmentation by service type, sourcing type, application, industry vertical, and region.
Assessment of market drivers, challenges, and trends influencing market growth.
Regional analysis highlighting growth opportunities and market dynamics.
Competitive landscape profiling key players and recent developments in the market.

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About Transparency Market Research

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