Market Overview
The global nuclear medicine market is expected to develop at a CAGR of 6.2 percent from 2018 to 2023, according to Market Research Future (MRFR)’s study. By the end of 2023, the market's value is projected to increase by USD 5.43 billion.
Market Dynamics
Nuclear medicine has accurate diagnostic capabilities and is useful in the early detection of cancer and other diseases including cardiovascular disorders. A major driver of the global market is the growing prevalence of cancer and other chronic diseases, as well as a strong demand for early diagnosis of such diseases for successful treatment. Furthermore, radiopharmaceuticals are increasingly being used to diagnose and treat chronic diseases in geriatric patients. The demand is projected to expand due to the rapid growth of this demographic. Cancer is one of the most common causes of death, according to the WHO, accounting for almost one out of every six deaths, making it one of the most critical causes of patient mortality, pushing up demand for nuclear medicine. Increased incidences of target conditions such as Cardiovascular Diseases (CVD) and cancer are driving market growth. In addition, the rapidly increasing geriatric population is expected to increase the patient pool. The growing popularity of radiopharmaceuticals for the care of the elderly is expected to drive up demand for nuclear medicines in the near future.
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The global nuclear medicine market's optimistic future is jeopardized by the high prices of radiopharmaceuticals, which make care unaffordable. Patients are suspicious of nuclear medicine because of the side effects associated with radiation exposure, despite the fact that it has not been shown to be distinctly dangerous. Business opportunities, on the other hand, are expected to offset these growth risks. Radioisotopes are becoming more commonly used in diagnostics and therapeutics because they can be used to learn medical knowledge that would otherwise be inaccessible. They can be used for anything from studying metabolic processes to tracing drug movement in biological systems in medical research.
The business appears to be lucrative and is growing rapidly. Due to growing applications, discoveries, and other factors, it is expected to continue to expand over the next few years. Nonetheless, the high cost of radiopharmaceuticals and the risks associated with radiation exposure remain barriers to market expansion.
Market Segmentation
MRFR has conducted a detailed study of the various parts of the nuclear medicine market which has been segmented on the basis of product type, application, end-user, and region. By product types, the nuclear medicine market has been segmented into diagnostic nuclear medicine and therapeutic radiopharmaceuticals. The diagnostic nuclear medicine sector has risen to the top of the market. The therapeutic radiopharmaceuticals segment, on the other hand, is expected to develop at the fastest rate during the forecast period. SPECT radiopharmaceuticals and PET radiopharmaceuticals are two types of diagnostic nuclear medicine radiopharmaceuticals. Although the therapeutic radiopharmaceuticals segment is divided into alpha emitters, beta emitters, and brachytherapy isotopes, the therapeutic radiopharmaceuticals segment is divided into alpha emitters, beta emitters, and brachytherapy isotopes.
Nuclear medicine applications are divided into two categories: diagnostic and therapeutic. Diagnostic applications is a large segment that is further subdivided into SPECT and PET applications. The therapeutic applications segment, on the other hand, is growing at the fastest rate.
Hospitals and medical centers, research institutes, and others are among the end-users. Hospitals & diagnostics centers have been listed as the most significant segment in terms of market share, while research institutes have the highest potential for growth over the forecast period.
Regional Overview
Owing to North America's presence, the Americas has established itself as a market leader. The development of the nuclear industry in the Americas has been affected by the involvement of many major market players, as well as the high prevalence of cancer and other chronic diseases. North America led the overall market in terms of sales in 2019, owing to high R&D expenditures and government funding for the use of medical isotopes, among other factors. The country, especially the United States and Canada, has well-developed healthcare sectors that receive substantial funding. Furthermore, the area has a large geriatric patient population that is rapidly growing and becoming more knowledgeable of advanced therapies.
Competitive Dashboard
Some of the key players operating in the market are Cardinal Health, GE Healthcare, Bayer, Bracco Imaging, Curium, Lantheus Medical Imaging, Nordion Inc., Advanced Accelerators Applications, Mallinckrodt Pharmaceuticals, Jubliant Lifesciences, and Medtronic plc.
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