Nuclear Medicine Market/ Radiopharmaceuticals Market - Industry Share Analysis, Key Players and Future Prospect

The Research Report on "Nuclear Medicine Market/ Radiopharmaceuticals Market by Type (Diagnostic (SPECT - Technetium, PET - F-18), Therapeutic (Beta Emitters - I-131, Alpha Emitters, Brachytherapy - Y-90)), Application (Oncology,Cardiology) - Global Forecasts (2022 - 2026)", the nuclear medicine market is projected to reach USD 7.5 billion by 2026, growing at a CAGR of 9.0% during the forecast period.

Increasing incidence and prevalence of target conditions;

The rising incidence and prevalence of cancer and cardiovascular disease (CVD) is a key factor supporting market growth. Most cases can be prevented through early detection and treatment; nuclear medicine plays a significant role in these areas. 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 cases are expected to be reported worldwide by 2025. According to the WHO, globally, 17.9 million individuals died from CVD in 2019, accounting for 32% of the overall deaths globally. This figure is expected to reach 23.3 million by 2030. As nuclear medicine plays a significant role in disease diagnosis and treatment, the rising prevalence of these diseases is expected to drive the growth of the nuclear medicine market during the forecast period.

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Industry Segmentation In Detailed:

The Growth in the nuclear medicine market can primarily be attributed to factors such as the increasing incidence and prevalence of cancer and cardiac ailments and initiatives to lessen the demand-supply gap of Mo-99. However, the short half-life of radiopharmaceuticals reduces their potential adoption, while hospital budget cuts and high equipment prices are expected to limit market growth to a certain extent.

Therapeutic segment is expected to grow at the highest CAGR

On the basis of type, the nuclear medicine market is segmented into diagnostic and therapeutic. The diagnostic segment accounted for a larger share of the market 2020. The large share of this segment can be attributed to the non-invasiveness, increasing prevalence of cardiovascular diseases and early diagnosis.

Thyroid applications segment is expected to register the highest growth during the forecast period

Based on application, the nuclear medicine market is segmented into SPECT, PET, and therapeutic applications. The SPECT applications is further segmented into cardiology, bone scans, thyroid applications, pulmonary scans, and other SPECT applications. The thyroid applications segment is projected to register the highest growth rate in the forecast period. The high growth of this segment can be attributed to the increasing incidence and prevalence of thyroid disorders

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Leading Key Players and Analysis:

Some of the prominent players operating in the market include Cardinal Health (US), GE Healthcare (US), Curium (France), Lantheus Medical Imaging (US), Bayer AG (Germany), Bracco Imaging (Italy), Eczacýbaþý-Monrol Nuclear Products (Turkey), Nordion (Canada), Advanced Accelerator Applications (France), and NTP Radioisotopes (South Africa)

Geographical Analysis in Detailed:

In 2020, North America accounted for the largest share of the nuclear medicine market. A large share of North America can be attributed to The large share can be attributed to the development of novel technologies for radioisotope production, government funding, and company initiatives in the region.

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