Nuclear Medicine Market by 2026 - Global Trends, Share Analysis, Leading Players, Business Opportunities

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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The Coronavirus disease 2019 (COVID‐19) is an acute respiratory infectious disease caused by severe acute respiratory syndrome coronavirus 2 (SARS‐CoV‐2). Largely unknown before the outbreak began in Wuhan, China, in December 2019, COVID-19 has moved from a regional crisis to a global pandemic in just a few weeks. The World Health Organization (WHO) declared COVID-19 as a pandemic on March 11, 2020. The COVID-19 pandemic has led to major changes in the clinical operations of radiology departments worldwide. In parallel with clinical preparedness activities, academic medical centers and universities were rushed to shut down scientific research activities to maximize social distancing and minimize the spread of infection to research staff and others with whom they might have contact.

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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North America To Witness Significant Growth From 2021 To 2026

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.

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)

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