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Nuclear Medicine/Radiopharmaceuticals Market is anticipated to grow at a Robust CAGR of 20.1% during the forecast period 2023-2032
Nuclear Medicine/Radiopharmaceuticals Market
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Nuclear medicine is primarily a specialized area of radiology that employs very small amounts of radioactive materials, called radiopharmaceuticals for examining organ functions and structures. Radiopharmaceuticals are pharmaceutical formulations comprising radioactive isotopes that are used in diagnosis and therapeutics. They are simple and small substances that contain a radioactive substance that is used in the treatment of cancer and cardiac & neurological disorders.
Market Trends and Drivers:
Increasing incidence and prevalence of target conditions will boost the business progression. 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.
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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.
COVID-19 Impact:
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.
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Global Nuclear Medicine/Radiopharmaceuticals Market Segmentation:
By Type:
• Diagnostics
o SPECT
o PET
• Therapeutics
o Alpha Emitters
o Beta Emitters
o Brachytherapy
By Application:
• Oncology
• Cardiology
• Neurology
• Orthopedics
• Thyroid
Major Players in the Global Nuclear Medicine/Radiopharmaceuticals Market:
The key players in the market are 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), NTP Radioisotopes (South Africa), among others.
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