Nuclear Medicine Market Will Reach a Value of USD 12,249.6 Million by 2030

The value of the nuclear medicine market was estimated USD 5,748.9 million in 2023, and it will power at a compound annual growth rate of 11.4% in the years to come, to touch a value of USD 12,249.6 million by 2030.

The growth of the industry is mainly attributed to initiatives of the government, which are aimed at improving access to effective diagnoses, a wide-ranging product pipeline, growing incidence of cancer, easy obtainability of medical insurance in developed economies, increasing consciousness of early diagnosis of the disease, tech progressions in imaging systems and radiopharmaceuticals, and growing elderly population.

The rising incidence of CVDs and cancer is one of the key factors powering the development of the industry. According to AHA, about 19.1 million deaths were because of cardiovascular illness all over the world in the year 2020.

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The age-related demise rate per 100,000 people was 239.8, and the age-related occurrence rate was 7,354.1 per 100,000. Likewise, cancer kills more than 10 million people on a yearly basis. Thus, accounting for a substantial health burden on the society.

On the basis of application, the oncology category led the nuclear medicine market, chiefly since cancer is an important reason of death all over the world. Poor lifestyle habits, for example smoking, taking unwholesome diet, and lack of physical activity, accompanied by a few infections and genetic tendency, contribute to its rising occurrence.

Moreover, PET and SPECT and also hybrid PET/MRI and PET/CT are extensively put to use for the diagnosis of cancer, staging, and therapy monitoring.

In the years to come the hospitals will have the fastest growth in terms of end users, all over the globe.

Furthermore, in 2023, this category is dominating because to a surge in the number of diagnostic imaging procedures done in hospitals with the increasing requirement for early diagnosis of the disease.

Furthermore, hospitals offer complete, long-term services, such as diagnosis, operation, and post-operative care, which is the reason they are chosen by patients.

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APAC will grow the fastest in the years to come, because of the increasing acquaintance with regards to nuclear medicine's assistances and growing spending in this space.

For instance, Penang Adventist Hospital initiated a private nuclear drug center in Northern Thailand in March 2022. The conditions, which are diagnosed and treated at this center include lymphomas, thyroid cancer, hyperthyroidism, and bone pain instigated by dissimilar types of cancer.

The growing incidence of cancer and CVDs all over the world has a lot to do with the growing demand for nuclear medicine. And, this will continue to grow in the future as well.

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