Nuclear Pharmacy Market Report on Size, Share, Scope and Forecast 2024-2031

Nuclear Pharmacy Market worth $5.20 Bn by 2031 - Exclusive Report by InsightAce Analytic Pvt. Ltd.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Nuclear Pharmacy Market- (By Type (Diagnostic & Therapeutic Nuclear Medicine), By Application (Diagnostic, Therapeutic)) Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global Nuclear Pharmacy Market is valued at US$ 5.20 Bn in 2022, and it is expected to reach US$ 12.85 Bn by 2031, with a CAGR of 10.6% during a forecast period of 2023-2031.
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Small quantities of radioactive substances (radiopharmaceuticals) are used in nuclear pharmacy to diagnose and treat a wide range of illnesses and ailments. These radiopharmaceuticals are given to patients orally, intravenously, or by inhalation, and they produce radiation that can be picked up by medical imaging equipment. The rising awareness of the potential effects of early and timely diagnosis and the accompanying favorable impact on the management and treatment of chronic illnesses is one of the significant factors driving the nuclear pharmacy imaging market growth.

Nuclear imaging technology advancements, in particular PET/PET-CT, have helped to broaden the uses of this modality beyond oncology to include cardiology, neurology, and infection detection. Additionally, advancements like the creation of CZT-based detectors, which facilitate the simultaneous viewing of physiological and anatomical components, are anticipated to spur the adoption of SPECT-CT systems.

List of Prominent Players in the Nuclear Pharmacy Market:
• Jubilant Radiopharma (Jubilant Pharma Holdings Inc.)
• GE Healthcare
• Cardinal Health, Inc.
• ARTMS Inc.
• AnazaoHealth Corp.
• SOFIE
• Pacific Radiopharmacy, Ltd.

Market Dynamics:
Drivers-
The need for nuclear medical procedures and radiopharmaceuticals has been pushed by the increase in the prevalence of chronic diseases like cancer, cardiovascular problems, and neurological ailments. Nuclear pharmacy is essential in providing the radiopharmaceuticals required for precise diagnosis and tailored treatments. Nuclear medicine methods are now more accurate and capable of making diagnoses thanks to technological developments in imaging, such as PET/CT (Positron Emission Tomography/Computed Tomography) and SPECT (Single-Photon Emission Computed Tomography). With these developments, radiopharmaceuticals are now used more frequently, which is driving up demand for nuclear pharmacy services.

Challenges:
A nuclear pharmacy requires to make large investments in specialized machinery and infrastructure, such as radiation protection, quality assurance procedures, and cleanroom facilities. For new competitors and smaller facilities, these high expenditures may present financial difficulties. Additionally, a reliable and secure supply chain for radiopharmaceuticals and other materials is essential to the nuclear pharmacy sector. Supply chain disruptions can cause shortages and have an influence on the timely delivery of radiopharmaceuticals to healthcare facilities, whether they are caused by production problems, transportation concerns, or international events.

Regional Trends:
The North America, Nuclear Pharmacy Market, is expected to register a major market share and is projected to grow at a high CAGR in the near future. The booming healthcare sector, rising cancer rates, aging baby boomer population, and rise in product launches in the region that are fueling increased radioisotope use, along with increased initiatives and investments in cutting-edge healthcare solutions for cancer treatment, are all expected to support market growth. The necessity for precise diagnosis, disease staging, and treatment planning across a variety of medical disciplines has also led to an increase in the use of nuclear medicine operations in Europe. The nuclear pharmacy market in the area has mostly been driven by this demand.

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Recent Developments:
• In March 2023, Cardinal Health Inc (CAH.N) considered the sale of its nuclear medicine division as part of a broader review of its business, Bloomberg News reported Tuesday, citing people familiar with the matter. According to the report, the Dublin, Ohio-based drug distributor was in discussions with advisors to assess interest in the unit, which produced radioactive agents and drugs used to diagnose and treat diseases such as cancer.

• In June 2023, GE HealthCare improved its PET/MR capabilities by incorporating AIR Technologies. The company demonstrated the integration of its sophisticated AIR technologies with the SIGNA PET/MR AIR system in order to improve diagnostic accuracy, simplify treatment evaluation, and boost patient comfort.

Segmentation of Nuclear Pharmacy Market-
By Type-
• Diagnostic Nuclear Medicine
o SPECT Radiopharmaceuticals
 Tc-99m
 I-123
 Tl-201
 Ga-67
 Other SPECT Isotopes
o PET Radiopharmaceuticals
 F-18
 Rb-82
 Other PET Isotopes
• Therapeutic Nuclear Medicine
o Alpha Emitters
 Ra-223
o Beta Emitters
 I-131
 Y-90
 Sm-153
 Lu-177
 Re-186
 Other Beta Emitters
• Brachytherapy Isotopes
o I-125
o Ir-192
o Pd-103
o Cs-131
o Other Brachytherapy Isotopes
•
By Application-
• Diagnostic Applications
o SPECT Applications
 Cardiology
 Bone Scans
 Thyroid Applications
 Pulmonary Scans
 Other SPECT Applications
o PET Applications
 Oncology
 Cardiology
 Neurology
 Other PET Applications
• Therapeutic Applications
o Thyroid Indications
o Bone Metastasis
o Lymphoma
o Endocrine Tumors
o Other Indications
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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