Press release
Medical Isotope Market: An Overview of the Industry
Medical Isotope Market
Medical isotopes are similar chemical-bearing, indistinctive nuclear genus used in the field of medicine. One of the initial and most popular uses of medical isotopes was in radiopharmaceuticals. The various applications of isotopes in medicine over time have revolutionized complex treatments. From imaging, and therapy to cheap and effective sterilization, these isotopes have been impeccably facilitating accuracy and treatment for a safer public health ecosystem.
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A comprehensive outline of factors influencing the market
Medical isotopes used in positron emission tomography evaluations have unmatched accuracy in the detection of the most minute cell activities. This advanced sensitivity allows the detection of malignant tumors at an early stage in the human body. Isotope-based imaging methods assist medical professionals in initiating therapies with minimal harm to other health issues. Moreover, the important statistics shared by medical isotopes regarding the metabolic task of the tissues help doctors make informed and immediate interventions regarding the treatment, facilitating the survival and longevity of a patient.
Furthermore, increasing applications of these isotopes offer various possibilities for therapy, diagnostics, and check-ups within the medical field. Moreover, increasing cardiovascular diseases in the geriatric population has led to the upscale of nuclear medicine usage. The shift to customized medicine which is curated for individual patients also adds to the demand for medical isotopes.
However, various technological breakthroughs, in diagnosis and therapy along with increased disposable income, and government intervention are expected to aid the building of new facilities, and enhanced procedures, providing lucrative growth opportunities for the medical isotope industry during the forecast period.
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A brief note on segmentation
The medical isotope market is categorized into application, end user, type, and region. On the basis of application, the market is divided into equipment radioactive source, diagnosis, and nuclear therapy. By end user, it is categorized into diagnostic labs, hospitals, and research institutes. According to type, it is bifurcated into radioisotopes and isotopes.
Region-wise the market is studied across Europe, LAMEA, North America, and Asia-Pacific. In this study, the report also reflects the rapidly growing and highest revenue-generating segments and regional markets, along with predictions of the best performers in the forecast period. For example, Radioisotopes, nuclear therapy, and hospital subsegments generated the highest revenue in 2022. The North America market generated the highest revenue in 2022 and is expected to retain its hold throughout the forecast period due to increasing investment in R&D and technological advancements and the prominent presence of key players.
Competitive Scenario
The report involves a study of the contemporary trends in the medical isotope industry and the performance of the leading companies in it. It also covers the strategic steps such as mergers, acquisitions, product launches, and collaborations undertaken by these companies to strengthen their position in the competitive landscape.
The key players profiled here are:
Curium
Nordian (Canada) Inc
IBA Radiopharma Solutions
GE Healthcare
NorthStar Medical Radioisotopes
Jubilant Radiopharma
Isotopen Technologies Munchen (ITM)
Eczacibasi-Monrol Nuclear Products
Canadian Nuclear Laboratories (CNL)
Mallinckrodt Pharmaceuticals
Trends, news, and developments in the market
Authorities of Sher-e-Kashmir Institute of Medical Sciences (SKIMS) have announced a temporary suspension of radioisotopes in the first week of April 2024. Medical superintendent, Dr Farooq Jan has appealed to the public for cooperation during this period. Covidien PLC is girding for severe shortages. Additionally, Cardinal Health Inc., the U.S.'s largest nuclear pharmacy too has identified a few days when it may have shortages of materials.
In 2023, NorthStar Medical Radioisotopes LLC declared the advancement of its novel technology for uranium-free production crucial medical isotope called molybdenum-99. The electron accelerator technology produced this at the acceleration production facility of the Beloit campus, Wisconsin.
In March 2022, Bracco Imaging introduced its latest subsidiary known as Blue Earth Therapeutics for the advancement of therapeutic technology of radiopharmaceuticals for cancer patients.
The rising awareness and optimization of radioisotopes in nuclear medicine are anticipated to create extensive research openings for developing innovative solutions for nuclear therapeutics. The Pluvicto (177Lu-PSMA-617) was approved by the U.S. Food and Drug Administration (FDA) for treating metastatic cancer in adults in March 2022.
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Key Questions Asked
What is the expected size of the medical Isotope market?
What are the factors influencing the growth of the medical isotope market?
Who are the potential consumers of medical isotopes?
Which region is expected to provide most business opportunities during the forecast period?
What are the key benefits of the report on medical isotopes?
What applications are expected in the adoption of medical isotopes?
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