Nuclear Pharmacy Market: Delivering Targeted Therapies and Driving Growth in Healthcare

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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Nuclear pharmacy employs minute amounts of radioactive substances, also known as radiopharmaceuticals, for the purpose of diagnosing and treating an extensive array of diseases and conditions. Patients receive these radiopharmaceuticals through oral, intravenous, or inhalation routes; upon administration, they generate radiation that medical imaging equipment is capable of picking up. The increasing recognition of the potential benefits associated with timely and accurate diagnosis, which in turn improves the management and treatment of chronic diseases, is a substantial catalyst for the expansion of the nuclear pharmacy imaging market.

Progress in nuclear imaging technology, specifically PET/PET-CT, has facilitated the expansion of this modality's applications beyond oncology to encompass neurology, cardiology, and infection detection. Furthermore, it is expected that developments such as the development of CZT-based detectors, which enable the concurrent observation of physiological and anatomical elements, will promote the uptake 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 radiopharmaceuticals and nuclear medical procedures has been accelerated by the rise in the prevalence of chronic diseases such as cancer, cardiovascular disease, and neurological disorders. Nuclear pharmacy plays a critical role in supplying the necessary radiopharmaceuticals for accurate diagnosis and individualized treatment. Imagery technologies, including PET/CT (Positron Emission Tomography/Computed Tomography) and SPECT (Single-Photon Emission Computed Tomography), have significantly enhanced the precision and diagnostic capabilities of nuclear medicine techniques. As a result of these advancements, the utilization of radiopharmaceuticals has increased significantly, thereby stimulating the need for nuclear pharmacy services.

Challenges:
Significant investments in specialized infrastructure and apparatus, including cleanroom facilities, radiation protection, and quality assurance processes, are necessary for a nuclear pharmacy. These significant expenses might pose financial challenges for emerging firms and lesser establishments. In addition, the nuclear pharmacy industry requires a dependable and secure supply chain for radiopharmaceuticals and other materials. Shortages and the punctual delivery of radiopharmaceuticals to healthcare facilities may result from disruptions in the supply chain, which may be triggered by transportation issues, production issues, or international events.

Regional Trends:
The nuclear pharmacy market in North America is anticipated to capture a significant portion of the market and expand at a rapid CAGR in the near future. Market growth is anticipated to be supported by the expanding healthcare industry, the aging baby boomer demographic, the surge in product launches in the region that stimulates increased radioisotope utilization, and the escalation of initiatives and investments in innovative healthcare solutions for cancer treatment. In Europe, the utilization of nuclear medicine procedures has also increased due to the prerequisite for accurate disease staging, diagnosis, and treatment planning in a variety of medical fields. The regional nuclear pharmacy market has been primarily propelled 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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This release was published on openPR.