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Medical Isotopes Global Market Report 2024 - By Growth, Size, Trends And Industry Scope, Forecast To 2033
Medical Isotopes Market
As per the report, the medical isotopes market size has grown strongly in recent years. It will grow from $6.31 billion in 2023 to $6.80 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The medical isotope market size is expected to see strong growth in the next few years. It will grow to $9.21 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%.
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Rising Cancer And Heart Disease Rates Is Driving Forces Behind The Growth Of The Medical Isotope Market
The rising cancer and heart disease rates are expected to propel the growth of the medical isotope market going forward. Cancer and heart disease rates refer to the frequency of new cases and prevalence of these diseases within a population over a specified period, providing insights into public health trends and the effectiveness of preventive measures. The increasing prevalence of cancer and heart disease correlates with the widespread sedentary lifestyle encouraged by modern technology and desk-bound occupations, resulting in reduced levels of physical activity. Medical isotopes are used to diagnose and treat cancer and heart disease through imaging techniques such as positron emission tomography (PET) and single photon emission computed tomography (SPECT) scans and therapies such as radiation therapy and radioactive stents. For instance, in October 2022, according to the World Heart Federation, a Switzerland-based cardiovascular community, the number of cardiovascular disease (CVD) deaths, including heart disease, is projected to rise from an estimated 18.9 million in 2020 to over 22.2 million in 2030. Additionally, in January 2021, according to the American Cancer Society, a US-based voluntary health organization, there were an estimated 1.9 million new cancer cases diagnosed and 608,570 cancer deaths in the United States in 2021, an increase from 1.8 million new cancer cases diagnosed and 606,520 cancer deaths reported in 2020. Therefore, the rising cancer and heart disease rates are driving the growth of the medical isotope market.
Advancement In Techniques For The Production Of Stable Isotopes
Major companies operating in the medical isotope market are focusing on developing new stable isotopes using advanced techniques such as centrifuge technology to meet the growing demand for medical isotopes and gain a competitive edge in the market. Centrifuge technology is a method used to separate and enrich stable isotopes of various elements. For instance, in October 2021, Urenco Nederland BV., a Netherlands-based nuclear power company, launched the Leonardo da Vinci cascade, a new radioisotope facility. The cascade enriches multiple isotopes, including those used in MRI imaging and cancer treatment research. Urenco's centrifuge technology, traditionally used for uranium enrichment, will also produce stable isotopes for various applications. This expansion aims to enhance the supply of high-quality, cost-efficient medical isotopes, benefiting over 100,000 patients annually.
The medical isotopes market covered in this report is segmented -
1) By Product Type: Stable Isotopes, Radio Isotopes
2) By Production Method: Neutron Activation, Cyclotron, Nuclear Reactor, Other Production Method
3) By Application: Nuclear Therapy, Equipment Radioactive Source, Diagnosis
4) By End Use: Hospitals, Diagnostic Centers, Research Institutes
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Major companies operating in the medical isotopes market are Rosatom State Atomic Energy Corporation, Bayer AG, Siemens Healthineers AG, GE HealthCare, Urenco Ltd., Lantheus Holdings Inc., Curium Pharma, Canadian Nuclear Laboratories, Eckert & Ziegler Strahlen- und Medizintechnik AG., Advanced Accelerator Applications a Novartis company, Nordion Inc., NTP Radioisotopes SOC Ltd., The Institute for Radioelements (IRE), NorthStar Medical Radioisotopes LLC, Isotopen Technologien München AG (ITM), Eczacıbaşı-Monrol Nuclear Products Co., SHINE Medical Technologies LLC, Blue Earth Diagnostics Limited, Isologic Innovative Radiopharmaceuticals, IBA Radiopharma Solutions, Izotóp, Coquí RadioPharmaceuticals Corp., Jubilant DraxImage Inc., Positron Corporation
Contents of the report:
1. Executive Summary
2. Medical Isotopes Market Report Structure
3. Medical Isotopes Market Trends And Strategies
4. Medical Isotopes Market - Macro Economic Scenario
5. Medical Isotopes Market Size And Growth
…..
27. Medical Isotopes Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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