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Nuclear Medicine Market to Reach USD 22.23 billion by 2031, Growing at 13.00% CAGR | SkyQuest Technology
Skyquest Technology
Nuclear Medicine Market [https://www.skyquestt.com/report/nuclear-medicine-market] size was valued at USD 8.4 Billion in 2022 and is poised to grow from USD 10.2 Billion in 2023 to USD 22.23 Billion by 2031, at a CAGR of 13.00% during the forecast period (2024-2031).
In the last few years, the nuclear medicine market is experiencing massive growth due to the presence of strong product pipeline and government initiatives to enhance access to nuclear medicine. In recent times, the traditional chemotherapy procedures are being substituted by more convenient nuclear medicine therapy for oncology and cancer treatment. This has opened new paths for the nuclear medicine, resulting in the development of the market. This therapy does not only assist the physicians during diagnosis, but it also works as an efficient and safer option for patients compared to X-Rays and other external radiation imaging devices. Nuclear medicines frequently known as radiopharmaceuticals are utilized in diseases like lymphoma and bone metastasis. Nowadays patients are more attracted towards nuclear medicine because they are convenience treatment with minimally invasive technique. The main factors driving the nuclear medicines are rising prevalence of cardiac patients and adoption of clear imaging techniques with the help of tools like PET and SPECT.
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Increasing Use of Nuclear Medicine in Hospitals to Early Diagnose of Diseases Upsurge Market Growth
One of the major medical care facilities are hospitals where people get a various type of diagnostics services. With the surge of cases in chronic diseases and necessity to get early and accurate diagnosis of diseases hospitals are integrating nuclear medicines imaging methods. Some of the commonly used processes that are incorporated in the diagnostic systems are SPECT, PET, and hybrid imaging. The development of diagnostic services in the hospitals boosts the demand for nuclear medicine equipment, radiopharmaceuticals, and other related technologies. Top companies are also collaborating with academic facilities to advance nuclear medicine research. Rising popularity of imaging and therapy services are also encouraging hospitals to develop their infrastructure. This also involves the installation of innovative techniques, establishing nuclear medicine departments or centre, and recruiting skilled person, driving the market growth.
High Adoption of Diagnostics Nuclear Tools to Accurately Monitor Progress of Chronic Diseases Boosts Nuclear Medicine Market
The increasing incidences of chronic diseases like neurological disorders, cancer, and cardiovascular conditions are augmenting the demand for precise and early diagnostics tools. The diagnostic nuclear toolsplay an important part in referring this requirement, marking its presence in the nuclear medicine market. There are several diagnostic nuclear medicines methods like single-photon emission computed tomography (SPECT), planar scintigraphy, and positron emission tomography (PET). These clinical applications are used in different fields of medical specialities. The imaging tools are utilized for diagnosis, staging, and monitoring of multiple diseases like cardio disorders, neuro conditions, endocrine diseases, and cancer. Diagnostic nuclear medicine also helps in early detection of diseases, enabling quick intervention and enhanced treatment result, driving market growth.
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* The University of Texas MD Anderson Cancer Center collaborated with International Atomic Energy Agency in January 2024. The objective is to enhance global radiation oncology, radiology, nutrition, physics, and nuclear medicine.
* A Mid-Winter meeting was held by the Society of Nuclear Medicine and Molecular Imaging in February 2024. The goal was to learn from experts from different fields and improve patient care.
* In January 2024, BARC's Radiation Medicine Research Centre introduced advanced Nuclear Medicine services like FDG PET/CT imaging. It will help them to offer cost-efficient advanced diagnostic and therapeutic services.
* Bartec Technologies Ltd. was acquired by Mediso Ltd. in May 2022. The deal improved Mediso Ltd.'s position in the U.K. and Ireland market.
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Increasing Investment of Key Players to Accelerate Advancement of Nuclear Medicine Therapies Supporting in Market Growth
In the last few years, the nuclear medicine market has expanded rapidly due to the development of many product and government incentives to enhance access of nuclear medicines. The market is also massively driven by the growing advancement in disease diagnosis and treatment along with faster approvals of new nuclear-medicine-based devices that helps in patient treatment. Many companies are also investing in the nuclear medicine therapies expanding the market growth. Therefore, the nuclear medicine market has a long way to go but will sustain with promising opportunities of innovation and expansion.
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