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Nuclear Medicine Radioisotopes Market: In-Depth Research and Key Trends
Nuclear Medicine Radioisotopes Global Market Report 2024
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According to The Business Research Company's, The nuclear medicine radioisotopes market size has grown strongly in recent years. It will grow from $7.57 billion in 2023 to $8.21 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to discovery of radioactivity, emergence of nuclear medicine, therapeutic applications, clinical research, and patient demand.
The nuclear medicine radioisotopes market size is expected to see strong growth in the next few years. It will grow to $11.44 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to increasing healthcare spending, expansion of healthcare infrastructure, growing awareness of environmental sustainability, education campaigns and awareness programs and growth in medical tourism. Major trends in the forecast period include development of new radioisotopes, production and supply chain innovations, microfluidics and lab-on-a-chip technology, artificial intelligence in radiopharmaceutical development and nanotechnology.
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Market Drivers and Trends:
The rising cosmetics industry is expected to propel the growth of the octadecanedioic acid market going forward. The cosmetics industry encompasses a wide range of products designed to enhance and maintain physical appearances, including skincare, haircare, makeup, fragrances, and personal care items. The growth of the cosmetics industry is attributed to factors such as evolving consumer preferences, technological advancements, social media influence, wellness trends, and globalization, which foster accessibility and innovation in beauty products. Octadecanedioic acid offers multiple benefits to the cosmetics industry, making it a valuable ingredient in formulations aimed at promoting skin health, hydration, and overall well-being. For instance, in July 2022, according to the International Trade Administration, a US-based government agency, Canada's cosmetics industry, which generated approximately USD 1.24 billion in revenue in 2021, is projected to experience a yearly revenue growth of 1.45% to reach USD 1.8 billion by 2024. Therefore, the rising cosmetics industry is driving the growth of the octadecanedioic acid market.
Major companies operating in the nuclear medicine radioisotopes market are focusing on developing innovative products, such as the compact low-energy cyclotron, to improve the production and availability of radioisotopes, ensuring more efficient and accessible diagnostic and therapeutic options. A compact, low-energy cyclone is a small particle accelerator used to create radioisotopes for medical imaging and treatments in nuclear medicine. For instance, in January 2022, IBA, a Belgium-based provider of radiopharmaceutical production solutions, launched Cyclone Key, a new accelerator providing increased access to diagnostic solutions and enabling in-house production of radiopharmaceuticals. This innovative solution offers unique features such as a compact and efficient design, fully automated operation, multiple isotope production capabilities, ease of installation and operation, water cooling, self-shielding, and high performance, making it versatile and reliable.
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Major Key Players of the Market:
Cardinal Health Inc., Bayer AG, Siemens Healthineers AG, GE HealthCare Technologies, BWX Technologies Inc., Mallinckrodt Pharmaceuticals, Bracco Imaging S.p.A., Lantheus Holdings Inc., Curium Pharma, Australian Nuclear Science and Technology Organisation (ANSTO) Health, Eckert & Ziegler Strahlen, NorthStar Medical Radioisotopes, NTP Radioisotopes, Shine Medical Technologies Inc., Jubilant DraxImage Inc., Isotopia Molecular Imaging Ltd., Eczacıbaşı-Monrol Nuclear Products, International Isotopes Inc., Polatom Sp. z o.o., Radiomedix Inc., Positron Corporation
Nuclear Medicine Radioisotopes Market 2024 Key Insights:
• The nuclear medicine radioisotopes market size is expected to see strong growth in the next few years. It will grow to $11.44 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%.
• Rising Cases Of Cardiovascular Diseases Is Driving The Growth Of The Nuclear Medicine Radioisotopes
• Technological Advancement To Drive Innovation In The Nuclear Medicine Radioisotopes
• North America was the largest region in the nuclear medicine radioisotopes market in 2023
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