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Medical Isotopes Market Opportunities, Leading Players, Size And Forecast To 2033
Medical Isotopes Market Opportunities
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According to The Business Research Company's, 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 growth in the historic period can be attributed to the rising incidence of chronic diseases, expansion of the pharmaceutical industry, advancements in cancer treatment, demand for diagnostic imaging, and advancements in nuclear medicine
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%. The growth in the forecast period can be attributed to public health initiatives, partnerships and collaborations, investment in infrastructure, a shift towards personalized medicine, a growing geriatric population, regulatory changes, and standards. Major trends in the forecast period include growth in radiopharmaceuticals, adoption of cyclotron and generator technologies, focus on supply chain resilience, integration of artificial intelligence (AI), and advancements in positron emission tomography (PET) imaging.
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Market Drivers and Trends:
The growing number of hospital admissions is expected to propel the growth of the hospital gown market going forward. Hospital admissions refer to the process of a patient being admitted to a hospital for medical care or treatment. Hospital admissions are growing due to population growth, aging demographics, advancements in medical technology leading to more complex treatments, and higher rates of chronic illnesses requiring hospitalization. Hospital gowns aid hospital admissions by providing infection control, ease of access for medical examinations, patient comfort, and operational efficiency, ensuring high safety and hygiene standards. For instance, in May 2024, according to the Australian Institute of Health and Welfare, an Australia-based government agency, a total of 735,500 patients, an increase of 18.1% from 2021-2022, were admitted for surgery from waiting lists for elective surgery at public hospitals. Therefore, the growing hospital admissions is driving the growth of the hospital gowns market.
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.
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Major Key Players of the Market:
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), Eczacibasi-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
Medical Isotopes Market 2024 Key Insights:
• 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%.
• Rising Cancer And Heart Disease Rates Is Driving Forces Behind The Growth Of The Medical Isotope Market
• Advancement In Techniques For The Production Of Stable Isotopes
• North America was the largest region in the medical isotopes market in 2023
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