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Nuclear Medicine Market Share, Statistics, Trends And Forecast 2024 To 2033
Nuclear Medicine Market Share
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According to The Business Research Company's, The nuclear medicine market size has grown rapidly in recent years. It will grow from $7.75 billion in 2023 to $8.88 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. The growth in the historic period can be attributed to aging population, cancer diagnosis and staging, cardiology applications, neurological disorders, regulatory approvals.
The nuclear medicine market size is expected to see rapid growth in the next few years. It will grow to $14.1 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. The growth in the forecast period can be attributed to personalized medicine, oncology and neurology research, sustainable practices, research and development, telemedicine services. Major trends in the forecast period include radioimmunotherapy, hybrid imaging, artificial intelligence (ai), emerging radiopharmaceuticals, diagnostic imaging advancements.
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Market Drivers and Trends:
The increase in constancy and prevalence of cardiovascular disease (CVD) and cancer are expected to propel the growth of the nuclear medicine market going forward. Cardiovascular diseases (CVDs) are a group of heart and blood vessel disorders, and cancer is a disease in which cells grow out of control and spread to other body parts. Nuclear cardiac imaging can help diagnose cardiac diseases more quickly. Nuclear medicine therapy is a method to treat cancer that might be used with or after other therapy options, such as surgery and chemotherapy. As a result, the growing constancy and prevalence of cardiovascular disease and cancer increases the demand for nuclear medicine market. For instance, in January 2023, according to the American Cancer Society Inc., a US-based non-profit health group, in 2023, 1,958,310 new cancer cases are expected to be diagnosed in the US, an increase compared to more than 1,918,030 new cancer cases in 2022. Therefore, the growing constancy and prevalence of cardiovascular diseases and cancer are driving the nuclear medicine market.
Product innovation is the key trend gaining popularity in the nuclear medicine market. Major companies operating in the nuclear medicine market are focused on developing new innovative products to strengthen their position. For instance, in March 2021, GE Healthcare, a US-based company that deals with nuclear medicine, launched Star Guide, a new nuclear medicine system to assist in advancing precision health and theranostics. StarGuide uses the most recent developments in Cadmium Zinc Telluride (CZT) technology to assist providers in exploring and better understanding the patient's condition, enhancing patient outcomes throughout the continuum of care. It has unique features such as digital focus detectors and 360-degree imaging of the system that are intended to support improved theranostic capabilities in nuclear medicine and advanced precision health.
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Major Key Players of the Market:
Bracco Imaging S.P.A., Lantheus Medical Imaging Inc., NTP Radioisotopes SOC Ltd., Eckert & Ziegler Group, Jubilant Pharma LLC, Australian Nuclear Science & Technology Organisation, Cardinal Health Inc., GE Healthcare Technologies Inc., Curium Pharma, Advanced Accelerator Applications USA Inc., Nordion Inc., The Institute for Radioelements, Eczacibasi-Monrol Nuclear Products Co., Siemens Healthineers AG, Cambridge Isotope Laboratories Inc., Bayer AG, Medtronic plc, Triad Isotopes Inc., FUJIFILM Holdings Corporation, Mallinckrodt Pharmaceuticals plc, PharmaLogic Holdings Corp., Institute of Isotopes Co. Ltd., Sinotau Pharmaceuticals Limited, Isotopia Molecular Imaging Limited, SHINE Medical Technologies Inc., Global Medical Solutions LLC, Charles River Analytics Inc., Touchlight Genetics Ltd., Numares B.V., Tech-X Corporation, Karyopharm Therapeutics Inc., JSC Isotope Inc., NorthStar Medical Radioisotopes LLC
Nuclear Medicine Market 2024 Key Insights:
• The nuclear medicine market size is expected to see rapid growth in the next few years. It will grow to $14.1 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%.
• Cardiovascular Disease And Cancer Surge Drive Growth In The Nuclear Medicine Market
• Product Innovation Drives Advancements In The Nuclear Medicine Market
• North America was the largest region in the nuclear medicine market in 2023
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