Press release
Nuclear Medicine Market Set to Reach $15.77 Billion by 2029 with 0.114939017700876% Yearly Growth
Nuclear Medicine Market
Anticipations of a rise in the consistency and incidence of cardiovascular disease (CVD) and cancer are projected to augment the evolution of the nuclear medicine market. CVDs encompass an array of disorders affecting the heart and blood vessels, whereas cancer signifies a condition characterized by unregulated cell growth and progression to other body parts. Nuclear cardiology imaging has the potential to swiftly detect heart diseases. Moreover, nuclear medicine is an established therapeutic modality for cancer treatment and can be utilized independently or synergistically with other treatments such as surgery or chemotherapy. Consequently, this escalating consistency and incidence of CVD and cancer amplify the necessity for nuclear medicine. For example, the American Cancer Society Inc., a US-based non-profit health organization, predicted that in January 2023, the number of new cancer diagnoses in the US will reach 1,958,310, indicating an upsurge from 1,918,030 new cancer cases in 2022. Hence, the proliferative consistency and occurrence of CVD and cancer act as major catalyzers in driving the nuclear medicine market.
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What is the future CAGR of the nuclear medicine market, and how will it impact industry expansion?
In recent times, there has been a marked growth in the size of the nuclear medicine market. The market, which was worth $8.93 billion in 2024, is projected to expand to $10.2 billion in 2025, representing a compound annual growth rate (CAGR) of 14.2%. The growth seen in the historical period can be credited to factors such as the aging population, diagnostics and staging of cancer, cardiology applications, neurological disorders and regulatory approvals.
The size of the nuclear medicine market is projected to experience swift expansion in the ensuing years, growing to $15.77 billion in 2029, with a compound annual growth rate (CAGR) of 11.5%. This growth during the predicted period is due to various factors such as personalized medicine, research in oncology and neurology, eco-friendly practices, research and development, and telemedicine services. The major trends foreseen during this period include radioimmunotherapy, hybrid imaging, the use of artificial intelligence (AI), emerging radiopharmaceuticals, and advancements in diagnostic imaging.
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What are the most significant trends transforming the nuclear medicine market today?
Leading enterprises in the nuclear medicine market are concentrating their efforts on crafting cutting-edge solutions like nuclear medicine cyclotrons. These are instrumental in boosting the production of radiopharmaceuticals and refining diagnostic imaging capabilities. Nuclear medicine cyclotrons, specialized particle accelerators, generate radioactive isotopes for medical imaging and treatment. They do this by targeting materials with high-energy particles which facilitates the creation of radiopharmaceuticals essential for procedures such as positron emission tomography (PET). For instance, in January 2024, Chengdu Tianfu International Bio-Town welcomed the first batch of cyclotrons from GE Healthcare China, a medical technology company based in the US, launched on December 1, 2023. These high-tech particle accelerators play a vital role in nuclear medicine by producing medical isotopes crucial in molecular imaging and therapeutic applications. The drive behind this endeavor is to construct a holistic ecosystem for nuclear medicine, thereby improving abilities in early disease detection and personalized treatment strategies.
Which key market segments comprise the nuclear medicine market and drive its revenue growth?
The nuclear medicine market covered in this report is segmented -
1) By Type: Diagnostic, Therapeutic
2) By Application: Cardiology, Lymphoma, Thyroid, Neurology, Oncology, Other Application
3) By End-User: Hospitals and Clinics, Diagnostic Centers, Other End Users
Subsegments:
1) By Diagnostic: Single Photon Emission Computed Tomography (SPECT), Positron Emission Tomography (PET), Gamma Cameras, Radiopharmaceuticals for Imaging, Other Diagnostic Imaging Techniques
2) By Therapeutic: Radiopharmaceuticals for Targeted Therapy, Beta Emitters, Alpha Emitters, Radiosynovectomy Agents, Other Therapeutic Applications
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What regions are at the forefront of nuclear medicine market expansion?
North America was the largest region in the nuclear medicine market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the nuclear medicine market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Who are the leading players fueling growth in the nuclear medicine market?
Major companies operating in the nuclear medicine market include 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
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What Is Covered In The Nuclear Medicine Global Market Report?
•Market Size Forecast: Examine the nuclear medicine market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the nuclear medicine market for a structured understanding.
•Key Players Overview: Analyze major players in the nuclear medicine market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the nuclear medicine market.
•Segment Contributions: Evaluate how different segments drive overall growth in the nuclear medicine market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the nuclear medicine market.
•Industry Challenges: Identify potential risks and obstacles affecting the nuclear medicine market.
•Competitive Landscape: Review strategic developments in the nuclear medicine market, including expansions, agreements, and new product launches.
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