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Leading Growth Driver in the Nuclear Medicine Diagnostics Market in 2025: Surging Demand For Nuclear Medicine Diagnostics Drives Market Expansion Worldwide Driver's Influence
Nuclear Medicine Diagnostics
The growth of the nuclear medicine diagnostics market is anticipated to surge forward due to the rising demand for nuclear medicine diagnostics. Nuclear medicine, which uses radioactive substances within the human body to diagnose diseases and to target and eliminate unhealthy organs or tissues, primarily serves diagnostic purposes in radiation and other treatments with high mortality risks. The increasing utility of nuclear medicine diagnostics could be attributed to their accuracy and their aid in the decision-making process for treatments. For instance, the World Nuclear Association, a UK-based international organization advocating for nuclear power, published a report in April 2022 stating that the annual count of nuclear medicine treatments exceeds 40 million, and the requirement for radioisotopes increases by up to 5% annually. Furthermore, over 10,000 hospitals globally carry out 90% of all medical procedures involving radioisotopes. Therefore, the rising demand for nuclear medicine diagnostics is likely to stimulate the expansion of the nuclear medicine diagnostics market.
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What growth opportunities are expected to drive the nuclear medicine diagnostics market's CAGR through 2034?
The market size for nuclear medicine diagnostics has witnessed a significant surge in recent times. The market is projected to expand from a worth of $7.16 billion in 2024 and attain a value of $7.94 billion by 2025, showing a compound annual growth rate (CAGR) of 11.0%. Factors that have spurred growth in this historic period include technological advancements in medical imaging, a rise in the incidence of chronic illnesses, an aging demographic, application in cancer treatment, and the precision and accuracy in diagnostics.
The market size of nuclear medicine diagnostics is anticipated to experience significant expansion in the coming years, reaching $12.56 billion in 2029 with a compound annual growth rate (CAGR) of 12.1%. This predicted growth during the forecast period can be linked to the broadening applications in the field of neurology, integration with various imaging modalities, approaches focusing on precision medicine, the increasing demand for theranostics, and worldwide efforts to eradicate disease. Key trends expected within the forecast period encompass a move towards decentralized, small-scale radiopharmacy, the use of nuclear medicine in neurology, radiomics, and quantitative imaging analysis, partnerships for research and development, and a focus on radiation safety and dosimetry.
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What new trends are reshaping the nuclear medicine diagnostics market and its opportunities?
Leading entities in the nuclear medicine diagnostics market are striving to offer innovative solutions like advanced medical technologies to establish themselves competitively. These progressive medical technologies represent the height of innovation in the medical field, aimed at improving patient outcomes, elevating care standards and fostering improved health. For instance, Gleneagles Hospital, based in Malaysia, unveiled its Nuclear Medicine Unit in August 2023. This unit, part of the hospital's specialized facilities, is equipped with the state-of-the-art technology and a team of highly trained professionals. Designed for early detection, diagnosis, and treatment of diseases, this unit utilizes nuclear medicine imaging techniques.
What major market segments define the scope and growth of the nuclear medicine diagnostics market?
The nuclear medicine diagnostics market covered in this report is segmented -
1) By Type: SPECT Radiopharmaceuticals, PET Radiopharmaceuticals
2) By Application: Cardiology, Thyroid, Neurology, Oncology, Other Applications
3) By End-User: Hospitals And Diagnostic Centers, Research Institutes
Subsegments:
1) By SPECT Radiopharmaceuticals: Technetium-99m-Based Radiopharmaceuticals, Iodine-123-Based Radiopharmaceuticals, Thallium-201-Based Radiopharmaceuticals, Other SPECT Radiopharmaceuticals
2) By PET Radiopharmaceuticals: Fluorine-18-Based Radiopharmaceuticals, Carbon-11-Based Radiopharmaceuticals, Gallium-68-Based Radiopharmaceuticals, Other PET Radiopharmaceuticals
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Which region dominates the nuclear medicine diagnostics market?
North America was the largest region in the nuclear medicine diagnostics market in 2024. The regions covered in the nuclear medicine diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the nuclear medicine diagnostics industry growth?
Major companies operating in the nuclear medicine diagnostics market include Siemens AG, Bayer Aktiengesellschaft, Novartis AG, GE Healthcare Technologies Inc., Perkin Elmer Inc., Mallinckrodt Pharmaceuticals, Bracco Diagnostics Inc., Lantheus Holdings Inc., IBA Radiopharma Solutions, Curium SAS, Cardinal Health Inc., Eckert & Ziegler Strahlen- und Medizintechnik AG, Advanced Accelerator Applications, Telix Pharmaceuticals Limited, Nordion (Canada) Inc., NorthStar Medical Technologies LLC, SHINE Medical Technologies LLC, Navidea Biopharmaceuticals Inc., Cyclopharm Limited, Isologic Innovative Radiopharmaceuticals, Clarity Pharmaceuticals Limited, Actinium Pharmaceuticals Inc., Jubilant DraxImage Inc., PharmaLogic Holdings Corp, Institute of Isotopes Co Ltd., Global Medical Solutions LLC, Theragnostics Ltd., Eczacibasi-Monrol Nuclear Products Co.
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What Is Covered In The Nuclear Medicine Diagnostics Global Market Report?
•Market Size Forecast: Examine the nuclear medicine diagnostics market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the nuclear medicine diagnostics market for a structured understanding.
•Key Players Overview: Analyze major players in the nuclear medicine diagnostics market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the nuclear medicine diagnostics market.
•Segment Contributions: Evaluate how different segments drive overall growth in the nuclear medicine diagnostics market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the nuclear medicine diagnostics market.
•Industry Challenges: Identify potential risks and obstacles affecting the nuclear medicine diagnostics market.
•Competitive Landscape: Review strategic developments in the nuclear medicine diagnostics market, including expansions, agreements, and new product launches.
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