Press release
Nuclear Medicine Market Anticipated To Witness Robust Growth, Surpassing $15.77 Billion By 2029
Nuclear Medicine Market Share
What Is the Current Nuclear Medicine Market Size and Its Estimated Growth Rate?
The increase in the nuclear medicine market, which has seen a quick expansion in recent years, is anticipated to rise from $8.93 billion in 2024 to $10.2 billion in 2025, achieving a compound annual growth rate (CAGR) of 14.2%. Factors contributing to this growth during the historical period include an aging population, the diagnosis and staging of cancer, cardiology applications, neurological disorders, and regulatory approvals.
The market size of nuclear medicine is anticipated to experience a sharp increase in the coming years. It's predicted to reach $15.77 billion by 2029, with a compound annual growth rate (CAGR) of 11.5%. The projected growth in this period can be linked to factors such as personalized medicine, oncology and neurology studies, sustainable procedures, research and innovation, and telemedicine services. Some of the leading trends during the forecast period are radioimmunotherapy, hybrid imaging, the advent of artificial intelligence (AI), emerging radiopharmaceuticals, and advancements in diagnostic imaging.
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How Are Emerging Segments Shaping the Nuclear Medicine Market Landscape?
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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Which Growth Factors Are Influencing Nuclear Medicine Market Expansion?
The rising consistency and incidence of cardiovascular disease (CVD) and cancer are anticipated to drive the expansion of the nuclear medicine market. Cardiovascular diseases, which include heart and blood vessel disorders, alongside cancer--a condition where uncontrolled cell growth spreads to other parts of the body--, are key drivers for this sector. Nuclear cardiac imaging aids in the swift diagnosis of cardiac diseases. Furthermore, nuclear medicine therapy provides cancer treatment that could complement or follow other treatment options like surgery or chemotherapy. Therefore, the increasing consistency and prevalence of CVD and cancer escalates the demand for the nuclear medicine market. For example, in January 2023, the American Cancer Society Inc., a non-profit health organization based in the US, predicts that new cancer diagnoses will reach 1,958,310, up from over 1,918,030 new cancer cases seen in 2022. Thus, the growing consistency and incidence of cardiovascular diseases and cancer are propelling the nuclear medicine market.
Who Are the Dominant Players Across Different Nuclear Medicine Market Segments?
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
What Are the Latest Developing Trends in the Nuclear Medicine Market?
Leading corporations within the nuclear medicine market are increasingly concentrating their efforts on the creation of groundbreaking solutions like nuclear medicine cyclotrons. These solutions aim to expand the production of radiopharmaceuticals as well as to refine diagnostic imaging abilities. Specifically, nuclear medicine cyclotrons, being unique particle accelerators, generate radioactive isotopes used in medical imaging and treatment by propelling high-energy particles at target materials. This process allows the manufacture of radiopharmaceuticals utilized in examinations like positron emission tomography (PET). To illustrate, GE Healthcare China, an American medical technology firm, initiated its initial series of cyclotrons in December 2023 at the Chengdu Tianfu International Bio-Town. Such progressive particle accelerators play a vital role in nuclear medicine by facilitating the generation of medical isotopes employed in molecular imaging and therapeutic uses. The core objective of this initiative is to establish a wide-ranging ecosystem for nuclear medicine, thereby improving its capacity for early detection of diseases and personalizing medical treatment.
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Which Geographic Regions Are Expected to Dominate the Nuclear Medicine Market in the Coming Years?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Nuclear Medicine Market?
2. What is the CAGR expected in the Nuclear Medicine Market?
3. What Are the Key Innovations Transforming the Nuclear Medicine Industry?
4. Which Region Is Leading the Nuclear Medicine Market?
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