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Emerging Trends Influencing The Growth Of The Nuclear Medicine Diagnostics Market: Advancements In Nuclear Medicine Diagnostics Define The Future Of Patient-Centric Solutions
Nuclear Medicine Diagnostics Market Size
What Is the Projected Growth of the Nuclear Medicine Diagnostics Market?
In recent times, there has been a swift expansion in the dimension of the nuclear medicine diagnostics market. The market value is projected to rise from $7.16 billion in 2024 to a staggering $7.94 billion in 2025, indicating a compound annual growth rate (CAGR) of 11.0%. Several factors are behind this growth in the preceding period, such as advancements in medical imaging technology, a rise in chronic disease cases, aging demographics, the usage of clinical applications in the field of oncology, along with diagnostic accuracy and precision.
In the coming years, the nuclear medicine diagnostics market is set to experience rapid expansion, growing to a value of $12.56 billion in 2029, at a compound annual growth rate (CAGR) of 12.1%. The predicted growth during this period is boosted by the widening scope for use in neurology, integration with other image-capturing methods, precision medicine techniques, increased need for theranostics, and worldwide initiatives in eliminating diseases. Some key trends anticipated to shape the future market include the move towards smaller, more decentralized radiopharmacy, the use of nuclear medicine in neurology, radiomics and the analysis of quantitative imaging, research and development partnerships, and a focus on radiation safety and dosimetry.
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What Are the Different Nuclear Medicine Diagnostics Market Segments?
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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What Are the Primary Drivers Shaping the Nuclear Medicine Diagnostics Market?
The escalating need for nuclear medicine diagnostics is anticipated to spur the expansion of the nuclear medicine diagnostics market in the future. Nuclear medicine employs radioactive substances within the body to identify diseases or specifically aim at and eliminate unhealthy or impaired organs and tissue for therapeutic purposes. The diagnostic applications of nuclear medicine are predominantly in radiation and other lethal treatments. The requirement for nuclear medicine diagnostics is on the rise owing to advantages like precise outcomes and improved treatment decision-making process. For example, a report published by the United Kingdom's World Nuclear Association in April 2022 reveals that the yearly number of nuclear medicine treatments surpasses 40 million and the demand for radioisotopes is growing up to 5% each year. Furthermore, in over 10,000 hospitals globally, radioisotopes are involved in 90% of the medical procedures. Consequently, the growing need for nuclear medicine diagnostics is predicted to stimulate the progression of the nuclear medicine diagnostics market.
Which Companies Are Leading in the Nuclear Medicine Diagnostics Market?
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.
What Trends Are Expected to Dominate the Nuclear Medicine Diagnostics Market in the Next 5 Years?
Leading corporations in the nuclear medicine diagnostics market are endeavoring to bring forth innovative solutions such as sophisticated medical technologies, aiming to secure an advantageous position. These state-of-the-art medical technologies aim to enhance patient results, raise healthcare quality, and foster improved well-being. For example, in August 2023, Gleneagles Hospital, a Malaysian-based firm providing medical and healthcare facilities, initiated its Nuclear Medicine Unit. This unit, a highly specialized facility within the hospital or medical center, is equipped with the most recent technology and staffed by highly trained experts. The purpose of this facility is to allow early detection, diagnose, and treat diseases employing nuclear medicine imaging methods.
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What Are the Top Revenue-Generating Geographies in 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Nuclear Medicine Diagnostics Market?
2. What is the CAGR expected in the Nuclear Medicine Diagnostics Market?
3. What Are the Key Innovations Transforming the Nuclear Medicine Diagnostics Industry?
4. Which Region Is Leading the Nuclear Medicine Diagnostics Market?
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