Global Nuclear Medicine Market Size, Share, and COVID-19 Impact Analysis, By Product (Diagnostics (SPECT, PET)), Therapeutics (Alpha Emitters, Beta Emitters, Brachytherapy), By Application (oncology, thyroid, neurology, cardiology, bone metastasis, lymphoma, endocrine tumors, and others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030Industry: Healthcare
Global Nuclear Medicine Market Insights Forecasts to 2030
- The Nuclear Medicine Market was valued at USD 9.2 Billion in 2021.
- The Market is growing at a CAGR of 13.8% from 2022 to 2030
- The Worldwide Nuclear Medicine Market is expected to reach USD 24.9 Billion by 2030
- Asia Pacific is expected to grow the fastest during the forecast period
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The global Nuclear Medicine Market is expected to reach USD 24.9 Billion by 2030, at a CAGR of 24.9% during the forecast period 2022 to 2030.
Radiopharmaceuticals are basically pharmaceutical formulations which include radioactive isotopes which are used in the field of therapeutics and diagnosis. They are simple as well as small substances which has radioactive substance that are used to treat cardiac, cancer, and neurological disorders. The conventional chemotherapy methods are replaced by convenient therapeutic radiopharmaceuticals for cancer and oncology treatment which opens up new avenues in the radiopharmaceuticals market.
Impact of COVID 19 on Global Nuclear Medicine Market
The COVID 19 pandemic has led significant impact on the healthcare industry and is primarily reducing in as well as outpatient services for diseases and taking infection control as well as prevention measures. For instance, as the report published in June 2022, the COVID 19 impact on Europe has affected nuclear medicine education most of the countries.
Global Nuclear Medicine Market Report Coverage
|Market Size in 2021:||USD 9.2 Billion|
|Forecast Period 2021-2030 CAGR:||13.8%|
|2030 Value Projection:||USD 24.9 Billion|
|Historical Data for:||2017-2020|
|No. of Pages:||200|
|Tables, Charts & Figures:||100|
|Segments covered:||By Product, By Application, By Region, , and COVID-19 Impact Analysis|
|Companies Covered:||Mallinckrodt plc., General Electric Co. (healthcare division), Medtronic, Inc., Bayer AG, Cardinal Health, Inc., Lantheus Medical Imaging, Inc., IBA Group|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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Key Driving Factors
The rise in the cases and prevalence of cardiovascular diseases and cancer are propelling the market in a significant manner. Most of these cases could have been avoided with the help of enhanced detection as well as treatment which is why nuclear medicine is important. The increasing prevalence of different disorders is expected to drive the overall nuclear medicine market growth over the forecast period as nuclear medicine helps in diagnosing and treating diseases. CVD and cancer diagnosis are done through nuclear medicine. Apart from this, the application fields of radiopharmaceuticals are expanding due to which their market share and demand are also expected to grow over the forecast period.
Key Challenging Factors
Players might take advantage of this symptom to diversify their product offerings and market positions by supplying radiopharmaceuticals for neurological applications. Its limited shelf lives, hospital expenditure restrictions, and pricey equipment are expected to hinder the market's growth. However, the half-life of the radioisotope and the makeup of the radionuclide have the greatest impact on the shelf life of a radiopharmaceutical. When radioisotopes are not used within the advised shelf life due to radiation and chemical breakdown, radiochemical purity is subpar. In the course of diagnosis and therapy, this may be fatal.
The diagnostic product segment accounted the largest market share over the forecast period.
On the basis of product, the global nuclear medicine market is segmented into diagnostics, therapeutics. The diagnostics segment is further sub segmented into SPECT and PET. The therapeutics segment is further sub segmented into Alpha Emitters, Beta Emitters, Bracytherapy. Among these, the diagnostic product segment is dominating the market with the largest revenue share over the forecast period due to the strong presence of a large patient base as well as the availability of advanced technologies like Positron Emission Tomography (PET) and Single Photon Emission Computed Tomography (SPECT). As per the analysis of World Nuclear Association, around 40 million nuclear methods are done every year and the demand for radioisotopes keeps of rising every year by around 5%. Furthermore, various radiotracers which are employed in screening tumours along with technological advancements are propelling the market growth.
The oncology segment is dominating the market over the forecast period.
Based on application, the global nuclear medicine market is segmented into oncology, thyroid, neurology, cardiology, bone metastasis, lymphoma, endocrine tumors, and others. Among these, the oncology segment is dominating the market and is going to continue its dominance over the forecast period. Many people across the world are dying due to cancer owing to certain factors like smoking habits, unhealthy diet, and lack of exercise which is propelling the market growth. Moreover, increasing investment in the research and development of nuclear medicines for the cancer treatment may contribute towards the growth of the segment.
North America is dominating the market with the largest market share over the forecast period
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North America is dominating the market with the largest market share over the forecast period due to the increasing investment in research and development activities, high volume of nuclear medicine methods, and high end medical infrastructure. For instance, in January 2021, Eckert & Ziegler has made an announcement about the development plan of a cGMP facility for contract manufacturing of radiopharmaceuticals in Boston, U.S.
Asia Pacific, on the other hand, is witnessing the fastest market growth over the forecast period due the increasing awareness about the nuclear medicine therapies as well as increasing investment in the nuclear medicine market. For instance, in March 2022, Penang Adventist Hospital (PAH) has made an announcement about the launch of private nuclear medicine center in the northern Malaysia. The launch of this center has resulted into the positive impact on the regional market.
Recent Market Developments
- In June 2021, Curium has made acquisition of Austrian based pharmaceuticals company named IASON which is intending to expand its footprint in Europe.
List of Key Companies
- Mallinckrodt plc.
- General Electric Co. (healthcare division)
- Medtronic, Inc.
- Bayer AG
- Cardinal Health, Inc.
- Lantheus Medical Imaging, Inc.
- IBA Group
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global Nuclear Medicine Market based on the below-mentioned segments:
Nuclear Medicine Market, Product Analysis
- Diagnostic Products
- Therapeutic Products
Nuclear Medicine Market, End Use Analysis
- Bone Metastasis
- Endocrine Tumor
Nuclear Medicine Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions (FAQ)
1. What is the market size of Nuclear Medicine Market?The global Nuclear Medicine Market is expected to grow from USD 9.2 Billion in 2021 to USD 24.9 Billion by 2030, at a CAGR of 13.8% during the forecast period 2022-2030.
2. Who are the key market players of Nuclear Medicine Market?Some of the key market players of Nuclear Medicine Market are Mallinckrodt plc., General Electric Co. (healthcare division), Medtronic, Inc., Bayer AG, Cardinal Health, Inc., Lantheus Medical Imaging, Inc., and IBA Group
3. Which segment hold the largest market share?Oncology hold the largest market share is going to continue its dominance.
4. Which region is dominating the Nuclear Medicine Market?North America is dominating the Nuclear Medicine Market with the highest market share.
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