During the forecast period of 2023-2033, the global nuclear medicine market is expected to reach an estimated value of ~USD 20 billion by 2033, by expanding at a CAGR of ~20%. The market further generated a revenue of ~USD 9 billion in the year 2022. Major key factors propelling the growth of the nuclear medicine market worldwide are the increasing prevalence of cancer and the rising cases of cardiovascular diseases.
Market Definition of Nuclear Medicine
In order to monitor the structure or occasionally the functioning of an organ in the human body, nuclear medicine employs very little radiology or other elements of a radioactive type. It is predominantly utilized for various disorders that require the use of nuclear medicine for diagnosis and treatment. Radiopharmaceuticals are utilized during the course of the treatment. This kind of treatment is necessary for a variety of conditions, including hyperthyroidism, various types of bone pain, and thyroid cancer.
The growth of the global nuclear medicine market can majorly be attributed to the launch of several advanced nuclear medicine products by the key players operating in the market. For instance, GR Healthcare has recently unveiled a new generation nuclear medicine scanner for use in cardiac imaging. The device is known to provide a remarkable picture of cardiac architecture and pathology, which aids doctors in choosing the best course of treatment for patients. On the other hand, the market growth can also be attributed to several technological advancements occurring in the field of nuclear medicine are also projected to drive the market growth. For instance, one of the pioneers of manufacturing radioisotopes, known as the Institute for Radioelements (IRE), recently announced that it has produced its first batch of commercial Molybdenum-99 (Mo-99) Low Enriched Uranium (LEU) radioisotope batch for use by medical diagnostic centers in the United States
The global nuclear medicine market is also estimated to grow majorly on account of the following:
There are various alternatives available for nuclear medicine such as MRI and CT scanners. They are less preferred as their price is high as compared to MRI and CT scanners. Hence this factor is expected to be the major hindrance for the growth of the global nuclear medicine market during the forecast period.
Global Nuclear Medicine Market Segmentation
By Application (Cardiology, Neurology, and Oncology)
The oncology segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2033. The growth of the segment can be attributed to the growing concern for cancer, especially among the population who are prone to smoking. In the year 2020, 36.7% of all men and 7.8% of all women, according to the statistics by the World Health Organization (WHO), were known to consume cigarettes. The WHO also stated that about 1/3rd of cancer-related fatalities were known to exist on account of the rising population who consume tobacco have high body mass index, do not exercise, consume more alcohol, and do not eat fruits & vegetables.
By Product (Diagnostic Products, and Therapeutic Products)
By End-User (Hospitals & Clinics, and Diagnostic Centers)
The Asia Pacific nuclear medicine market is anticipated to hold the largest market share by the end of 2033 among the market in all the other regions. Surge in investment in the space of nuclear medicine, along with the growing awareness of these medical technologies amongst the population, and the rising adoption of nuclear medicine in the region are some of the major factors anticipated to drive the growth of the market in the Asia Pacific during the forecast period. For instance, in Northern Malaysia, Adventist Hospital recently announced the launch of a full-fledged private nuclear medicine center which is aimed at providing various diagnostic and medical procedures amongst the patients in the region.
The market research report on global nuclear medicine also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Global Nuclear Medicine Market
Some of the key players of the global nuclear medicine marketare GE Healthcare, Jubilant Pharmova Limited, Nordion (Canada), Inc., Bracco Imaging S.P.A, The Institute for Radioelements (IRE), NTP Radioisotopes SOC Ltd., The Australian Nuclear Science and Technology Organization (ANSTO), Mallinckrodt Pharmaceuticals, Lantheus, Eckert & Ziegler,