Global Nuclear Medicine Market - WishTree Insight

Global Nuclear Medicine Market by Type (Therapeutic Radiopharmaceuticals and Diagnostic Radiopharmaceuticals), Application (Oncology, Neurology, Cardiology, and Others), End-User (Diagnostic Centres, Hospitals & Clinics, and Others), and Regions, The Asia Pacific, Middle East Africa, Europe, North America, and Latin America) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2021 – 2031

The global nuclear medicine market size was valued at USD 6.1 billion in 2021 and is expected to surpass USD 21.9 billion by 2031, expanding at a CAGR of 20 % during the forecast period, 2021–2031. The market's growth is attributed to government initiatives to improve access to nuclear medicine, rising advancements in the diagnosis and treatment of disease, and the development of nuclear medicine-based devices for patients’ treatment needs.

INTRODUCTION

The nuclear medicine group consists of pharmaceutical drugs that contain radioactive isotopes. They are used in major clinical areas for diagnosis and therapy. Nuclear medicines use a small amount of radioactive material to diagnose and treat diseases. In nuclear imaging, radioisotopes provide precise pictures of a particular part of examined body. There are two types of nuclear-based medicines, one is diagnostics radiopharmaceuticals which uses single photon emission computed tomography (SPECT) and positron emission tomography (PET), another is therapeutics radiopharmaceuticals that use brachytherapy, alpha emitters, and beta emitters. By application, nuclear medicines are used in neurology, cardiology, oncology, and others.

Market Trends, Drivers, Restraints, and Opportunities

• The high growth of nuclear medicines across the globe is the major driver for the increase in the nuclear medicine market.
• Factors such as increasing cancer, cardiac ailments, and various related diseases are anticipated to contribute to the growth of the nuclear medicine market.
• Increasing awareness among people and various government initiatives and facilities to provide prevalent patients with adequate diagnosis and care are improving the conditions of the market in various continents.
• Initiatives taken by various organizations to reduce the demand-supply gap of Mo-99 and other related radioactive elements used to is also forecasted to increase the nuclear medicine market.
• Radioactive pharmaceuticals, storage, high cost, transport, and logistics difficulties of these elements are expected to hinder the growth of the market in various regions.

Scope of the Report

Market Segment Insights

The diagnostic radiopharmaceutical segment is projected to register a considerable CAGR

Based on type, the global nuclear medicine market is divided into therapeutic radiopharmaceuticals and diagnostic radiopharmaceuticals. The diagnostic radiopharmaceutical segment is expected to expand at a rapid pace during the forecast period. The efficient imaging of patients with different type of cancer and new product launch to diagnose various disorders are considered major factors to drive the segment in the market. However, the therapeutic radiopharmaceutical segment is anticipated to hold a major share of the market in the coming years. The factor driving the market growth is the development of new therapeutic products for the treatment of different medical conditions and comparative effective treatment options that have a strong focus on clinical trials.

The oncology segment is expected to expand at a rapid pace

Based on application, the global nuclear medicine market is divided into oncology, neurology, cardiology, and others. The oncology segment is expected to expand at a rapid pace during the forecast period. A cancer diagnosis is commonly performed through imaging procedures. The increasing awareness of diagnosis, high prevalence of cancer, benefits of early diagnosis for treatment purposes, and management of various types of cancer are some factors creating lucrative growth in the segment. However, the cardiology segment is anticipated to hold a key share of the market in the coming years owing to an increase in the use of nuclear medicines for the diagnosis and treatment of cardiovascular disease.

The hospital & clinic segment is projected to register a considerable CAGR

On the basis of end-user, the market is segregated into diagnostic centers, hospitals & clinics, and others. The hospital & clinic segment is projected to register a considerable CAGR during the forecast period owing to the high procedural volume of nuclear imaging procedures and the efficiency of handling sensitive devices at hospitals & clinics. On the other hand, the diagnostic center segment is anticipated to account for a second major market share during the forecast period. Factors such as an increase in the number of diagnostic institutions and high procedural volumes in diagnostic centers.

The North American region is anticipated to constitute a key market share

In terms of regions, the global nuclear medicine market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of the North American region is expected to constitute a key share of the market during the projected period due to the advanced facilities and infrastructure available. However, the market of the Asia Pacific is anticipated to expand at a rapid pace during the forecast period with key players adopting an expansion strategy in this region to gain maximum market share. Countries like China and India are offering ample opportunities for the growth of the nuclear medicine market with their high population base. Key factors such as government initiatives and changing infrastructures of the regions are driving the nuclear medicine market in the Asia Pacific region.

Competitive Landscape

Key players competing in the global nuclear medicine market are Cardinal Health Inc. (U.S.); Advanced Accelerator Applications (Novartis AG) (France); Jubilant Pharmova Limited (India); Curium Pharma (U.K.); GE Healthcare (U.S.).

FAQs

How much is the market worth?

The global nuclear medicine market size was valued at USD 6.1 billion in 2021 and is expected to surpass USD 21.9 billion by 2031.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is 20%.

What are the key drivers of the market?

The market's growth is attributed to government initiatives to improve access to nuclear medicine, rising advancements in the diagnosis and treatment of disease, and the development of nuclear medicine-based devices for patients’ treatment needs.

What segments are covered in the global nuclear medicine report?

The segments covered in the global nuclear medicine report are type (therapeutic radiopharmaceuticals and diagnostic radiopharmaceuticals), application (oncology, neurology, cardiology, and others), end-user (diagnostic centers, hospitals & clinics, and others).

Mention the key players of the global nuclear medicine market.

The key players in the global nuclear medicine market are Cardinal Health Inc. (U.S.); Advanced Accelerator Applications (Novartis AG) (France); Jubilant Pharmova Limited (India); Curium Pharma (U.K.); GE Healthcare (U.S.)