Global Nuclear Medicine Market/Radiopharmaceuticals Market Report 2023: Increasing Incidence and Prevalence of Target Conditions Drives Growth
DUBLIN, May 18, 2023 /PRNewswire/ -- The "Nuclear Medicine Market / Radiopharmaceuticals Market by Type (Diagnostic (SPECT-Technetium, PET-F-18), Therapeutic (Beta Emitters-Y-90, Alpha Emitters, Brachytherapy), Application (Neurology,Thyroid, Oncology), Procedures, End User - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global nuclear medicine market is projected to reach USD 9.4 billion by 2028 from USD 5.5 billion in 2023, at a CAGR of 11.3% during the forecast period.
Growth in the nuclear medicine market can primarily be attributed to factors such as the increasing prevalence of CVD, government initiatives to improve healthcare, rapid growth in the geriatric population, and the growing adoption of PET and SPECT techniques. However, the short half-life of radiopharmaceuticals decreases their potential adoption, and is expected to challenge market growth to a certain extent.
Therapeutic segment is projected to grow at the highest CAGR during the forecast period
By type, the nuclear medicine market is segmented into diagnostic and therapeutic. The therapeutic segment is projected to grow at the highest CAGR during the forecast period. This can be attributed to increasing applications of these isotopes in oncology, as these isotopes have minimal side effects as opposed to surgeries and chemotherapy.
Hospital end user segment is projected to account for the largest share of the nuclear medicine market
By end user, the nuclear medicine market is segmented into the nuclear medicine market is segmented into hospitals, imaging centers, academic & research centers, and other end users, which include pharma/biotech companies and contract research organizations. In 2023, the hospital segment is projected to account for the largest share of the nuclear medicine market due to the growing focus on the automation & digitization of radiology patient workflows to improve the quality of patient care.
By region, North America is projected to account for the largest share of the nuclear medicine market
North America accounted for the largest share of the nuclear medicine market by region in 2023. Factors such as the rising prevalence of chronic diseases is expected to increase the number of diagnosis and treatment in this region, government funding, and company initiatives.
Market Dynamics
Drivers
- Increasing Incidence and Prevalence of Target Conditions
- Development of Alpha-Radioimmunotherapy-Based Targeted Cancer Treatments
- Initiatives to Reduce Demand and Supply Gap of Mo-99
Restraints
- Short Half-Life of Radiopharmaceuticals
Opportunities
- Use of Radiopharmaceuticals in Neurological Applications
- Growth Opportunities in Emerging Economies
Challenges
- Hospital Budget Cuts and High Equipment Costs
Companies Mentioned
- Advanced Accelerator Applications (A Novartis Company)
- Bayer Ag
- Bracco Imaging S.P.A.
- Bwxt Medical Ltd.
- Cardinal Health
- China Isotope & Radiation Corporation
- Curium
- Cyclopharm
- Eckert & Ziegler
- Eczacibasi-Monrol Nuclear Products
- GE Healthcare
- Global Medical Solutions
- Institute of Isotopes
- Ire Elit
- Isotope Jsc
- Isotopia Molecular Imaging Ltd.
- Jubilant Draximage, Inc. (A Subsidiary of Jubilant Pharma)
- Lantheus Holdings, Inc.
- Nordion Inc.
- Northstar Medical Radioisotopes
- Ntp Radioisotopes Soc Ltd. (A Subsidiary of South African Nuclear Energy Corporation)
- Pharmalogic Holdings Corp.
- Shine Technologies, LLC
- Siemens Healthineers
- Yantai Dongcheng Pharmaceutical Group Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/vve08e
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