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 are 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 growing 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
By region,North America accounted for the largest share of the nuclear medicine market in 2023. Factors such as rising prevalence of chronic diseases is expected to increase the number of diagnosis and treatment in this region, government funding, and company initiatives.
Breakdown of supply-side primary interviews: • By Company Type: Tier 1 – 64%, Tier 2 – 23%, and Tier 3 – 13% • By Designation: C-level – 35%, Director-level – 25%, and Others – 40% • By Region: North America - 42%, Europe – 21%, APAC –26%, Rest of the World –11%
Some of the prominent players operating in the nuclear medicine market include GE HealthCare (US),Cardinal Health (US), Curium (France),Bayer AG (Germany), Lantheus Holdings, Inc.(US), Bracco Imaging S.p.A. (Italy), PharmaLogic Holdings Corp. (US), Eczac?ba??-Monrol Nuclear Products (Turkey), NTP Radioisotopes SOC Ltd (South Africa), Nordion Inc.(Canada), Advanced Accelerator Applications (France), NorthStar Medical Radioisotopes (US), Eckert & Ziegler (Germany), Isotope JSC (Russia), Siemens Healthineers (Germany), Jubilant DraxImage,Inc. (Canada).
This report studies the nuclear medicine market based on type, application, procedure volume, end user, and region.The report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting market growth.
It analyzes the opportunities and challenges in the market and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micro markets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to four main regions and respective countries.
Key Benefits of Buying the Report
This report focuses on various levels of analysis—industry trends, market share of top players, and company profiles, which together form basic views and analyze the competitive landscape, and high-growth regions and their drivers, restraints, challenges, and opportunities. The report will help both established firms as well as new entrants/smaller firms to gauge the pulse of the market and garner greater market shares.
This report provides insights into the following pointers:
• Analysis of key drivers (increasing incidence and prevalence of target conditions, development of alpha-radioimmunotherapy-based targeted cancer treatments, initiatives to reduce the demand and supply gap of Mo-99), restraints (Short half-life of radiopharmaceuticals),opportunities (use of radiopharmaceuticals in neurological applications and high growth opportunities in emerging countries) and challenges (hospital budget cuts and high equipment costs) influencing the growth of nuclear medicine market.
• Market Penetration: Comprehensive information on product portfolios offered by the top players in the global nuclear medicine market . The report analyzes this market by type, application, procedure volume, end user, and region
• Product Development/Innovation: Detailed insights on upcoming trends and product launches in the global nuclear medicine market
• Market Development: Comprehensive information on the lucrative emerging markets by type, application, procedure volume, end user, and region
• Market Diversification: Exhaustive information about new products or product enhancements, growing geographies, recent developments, and investments in the global nuclear medicine market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, competitive leadership mapping, and capabilities of leading players in the global nuclear medicine market