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Nuclear Medicine Global Market Report 2022: Ukraine-Russia War Impact

Nuclear Medicine Global Market Report 2022: Ukraine-Russia War Impact

  • November 2022
  • 175 pages
  • ID: 6368712
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the nuclear medicine market are Bracco Imaging S.P.A., Lantheus Medical Imaging Inc., NTP Radioisotopes SOC Ltd, Eckert & Ziegler Group, Jubilant Pharma LLC, Australian Nuclear Science & Technology Organization, Cardinal Health Inc., GE Healthcare, Curium Pharma7, Advanced Accelerator Applications, Nordion Inc., The Institute for Radioelements, Eczacba?-Monrol, Siemens Healthineers AG, and Cambridge Isotope Laboratories Inc.

The global nuclear medicine market is expected to grow from $6.00 billion in 2021 to $6.77 billion in 2022 at a compound annual growth rate (CAGR) of 12.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting manyevery markets across the globe. The nuclear medicine market is expected to grow to $11.20 billion in 2026 at a CAGR of 13.4%.

The nuclear medicine market consists of sales of nuclear medicine and related products by entities (organizations, sole traders, and partnerships) that are used to assess the health of organs or tissue or to identify and remove any diseased or damaged organs or tissue.Nuclear medicine refers to a specialised area of radiology that uses radioactive material inside the body to inspect the overall health condition of the concerned patient.

This branch of radiology is frequently used to identify and treat abnormalities that first appear very early in the course of a disease, such as thyroid cancer.

The main types of nuclear medicine are diagnostic and therapeutic.A diagnostic is an examination to identify a person’s distinct areas of strength and weakness to identify a condition, disease, or illness.

The applications involved cardiology, lymphoma, thyroid, neurology, oncology, and other applications. The end-users included hospitals and clinics, diagnostic centers, and other end-users.

North America was the largest region in the nuclear medicine market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in this nuclear medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The increasing constancy and prevalence of cardiovascular disease (CVD) and cancer are expected to propel the growth of the nuclear medicine market going forward.Cardiovascular diseases (CVDs) are a group of heart and blood vessel disorders, and cancer is a disease in which cells grow out of control and spread to other body parts.

Nuclear cardiac imaging can help diagnose cardiac diseases more quickly.Nuclear medicine therapy is a method to treat cancer that might be used with or after other therapy options, such as surgery and chemotherapy.

As a result, the growing constancy and prevalence of cardiovascular disease and cancer increase the demand for the nuclear medicine market. For instance, in 2020, according to GLOBOCAN, a US-based cancer observatory, there were 19.29k new cancer cases in the world in the year 2020, and 28.88k cases are anticipated by 2040. Further, in 2019, according to the World Health Organization (WHO), a Switzerland-based international organisation responsible for public health, estimates that 17.9 million people worldwide died from cardiovascular diseases (CVDs) in the year 2019, accounting for 32% of all fatalities. 85% of these fatalities were caused by heart attack and stroke. Therefore, the growing constancy and prevalence of cardiovascular diseases and cancer are driving the nuclear medicine market. 

Product innovation is the key trend gaining popularity in the nuclear medicine market.Major companies operating in the nuclear medicine market are focused on developing new innovative products to strengthen their position.

For instance, in March 2021, GE Healthcare, a US-based company that deals with nuclear medicine, launched Star Guide, a new nuclear medicine system to assist in advancing precision health and theranostics.StarGuide uses the most recent developments in Cadmium Zinc Telluride (CZT) technology to assist providers in exploring and better understanding the patient’s condition, enhancing patient outcomes throughout the continuum of care.

It has unique features such as digital focus detectors and 360-degree imaging of the system that are intended to support improved theranostic capabilities in nuclear medicine and advanced precision health.

In August 2019, Bracco Imaging, an Italy-based healthcare company, acquired Blue Earth Diagnostics for an undisclosed amount.This acquisition will enable both companies to realise their full potential by significantly broadening the combined portfolio in precision medicine and personalised diagnostics while expanding the wide range of nuclear oncology imaging solutions in the Urology segment and other specialties.

Blue Earth Diagnostics is a UK-based company operating in nuclear medicine.

The countries covered in the nuclear medicine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The nuclear medicine market research report is one of a series of new reports that provides nuclear medicine market statistics, including nuclear medicine industry global market size, regional shares, competitors with a nuclear medicine market share, detailed nuclear medicine market segments, market trends and opportunities, and any further data you may need to thrive in the nuclear medicine industry. This nuclear medicine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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