The global nuclear medicine market is expected to grow at a compound annual growth rate of 6.94% over the forecast period to reach a market size of US$9.679 billion in 2026 from US$6.051 billion in 2019.
Nuclear medicine is an emerging branch of radiology that examines organ function and structure with the study of impact by small amounts of radioactive materials, called radiopharmaceuticals. Chemistry, physics, mathematics, computer science, and medicine are among them. This branch of radiography is frequently used to detect and treat problems early in the course of a disease, such as thyroid cancer. Because X-rays penetrate through soft tissue like the intestines, muscles, and blood vessels, they are difficult to see on a typical X-ray without the application of a contrast agent. This gives for a better view of the tissue. Nuclear imaging has the capability to showcase both, structure and function of organs and tissues. The amount of a radiopharmaceutical that is absorbed, or taken up, by a particular organ or tissue can indicate the organ's or tissue's level of function. As a result, diagnostic X-rays are mostly utilized to examine anatomy. Nuclear imaging is used to investigate the function of organs and tissues. During the operation, a small amount of a radioactive substance is used to aid in the examination. A radionuclide (radiopharmaceutical or radioactive tracer) is a radioactive material that is absorbed by biological tissue. There are a variety of radionuclides to choose from. Technetium, thallium, gallium, iodine, and xenon are examples of these elements. The radionuclide utilized will be determined by the study type and the body part being investigated.
A variety of causes are expected to boost demand for nuclear medicine, the most significant of which being the rising prevalence of cancer and heart disease. According to the World Health Organization (WHO), cancer is responsible for nearly one out of every six deaths worldwide, and the number of people affected by various types of cancer is steadily increasing as a result of a lifestyle that includes tobacco and alcohol use, a low intake of fruits and vegetables, and a lack of physical activity. Other reasons likely to stimulate demand for radiopharmaceuticals in the near future include advances in radiotracers, the introduction of alpha radioimmunotherapy (Rit)-based targeted cancer treatments, and investments through public-private partnerships to improve diagnostic measures.
On the other hand, the notably shorter half-life of radiopharmaceuticals, the very high cost of these specific drugs, and the shutdown of multiple nuclear reactors are some of the barriers preventing the industry from becoming more profitable.
A crucial element driving market growth is the increased incidence and prevalence of cancer and cardiovascular disease (CVD). Early detection and treatment can avert the majority of instances; nuclear medicine plays an important role in these areas. Cancer was the biggest cause of death in 2020, according to the WHO, with approximately 10 million deaths. By 2025, 19.3 million new cancer cases are estimated to be recorded annually over the world. According to the WHO, 17.9 million people died from cardiovascular disease (CVD) in 2019, accounting for 32 percent of all fatalities worldwide. By 2030, this number is predicted to rise to 23.3 million. This increased prevalence of various disorders is likely to fuel the expansion of the nuclear medicine market during the forecast period, as nuclear medicine plays a key role in disease diagnosis and treatment.
The aging global population increases the threat of cardiovascular and cancer diseases, which is expected to drive demand for advanced medicines, supporting the market for nuclear medicine.
Another key factor that supports the market for nuclear medicines is the aging global population, which carries with it higher possibilities of cardiovascular and cancer diseases. Data from the World Bank shows that the population, aged 65 and above has been rising at a significant rate, reaching 722.133 million people in 2020, from 523.579 million people in 2010. Furthermore, the United Nations forecast that the population will reach 1.5 billion people by 2050, accounting for 15.79% of the total population. The increased geriatric population is forecasted to drive the demand for advanced medicines and hence support the market demand for nuclear medicines.
The COVID-19 pandemic has wreaked devastation around the planet, disrupting healthcare systems around the world. As a result, hospitals have increased testing efforts in an effort to preserve lives and prevent the virus from spreading further. COVID-19's financial troubles led governments all across the world to impose budget cuts. In addition, the pandemic resulted in lower patient volumes for nuclear medicine operations and the cancellation of elective procedures, putting hospitals in a financial bind.
Parallel to clinical readiness efforts, academic medical centers and universities hastened to halt scientific research in order to maximize social distance and prevent the spread of infection to research employees.
|Market size value in 2019||US$6.051 billion|
|Market size value in 2026||US$9.679 billion|
|Growth Rate||CAGR of 6.94% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Application, Procedures, End Users, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Bracco Diagnostics, Inc., Cambridge Isotope Laboratories, Inc., Cardinal Health, GE Healthcare, Nordion, Inc., Lanthenus Medical Imaging, Inc., Koninklijke Philips N.V., Digirad Corporation, Biodex|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the nuclear medicine market size by 2026?
A1. The global nuclear medicine market is expected to reach a total market size of US$9.679 billion in 2026.
Q2. What are the growth prospects for the nuclear medicine market?
A2. The nuclear medicine market is expected to grow at a CAGR of 6.94% over the forecast period.
Q3. What is the size of the global nuclear medicine market?
A3. Nuclear Medicine Market was valued at US$6.051 billion in 2019.
Q4. How is the global nuclear medicine market segmented?
A4. The nuclear medicine market has been segmented by application, procedures, end-user, and geography.
Q5. What factors are anticipated to drive the nuclear medicine market growth?
A5. A crucial element driving nuclear medicine market growth is the increased incidence and prevalence of cancer and cardiovascular disease (CVD).
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. The threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Function
4.4. Function Value Chain Analysis
5. Global Nuclear Medicine Market Analysis, By Application
6. Global Nuclear Medicine Market Analysis, By Procedures
6.2. PET Scan
6.3. SPECT Scan
6.5. Thyroid Ablation
7. Global Nuclear Medicine Market Analysis, By End-users
7.3. Diagnostic Centers
7.4. Research Institutes
8. Global Nuclear Medicine Market Analysis, By Geography
8.2. North America
8.2.1. United States
8.3. South America
8.5. Middle East and Africa
8.5.2. Saudi Arabia
8.6. Asia Pacific
8.6.4. South Korea
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles.
10.1. Bracco Diagnostics, Inc.
10.2. Cambridge Isotope Laboratories, Inc.
10.3. Cardinal Health
10.4. GE Healthcare
10.5. Nordion, Inc.
10.6. Lanthenus Medical Imaging, Inc.
10.7. Koninklijke Philips N.V.
10.8. Digirad Corporation
Bracco Diagnostics, Inc.
Cambridge Isotope Laboratories, Inc.
Lanthenus Medical Imaging, Inc.
Koninklijke Philips N.V.
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