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Nuclear Medicine Market (By Product: Diagnostic Products, Therapeutic Products; By Application: Cardiology, Neurology, Oncology, Thyroid, Lymphoma, Bone Metastasis, Endocrine Tumor, Others; By End-user: Hospitals and Clinics: Diagnostic Centers, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2024-2033
The global nuclear medicine market size accounted for USD 10.65 billion in 2023 and is projected to surpass around USD 31.44 billion by 2033, expected to grow at a CAGR of 11.45% during the forecast period 2024 to 2033.
The U.S. nuclear medicine market size reached USD 3.52 billion in 2023 and is anticipated to be worth around USD 10.90 billion by 2033, poised to grow at a CAGR of 11.98% from 2024 to 2033.
On the basis of geography the nuclear medicine market segment will have the largest market share in the North American region. This market is expected to have a dominant position due to the presence of various manufacturing units in this region. The availability of the best healthcare infrastructure in this region add the adoption of the procedures that include the use of nuclear medicine will drive the market growth in the North American region.
In order to manufacture different radiopharmaceuticals many facilities are developing in the North American region. Radioisotopes of the commercial stage are produced in the North American region. There has been a growth in the demand for these radioisotopes and radionuclides even in the Asia Pacific region.
Nuclear Medicine Market Overview
The nuclear medicine is the field which uses very less quantity of radiology or different materials of radioactive nature in order to observe the structure or sometimes the functioning of an organ in the human body. It is largely used for different types of illnesses that need the diagnosis and the treatment through the use of nuclear medicine. The treatment is done through the use of radiopharmaceuticals. There are different types of illnesses that need this type of treatment like thyroid cancer, different types of bone pain or hyperthyroidism.
In the field of nuclear medicine different types of images are created with the help of the internal type of radiations which are in the form of waves in the body. This nuclear imaging is suggested by doctors in order to detect cancer or different types of tumors that have spread in the body of the patient. It is extremely helpful in determining the course of treatment or in understanding the treatment that may be required for a particular patient. There are very small risks that are associated with this type of medicine which could be in the form of allergic reactions. The shelf life of radioisotopes is extremely less. If these radioisotopes are not utilized in the specific period of time it leads to the chemical decomposition of these radioisotopes. Which hampers the purity of the radiochemical to such an extent that the use of such a chemical in the therapeutics or diagnosis of any illness would turn out to be fatal. There are different shelf lives of different products.
Some of these products need to be used in the time frame of 110 minutes while there are others that start decomposing in 20 minutes. There are a few other types of products that start perishing in a time frame of six hours and there are few others that can be utilized before 67 hours. The type of equipment required for this type of detection and treatments are extremely expensive which happens to hamper the growth of the market. The use of this type of equipment increases the budget of various hospitals thereby making the treatment and the detection of cardiovascular diseases as well as cancer extremely expensive which happens to be another barrier in the growth of the market.
Apart from all of these difficulties the government of the developed nations has faced major challenges in the term of finances provided for the activities related to the research and development. During the pandemic there have been a lesser number of procedures performed on different patients due to the fear of contracting COVID-19. Hospitals went through huge loss as the supplementary procedures were cancelled by the patients.
Like all the other markets the nuclear medicine market was also affected to a great extent during the pandemic. The outbreak of COVID-19 pandemic in 2019 had led to a worldwide log down for a long period of time. In order to maintain social distancing, there were a lot of changes in the functioning of various universities and research facilities. Different types of medical centers were stopped from conducting any research related activities in order to stop the infection from spreading any further.
Increase in the geriatric population across the globe in the developing as well as the developed economies there has been an increase in the number of cardiovascular diseases. This increased number of cardiovascular diseases in the geriatric population has created a great demand for the use of nuclear medicine. There has also been an increase in the number of cancer patients across the globe which happens to be a major illness that requires the use of nuclear medicines. In order to detect cancer and to treat cancer this type of medicine plays a very important role. About 10 million deaths had occurred in the year 2020 and the cause of these deaths was cancelled. There has been an increase in the cases of cancer across the globe ever since.
The number of patients affected by cancer and the resulting death would reach 23.3 million during the forecast period. In order to treat cancer nuclear medicine has a very important role for detecting the tumors as well as the treatment of these tumors or the growth of the cells. As there is been an increase in the number of these type of diseases the market is expected to grow in the forecast period. Currently the major markets for nuclear medicine are cancer and different types of cardiovascular diseases. But the market for nuclear medicines has stopped seeing a great growth in the recent years as there has been a saturation in the market. There has been an increase in the investment for the research and developmental activities that are focusing on making use of radiopharmaceuticals in different types of diseases. Research is conducted in order to expand the use of radiopharmaceuticals in different ways.
Due to a great amount of technological development and the availability of the best healthcare infrastructure in the North American region the North American region will see a good growth in the coming years. This region is expected to have the largest market share in the coming years. The presence of various manufacturing companies of radioisotope in this region will also lead to the growth of the market in the coming years. As there has been no growth in the amount of money invested for the research and developmental activities in the North American region there shall be a good growth in the coming years. Major manufacturing units are taking better initiatives in order to expand their market.
| Report Coverage | Details |
| Growth Rate from 2024 to 2033 | CAGR of 11.45% |
| Market Size in 2023 | USD 10.65 Billion |
| Market Size by 2033 | USD 31.44 Billion |
| North America Market Share in 2023 | 47.14% |
| Diagnostic Segment Market Share in 2023 | 81.40% |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | By Product, By Application, and By End-User |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
On the basis of the product type, the diagnostic segment is expected to have the largest market share in the coming years. The diagnostic segment is expected to grow due to the development of various advanced technologies which shall be helpful in detecting the illness. And as there has been an increase in the number of patients that suffer through different types of cardiovascular diseases and cancer the market for diagnostic segment is expected to grow in the coming years. There has been a great demand for the use of radioisotopes in the recent years when the demand is expected to grow by 5% in each year during the forecast period. On an average about 40 million procedures take place every year. As the number is expected to grow in the coming years the demand for diagnostics is expected to grow during the forecast period. In order to detect different types of tumors there has been advancement in the use of different types of technology. Currently there has been an increased use of radiotracers which help in the diagnosis and they have contributed largely for the growth of this market. Apart from the use of nuclear medicine in the diagnosis of various illnesses the therapeutic segment will also have a good growth in the coming years.
Followed by the diagnostic segment the therapeutic segment or the treatment segment will also have a good growth in the coming years. Due to the government intervention and the approval of various nuclear medicines there has been a commercialization of this medicine for the treatment of different types of diseases. The improved supply chain for this type of medicine and the availability of the best infrastructure for the production of these products will also drive the market growth in the coming years.
The therapeutic segment is expected to grow as there has been an increase in the production of radioisotopes. There has been an increase in the use of radiation therapy for the treatment of this type of diseases. Different types of alpha emitters are used in the therapeutics. Due to increased research and developmental activities actinium add terbium is the different types of radioisotopes that shall be used in the future for the treatment of these diseases.
On the basis of application, the oncology segment will have the largest market share in the coming years. The oncology segment is expected to have a dominant position ask answer has led to a large number of deaths across the globe. Due to different lifestyle changes and the adoption of unhealthy diet has led to an increased number of cancer deaths across the globe. Rapid urbanization has led to an increase in the number of population that smokes on a regular basis beard smoking have been one of the reasons for the onset of cancer. The sedentary lifestyle of most of the individuals working in different organizations is another leading cause for cancer. As there has been a reduction in physical exertion and increase in the consumption of junk food the oncology segment will dominate the market in the coming years. There has been an increased investment for having novel medicines for the treatment of cancer.
Constant research and development has provided with these novel medicines that will help in the growth of the segment. The cardiovascular diseases segment will also see a good growth during the forecast period as nuclear medicines are used for the diagnosis of various cardiac diseases. The availability of imaging testing that helps in detecting cardiovascular diseases have provided better growth for the market. In different healthcare setups there is an increase in the use of this system which will drive the market growth in the coming years.
Segments covered in the report
By Product
By Application
By End-user
By Geography
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