Press release
Nuclear Medicine Market 2024: Demand, Growth Challenges, Industry Analysis And Forecasts To 2033
Nuclear Medicine Market
The nuclear medicine market size is expected to see rapid growth in the next few years. It will grow to $14.1 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. The growth in the forecast period can be attributed to personalized medicine, oncology and neurology research, sustainable practices, research and development, telemedicine services. Major trends in the forecast period include radioimmunotherapy, hybrid imaging, artificial intelligence (ai), emerging radiopharmaceuticals, diagnostic imaging advancements.
Market Overview -
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.
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Cardiovascular Disease And Cancer Surge Drive Growth In The Nuclear Medicine Market
The increase in 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 increases the demand for nuclear medicine market. For instance, in January 2023, according to the American Cancer Society Inc., a US-based non-profit health group, in 2023, 1,958,310 new cancer cases are expected to be diagnosed in the US, an increase compared to more than 1,918,030 new cancer cases in 2022. Therefore, the growing constancy and prevalence of cardiovascular diseases and cancer are driving the nuclear medicine market.
Competitive Landscape -
Major companies operating in the nuclear medicine market include Bracco Imaging S.P.A., Lantheus Medical Imaging Inc., NTP Radioisotopes SOC Ltd., Eckert & Ziegler Group, Jubilant Pharma LLC, Australian Nuclear Science & Technology Organisation, Cardinal Health Inc., GE Healthcare Technologies Inc., Curium Pharma, Advanced Accelerator Applications USA Inc., Nordion Inc., The Institute for Radioelements, Eczacibasi-Monrol Nuclear Products Co., Siemens Healthineers AG, Cambridge Isotope Laboratories Inc., Bayer AG, Medtronic plc, Triad Isotopes Inc., FUJIFILM Holdings Corporation, Mallinckrodt Pharmaceuticals plc, PharmaLogic Holdings Corp., Institute of Isotopes Co. Ltd., Sinotau Pharmaceuticals Limited, Isotopia Molecular Imaging Limited, SHINE Medical Technologies Inc., Global Medical Solutions LLC, Charles River Analytics Inc., Touchlight Genetics Ltd., Numares B.V., Tech-X Corporation, Karyopharm Therapeutics Inc., JSC Isotope Inc., NorthStar Medical Radioisotopes LLC
Product Innovation Drives Advancements In 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.
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Key Segments -
The nuclear medicine market covered in this report is segmented -
1) By Type: Diagnostic, Therapeutic
2) By Application: Cardiology, Lymphomia, Thyroid, Neurology, Oncology, Other Application
3) By End-User: Hospitals and Clinics, Diagnostic Centers, Other End Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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