Nuclear Medicine Market 2023 - Growth Factors, Descriptive Analysis, Market Size, Segmentation And Forecast To 2032

The global nuclear medicine market size is expected to reach USD 12.6 billion by 2027, expanding at a CAGR of 9.5%, according to a new report by Radiant Insights, Inc. Research and development of advanced technologies by the key players for diagnosis and treatment of diseases is expected to drive the radiopharmaceuticals market.

For instance, in May 2019, GE Healthcare with Indi Molecular, Inc., collaborated to develop Protein Catalyzed Capture (PCC) technology and immune cell-targeted PET tracer candidates.

Moreover, high prevalence of cancer in emerging Asian countries is creating huge demand for radiopharmaceuticals in diagnosing the disease.

For instance, in October 2018, with the support of ASML, The Institute For Radioelements (IRE) developed and built an electron beamline to manufacture medical isotope molybdenum 99 (Mo-99).

In addition, research centers and hospitals are launching novel nuclear medicine techniques to treat various diseases at an affordable cost as compared to the existing treatments.

Further key findings from the study suggest: • In 2019, the SPECT segment had dominated the market owing to integration of SPECT with X-ray/CT that has gained more acceptance and proved to be useful in many clinical situations due to its high accuracy • PET diagnostic nuclear medicine is expected to witness the fastest growth over the forecast period owing to the increasing adoption of high resolution PET scanners • In case of the therapeutic segment, brachytherapy is anticipated to be the fastest growing segment due to the higher radiation protection as compared to other treatment options • The oncology application segment dominated the nuclear medicine market in 2019 owing to the presence of pipeline drugs and high prevalence of cancer • The market in Asia Pacific is projected to witness the fastest growth during the forecast period owing to the high unmet needs and development of radiopharmaceuticals for diagnosis and treatment of various diseases • Key players in the market include companies such as Eckert and Ziegler Group Nordion, Inc.; Bracco Imaging S.p.A.; and GE Healthcare as well as government organizations such as Department of Atomic Energy and Australian Nuclear Science and Technology Organization (ANSTO).

The global nuclear medicine market size is expected to reach USD 12.6 billion by 2027, expanding at a CAGR of 9.5%, according to a new report by Radiant Insights, Inc. Research and development of advanced technologies by the key players for diagnosis and treatment of diseases is expected to drive the radiopharmaceuticals market.

For instance, in May 2019, GE Healthcare with Indi Molecular, Inc., collaborated to develop Protein Catalyzed Capture (PCC) technology and immune cell-targeted PET tracer candidates.

Moreover, high prevalence of cancer in emerging Asian countries is creating huge demand for radiopharmaceuticals in diagnosing the disease.

For instance, in October 2018, with the support of ASML, The Institute For Radioelements (IRE) developed and built an electron beamline to manufacture medical isotope molybdenum 99 (Mo-99).

In addition, research centers and hospitals are launching novel nuclear medicine techniques to treat various diseases at an affordable cost as compared to the existing treatments.

Further key findings from the study suggest: • In 2019, the SPECT segment had dominated the market owing to integration of SPECT with X-ray/CT that has gained more acceptance and proved to be useful in many clinical situations due to its high accuracy • PET diagnostic nuclear medicine is expected to witness the fastest growth over the forecast period owing to the increasing adoption of high resolution PET scanners • In case of the therapeutic segment, brachytherapy is anticipated to be the fastest growing segment due to the higher radiation protection as compared to other treatment options • The oncology application segment dominated the nuclear medicine market in 2019 owing to the presence of pipeline drugs and high prevalence of cancer • The market in Asia Pacific is projected to witness the fastest growth during the forecast period owing to the high unmet needs and development of radiopharmaceuticals for diagnosis and treatment of various diseases • Key players in the market include companies such as Eckert and Ziegler Group Nordion, Inc.; Bracco Imaging S.p.A.; and GE Healthcare as well as government organizations such as Department of Atomic Energy and Australian Nuclear Science and Technology Organization (ANSTO).

Nuclear Medicine Market Research Report by Product Type (Diagnostic nuclear medicine and Therapeutic radiopharmaceuticals), Application (Diagnostic applications and Therapeutic applications), End-user (Hospitals & diagnostic centers, Research institutes, and Others), and Region - Forecast to 2027Market OverviewThe global nuclear medicine market is expected to develop at a CAGR of 6.2 percent from 2018 to 2023, according to Market Research Future (MRFR)’s study.

By the end of 2023, the market's value is projected to increase by USD 5.43 billion.

Market DynamicsNuclear medicine has accurate diagnostic capabilities and is useful in the early detection of cancer and other diseases including cardiovascular disorders.

A major driver of the global market is the growing prevalence of cancer and other chronic diseases, as well as a strong demand for early diagnosis of such diseases for successful treatment.

Furthermore, radiopharmaceuticals are increasingly being used to diagnose and treat chronic diseases in geriatric patients.

Due to growing applications, discoveries, and other factors, it is expected to continue to expand over the next few years.