Nuclear Medicine Market Size to Grow USD 10260 Million by 2029 at a CAGR of 7.4% | Valuates Reports
BANGALORE, India, Jan. 31, 2024 /PRNewswire/ -- Nuclear Medicine Market is Segmented by Type (Tc-99, I-123/131, In-111, Xe-133, Th-201 and Ga-67), by Application (Therapeutic, Diagnostic).
The Global Nuclear Medicine Market size is expected to reach USD 10260 Million by 2029, growing at a CAGR of 7.4% from 2023 to 2029.
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Major Factors Driving the Growth of Nuclear Medicine Market
Numerous important elements are driving the significant rise of the nuclear medicine market. The need for accurate diagnosis and treatment options has increased due to the rising prevalence of cancer worldwide, and nuclear medicine is essential in this context. Personalized treatment plans and improved diagnostic capabilities are facilitated by technological breakthroughs, especially in imaging technologies and their combination with other healthcare modalities.
The need for nuclear medical applications is further driven by the aging population and the development of chronic illnesses. The market is also growing as a result of the public's and healthcare professionals' growing awareness, government measures that assist the industry, and the growing range of medicinal uses.
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TRENDS INFLUENCING THE GROWTH OF NUCLEAR MEDICINE MARKET
Globally growing cancer incidence is a major factor driving the growth of the nuclear medicine market. With its accurate imaging and tailored medicines, nuclear medicine is a vital tool in the diagnosis and treatment of many forms of cancer. Nuclear medicine methods such as Positron Emission Tomography (PET) and Single Photon Emission Computed Tomography (SPECT) are in high demand due to the rising cancer prevalence.
The market is growing because nuclear imaging technologies are constantly being improved. Nuclear medicine's diagnostic capabilities are being expanded by innovations including higher imaging resolution, better radiopharmaceuticals, and hybrid imaging systems. The use of nuclear medicine procedures is being driven by technical advancements that promote personalized treatment methods and enable early and accurate illness identification.
The need for nuclear medicine is mostly being driven by the world's aging population. Advanced diagnostic and treatment techniques are necessary because chronic illnesses and cancer are more common in aging populations. Nuclear medicine contributes to market growth by providing important insights into the physiological processes occurring within the body, making it a vital tool for controlling health issues common in the aged. The need for nuclear medicine's therapeutic uses is rising beyond its use in diagnostics. When utilized in targeted radionuclide therapy, radioactive isotopes are showing promise in the treatment of a number of malignancies and other illnesses. The market for nuclear medicine is expected to rise as a result of the growing popularity of these cutting-edge treatment techniques, as more research and development concentrates on enhancing therapeutic applications.
One particular factor driving applications in nuclear medicine is the growing incidence of cardiovascular illnesses. Accurate detection and treatment of heart diseases are made possible by cardiac nuclear medicine technologies such as myocardial perfusion imaging. Given that cardiovascular illnesses remain the world's greatest cause of death, the need for nuclear medicine in cardiology is anticipated to fuel market expansion.
The market is growing as a result of nuclear medicine's increasing uses in neurology, particularly in fields like neuroimaging and neurotherapeutics. Neurological illnesses, such as Parkinson's and Alzheimer's disease, are difficult to diagnose and track down without the use of nuclear medicine tools like SPECT and PET scans. It is projected that as neurology research progresses, there will be a greater need for nuclear medicine technology, which will further accelerate.
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NUCLEAR MEDICINE MARKET SHARE ANALYSIS
With a roughly 50% consumption market share, North America is the largest consuming region. Europe has a consumer market share of over 25%, placing it second in terms of consumption behind North America.
Leading producers in the field of nuclear medicine worldwide include Bracco Imaging and GE Healthcare. The top two manufacturers in the world own more than 30% of the market share.
Tc-99 makes up around 50% of the nuclear medicine categorization, which also includes I-123/131, In-111, Xe-133, Th-201, and Ga-67.
A lot of diagnostic and therapeutic applications employ nuclear medicine. With a market share of more than 60%, diagnostics makes up the largest section of nuclear medicine.
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Key Players:
- GE Healthcare
- Bracco Imaging
- Mallinckrodt plc
- Lantheus Medical Imaging
- Bayer
- Triad Isotopes
- Nordion
- Jubilant Pharma
- Eli Lilly
- Siemens AG
- China Isotope & Radiation
- Dongcheng
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