Nuclear Medicine Market to Increase by USD 8.06 Billion, Analyzing Growth Opportunities in Radiotherapeutics Segment - Technavio

Bayer AG, Bracco Spa, Cardinal Health Inc., Eckert, and Ziegler AG are among the top market players

NEW YORK, Jan. 23, 2024 /PRNewswire/ -- The nuclear medicine market value is anticipated to grow by USD 8.06 billion, progressing at a CAGR of 16.48% during the forecast period. The radiotherapeutics segment is poised for significant market share growth in the Nuclear Medicine Market forecast. Radiopharmaceuticals, characterized by radioactive properties and composed of a radioisotope bonded to an organic molecule, play a pivotal role in therapeutic and diagnostic applications. Employed in treating diverse disease sites like cancer and cardiac diseases, these factors contribute to the segment's increased growth during the forecast period. Download a FREE Sample Report!

"The increasing utilization of nuclear medicine in early disease detection emerges as a pivotal driver propelling the forecasted growth of the Nuclear Medicine Market."

Growing research activities to widen the applications of hybrid imaging is an emerging market trend, while factors including the high cost of hybrid imaging devices coupled with limited reimbursements hamper the growth, says a senior analyst at Technavio.

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The nuclear medicine market report provides complete insights on key companies including Bayer AG, Bracco Spa, Cardinal Health Inc., Eckert and Ziegler AG, ECZACIBASI MONROL NUCLEAR PRODUCTS CO., GE Healthcare Technologies Inc., IBA Radiopharma Solutions, Jubilant Pharmova Ltd., Koninklijke Philips NV, Lantheus Holdings Inc., Mallinckrodt Plc, Medi-Radiopharma , Mirion Technologies Inc., Necsa, Novartis AG, Siemens Healthineers AG, Sirtex Medical Pty Ltd., Telix Pharmaceuticals Ltd., Tema Sinergie SpA, and TTG Imaging Solutions LLC .

The competitive scenario provided in the nuclear medicine market report analyzes, evaluates, and positions companies based on various performance indicators. Some of the factors considered for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, etc.

By Geography, 

North America is anticipated to contribute 45% to the global market's growth during the forecast period, with the US and Canada leading in revenue generation. The region's dominance in the nuclear medicine market is driven by evolving healthcare policies, advancements like hybrid operating rooms and cloud computing, and increased adoption of cost-effective and technologically advanced SPECT scanning systems. Despite this growth, the closure of nuclear reactors has led to a shortage of radioisotopes, affecting production. The US, with substantial R&D investments and a high prevalence of cancer, leads North America. Key vendors such as Bayer, Cardinal Health, and GE Healthcare focus on product launches to provide advanced options in nuclear medicine, addressing the rising demand for SPECT scanners in the context of increasing cases of cancer, neurological disorders, and heart diseases.

Major Nuclear Medicine Technologies

Nuclear imaging techniques, including SPECT and PET scanners, play a vital role across various medical applications, accurately detecting molecular activity and facilitating timely diagnoses for conditions like intracranial tumors, cardiac diseases, and breast disease. This trend aligns with the market's focus on theranostics, radiotherapy, bone scans, thyroid scans, and myocardial perfusion imaging, indicating a comprehensive approach to utilizing nuclear medicine for therapeutic and diagnostic procedures. The market's trajectory also encompasses hybrid imaging, radiology laboratories, nuclear medicine technologists, tumor localization, radioactive isotopes, medical isotopes, radiopharmacies, and Positron Emission Tomography-Computed Tomography (PET-CT). The widespread adoption of nuclear medicine for early disease detection is expected to fuel growth in the global nuclear medicine market throughout the forecast period.

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SOURCE Technavio