Pune, India, Jan. 18, 2023 (GLOBE NEWSWIRE) -- The global nuclear medicine market size was valued at USD 5.04 billion in 2020 and USD 5.57 billion in 2021. The market is expected to reach USD 19.47 by 2028 with a CAGR of 19.6% during the forecast period. The market growth is primarily accredited to the rising occurrence of chronic conditions. Furthermore, technological progressions empowering the usage of radiopharmaceuticals to analyze and treat cancerous tumors aid towards market growth.
Fortune Business Insights™ Share this information in its report titled "Nuclear Medicine Market Forecast, 2023-2028."
Industry Development
Bracco Diagnostics Inc. declared a collaboration with CardioNavix, LLC to enhance patient access to cardiac PET imaging. This novel program, the Bracco Mobile Isotope Service, will empower more patient care sites to provide cardiac PET imaging.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2020 to 2027 CAGR | 19.6% |
| 2028 Value Projection | USD 19.47 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 5.04 Billion |
| Historical Data | 2017 to 2019 |
| No. of Pages | 169 |
Driving Factors
Technological Progressions in Nuclear Imaging Modalities to Boost Market
One of the fundamental aspects for the nuclear medicine market growth is the augmented consciousness concerning the possible influence of primary and timely diagnosis and the corresponding affirmative sway in the management and treatment of prolonged disorders. Developments in nuclear imaging technology, especially PET/PET-CT, have helped in the extension of applications of this modality beyond oncology to cardiology, neurology, and identification of infections.
Key Takeaways
- The market players who focus on a variety of strategies, such as new product launches, are expected to increase revenues over the next year.
- Developing new therapeutic products for the treatment of different medical conditions, which stimulates the growth of the market.
- North America generated USD 2.57billion in 2020 and is expected to continue to dominate the market over the forecast period.
- The increase in the prevalence of various cancers and other chronic conditions is expected to drive market growth in North America over the forecast period.
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Segmentation
On the basis of the type, the market is categorized into diagnostic and therapeutic radiopharmaceuticals. The diagnostic radiopharmaceuticals segment is estimated to hold the dominant share of the global market in 2020.
In terms of application, the market is classified into neurology, cardiology, oncology, and others.
By the end-user, the market is divided into hospitals & clinics, diagnostic centers, and others.
Geographically, the market is branched into North America, Europe, Asia Pacific, and the Rest of the World.
Regional Insights
North America to Lead Backed by Increased Usage of Therapeutic Radiopharmaceuticals
North America created a revenue of USD 2.57 billion in 2020 and is projected to continue its dominance during the forecast period. The prompt adoption of operative nuclear imaging technologies pooled with the rising utilization of technologically sound and proficient therapeutic radiopharmaceuticals across the region are anticipated to fuel market growth.
Europe is estimated to hold the second-highest nuclear medicine market share due to the adoption of advanced radiopharmaceuticals and current product unveilings by prominent players.
Asia Pacific is projected to expand at a substantial CAGR during the forecast period.
Competitive Landscape
Partnerships Commenced by Key Companies to Promote Market Growth
The dominating players in the market continually root for resourceful strategies to encourage their brand value and also promote the global market growth of the product with facing least imaginable obstacles. One such capable strategy is gaining competitive companies and therefore fortifying a profit for both the involved companies.
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List of Key Players Covered in the Report
- Lantheus Medical Imaging, Inc. (U.S.)
- Cardinal Health (U.S.)
- Norgine B.V. (Netherlands)
- Nordion (Canada) Inc. (Canada)
- Bayer AG (Germany)
- Curium (France)
- Advanced Accelerator Applications (Novartis AG) (France)
- Bracco Diagnostic Inc. (U.S.)
- Jubilant Pharmova Limited (India)
- GE Healthcare (General Electric Company) (U.S.)
Some major points from Table of Content:
- Introduction
- Market Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Installed Base of PET/PET-CT Scanners – For Key Countries, 2015 and 2019
- Installed Base of Gamma Cameras – For Key Countries, 2019
- PET/PET-CT Procedure Volume –for Key Countries, 2019
- Reimbursement Scenario- For Key Countries
- New Product Launches
- Key Industry Developments
- Pipeline Analysis
- Impact of COVID-19 on the Market
- Global Nuclear Medicine Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Diagnostics
- PET Radiopharmaceuticals
- FDG-PET/18F
- 68Ga
- 68Cu
- 11C
- Others
- SPECT Radiopharmaceuticals
- Technetium-99m
- Iodine-123
- Xenon-133
- Thallium-201
- Others
- PET Radiopharmaceuticals
- Therapeutics
- Diagnostics
- Market Analysis, Insights and Forecast – By Application
- Neurology
- Cardiology
- Oncology
- Others
- Market Analysis, Insights and Forecast – By End-user
- Hospitals & Clinics
- Diagnostic Centers
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Nuclear Medicine Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Diagnostics
- PET Radiopharmaceuticals
- FDG-PET/18F
- 68Ga
- 68Cu
- 11C
- Others
- SPECT Radiopharmaceuticals
- Technetium-99m
- Iodine-123
- Xenon-133
- Thallium-201
- Others
- PET Radiopharmaceuticals
- Therapeutics
- Diagnostics
- Market Analysis, Insights and Forecast – By Application
- Neurology
- Cardiology
- Oncology
- Others
- Market Analysis, Insights and Forecast – By End-user
- Hospitals & Clinics
- Diagnostic Centers
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
- Europe Nuclear Medicine Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Diagnostics
- PET Radiopharmaceuticals
- FDG-PET/18F
- 68Ga
- 68Cu
- 11C
- Others
- SPECT Radiopharmaceuticals
- Technetium-99m
- Iodine-123
- Xenon-133
- Thallium-201
- Others
- PET Radiopharmaceuticals
- Therapeutics
- Diagnostics
TOC Continued….
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