The European nuclear medicine market size is expected to be worth USD 1.88 billion in 2023 and USD 3.22 bn by 2028, growing at a CAGR of 11.4% from 2023 to 2028.
The growing patient population suffering from chronic diseases is majorly driving the European nuclear medicine market growth. Radiopharmaceuticals play a significant role in treating thyroid tumors and other types of cancer, such as neuroendocrine tumors, prostate cancer, metastatic bone cancer, and neuroblastoma, and for the palliative treatment of liver cancer. Nuclear medicine is used for early disease detection through diagnosis leading to early treatment and preventing critical conditions. Nuclear medicine uses a radioactive substance to examine diseases. Nearly 10 million European patients benefit from nuclear medicine in diagnosing and treating cancer and cardiovascular disease yearly.
The rising prevalence of neurological and orthopedic diseases is boosting the growth rate of the European nuclear medicine market. The increasing number of psychiatric suicide cases also lead to a demand for nuclear medicine. Nuclear medicine helps to detect the brain's functionality by using Pico molar amounts of radiopharmaceuticals to detect image changes in the brain. With growing age, many people suffer from orthopedic issues and prefer to have nuclear medicine diagnostic procedures for accurate results. Sports persons also use nuclear medicine to diagnose sports injuries and other issues such as avascular necrosis, bone tumors, metabolic bone diseases and others.
The growing number of advancements in the development of devices and equipment is another notable factor contributing to the growth of the nuclear medicine market in Europe. Nuclear medicine has a high growth rate due to the increasing use of nuclear medicine in several applications, such as radioactive iodine therapy and brachytherapy. It is also used for full-body imaging and helps in developing personalized medicine. Advanced technologies such as artificial intelligence are also used in nuclear medicine, which allows nuclear medicine physicians to focus on more complex activities. Additionally, increasing government investment and developing radiopharmaceutical medicine propel the European nuclear medicine market growth.
In addition, the growing demand to improve diagnostic and treatment procedures, the emergence of new applications in radiopharmaceuticals with advanced technology significantly and growing expenditure on healthcare are favoring the nuclear medicine market in Europe. The rise in the need for targeted treatment procedures, growing disposable income in urban areas, and rising support from the government and non-government organizations through funds for developing nuclear medicine are also supporting the market in the European region. The rise in awareness over the availability of various treatment procedures among people and ongoing research on developing new treatment procedures for different diseases at low cost are fuelling the growth rate of the European nuclear medicine market.
On the other hand, the high costs associated with the devices used for diagnosing patients using nuclear medicine are majorly hampering the growth of the European nuclear medicine market. Other factors such as low hospital budgets, less image quality in refurbished devices, and a need for more awareness of the procedures further hinder the growth of the European nuclear medicine market.
This research report on the European nuclear medicine market has been segmented and sub-segmented into the following categories:
The PET segment is predicted to hold the major share of the European nuclear medicine market during the forecast period.
The oncology segment is expected to hold the largest share of the European nuclear medicine market during the forecast period owing to the growing prevalence of cancer in the European region and the rising usage of nuclear medicine in cancer treatment procedures.
Regionally, Europe is one of the fastest-growing regions worldwide and accounted for a substantial share of the global market in 2022. The growth of the European market is majorly driven by the growing advancements in the healthcare sector in Europe. Several post-graduation courses are available in Europe regarding nuclear medicine. In addition, the governments of Europe have conducted programs among the patient about the benefits of nuclear medicine diagnosis and how it helps patients with accurate treatment and fast cures.
Germany held a significant share in the Europe region in 2021 owing to the rise in capital income. Besides, the adoption of the latest technological developments in clinical centers is leveraging the growth rate of the market. Following Germany, U.K. and France had a considerable share of the European region in 2022. The rise in awareness over SPECT and PET diagnostic procedures for accurate results is fuelling the nuclear medicine market's growth. Increasing concern towards health and people's demand for effective diagnostic and treatment procedures is prompting the demand for this market. Italy, Spain, Russia, and the Rest of Europe are anticipated to have a significant growth rate in foreseen years with the hospitals and diagnostic centers’ growing investments.
The UK nuclear medicine market is estimated to hold a considerable share of the European market during the forecast period. The UK market growth is driven by the increasing awareness about nuclear medicine among the population. The government has conducted several training procedures for healthcare providers to know about nuclear medicine and how it works to increase the success rate of the diagnosis. Increasing research and development for nuclear medicine and the increasing number of nuclear medicine institutes in the UK are further propelling the nuclear medicine market growth in the UK.
KEY MARKET PLAYERS:
Companies playing a notable role in the European nuclear medicine market and profiled in this report are GE Healthcare, Hologic Inc., Medix Inc., Segami Corporation, Positron Corporation, Bracco Imaging S.p.A, Naviscan Inc., Bayer Healthcare, Lantheus Medical Imaging, Inc. and IBA Molecular Imaging.
The Europe nuclear medicine market is predicted to grow at a CAGR of 11.4% from 2022 to 2027.
The growing aging population, increasing prevalence of cancer and other chronic diseases, advancements in imaging technologies, and rising demand for personalized medicine are driving the nuclear medicine market in Europe.
Regulatory hurdles, high cost of equipment and materials, shortage of skilled professionals, and concerns over radiation safety are some of the major challenges to the growth of the European nuclear medicine market.
Germany, France, the UK, Italy, and Spain are major countries in the European nuclear medicine market.
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