The North American nuclear medicine market is estimated to be USD 9.59 billion by 2028 and USD 5.62 billion in 2023, growing at a CAGR of 11.3% during the forecast period.
The growing population diagnosed with cancer in the North American region is one of the major factors promoting the nuclear medicine market in North America. There are 2 million new cancers reported in the United States. Cancer is a dangerous disease that leads to death in the short term. Therefore, analysis of which part of the body is affected by cancer cells is essential for the treatment procedure. For this purpose, nuclear medicine has come into account. Nuclear medicine imaging for cancer is used for diagnosis, planning, and evaluating patient response to treatment. In this process, the researcher found several chemicals absorbed by speciﬁc organs and decided which organ in the body affects the cancer cells. Increasing awareness about this procedure among people suffering from different types of cancer and taking respective treatments for cancer drives the nuclear medicine market forward.
In addition, factors such as technological advancements, the growing adoption of minimally invasive procedures, rising demand for medical imaging procedures by the increasing aging population across North America propel the regional market growth. The growing healthcare expenditure, increasing usage of nuclear medicine in various applications such as diagnosis, staging, and treatment monitoring, an increasing number of initiatives such as Medicare and Medicaid to offer reimbursement for nuclear medicine procedures by the North American governments and the availability of skilled professionals such as nuclear medicine technologists and radiologists contributes to the growth of the North American nuclear medicine market. Furthermore, the growing number of strategic partnerships and collaborations between healthcare organizations and nuclear medicine companies and increasing awareness about the benefits of nuclear medicine among people boost the growth rate of the regional market.
However, one factor that restrains the growth of the nuclear medicine market in this region is the lack of essential equipment for radiation protection and research facilities in some regions. Other factors, such as the high cost of the procedures, lack of specialized personnel, and lack of awareness about the procedure, hamper the market growth during the forecast period. In addition, radiation may occur health risks to some people who are sensitive to the radiation, and for some people, it can temporarily reduce bone marrow counts. Health risks for some people due to this nuclear medicine, side effects after exposure to the radiation used for the procedure, and increasing alternative therapy hinder the market growth in this region.
This research report on the North American nuclear medicine market has been segmented and sub-segmented into the following categories:
North America had the highest share of the global market in 2022 and the domination of the North American market throughout the forecast period. The U.S. accounted for the largest share of the North American market in 2022 and is expected to register a promising CAGR during the forecast period owing to the growing adoption of advanced technologies and the introduction of new radiopharmaceuticals for diagnosis and therapy in the United States. The U.S. government is taking initiatives for cost-effective nuclear medicine procedures and providing various training programs for developing nuclear medicine for different diseases. As a result, the number of nuclear medicine procedures in the United States has recently increased. The cardiology sector has the most growth due to the nuclear medicine used in this region. The oncology sector has maximum growth due to this medicine usage. The number of positron emission tomography procedures is increasing in the United States is nearly 1.5 million per year.
Canada is another noteworthy regional market for nuclear medicine in the North American market and is expected to register a healthy CAGR during the forecast period. Factors such as the growing prevalence of chronic diseases, such as cancer and cardiovascular diseases, the aging population, technological advancements in nuclear medicine imaging, and government initiatives to promote healthcare access and reimbursement for nuclear medicine procedures propel the Canadian market growth.
KEY MARKET PLAYERS:
Companies such as Cardinal Health, Inc., Bracco Imaging S.p.A, G.E. Healthcare, Eczacibasi-Monrol Nuclear Products, Nordion, Inc., Bayer Healthcare, Lantheus Medical Imaging, Inc., Advanced Accelerator Applications S.A., IBA Molecular Imaging and Mallinckrodt PLC. are some of the major companies in the North America nuclear medicine market.
The North American nuclear medicine market was valued at USD 5.05 bn in 2022.
The North American nuclear medicine market is expected to grow at a CAGR of 11.3% from 2023 to 2028.
Cardinal Health, Inc., GE Healthcare, Siemens Healthineers, and Curium Pharmaceuticals are some of the major players in the North American nuclear medicine market.
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