Share on

Global Nuclear Medicine Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By SPECT, Application & Region - Industry Forecast (2022 to 2027)

Published: January, 2022
ID: 98
Pages: 181
Formats: report pdf report excel report power bi report ppt

Nuclear Medicine Market Size (2022 to 2027)

The size of the global nuclear medicine market is estimated at USD 14.26 billion in 2022. It is forecasted to reach USD 26.51 billion by 2027, at a compound annual growth rate (CAGR) of 13.2%.

Nuclear medicine diagnosis involves using radioactive tracers to image and/or measure the overall or regional function of an organ. The radioactive tracer (radiopharmaceutical) is administered to the patient by intravenous injection, orally, or by other routes depending on the organ and the function to be studied. The absorption, turnover, and/or excretion of the tracer substance is then examined with a gamma camera, a positron emission tomography (PET) camera, or another instrument, such as a simple stationary radiation detector. Absorption of the tracer is usually a measure of organ function or organ metabolism or blood flow.

Nuclear medicine is primarily concerned with the use of radioactive substances in research, diagnosis, and treatment. The increasing incidence of cancer and heart disease are the main drivers of the market studied. According to the National Cancer Institute (NCI) report, approximately 1,740,421 new cancer cases were diagnosed in the United States in 2019, where the adoption of nuclear medicine has increased. Regulatory requirements are another obstacle to translational research and clinical investigations. In the United States, all pharmacological agents, including diagnostic radiopharmaceuticals and radiotherapeutics, are subject to the FDA's regulatory oversight. Radiopharmaceuticals are subject to increased scrutiny and are subject to unique regulatory and approval pathways.

MARKET DRIVERS:

Several factors are expected to increase the demand for nuclear medicine, but none are more important than the increasing prevalence of cancer and heart disease. According to the World Health Organization (WHO), cancer causes almost one in six deaths worldwide. The population that suffers from it is continuously increasing due to the lifestyle that involves tobacco and alcohol, low consumption of fruits and vegetables, and lack of physical activity. The latest product released in radiopharmaceuticals and the strong and robust portfolio of many key market players is other critical factors. The rising call for nuclear imaging has led to the launch of the latest products and improved robust pipelines for diagnostic radiopharmaceuticals. Due to the high prevalence of cancer and the wide application of nuclear medicine imaging in its diagnosis, several product launches have targeted oncology applications.

MARKET RESTRAINTS:

Strict regulatory policies coupled with growing competition from conventional alternatives act as market restraints for nuclear medicine diagnostics' growth during the forecast period mentioned above. The high cost of equipment and diagnostics, which will become the biggest challenge for market growth.

Impact of COVID-19 on the global nuclear medicine market 

The 2019 coronavirus pandemic (COVID-19) has posed significant challenges to health systems worldwide, whether in the preparedness, response, or recovery phase of the pandemic. It has been managed primarily by drastically reducing hospital and outpatient services for other illnesses and implementing infection prevention and control (IPC) measures. Positron Emission Tomography / Computed Tomography (PET / CT) scan decreased an average of 37%. In comparison, sentinel node procedures decreased by 47%, lung scans by 58%, bone scans by 62%, myocardial studies in 67%, and thyroid studies in 68%. Of all participating centers, 82% performed radionuclide therapy and reported a 46% reduction on average over the past four weeks, ranging from over 77% in Latin America and Southeast Asia to 17% in South Korea. South and Singapore. Survey results showed that 53% of participating sites limited their generator purchases to 99mTc / 99MB, and 13% of them temporarily canceled orders. Insufficient supply of essential materials (radioisotopes, generators, and kits) has been reported, especially for the 99mTc / 99Mo and 131I generators, especially in Africa, Asia, and Latin America. Nuclear medicine diagnostic procedures have plummeted, and the pandemic has hit countries around the world.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021 to 2027

Base Year

2021

Forecast Period

2022 to 2027

Segments Covered

By Type, Application and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

 

This research report on the global nuclear medicine market has been segmented and sub-segmented based on the type, application, and region.

Nuclear Medicine Market - By Type:

  • SPECT        
    • Technetium-99m
    • Thallium-201
    • Gallium-67
    • Iodine-23
    • Others
  • PET             
    • Fluorine-18
    • Rubidium-82
    • Others

Based on type, the segment of F-18 represented the largest share of the global nuclear medicine market in 2020. Because of its lower half-life (110 minutes) relative to other radioisotopes, F-18 is the most widely used PET radioisotope. It is projected that F-18 accounts for 98% of the total market for PET radioisotopes.

Nuclear Medicine Market - By Application:

  • Cardiology               
    • Lymphoma             
    • Thyroid     
    • Neurology
    • Oncology 
    • Others  

Based on the application, the oncology segment is expected to show the highest growth rate over the forecast period. Radiotherapy could be used to treat different medical conditions, especially cancer, by using radiation to weaken or kill specifically targeted cells. PET, which is an accurate technique, uses cyclotron-made isotopes. It is widely used in oncology for a medical function, with fluorine-18 as the tracer, and is known to be the most effective non-invasive method of detecting and assessing most cancers.

Nuclear Medicine Market - By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • The Middle East and Africa

Regionally, North America held the largest market share in the radioisotope industry for nuclear medicine. The United States is North America's largest contributor to sales and is expected to maintain its dominance due to the increased number of procedures and increased use of nuclear medicine isotopes for different therapeutic applications. Canada is Technetium-99 m's largest manufacturer. The market is likely to expand at a tremendous pace in Canada because of the use of Tc-99 m in radiopharmaceuticals. In various diagnostic procedures and treatments, 80% of the nuclear medicine market is driven by Tc-99 m. The North American market is likely to witness increased growth rates and market dominance, taking into account these factors associated with the United States and Canada.

KEY MARKET PLAYERS:

A few of the promising companies operating in the global nuclear medicine market are Cardinal Health, Inc.Bracco Imaging S.p.AGE Healthcare, Eczacibasi-Monrol Nuclear Products, Nordion, Inc., Bayer Healthcare, Lantheus Medical Imaging, Inc., Advanced Accelerator Applications S.A., IBA Molecular Imaging, Mallinckrodt PLC.

Please wait. . . . Your request is being processed

Related Reports

Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2500

Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM

Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!

REACH OUT TO US

Call us on: +1 888 702 9696 (U.S Toll Free)

Write to us: sales@marketdataforecast.com

Click for Request Sample