Nuclear Medicine Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3205
Nuclear Medicine Market size is projected to experience significant growth from 2019 to 2025.
Rising prevalence of cancer will be a key factor in nuclear medicines market growth. According to National Cancer Institute, in 2016, there were about 15.5 million cancer survivors in the United States. The number of cancer survivors is expected to reach 20 million by 2026. As per World Health Organization (WHO) study, globally about 1 in 6 deaths is due to cancer. Increasing incidences of cancer patients across the globe is expected to boost the demand for nuclear medicine market.
Sedentary lifestyle has been a major cause of cardiovascular diseases in the world. Cardiovascular diseases continue to be the leading cause of deaths worldwide. According to WHO, the number of deaths due to cardiovascular diseases is expected to reach 24 million by 2030. Rising number of cardiovascular diseases due to surge in the number of cigarette smokers and diabetes patients will further fuel the nuclear medicines market growth.
However, stringent government regulatory framework could pose a hurdle to the nuclear medicines market growth. Risks associated with exposure to radiations coupled with high costs could stagnate the growth further.
Single Photon Emission Computed Tomography (SPECT) has witnessed considerable technological advancements in the recent years. For instance, improved cameras and computer-aided image enhancement have bolstered the SPECT scanning market growth. Technological advancements coupled with reduced costs will drive the SPECT market growth substantially.
Brachytherapy is gaining momentum due to the several advantages it offers. The radiation is delivered with a high level of accuracy and has a minimized risk of side effects. It also has proven to be a good alterative for surgery and chemotherapy in cancer treatment. Other advantages such as reduced costs and shorter recovery time are expected to boost brachytherapy market growth.
Number of cancer patients have increased substantially in the recent years. Advancements in radiation therapies have increased cure rate in cancer patients. For instance, in the treatment of prostate cancer, brachytherapy has higher cure rate as compared to chemotherapy or surgery. Surge in the number of cancer patients coupled with advancements in cancer treatment will significantly drive the nuclear medicine market growth.
U.S. is expected to dominate the global nuclear medicine market during the forecast period. Availability of advanced healthcare infrastructure coupled with increase in healthcare spending will substantially drive the nuclear medicine market growth in the U.S. Furthermore, majority of players are present in U.S. that will lead to development of advanced products, thus leading to market growth in the region.
Some of the prominent players of global Nuclear Medicines market include Bayer AG, Bracco Diagnostic Inc., Cardinal Health, Curium Pharma, GE Healthcare, Koninklijke Philips N.V., Lantheus Medical Imaging, Inc., Medtronic, NTP Radioisotopes SOC Ltd. and Siemens Healthineers. The competitors focus on product launch, merger and acquisitions to strengthen market position.
Nuclear medicine market, by diagnostics, 2014-2025 (USD Million)
Nuclear medicine market, by therapeutics, 2014-2025 (USD Million)
- Alpha Emitters
- Beta Emitters
Nuclear medicine market, by application, 2014-2025 (USD Million)
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
- Bayer AG
- Bracco Diagnostic Inc.
- Cardinal Health
- GE Healthcare
- Koninklijke Philips N.V.
- Lantheus Medical Imaging, Inc.
- NTP Radioisotopes SOC Ltd.
- Siemens Healthineers
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