Nuclear Medicine Market Size is slated to witness substantial growth during the period 2022 to 2028 owing to the increasing threat of cancer worldwide and the growing healthcare spending. The thriving need to decrease the demand-supply gap of Mo-99 has given way for an increased number of initiatives. The higher burden of cardiovascular diseases (CVDs) along with the surging count of targeted therapeutic procedures, and the rising SPECT and PET applications are other factors favoring the market progression.
Nuclear medicine is primarily a specialized area of radiology that employs very small amounts of radioactive materials, called radiopharmaceuticals for examining organ functions and structures. The higher public healthcare awareness and the growing government funding for the introduction of new techniques will add to the industry growth. However, the rising capital investments, reimbursement hurdles, and the short half-life of radiopharmaceuticals may hamper the industry growth.
With respect to diagnostics, the nuclear medicine market share from the PET segment will expand with a higher prevalence of chronic diseases, including cancer, and cardiovascular disorders. PET scanning can be accounted as a powerful diagnostic test used in the diagnosis and treatment of diseases. Apart from offering optimum safety, it gives unique information to assist in diagnosis, and making decisions about treatment or prognosis. It also delivers information on the proper functioning of tissue or organs and helps in diagnosing various brain and heart illnesses. Increasing penetration in clinical neurology, including brain tumors, movement disorders, neuronal plasticity, and dementia as well as in the early diagnosis of Alzheimer's disease will add huge impetus to the segment growth.
Based on application, the nuclear medicine market demand for nuclear medicine techniques from the cardiology segment is poised to grow with the increasing count of hospital visits by patients. The surging episodes of cardiovascular disorders are a major driver for market growth. According to the WHO (World Health Organization), cardiovascular diseases can be touted as a leading cause of death globally, accounting for over 17.9 million lives per year. Higher adoption rate and the lower costs of the techniques will also push product penetration.
The nuclear medicine industry in North America is set to show notable proceeds up to 2028 due to the rising instances of cancer. The increasing government funding in the region coupled with the higher rate of R&D expenditure and company initiatives has made way for the development of new technologies for radioisotope production. The growing adoption in various therapeutic applications along with the expanding procedural volume, and the surging consumer awareness pertaining to nuclear medicine are some other main driving parameters for the industry progression.
Well-known solution providers in nuclear medicine therapy are constantly focused on collaboration-oriented strategies, including acquisitions and partnerships, along with innovations to widen their portfolio as well as to amplify their stronghold in the competitive nuclear medicine market scenario.
For instance, in September 2021, BWX Technologies’ subsidiary, BWXT Medical inked an agreement with Bayer AG for developing and producing Ac-225 (Actinium-225), a highly powerful radioisotope utilized in targeted alpha therapies. This helped the firm leverage its differential strengths in nuclear medicine.
In another instance, GE Healthcare, in September 2021, launched MyoSPECT[ii], a cardiac-dedicated next-gen nuclear medicine scanner with new automated workflow features and extended field-of-view processing to offer a fast and comfortable exam experience.
Curium, Cardinal Health, GE Healthcare (General Electric), Lantheus Medical Imaging, Inc., Medtronic, NTP Radioisotopes SOC Ltd. (South African Nuclear Energy Corporation), Koninklijke Philips N.V., Bracco Diagnostic Inc., Siemens Healthineers (Siemens) are some other renowned industry players.
Amidst the ongoing coronavirus crisis, nuclear medicine technology witnessed substantial growth impelled by increasing penetration for reducing the incidence of late-stage failures. Techniques, including positron emission tomography (PET) and single-photon emission computer tomography (SPECT), saw considerable demand in mitigating virus transmission. The rising adoption of radionuclide-based treatment strategies also fostered revenue generation in the pandemic.
Market, by diagnostics
Market, by therapeutics
Market, by application
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