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Therapeutic Nuclear Medicine Market Size
Therapeutic Nuclear Medicine Market size is poised to expand significantly over 2024-2032, owing to the growing awareness of its effectiveness in treating hyperthyroidism and thyroid cancer.
According to the American Cancer Society’s estimates, in 2022, around 43,800 new thyroid cancer cases were registered, proliferating the adoption of nuclear medicine therapy. The growing demand for nuclear medicine, which entails utilizing radioactive materials for therapeutic and diagnostic purposes within the field of radiology, is driven by its ability to accurately identify internal organ structure and function. This technology plays a crucial role in early disease detection and abnormalities. The increasing cognizance of timely intervention with focus on personalized treatments is boosting the industry growth.
Therapeutic Nuclear Medicine Market Trends
Over recent years, cancer has emerged as one of the leading causes of death, which may bolster the industry outlook. In 2022, an estimated 1.9 million new cancer cases were diagnosed, with 609,360 cancer-related deaths recorded in the United States. This will boost the demand for nuclear medicine therapeutics for patients who no longer respond to other cancer therapies. Additionally, rapid advancements in CT imaging techniques and the evolution of radiotherapy will create lucrative opportunities for nuclear therapy development in the upcoming years.
Therapeutic Nuclear Medicine Market Analysis
In terms of the radionuclide, the beta emitters segment is set to hold a considerable market share by 2032, favored by the capability to reduce bone loss and bone pain due to cancer-causing diseases. Exposure to radiation and chemotherapy can increase the risk of fractures and osteoporosis. Beta-emitted radionuclides interact selectively with target tissues and reach the surroundings of target cells. The emergence of this therapeutic option as an effective means of providing large radiation doses to targeted locations will further contribute to its adoption in cancer treatment.
The ambulatory surgical centers segment will depict a sizable revenue by the end of forecast period, considering the rapid rise of the personalized care delivery and the increasing burden of colorectal cancer worldwide. As per CDC data, 68% of deaths from this cancer could be avoided through effective screening of all eligible patients. The awareness of the disease treatment will further encourage patients to opt for cost-effective screening colonoscopies in ASCs and ensure savings in health expenditures.
North America therapeutic nuclear medicine market size will expand at notable pace over 2024-2032, attributed to the increasing investment in tumor treatments and the extensive development of radiopharmaceuticals. The rising investments in healthcare infrastructure and R&D activities, in consort with favorable government initiatives and reimbursement policies are facilitating access to advanced medical treatments. With ongoing advancements and increasing adoption of nuclear medicine therapies.
Therapeutic Nuclear Medicine Market Share
The competitive landscape of the therapeutic nuclear medicine industry comprises companies such as:
- Eckert & Ziegler
- Advanced Accelerator Applications (Novartis)
- Progenics Pharmaceuticals (Lantheus Holdings)
- Jubilant Pharma
These companies are focusing on product range expansion, collaborations, and other strategies to reinforce their presence in the market.
Therapeutic Nuclear Medicine Industry News
- In June 2023, Jubilant Draximage Inc. announced a new agreement with Evergreen Theragnostics, Inc. The former’s radiopharmacy business would prepare, sell, and distribute doses of OCTEVY™ to positron emission tomography (PET) customers across the US.