Nuclear medicine market size [2022-2028] worth $19.47

Pune, India, March 16, 2022 (GLOBE NEWSWIRE) — The world nuclear medicine market the size was USD 5.04 billion in 2020. The market is expected to grow from USD 5.57 billion in 2021 to USD 19.47 billion by 2028 at a CAGR of 19.6% during the period 2022-2028 . This information is provided by Fortune Business Insights™, in its report titled “Nuclear Medicine Market, 2022-2028”.

According to our researchers, the growth of the market is mainly due to the increasing frequency of chronic diseases. Additionally, technological advancements enabling the use of radiopharmaceuticals to analyze and treat cancerous tumors are contributing to the growth of the market.

industry development

March 2021: Bracco Diagnostics Inc. announced a collaboration with CardioNavix, LLC to improve patient access to cardiac PET imaging. This new program, the Bracco Mobile Isotope Service, will enable more patient care sites to provide cardiac PET imaging.

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Technological Advancements in Nuclear Imaging Modalities to Drive the Market

One of the fundamental aspects driving the growth of the nuclear medicine market is the increased awareness regarding the possible influence of primary and timely diagnosis and the corresponding positive influence in the management and treatment of protracted disorders. Developments in nuclear imaging technology, particularly PET/PET-CT, have contributed to expanding the applications of this modality beyond oncology to cardiology, neurology and infection identification.

Report cover

Our reports are made with an exhaustive examination method that mainly focuses on providing accurate material. Our researchers have applied a data navigation technique that further helps us to offer reliable forecasts and accurately examine the dynamics of the Nuclear Medicine market. Additionally, our analysts have been admitted to various international registries and locally sponsored to provide up-to-date material so that stakeholders and professionals only invest in operational areas.

COVID-19 Pandemic Hampered Market Revenue Due to Decrease in Diagnostic Processes

The COVID-19 pandemic has negatively impacted the market in 2020. Concerns such as shortage of labor and personnel, threat of transmission of COVID-19 and deterioration of imaging processes such that PET-CT SPECT procedures posed a test for the market growth in 2020. The decline in procedures can be attributed to the disruption of supply chains, logistical challenges and the adoption of safety measures, difficult to be maintained by the centers.

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On the basis of type, the market is classified into diagnostic and therapeutic radiopharmaceuticals. The diagnostic radiopharmaceuticals segment is estimated to hold the dominant share of the global market in 2020.

In terms of application, the market is categorized into neurology, cardiology, oncology, and others.

By end-user, the market is divided into Hospitals & Clinics, Diagnostic Centers and Others.

Geographically, the market is branched across North America, Europe, Asia-Pacific, and the rest of the world.

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North America leads with increased use of therapeutic radiopharmaceuticals

North America generated USD 2.57 billion in revenue in 2020 and is expected to maintain its dominance over the forecast period. The rapid adoption of operational nuclear imaging technologies combined with the increasing use of technologically sound and proficient therapeutic radiopharmaceuticals in the region is expected to fuel the growth of the market.

Europe is estimated to hold the second largest nuclear medicine market share owing to the adoption of advanced radiopharmaceuticals and current product unveilings by prominent players.

Asia-Pacific is expected to grow at a substantial CAGR over the forecast period.

Partnerships initiated by key companies to promote market growth

The dominating players of the market are continuously looking for ingenious strategies to encourage their brand equity and also promote the growth of the global market for the product by facing the least conceivable obstacles. Such an effective strategy is to win competitive businesses and thus generate a profit for both businesses involved.

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List of Key Players Covered in the Report

  • Lantheus Medical Imaging, Inc. (USA)
  • Cardinal Health (USA)
  • Norgine BV (Netherlands)
  • Nordion (Canada) Inc. (Canada)
  • Bayer AG (Germany)
  • Curum (France)
  • Advanced Accelerator Applications (Novartis AG) (France)
  • Bracco Diagnostics Inc. (USA)
  • Jubilant Pharmova Limited (India)
  • GE Healthcare (General Electric Company) (USA)

Some highlights from the table of contents:

  • introduction
    • Market scope
    • Market segmentation
    • Research Methodology
    • Definitions and assumptions
  • Abstract
  • Market dynamics
    • Market factors
    • Market constraints
    • Market opportunities
    • Market trends
  • key ideas
    • Installed base of PET/PET-CT scanners – For key countries, 2015 and 2019
    • Gamma Camera Installed Base – For Key Countries, 2019
    • PET/PET-CT procedure volume – for key countries, 2019
    • Refund Scenario – For Key Countries
    • New product launches
    • Key Industry Developments
    • Pipeline analysis
    • Impact of COVID-19 on the market
  • Global Nuclear Medicine Market Analysis, Outlook and Forecast, 2017-2028
    • Main results/summary
    • Market Analysis, Outlook and Forecasts By type
      • Diagnostic
        • PET Radiopharmaceuticals
          • FDG-PET/18F
          • 68Ga
          • 68Cu
          • 11C
          • Others
        • SPECT Radiopharmaceuticals
          • Technetium-99m
          • Iodine-123
          • Xenon-133
          • Thallium-201
          • Others
      • Therapeutic
    • Market Analysis, Outlook and Forecasts By app
      • Neurology
      • Cardiology
      • Oncology
      • Others
    • Market Analysis, Outlook and Forecasts Per end user
      • Hospitals & Clinics
      • Diagnostic centers
      • Others
    • Market Analysis, Outlook and Forecast – By Region
      • North America
      • Europe
      • Asia Pacific
      • Rest of the world

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