Nuclear Medicine Market Valuation to Soar at 11.5% by 2030, Global Revenue to Exceed US$11 Bn: Fairfield Market Research
Major Contributors to the Growth of Nuclear Medicine Industry Include a Surge in Cardiac and Cancer Disorders, and Therapeutic Nuclear Medicine Advancements. Despite Challenges Like Shorter Shelf-lives, and Restricted Budget, the Market Thrives on its Growing Role in Disease Identification and Treatment.
London, Dec. 12, 2023 (GLOBE NEWSWIRE) -- In a significant upswing, the global nuclear medicine market worth US$5.2 Bn as of 2022 is expected to see an upsurge at a CAGR of 11.5% between 2023 and 2030. By the end of 2030, the market for nuclear medicine is likely to reach an estimated valuation of US$11.1 Bn, projects the report.
The global nuclear medicine market is poised for significant growth in the years to come. A recently launched report by Fairfield Market Research states that the market gains largely from the rising prevalence of cardiac disorders and cancers, technological advancements, and increasing R&D efforts.
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REPORT SCOPE
Report Attributes | Details | |
Base Year | 2022 |
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Forecast Year | 2023 – 2030 | |
Market Size in 2022 | US$5.2 Bn | |
Estimated Market Size in 2030 | US$11.1 Bn | |
CAGR | 11.5 % |
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Growth Drivers |
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Segmentation |
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Regional Coverage |
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Key Players | Advanced Accelerator Applications, Karyopharm, Solcom, Zionexa, Cardinal Health, Norgine B.V., Blue Earth Diagnostics Ltd., Digirad Corporation, Jubilant Radiopharma, Curium Pharma, Lantheus Holdings, Inc., Sinotau Pharmaceuticals, Northstar Nuclear Medicine, Precirix NV, Bracco Diagnostic Inc. | |
The market strengthening its foothold in North America, and the rapidly expanding footprint in the Asia Pacific region are jointly creating a dynamic landscape for players in the nuclear medicine industry.
Increased R&D efforts to broaden hybrid imaging applications are expected to drive market growth in the nuclear medicine industry. A growing focus on expanding the use of dual optical and PET/CT probes for non-invasive detection, and SPECT hybrid imaging for atherosclerosis identification is noteworthy.
A company analyst says, “Companies in the market emphasize the creation of nuclear medicine treatments with a focus on therapeutic impact compared to other medicines. The demand for therapeutics is predicted to expand globally, especially in nations with a notably high burden of cancers”.
Key Research Insights
The industry saw the PET applications category take the lead in 2022.
The therapeutic nuclear medicine segment is expected to hold a dominant position in global market share by the end of 2030.
The market witnessed brachytherapy procedures category representing a commanding revenue share in 2022.
Insights into Segmentation Analysis
PET Applications Retain Dominance
PET applications, especially in oncology, retained dominance in 2022. The rising incidence of cancer, benefits of early detection, and increasing public awareness contribute to the growth of this segment.
An alarmingly high incidence of cancer, and growing awareness about the potential benefits of early diagnosis in cancer treatment will offer a collective push to this segment of the market in the long run.
Therapeutic Nuclear Medicines Lead
In 2022, therapeutic nuclear medicine dominated the industry, driven by a robust product pipeline, and the approval and commercialisation of nuclear medicine treatments. The diagnostic nuclear medicine segment is expected to witness significant growth.
The prominence of this category of the nuclear medicine market is clearly attributable to the relative efficacy of treatments, the benefits of various treatment alternatives, and a growing interest in therapeutic items among market players.
Demand for Brachytherapy Procedures Higher
The brachytherapy procedures segment led the market in 2022, driven by its use in treating various cancers. The alpha emitter procedures category is expected to experience the fastest growth, propelled by increasing public awareness of targeted alpha treatment.
Key Report Highlights
The surge in cardiac and cancer disorders plays a pivotal role in propelling the nuclear medicine market.
Nuclear medicine's crucial role in disease identification and treatment positions it as a high growth potential market in the years to come.
Despite its growing significance over the years, the market continues to face significant challenges in form of short shelf-lives of products, high equipment costs, and budget constraints.
Insights into Regional Analysis
North America Takes up the Largest Share
North America, especially the US, is set to dominate the global market for nuclear medicine. Factors such as a sizable population suffering from cancer and cardiovascular disorders, easy accessibility of radiopharmaceuticals, and technological advancements contribute to the region's market share.
Asia Pacific Develops Favourable Growth Environment
The Asia Pacific region, driven by rising consumer knowledge of nuclear medicine, increasing rates of cancer and cardiovascular diseases, and growing SPECT and PET applications, is expected to experience substantial market growth.
Key Market Players
Some of the leading entities in the global nuclear medicine industry include,
Advanced Accelerator Applications
Norgine B.V.
Blue Earth Diagnostics Ltd.
Curium Pharma
Digirad Corporation
Jubilant Radiopharma
Karyopharm
Lantheus Holdings, Inc.
Northstar Nuclear Medicine
Precirix NV
Sinotau Pharmaceuticals
Solcom
Zionexa
Cardinal Health
Bracco Diagnostic Inc.
Browse Global Nuclear Medicine Market Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Product Type Coverage, By Application Coverage, By End User Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/nuclear-medicine-market
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