Segmented By Type ((Diagnostic Nuclear Medicine (SPECT Radiopharmaceuticals & PET Radiopharmaceuticals))& Therapeutic Nuclear Medicine (Beta Emitters, Alpha Emitters & Brachytherapy Isotopes)), By Application (Oncology, Cardiology, Neurology, Others), By End Use (Hospitals & Clinics, Diagnostic Centers, Academic & Research Institutions, Others), By Region.
New York, Aug. 26, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Nuclear Medicine Market- Global Industry Size, Share, Trends, Ciompetition, Opportunity and Forecast, 2017-2027" - https://www.reportlinker.com/p06150606/?utm_source=GNW
Global nuclear medicine market is expected to grow at a CAGR of 9.32% and reach USD8804.54 million through 2027. This can be attributed to the increasing cases of chronic diseases. The need for finding better cure for the ailments caused due to the multiple chronic diseases has significantly increased the demand for novel techniques such as nuclear medicine. Additionally, the growing demand for nuclear medicine and imaging has significantly led companies to focus on this sector which has made companies increase their research & development activities and introduce new products in the market. For instance, in March 2021, GE Healthcare introduced StarGuide. StarGuide is a nuclear imaging system developed to improve patient outcomes in therapeutic areas such as neurology, cardiology, and oncology.
Growing Popularity of Personalized Treatment
Precision medicine is an emerging trend in the healthcare industry that refers to providing disease treatment and prevention, considering the individual’s genetic makeup, variability in genes, environment, and the patient’s lifestyle.Other factors such as the patient’s age, gender, and pre-existing conditions are also considered.
Precision medicine uses data and genomics to provide treatment to the patient.The growing popularity of targeted radionuclide therapy provides efficacious treatment modalities against cancer.
The growing popularity of precision medicine has significantly increased the demand for nuclear medicine.
Increasing Geriatric Population
According to the WHO, the number of people aged 60 and up is rising, as is their population proportion.The number of persons aged 60 and up reached one billion in 2019.
By 2030, this number will rise to 1.4 billion; by 2050, it will rise to 2.1 billion. This rise is occurring at an unprecedented rate and is expected to intensify in the next decades, especially in emerging countries. The elderly population is much more prone to health ailments and diseases, which drives the market in the forecast period. Healthcare is also improving due to the initiatives by the government; for example, there is the availability of free medical facilities for elderly people in the U.K.
Increasing Cases of Cancer Drives the Global Nuclear Medicine Market
The cases of cancer are increasing rapidly.As mentioned by WHO, some of the most common cancer types are the breast, lung, colon and rectum, and prostate.
These types of cancers are prevalent globally.This has resulted in the death of 10 million people globally in 2020, which means that one out of every six deaths worldwide is due to the different types of cancer.
Thus, nuclear medicine is in demand for the early detection and diagnosis of cancer. Cancer has a high chance of curing if detected at the early stage, as the early diagnosis of cancer helps cure the ailment much faster & effectively, thus, driving the demand for nuclear medicine in developed countries as well in numerous developing countries.
Improved Advancements in Nuclear Imaging Techniques
The number of nuclear medicine procedures is increasing.This can be ascribed to the continuous improvement in the accuracy of detection, localization, and characterization of disease through PET and SPECT.
PET and SPECT are among the nuclear medicine radiology modalities employed in clinical settings.As per the Society of Nuclear Medicine, every year, millions of nuclear medicine procedures are performed with radiopharmaceuticals and imaging instruments to diagnose disease and deliver targeted treatments in the countries across the region.
These techniques have also been adopted in immunology, infection, gastroenterology, cardiology, oncology, neurology, and psychiatry, among other fields, for diagnosis and other applications.Advanced nuclear medicines and modern nuclear imaging equipment are aiding in accurate diagnosis of diseases in a comparatively shorter duration.
The continuous development of new radiopharmaceuticals for the PET/CT and SPECT/CT platforms, which are used in novel clinical applications such as neurology and orthopedics, along with the increasing accuracy of different tumor staging methods, are further contributing to the market growth. In September 2020, Curium launched Detectnet, a positron emission tomography (PET) agent, indicated for the localization of somatostatin receptor-positive neuroendocrine tumors (NETs) in adult patients. Thus, the technological advancements
The global nuclear medicine market is segmented based on type, diagnostic nuclear medicine, therapeutic nuclear medicine, application, end use and region.Based on type, the global nuclear medicine market can be split into diagnostic nuclear medicine, therapeutic nuclear medicine.
Based on diagnostic nuclear medicine, market can be further categorized into SPECT radiopharmaceuticals, PET radiopharmaceuticals.Based on therapeutic nuclear medicine, the market can be categorized into beta emitters, alpha emitters, brachytherapy isotopes.
Based on application, the market can be categorized into oncology, cardiology, neurology, and others.Based on end use, market can be classified into hospitals & clinics, diagnostic centers, academic & research institutions, and others.
By region it is split into North America, South America, Europe, Asia Pacific, Middle East & Africa. The United States nuclear medicine market is expected to grow at a CAGR of 9.55% and reach USD2388.71 million in 2027.
Major companies in the market are Cardinal Health, Inc., Curium SAS, GE Healthcare, Inc., Novartis (Advanced Accelerator Applications SA), Lantheus Medical Imaging, Inc. Bayer AG, Bracco Imaging S.p.A and others. Major players operating in the market are following strategies such as mergers and acquisitions, among others, to stay competitive and have an edge over other players in the market.
Years considered for this report:
Historical Years: 2017-2020
Base Year: 2021
Forecast Period: 2023F–2027F
In this report, global nuclear medicine market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
• Global Nuclear Medicine Market, By Type:
o Diagnostic Nuclear Medicine
o Therapeutic Nuclear Medicine
• Global Nuclear Medicine Market, By Diagnostic Nuclear Medicine:
o SPECT Radiopharmaceuticals
o PET Radiopharmaceuticals
• Global Nuclear Medicine Market, By Therapeutic Nuclear Medicine:
o Beta Emitters
o Alpha Emitters
o Brachytherapy Isotopes
• Global Nuclear Medicine Market, By Application:
• Global Nuclear Medicine Market, By End Use:
o Hospitals & Clinics
o Diagnostic Centers
o Academic & Research Institutions
• Global Nuclear Medicine Market, By Region:
o North America
o Asia Pacific
o South America
o Middle East & Africa
Company Profiles: Detailed analysis of the major companies present in global nuclear medicine market.
With the given market data, we offers customizations according to a company’s specific needs. The following customization options are available for the report:
Read the full report: https://www.reportlinker.com/p06150606/?utm_source=GNW
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