Nuclear Medicine Market Overview
The Nuclear Medicine Market has witnessed significant growth in recent years, largely driven by the increasing demand for Radiopharmaceuticals. These specialized pharmaceuticals contain radioactive isotopes and are crucial for various diagnostic and therapeutic procedures in healthcare. Radiopharmaceuticals enable precise imaging of organs and tissues, aiding in the early detection and accurate diagnosis of diseases such as cancer and cardiovascular disorders.
Nuclear Medicine Market Size was valued at USD 6.24 billion in 2021 and is projected to grow from USD 7.06 billion in 2022 to USD 24.03 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 13.2% during the forecast period (2023 - 2032).
Regional Analysis
The Americas due to the presence of North America has established itself as a market leader. The presence of several important market players combined with the high prevalence of cancer and other chronic diseases has influenced the growth of the Americas nuclear market. The region, particularly countries such as U.S Canada have well-developed healthcare sectors which receive high investments. Moreover, the region has a high geriatric patient population which is expanding rapidly and is growing increasingly aware regarding advanced therapies.
Segmentation
MRFR has conducted a detailed study of the various parts of the nuclear medicine market which has been segmented based on product type, application, end-user, and region.
By product types, the nuclear medicine market has been segmented into diagnostic nuclear medicine and therapeutic radiopharmaceuticals. At present, the diagnostic nuclear medicine segment has attained a leadership position. However, the therapeutic radiopharmaceuticals segment is the fastest growing segment during the forecast period. The diagnostic nuclear medicine segment is segmented further into SPECT radiopharmaceuticals, and PET radiopharmaceuticals. Meanwhile, the therapeutic radiopharmaceuticals segment is sub-segmented into alpha emitters, beta emitters, and brachytherapy isotopes.
Applications of nuclear medicine are segmented into diagnostic applications and therapeutic applications. Diagnostic applications are a major segment which is sub-segmented into SPECT applications and PET applications. Meanwhile, the therapeutic applications segment is growing at the fastest pace.
End-users have been segmented into hospitals diagnostic centres, research institutes, and others. Research institutes display the highest potential for growth over the forecast period, while hospitals diagnostics centres have been identified as the most significant segment in terms of market share.
All sub-segments have been segmented further and included in the report.
Key Players
Nuclear Medicine Market players include Jubilant Lifesciences, Lantheus Medical Imaging, Mallinckrodt Pharmaceuticals, Medtronic plc, Bayer AG, Advanced Accelerators Applications, Nordion Inc., Cardinal Health, Bracco Imaging, Curium, and GE Healthcare.
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