Fort Collins, Colorado, Oct. 27, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Nuclear Medicine Market size was valued at USD 8.1 Billion in 2022 and is expected to reach USD 46.3 Billion by 2032 at a CAGR of 19.1%.
Nuclear medicine is a medical specialty that uses radioactive trackers to diagnose and treat diseases. Specially designed cameras track the tracers' paths, and two common imaging modalities are used. The market is growing due to the increasing number of cancer cases worldwide and the growing awareness of nuclear medicines and their elements used in production.
The geriatric population is increasing in developing countries. As a result, there has been an increase in the number of cardiovascular diseases, which has led to an increase in the use of nuclear medicine for treatment. As cancer cases are increasing at an alarming rate throughout all age groups, nuclear medicine is an effective treatment for these cases, thereby expanding the nuclear medicine market growth.
Nuclear medicine has proven to be a valuable tool for detecting and diagnosing various medical conditions, including thyroid, gallbladder, cardiovascular issues, and cancer. It's especially useful in diagnosing critical neurological conditions such as Alzheimer's, dementia, and other brain conditions that cannot be treated with regular medical dosages. In some cases, nuclear medicine can also help avoid surgery, leading to market growth.
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Segmentation Overview:
The global nuclear medicine market has been segmented into type, application, end-use, and region. The diagnostics product holds the highest market share due to its advanced technology and large patient base. Nuclear medicine manufacturing, using radiotracers, accurately detects tumors for better and more advanced treatment. The oncology segment leads the market due to the rising number of cancer deaths caused by unhealthy lifestyles.
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Nuclear Medicine Market Report Highlights:
- The global nuclear medicine market growth is anticipated at a CAGR of 19.1% by 2032.
- A strong product pipeline and favorable government initiatives drive growth in the nuclear medicine market.
- North America dominates the market and is expected to grow due to increased R&D activities and advanced infrastructure.
- Some prominent players in the nuclear medicine market report include GE Healthcare, Nordion, Inc., Bracco Imaging S.P.A, Jubilant Life Sciences Ltd, NTP Radioisotopes SOC Ltd., The Australian Nuclear Science and Technology Organization, The Institute for Radioelements (IRE), Eckert & Ziegler, Lantheus Medical Imaging, Inc., Mallinckrodt, Eczacıbaşı-Monrol and others.
Industry Trends and Insights:
- Jubilant Bhartia Group will establish a new facility in Genome Valley, Hyderabad.
- GE Healthcare plans to expand its partnership with South Korea, which has emerged as a leading country in the digital medical market.
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Nuclear Medicine Market Segmentation:
- By Type: Diagnostics, Therapeutic
- By Application: Cardiology, Neurology, Oncology, Thyroid, Others
- By End-use: Cardiology, Neurology, Oncology, Thyroid, Others
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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