WASHINGTON, Sept. 15, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Nuclear Medicine Market finds that the increased number of cancer patients worldwide accelerates market expansion. In addition, the advancement of technologies in nuclear imaging modalities along with the latest product launches is anticipated to expand the growth of the Global Nuclear Medicine Market during the forecast period.
The Global Nuclear Medicine Market revenue is expected to reach a value USD 15.2 Billion in 2028.
The Global Market revenue was valued at USD 7.8 Billion in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 12.7% during the forecast period; states Vantage Market Research, in a report, titled “Nuclear Medicine Market Size, Share & Trends Analysis Report by Type (Diagnostic Nuclear Medicine, Therapeutic Nuclear Medicine, Brachytherapy Isotopes), by Applications (Diagnostic Applications, Procedural Volume Assessment, Diagnostic Procedures, Therapeutic Procedures), by Procedural Volume Assessment (Diagnostic Procedures, Therapeutic Procedures), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Industry Findings & Insights from the report:
- The global Nuclear Medicine Market was valued USD 7.8 Billion in 2021 and is all set to surpass USD 15.2 Billion by 2028, exhibiting a CAGR of 12.7% during the forecast period 2022-2028.
- In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
- In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
- The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
- Asia Pacific captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Nuclear Medicine industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
List of Prominent Players in Nuclear Medicine Market:
- Curium
- Bracco Imaging S.P.A.
- Pharmalogic
- Eczacibaşi-Monrol Nuclear Products
- Cardinal Health
- NTP Radioisotopes SOC LTD. (A Subsidiary of South African Nuclear Energy Corporation)
- GE Healthcare
- Nordion Inc. (A Sotera Health Company)
- Advanced Accelerator Applications (AAA) (A part of Novartis)
- Northstar Medical Radioisotopes LLC
- Eckert & Ziegler
- Joint Stock Company Isotope (JSC Isotope)
- Bayer AG
- Siemens Healthineers
- Jubilant Draximage Inc. (A Subsidiary of Jubilant Pharma)
- Lantheus Medical Imaging Inc.
- Global Medical Solutions
- Shine Medical Technologies
- Isotopia Molecular Imaging Ltd.
- Sinotau Pharmaceutical Group
- Institute of Isotopes Co. Ltd.
- China Isotope & Radiation Corporation
- Yantai Dongcheng Pharmaceutical Group Co. Ltd.
- Cyclopharm
- IRE Elit
Market Dynamics:
Driver:
High Incidences of Cancer to Drive the Market Growth
There has been high growth in the number of cancer patients worldwide, which is a significant illness that needs the use of Nuclear Medicine Market. The number of patients affected by cancer and the resultant death might go to 23.3 million in the coming years. This type of medicine plays a significant part in detecting and treating cancer. Moreover, diagnosis of cancers is one of the most generally performed imaging procedures worldwide owing to the high incidence of cancer, the growing awareness of early diagnosis, and the benefits of diagnosis in the treatment and management of several cancer types. Many pipeline products of Nuclear Medicine Market therapies are intended for the indication of oncology, which is likely to contribute to the market expansion during the forecast period.
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Technological Developments in Nuclear Imaging Modalities and New Product Launches to Stimulate the Market Growth
The growing awareness relating to the potential impact of early and timely diagnosis and the resultant positive impact in the management with the treatment of chronic diseases is a significant growth factor driving the Nuclear Medicine Market imaging market expansion. Moreover, the advancements in nuclear imaging technology, mainly PET/PET-CT, are supporting the growth of applications of this modality ahead of oncology to cardiology, neurology, and the detection of infections. Due to such technological advancements, there has also been an extensive surge in the number of PET and SPECT processes. Besides, the developments like the expansion of cadmium zinc telluride (CZT)-based detectors that aid in the simultaneous viewing of physiological and anatomical structures will likely fuel the SPECT-CT adoption systems.
Furthermore, the novel product launches of diagnostic and therapeutic radiopharmaceuticals by leading market players are anticipated to boost the growth of the Nuclear Medicine Market in the coming years. Also, various key participants have entered into partnerships and agreements for advancing and commercial launches of diagnostic radiopharmaceuticals.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide, and the Global Nuclear Medicine Market is not an exception. Administrative bodies worldwide implemented curb measures, for instance, lockdown, to ensure strict social distancing norms to restrict the spread of the disease. Small and medium-scale industries, which are technology partners to the Nuclear Medicine Market companies, suffered impact due to the pandemic. In addition, the Nuclear Medicine Market was also impacted by the restricted movement of goods and people due to the lockdown measures in place during the beginning stages of the COVID-19 spread.
Since the beginning of 2022, the supplies and workforce are expected to resume normal which will further bolster Nuclear Medicine Market industry coming back on track. Vantage Market Research, while performing the research on the topic for the Global Nuclear Medicine Market has considered the end-to-end impact of COVID-19 on the Global Nuclear Medicine Market. In addition, the study also deep dives into the after-effects of the COVID-19 pandemic on the subsidiary units of the Nuclear Medicine Market industry. Furthermore, the study also does an exhaustive analysis while estimating the present and the future market size for the Global Nuclear Medicine Market industry primarily based on the aforementioned data points:
1. Impact Assessment of COVID-19 Pandemic
a) North America
b) Europe
c) Asia Pacific
d) Latin America
e) Middle East & Africa
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
4. Long-Term Dynamics
5. Short-Term Dynamics
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The report on Nuclear Medicine Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
Regional Analysis:
North America Dominated the Global Nuclear Medicine Market
North America dominated the Global Nuclear Medicine Market and will continue its dominance during the forecast period. This dominance is attributable to the increasing geriatric population base, the growing prevalence of cancer, and the growth in product launches in the region. In terms of revenue, the U.S. region is the main contributor of the North America owing to the high system volume of Nuclear Medicine Market procedures and rise in the adoption of Nuclear Medicine Market for numerous therapeutic applications. Also, Canada is one of the leading producers of Tc-99m, which helps to augment the regional market. Moreover, the surge in investment in cancer disease research and treatment will likely drive regional market growth. Besides, top players are taking initiatives to develop new technologies and improve radioisotope options in this region, which will propel the North America market growth in the future.
Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on "Nuclear Medicine Market Size, Share & Trends Analysis Report by Type (Diagnostic Nuclear Medicine, Therapeutic Nuclear Medicine, Brachytherapy Isotopes), by Applications (Diagnostic Applications, Procedural Volume Assessment, Diagnostic Procedures, Therapeutic Procedures), by Procedural Volume Assessment (Diagnostic Procedures, Therapeutic Procedures), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Recent Developments:
February 2022: SNMMI announced the launching of a program offering Nuclear Medicine Market facilities the opportunity to qualify as designated and certified Centers of Excellence in Radiopharmaceutical Therapy. In addition, the centers will meet strict regulatory, training, qualification, experience, and performance criteria leading to appropriate patient selection and outcomes from radiopharmaceutical therapy.
July 2021: Medtronic plc announced a pilot program with Mpirik to address disparities in care related to the prevention of sudden cardiac arrest (SCA), a state in which the heart suddenly and unexpectedly stops beating.
January 2021: Eckert & Ziegler to build a cGMP facility for radiopharmaceutical services in the USA. The company announced the expansion of its production site in Boston, Massachusetts of a new production facility for the contract manufacturing of radiopharmaceuticals. The facility will be dedicated to the production of late investigational-stage and commercial-stage radio pharmaceuticals used in Nuclear Medicine Market and can help deal with the growing demand for radionuclides in the market.
Key Questions Answered in The Report:
- Which region will show the fastest and highest growth in the near future?
- Which are the top five players and their weakness and strength of the Market?
- What will be the future innovation in the upcoming six years?
- Which application and product will lead the largest share of the Market?
- What are the growth drivers, restraints and challenges of the industry?
- What will be the CAGR and size of the Nuclear Medicine Market for the base year and forecast period?
This market titled “Nuclear Medicine Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Type • Diagnostic Nuclear Medicine • Therapeutic Nuclear Medicine • Brachytherapy Isotopes • Applications • Diagnostic Applications • Procedural Volume Assessment • Diagnostic Procedures • Therapeutic Procedures • Procedural Volume Assessment • Diagnostic Procedures • Therapeutic Procedures • Region • North America • Europe • Asia Pacific • Latin America • Middle East & Africa |
| Region & Counties Covered | • North America • U.S. • Canada • Mexico • Europe • U.K • France • Germany • Italy • Spain • Rest Of Europe • Asia Pacific • China • Japan • India • South Korea • South East Asia • Rest Of Asia Pacific • Latin America • Brazil • Argentina • Rest Of Latin America • Middle East & Africa • GCC countries • South Africa • Rest Of Middle East & Africa |
| Companies Covered | • Curium • Bracco Imaging S.P.A. • Pharmalogic • Eczacibaşi-Monrol Nuclear Products • Cardinal Health • NTP Radioisotopes SOC LTD. (A Subsidiary of South African Nuclear Energy Corporation) • GE Healthcare • Nordion Inc. (A Sotera Health Company) • Advanced Accelerator Applications (AAA) (A part of Novartis) • Northstar Medical Radioisotopes LLC • Eckert & Ziegler • Joint Stock Company Isotope (JSC Isotope) • Bayer AG • Siemens Healthineers • Jubilant Draximage Inc. (A Subsidiary of Jubilant Pharma) • Lantheus Medical Imaging Inc. • Global Medical Solutions • Shine Medical Technologies • Isotopia Molecular Imaging Ltd. • Sinotau Pharmaceutical Group • Institute of Isotopes Co. Ltd. • China Isotope & Radiation Corporation • Yantai Dongcheng Pharmaceutical Group Co. Ltd. • Cyclopharm • IRE Elit |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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