Nuclear Medicine Market Grows to USD 22.23 Billion by 2031 Due to Hybrid Imaging Research| SkyQuest
Westford USA, July 25, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Nuclear Medicine Market will attain a value of USD 22.23 Billion by 2031, with a CAGR of 13.00 % during the forecast period (2024-2031). In the last few years, the market for nuclear medicine has witnessed massive growth due to durable product pipelines and favorable government incentives to enhance access to nuclear medication. Presently, there are many products which are under clinical trials like betalutin, omburtamab, yttrium-90 microspheres, PNT2003, 177Lu‑PNT2002. The market for SPECT/CT hybrid imaging systems is advancing because of their growing usage for early detection diseases. The market is further propelled by the rising incidence of chronic diseases like cancer. Nowadays, many companies are also investing in advanced treatments like oncology, expanding the market growth. Continuous research and development on different drugs are propelling the growth of the nuclear medicine market.
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Browse in-depth TOC on the "Nuclear Medicine Market"
- Pages - 157
- Tables - 146
- Figures – 78
Nuclear Medicine Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 10.2 Billion |
| Estimated Value by 2031 | $ 22.23 Billion |
| Growth Rate | Poised to grow at a CAGR of 13.00% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, Procedural Volume Assessment, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Hospitals and research institutes globally emphasizing on advancing nuclear medical therapies |
| Key Market Opportunities | Prevalence of cancer and cardiovascular diseases propelling the market growth |
| Key Market Drivers | Surge in global geriatric population leading to a significant demand for nuclear medicine |
Innovative Technologies in Nuclear Imaging Modalities Lead to Expand the Market
Today people and medical care providers are becoming more aware about the possible advantages of timely and early diagnosis in managing and treating chronic diseases. This has become one of the most crucial drivers for the expansion of the nuclear medicine imaging market. Moreover, many treatments like neurology, infection detection, oncology, and cardiology have benefitted from advancements made in nuclear imaging technology, especially in PET/PET-CT. The implementation of SPECT-CT systems will also be boosted by improvements in the developments of detectors dependent on cadmium zinc telluride (CZT). This technology allows real-time observation of physiological and anatomical frameworks.
Growth in Research Activities to Expand Hybrid Imaging Applications Drives the Market
One of the key trends shaping the growth of the market is growth of research activities to increase the applications of hybrid imaging. There has been a recent boom in market growth due to the increasing research and development performed. Advanced treatments like SPECT and PET/CT systems are used in oncology, to increase the opportunities for hybrid imaging, driving R&D activities. Researchers are also emphasizing more on the application of dual optical and PET/CT probes for identifying atherosclerotic plaque inflammation non-invasively. SPECT hybrid imaging has become extremely useful for recognizing people who are at a high risk of premature atherosclerosis. In recent times, studies related to hybrid systems for treating complex neurological issues have also increased, such as utilizing hybrid imaging to comprehend brain connectivity in neuropsychiatric disorders. Such initiations will positively influence the global market for nuclear medicine.
North America to Dominates with Large Number of Nuclear Medicines in the Global Nuclear Medicine Market
North America is at the forefront with the largest market share in nuclear medicine. The market is developing rapidly because of the large volume of nuclear medication methods that are used in treatment, such as the SPECT scanners. Vendors are also continuously emphasizing introducing advanced new products in the market that can be beneficial for treatments. Solid medical service framework is another factor that is boosting nuclear medicine in this region.
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Nuclear Medicine Market Insights
Drivers:
- Government incentives will increase the access to nuclear medicine driving market expansion.
- Favorable reimbursement conditions are increasing the market growth, especially for radiopharmaceuticals.
- Innovative technologies in nuclear imaging modalities like PET/PET-CT and SPECT-CT systems are augmenting market growth.
- Rising prevalence of chronic disorders like cancer
Restraints:
- Alternative treatments like MRIs and CT scanners are restraining the demand for nuclear imaging systems.
- High expense of installing hybrid imaging devices.
- Short Shelf life of radiopharmaceutical products
Major Players in the Nuclear Medicine Market
The following are the Top Nuclear Medicine Companies
- GE Healthcare
- Siemens Healthineers
- Philips Healthcare
- Curium Pharma
- Cardinal HealthS
- Bracco Imaging
- Eckert & Ziegler
- Lantheus Medical Imaging
- Jubilant Life Sciences
- Nordion Inc.
- IBA Molecular
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Key Questions Answered in the Nuclear Medicine Market?
- Which region held the largest market share in the nuclear medicine market?
- Who are the key players in the market?
- What are the primary factors driving the growth of the nuclear medicine market?
- What segments are covered in the nuclear medicine market report?
This report provides the following insights:
- Analysis of key drivers (High demand for advanced nuclear medicines, upsurge in cancer rates, and geriatric patients with low immunity to drive the demand), restraints (High expense of hybrid imaging devices and high expense of installing hybrid imaging devices), opportunities (High demand for nuclear medical therapies in countries with high cancer burden and technological advancement in the nuclear medicine market), and challenges (Availability of alternative treatments like MRI and CT scans and Short shelf-life of radiopharmaceutical products) influencing the growth of nuclear medicine market
- Market Penetration: Comprehensive information on the product offered by the top players in the nuclear medicine market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the nuclear medicine market
- Market Development: Comprehensive information on emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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