Published Date : 22 Apr 2024
The global nuclear medicine market size was exhibited at USD 10.65 billion in 2023 and is anticipated to touch around USD 31.44 billion by 2033, expanding at a CAGR of 11.45% from 2024 to 2033. Nuclear medicines are mostly used in oncology, cardiology, neurology, and other therapies.
The nuclear medicine market deals with pharmaceutical medicines or drugs that carry radioactive isotopes. They are used in major healthcare sectors and complete medicinal formulations with radioisotopes for therapy and diagnosis. Nuclear medicine is a medical service that uses radioactive materials to detect and treat diseases. The growth of the market is anticipated due to the increasing prevalence of chronic diseases. In addition, the market growth is attributed to the use of radiopharmaceuticals to detect and treat cancer tumors. The market key players focus on several strategies, such as acquisitions and the launching of new products, which are considered to grow the market value in the coming years. In addition, increasingly favorable government initiatives and the presence of a robust product pipeline drive the growth of the market.
Advanced treatment options to fuel the nuclear medicine market growth
Nuclear medicine has technically and digitally escalated the treatment options for several medical conditions, and one major disease is cancer. Cancer treatment includes chemotherapy and radiation. In some cases, when cancer patients have lost their hope of survival, advanced treatment of nuclear medicine has been the best option for them. In addition, nuclear medicine is especially efficient for the detection of highly major medical conditions. Their accuracy is what makes people trust in their power.
Nuclear medicine has helped medical professionals and many physicians detect severe possibilities in the early stages of treatments. Further, nuclear medicine accuracy has made many major medical treatments simpler. Its accuracy also helps in-depth analysis and examination. The accurate processes do not leave any complications when it comes to treatments. Patients had to undergo major procedures and surgeries for the traditionally detailed diagnosis. Accuracy is the best advantage and has made treatments much easier. Hence, these major advantages are responsible for the growth of the nuclear medicine market.
However, health risks and no guaranteed assurance may restrain the market. Prolonged or high acknowledgment of nuclear medicine unluckily results in some serious health problems. These equipment and procedures give away toxic radiation, which can be mortal, especially to geriatric patients and pregnant women. Further, in spite of the documented accuracy and advantages, nuclear medicine does not offer a 100% guarantee of healing and cure. So, sometimes, patients can face major health conditions that can be fatal.
| Report Coverage | Details |
| Market Revenue in 2023 | USD 10.65 Billion |
| Projected Forecast Revenue by 2033 | USD 31.44 Billion |
| Growth Rate from 2024 to 2033 | CAGR of 11.45% |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Period | 2024 to 2033 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Recent Development by SNMMI
Recent Development by BARC
Asia Pacific is expected to grow the fastest during the forecast period. The growing investment in nuclear medicines and increased awareness of nuclear medicine therapies are expected to drive the growth of the nuclear medicine market. China, Japan, and India are the developed countries in the Asia Pacific region.
China has the biggest market for nuclear medicine. In China, for better treatment and awareness of chronic diseases, the Chinese Society of Nuclear Medicine announced a survey on the status of nuclear medicine. China has thousands of organizations, especially large hospitals that provide nuclear medicine services. Cancer diagnosis and screening are the primary devices in Chinese nuclear medicine.
North America dominated the nuclear medicine market in 2023. The availability of the best healthcare center and the presence of several manufacturing units in this region are expected to drive market growth in North America. United States and Canada are the emerging countries in nuclear medicine in North America.
In the United States, nuclear medicine represents a highly technologically advanced and important sector of medical therapeutics and diagnostics. The U.S. stays at the forefront of both the implementation and consumption of nuclear medicine. In the United States, 40 million nuclear medicine procedures are performed, and 13.5 million are conducted every year. In the U.S., the largest nuclear pharmacy chain, Cardinal Health, provides 50% of all demands and consumes more than 20% worldwide. These are the major factors in the United States that are responsible for the growth of the market.
Artificial Intelligence and informatics in nuclear medicine
Informatics and artificial intelligence are vastly gaining clinical prevalence in medical imaging and healthcare. In radiology, 76% of AI is enabled with the approval of FDA medical devices operating in the domain. There is also the presence of the adoption of AI applications, validation, and development in nuclear medicine. Moreover, the significant impact of cancer, such as patient care in nuclear medicine, as well as training, teaching, and research, can be beneficial. Nuclear medicine has developed infinite innovations from the advanced radionuclides, which are transforming the landscape of radioligand and diagnostics therapy.
The nuclear medicine sector has always represented itself as the leader of technological advancement. The unique combination of nuclear medicine and artificial intelligence is an advanced development in the healthcare industry. In nuclear medicines, several factors may be responsible for clinical advancement, such as accountability, generalizability, accuracy, robustness, and transparency. Hence, the bright future of nuclear medicine is illuminated by artificial intelligence, and therefore, these opportunities may enhance the growth of the nuclear medicine market in the future.
Market Segmentation
By Product
By Application
By End-user
Buy this Research Report@ https://www.precedenceresearch.com/checkout/1869
You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 650 460 3308
