Nuclear Medicine Market Insights, Latest Trends, Future Growth, Share Value, Sales Projection and Industry Outlook by 2027

Nuclear Medicine Market Scope

Market Research Future (MRFR)’s extensive research study reveals that the nuclear medicine market will clock a growth rate of 13% from 2020 to 2027. The market value by the end of 2027 should be around USD 13 Billion.

Rising approvals of new drugs and their companion diagnostic assays, accelerated cases of cancer Rapid emergence of sophisticated technologies in nuclear imaging systems including Positron Emission Tomography (PET) and SPECT has been a strong booster for the nuclear medicine industry. Surge in research and development activities conducted by the major firms is also fostering the market growth. To illustrate, GE Healthcare launched IT-based and cloud solutions as well as apps that connect the medical imaging with insights and analytics.

Rising clinical use of nuclear medicines in cardiology, oncology, neurology, and endocrinology are enhance the market size as well. Additionally, large-scale funding combined with supportive initiatives by the government will raise the demand for nuclear medicines in the future.

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The huge burden of cancer and cardiovascular disorders across the globe, rising need for targeted cancer treatment backed by alpha radioimmunotherapy, and innovations in radiotracer treatment should also benefit the global market in the next few years.

Nuclear Medicine Market Segmental Review 

The major product types listed in the MRFR research study are therapeutic radiopharmaceuticals as well as diagnostic nuclear medicine. Currently, the diagnostic nuclear medicine segment has the leadership status while the therapeutic radiopharmaceuticals segment is touted to attain the fastest development rate during the analysis period. The diagnostics-based segments are PET radiopharmaceuticals and SPECT radiopharmaceuticals. SPECT radiopharmaceutical types are I-123, Tc99m, and more. PET radiopharmaceuticals-wise, the major segments are C11 Choline, F18, and more. 

Applications of nuclear medicine covered in the review report include diagnostic applications along with therapeutic applications. Diagnostic applications form the leading segment and its sub-segments are PET applications as well as SPECT applications. On the other hand, the therapeutic applications will be the fastest progressing segment in the future.

End-users in the market are research institutes, hospitals & diagnostic centres, and many more. Research institutes show maximum growth potential in the years to come while the fastest advancement will be displayed by the hospitals & diagnostics centres segment in the following years.

Nuclear Medicine Market Regional Insight

Given the frequent technological innovations and the presence of sophisticated medical facilities, America has landed the top spot in the global market. The region is headed by the United States, where majority of the reputed players are set up. These players invest heavily on exhaustive R&D activities with respect to new medicines, which further enhances the market size. Substantial burden of cancer cases and several other chronic disorders will have a strong influence on the American market. Highly developed economies such as Canada and the United States consist of well-established healthcare industries that get significant investments. The region’s vast geriatric patient base and the soaring awareness with regard to the latest therapies will also have a tremendous effect on the nuclear medicine market in the region over the ensuing years.

The APAC market for nuclear medicines will note the fastest advancement in the next couple of years, as the government is actively working on fostering the awareness level among people about the available treatment options. Rampant demand for more effective therapies, paired with the mounting burden of cancer in the region raises the need for nuclear medicines. Companies in the region are focused on making strategic movies like distribution agreements, product launches and partnerships to elevate their market rankings.

Affluent Vendors

Bayer, Bracco Imaging, Curium, Lantheus Medical Imaging, Nordion Inc., Medtronic plc., Cardinal Health, Jubliant Lifesciences, GE Healthcare, Mallinckrodt Pharmaceuticals, Advanced Accelerators Applications, are some of the biggest nuclear medicine developers profiled in the research study.

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Latest Updates

Bayer is planning to acquire Noria Therapeutics as well as its subsidiary PSMA Therapeutics, in a deal that would facilitate the addition of an experimental prostate cancer drug to its pipeline. The acquisition gives Bayer the ownership of a preclinical radiopharmaceutical/nuclear medicine that is targeted at PSMA, which is a protein generally present on prostate cancer cells.

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