The global Nuclear Medicines Market size had a value of USD 5.2 billion in 2022 and is projected to reach USD 9.7 billion by 2032, with a compound annual growth rate (CAGR) of 6.5% during the forecast period. The primary driver of this market growth is the increasing incidence of cancer and other chronic diseases worldwide.
Nuclear medicine plays a crucial role in the diagnosis and treatment of various conditions, including cancer, cardiovascular diseases, and neurological disorders. These medicines contain radioactive isotopes that are injected into the patient's body, generating radiation that is used to produce images or target cancer cells.
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The rising global prevalence of cancer and chronic diseases is a significant factor contributing to the market's revenue growth. According to the World Health Organization (WHO), cancer is the second leading cause of death worldwide, with an estimated 9.6 million deaths in 2018. Additionally, as the population ages, the demand for nuclear medicines increases since older individuals are more susceptible to cancer and other chronic illnesses.
Key players in the Nuclear Medicines Market:
- GE Healthcare
- Siemens Healthineers
- Curium Pharma
- Lantheus Medical Imaging
- Cardinal Health
- Jubilant Pharma
- Nordion Inc.
- Bracco Imaging S.p.A.
- Bayer AG
- Eczacıbaşı-Monrol Nuclear Products
The development of advanced nuclear medicine products is another factor driving market growth. Manufacturers are continuously investing in research and development to create more efficient and effective nuclear medicines. For example, the invention of Positron Emission Tomography/Computed Tomography (PET/CT) scanners has revolutionized cancer detection and treatment. These scanners provide detailed images of the patient's body, enabling early cancer detection and tracking of its progression. The increased adoption of PET/CT scanners contributes to the market's revenue growth.
Furthermore, the growing use of nuclear medicines for diagnostic purposes is fueling market expansion. Nuclear medicine allows clinicians to accurately diagnose medical conditions by creating images of the patient's body. These medicines are also used to monitor disease progression and treatment efficacy. The rising demand for reliable diagnosis and monitoring of medical disorders drives the introduction of nuclear medicines for diagnostic applications.
However, there are certain factors restraining the market's revenue growth. The high cost of nuclear medical products is a significant barrier. The manufacturing process of these medicines is expensive and requires specialized facilities and equipment for administration. As a result, many patients are unable to afford these medications. Additionally, the limited availability of medicinal isotopes used in nuclear medicines poses a challenge. The scarcity of these isotopes can impact the production and availability of nuclear medicine products.
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Moreover, radiation exposure associated with nuclear therapies is a concern for both practitioners and patients. The usage of radioactive isotopes in nuclear medicine can expose individuals to radiation, even at minimal levels. This exposure carries the risk of radiation-related health issues. Stringent regulatory requirements for the production and administration of nuclear medicine products also pose a constraint on market growth.
According to the International Atomic Energy Agency (IAEA), nuclear medicine procedures are conducted in over 100 countries and account for 3% of all medical imaging procedures worldwide. The World Health Organization estimates that there are more than 15,000 nuclear medicine departments globally, performing over 3 million procedures annually. The U.S. Food and Drug Administration (FDA) predicts an 8% annual growth in the global radiopharmaceuticals market, reaching approximately USD 18 billion by 2024. Nuclear medicine procedures account for about 15% of total healthcare spending in developed countries, and up to 30% in some regions, according to the IAEA. The U.S. has over 120 domestic and foreign suppliers of radiopharmaceuticals, with estimated annual sales of around USD 7 billion.
In terms of product types, the global nuclear medicines market is divided into diagnostic nuclear medicine and therapeutic nuclear medicine. The diagnostic nuclear medicine segment is expected to dominate the market during the forecast period. The increasing prevalence of chronic diseases like cancer, cardiovascular problems, and neurological disorders drives the demand for diagnostic nuclear medicine. It provides precise and non-invasive diagnoses.
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