Nuclear Medicine/Radiopharmaceuticals Market Analysis And Forecast To 2031: By Type (Diagnostics, {SPECT, PET}, Therapeutics {Alpha Emitters, Beta Emitters, Brachytherapy}), By Application (Oncology, Cardiology, Neurology, Orthopedics, Thyroid) And Region

Nuclear Medicine/Radiopharmaceuticals Market Analysis And Forecast To 2031: By Type (Diagnostics, {SPECT, PET}, Therapeutics {Alpha Emitters, Beta Emitters, Brachytherapy}), By Application (Oncology, Cardiology, Neurology, Orthopedics, Thyroid) And Region

The global nuclear medicine/radiopharmaceuticals market was valued at USD 7.8 billion in 2021 and it is anticipated to grow up to USD 48.8 billion by 2031, at a CAGR of 20.1% during the forecast period.

Nuclear medicine is primarily a specialized area of radiology that employs very small amounts of radioactive materials, called radiopharmaceuticals for examining organ functions and structures. Radiopharmaceuticals are pharmaceutical formulations comprising radioactive isotopes that are used in diagnosis and therapeutics. They are simple and small substances that contain a radioactive substance that is used in the treatment of cancer and cardiac & neurological disorders.

Market Trends and Drivers

Increasing incidence and prevalence of target conditions will boost the business progression. The rising incidence and prevalence of cancer and cardiovascular disease (CVD) is a key factor supporting market growth. Most cases can be prevented through early detection and treatment; nuclear medicine plays a significant role in these areas. According to the WHO, cancer was the leading cause of death in 2020, accounting for nearly 10 million deaths. Annually, 19.3 million new cancer cases are expected to be reported worldwide by 2025. According to the WHO, globally, 17.9 million individuals died from CVD in 2019, accounting for 32% of the overall deaths globally. This figure is expected to reach 23.3 million by 2030. As nuclear medicine plays a significant role in disease diagnosis and treatment, the rising prevalence of these diseases is expected to drive the growth of the nuclear medicine market during the forecast period.

Market Restraints and Challenges

Short half-life of radiopharmaceuticals may restraint the market growth. The expiry of a radiopharmaceutical primarily depends on the half-life of the radioisotope and the content of the radionuclide. For example, the radioactivity of F-18 in PET scans decreases if not used within 110 minutes, while the radioactivity of C-11 decreases within 20 minutes. In SPECT diagnosis, the radioactivity of Tc-99m is reduced after six hours, while I-123 and In-111 isotopes should be utilized within 13 and 67 hours, respectively. The non-utilization of radioisotopes within the prescribed shelf life causes radiation and chemical decomposition, reducing radiochemical purity to an unacceptable form, which may prove fatal during diagnosis and therapy.

Global Nuclear Medicine/Radiopharmaceuticals Market Segmental Overview

The report analyses the global nuclear medicine/radiopharmaceuticals market based on type, application, and region.

Global Nuclear Medicine/Radiopharmaceuticals Market by Type

Based on type, it is segmented into diagnostics and therapeutics. Among these, diagnostic segment held the highest market share in 2021 owing to the presence of a large patient base and the availability of advanced technologies such as Single-Photon Emission Computed Tomography (SPECT) and Positron Emission Tomography (PET). According to the World Nuclear Association Analysis 2021, about 40 million nuclear medicine procedures are performed annually and the demand for radioisotopes increases by around 5% every year. The wide range of radiotracers that are currently employed in the diagnosis of tumors, coupled with technological advancements, are contributing to the growth of the nuclear medicines market.

Global Nuclear Medicine/Radiopharmaceuticals Market by Application

Based on application, it is segmented into oncology, cardiology, neurology, orthopedics, thyroid and others. Among them, the oncology segment dominated the market in 2021. Cancer is one of the leading causes of death worldwide. Factors such as unhealthy diet, smoking habits, and lack of exercise contribute to rising prevalence. Furthermore, rising investment in the R&D of novel nuclear medicines for the treatment of cancer may contribute to segment growth. For instance, in January 2022, ITM Isotope Technologies Munich SE initiated COMPOSE phase 3 trial of 177lu-edotreotide to evaluate the viability of the product for treating patients with neuroendocrine tumors.

Geographical Analysis of Global Nuclear Medicine/Radiopharmaceuticals Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America held the largest share in the market and is anticipated to grow at a significant rate over the forecast period. The high market share in the region can be attributed to the increased investment in R&D activities, high volume of nuclear medicine procedures, and strong healthcare infrastructure. For instance, in January 2021, Eckert & Ziegler announced the development plan of a cGMP facility for contract manufacturing of radiopharmaceuticals in Boston, U.S. The facility will be dedicated to the production of late-investigational-stage and commercial-stage radioisotopes used in nuclear medicines and can help address the increasing demand for radionuclides in the market.

Major Players in the Global Nuclear Medicine/Radiopharmaceuticals Market

COVID-19 Impact

Coronavirus disease 2019 (COVID‐19) is an acute respiratory infectious disease caused by severe acute respiratory syndrome coronavirus 2 (SARS‐CoV‐2). Largely unknown before the outbreak began in Wuhan, China, in December 2019, COVID-19 has moved from a regional crisis to a global pandemic in just a few weeks. The World Health Organization (WHO) declared COVID-19 as a pandemic on March 11, 2020. The COVID-19 pandemic has led to major changes in the clinical operations of radiology departments worldwide. In parallel with clinical preparedness activities, academic medical centers and universities were rushed to shut down scientific research activities to maximize social distancing and minimize the spread of infection to research staff and others with whom they might have contact.

Recent Developments

• In July 2022, IAEA and GE Healthcare Join Forces to Train Medical Professionals in Cancer Diagnosis
• In September 2021, BWX Technologies subsidiary, BWXT Medical inked an agreement with Bayer AG for developing and producing Ac-225 (Actinium-225), a highly powerful radioisotope utilized in targeted alpha therapies. This helped the firm leverage its differential strengths in nuclear medicine.
• In September 2021, GE Healthcare launched MyoSPECT[ii], a cardiac-dedicated next-gen nuclear medicine scanner with new automated workflow features and extended field-of-view processing to offer a fast and comfortable exam experience
• In March 2021, Bracco entered into a partnership with CardioNavix which will help improve patient access to cardiac PET imaging.
• In December 2019. Curium acquired MAP Medical, which will help it to increase its footprint in Europe with direct access to Nordic and Baltic countries.

Frequently Asked QuestionsQ1. How big is the nuclear medicine/radiopharmaceuticals market?Ans. The global nuclear medicine/radiopharmaceuticals market size was USD 7.8 billion in 2021 and is anticipated to reach USD 48.8 billion in 2031, growing at a rate of 20.1% from 2022 to 2031.Q2. What is the nuclear medicine/radiopharmaceuticals market growth rate?Ans. The growth rate of the nuclear medicine/radiopharmaceuticals market is 20.1%.Q3. Which region holds a major market share for the sepsis diagnostics market?Ans. North America holds a major market share of the nuclear medicine/radiopharmaceuticals market in 2021.Q4. Which segment accounted for the largest nuclear medicine/radiopharmaceuticals market share?Ans. By end user, the healthcare segment accounted for the largest nuclear medicine/radiopharmaceuticals market share.Q5. Who are the key players in the nuclear medicine/radiopharmaceuticals market?

among others.

Q6. What are the factors driving the nuclear medicine/radiopharmaceuticals market growth?Ans. The major factors driving the growth of the market are the increasing cancer cases across the globeQ7. What are the key growth strategies of nuclear medicine/radiopharmaceuticals market players?Ans. The key growth strategies of nuclear medicine/radiopharmaceuticals market players are product launch and product approval.Q8. Which region will provide more business opportunities for the nuclear medicine/radiopharmaceuticals market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for the nuclear medicine/radiopharmaceuticals market during the forecast period.

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