Global Nuclear Medicine Radioisotope Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Nuclear Medicine Radioisotope Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Radioisotopes are radioactive isotopes of an element. They can also be defined as atoms that contain an unstable combination of neutrons and protons, or excess energy in their nucleus. Nuclear medicine is a branch of medicine that uses radiation to provide information about specific human organs Function or treatment of disease information. In most cases, doctors will use this information to quickly and accurately diagnose the patient's disease. The thyroid, bones, heart, liver, and many other organs can be easily imaged and reveal their functional abnormalities. In some cases, radiation can be used to treat diseased organs or tumours.

Market Overview:

The latest research study on the global Nuclear Medicine Radioisotope market finds that the global Nuclear Medicine Radioisotope market reached a value of USD 7275.16 million in 2022. It’s expected that the market will achieve USD 10402.0 million by 2028, exhibiting a CAGR of 6.14% during the forecast period.

Transportation of product sales is blocked

Most producers continue to produce radioisotopes because the relevant government has identified these production facilities as very important facilities. However, due to the COVID-19 pandemic, many routes were grounded and borders were closed, which affected the global distribution of medical radioisotopes. South Africa is one of the major producers of medical radioisotopes, serving customers all over the world. The South African government announced that it will block the entire country from March 27 to prevent the spread of the virus. South Africa lists medical radioisotopes as indispensable products. Therefore, the country’s SAFARI-1 and NTP radioisotope companies continue to operate, but have been restricted to curb the spread of the virus in these locations. The International Atomic Energy Agency stated that although some countries and companies are organizing charter flights to transport radiopharmaceuticals, not all governments can afford it.

COVID-19 is driving demand for xenon

The long-term survival of SARS-CoV-2 on environmental surfaces and personal protective equipment (PPE) may cause these surfaces to spread the disease to others. The pulsed xenon ultraviolet (PX-UV) disinfection system can effectively reduce the load of SARS-CoV-2 on hard surfaces and N95 gas masks. For example, Xenex Corporation has launched a robot. The Xenex Germ-Zapping robot uses a xenon lamp to generate high-intensity, full-sterilization spectrum (200-315nm) UVC light, which is stronger than sunlight. Different pathogens are sensitive to different wavelengths of UVC light. The Xenex LightStrike robot has a complete sterilization spectrum light, which can quickly deactivate the most vulnerable viruses, bacteria and spores without damaging hospital materials or equipment. This will drive market demand for xenon.

Strength

The rapid development of nuclear medicine. As one of the main signs of medical modernization, nuclear medicine has promoted the rapid development of clinical medicine. Nuclear medicine is a molecular imaging method that can diagnose and treat diseases with very small amounts of radioactive materials. In recent years, with the development of nuclear instruments and nuclear radiopharmaceuticals, nuclear medicine has developed rapidly, which will drive the expansion of the nuclear medicine radioisotope market.
The global oncology treatment market is growing in demand. According to data released by the World Health Organization, the global cancer incidence and death rate have been rising rapidly. Approximately 8.8 million people die from cancer each year in the world, accounting for nearly one-sixth of the world’s total annual deaths. Most deaths occur in low- and middle-income countries. There are more than 14 million new cancer cases each year, and this number is expected to increase to more than 21 million by 2030. In developed countries, radiotherapy has become one of the many tools to fight cancer. In developing countries, radiotherapy still has a large potential market. Tumor diagnosis and treatment will become an important driving factor for the expansion of the nuclear medicine radioisotope market in the future.

Weakness

Fear of adverse effects may limit the market. Nuclear medicine is the medical field that involves the application of radioactive materials to the body, which can diagnose and determine the focus of a patient. However, the use of radioactive equipment also brings certain risks. Due to concerns about the sequelae of exposure to radiation, the global nuclear drug radioisotope market may be suppressed.
There is a shortage of nuclear medicine talents. Nuclear medicine involves a lot of content, including nuclear physics, radiochemistry, radiometric, radiobiology, radiophysics, nuclear electronics, and the integration of knowledge of molecular biology and clinical imaging. Nuclear radiology is developing rapidly, but recruiting medical students into this field has always been a challenge. Especially in developing countries, the shortage of talents in nuclear medicine has become the biggest bottleneck in the development of nuclear medicine. This also has an adverse effect on the application of radioisotopes in nuclear medicine.

Region Overview:

In 2021, the share of the Nuclear Medicine Radioisotope market in North America stood at 48.91%.

Company Overview:

Cardinal Health Inc. is one of the major players operating in the Nuclear Medicine Radioisotope market, holding a share of 13.02% in 2020.

Cardinal Health Inc.

Cardinal Health, Inc., headquartered in Dublin, Ohio, is a global comprehensive medical services and product company that provides customized solutions for hospitals, health systems, pharmacies, outpatient surgery centers, clinical laboratories, and physician offices worldwide. Cardinal Health offers a broad product portfolio of PET radiopharmaceuticals throughout nuclear pharmacies.

Curium

Curium is one of the world's largest nuclear medicine companies with more than a century of industry experience. The company develops, manufactures and distributes world-class radiopharmaceutical products to help patients worldwide.

Segmentation Overview:

Among different product types, Technetium-99m (Tc-99m) segment is anticipated to contribute the largest market share in 2027.

Application Overview:

The market's largest segment by application is the segment Oncology, with a market share of 60.3% in 2021.

Key Companies in the global Nuclear Medicine Radioisotope market covered in Chapter 3:

Nordion(Canada) Inc.
NihonMedi-Physics Co., Ltd
NTP Radioisotopes SOC Ltd
Curium
Jubilant Pharma
Bracco
Cardinal Health Inc.
GE Healthcare
China Isotope & Radiation Corporation
Lantheus Medical Imaging Inc.

In Chapter 4 and Chapter 14.2, on the basis of types, the Nuclear Medicine Radioisotope market from 2018 to 2029 is primarily split into:

Technetium-99m (Tc-99m)
Xenon
Iodine (I-123)
Fluorine-18
Rubidium-82 (Rb-82)
Iodine-131 (I-131)
Lutetium-177 (Lu-177)
Radium-223 (Ra-223) & Alpharadin
Actinium-225 (Ac-225)
Radium-224 (Ra-224)
Thorium-227 (Th-227)
Thallium-201 (Tl-201)
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Nuclear Medicine Radioisotope market from 2018 to 2029 covers:

Oncology
Cardiology
Thyroid
Neurology
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)