Global Nuclear Medicine Market Set to Reach USD 18.87 Billion by 2030, Growing at a CAGR of 14.7%
Summary:
The global Nuclear Medicine Market is expected to experience significant growth, projected to expand from USD 7.22 billion in 2023 to USD 18.87 billion by 2030. This growth is driven by advancements in diagnostic radiotherapy and therapeutic radiotherapy, along with the increasing use of nuclear medicine in oncology, neurology, and cardiology. The market is anticipated to grow at a compound annual growth rate (CAGR) of 14.7% during the forecast period from 2024 to 2030.
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A) Market Size
The Nuclear Medicine Market was valued at USD 7.22 billion in 2023. The industry is poised for substantial growth, reaching an estimated USD 18.87 billion by 2030, with a robust compound annual growth rate (CAGR) of 14.7%.
B) Scope and Research Methodology
This market analysis leverages a combination of primary and secondary research methods to provide an accurate representation of the Nuclear Medicine market. Primary research includes interviews with key industry players, while secondary research is based on published reports, financial data, and expert opinions. Market size estimations, trends, and forecasts for 2024-2030 are based on both qualitative and quantitative data.
C) Report Coverage
The report covers market trends, growth drivers, key players, regional insights, segmentation, and forecasts for various applications and modalities. It also provides detailed analyses of the COVID-19 pandemic's impact on the market, the latest industry developments, and future opportunities.
D) Overview
The Nuclear Medicine Market is vital in diagnosing and treating various diseases, particularly in oncology, neurology, and cardiology. Recent advancements in diagnostic radiotherapeutics, as well as the increasing adoption of innovative nuclear therapies, are driving the growth of the market.
E) Dynamics
Key market drivers include the rising prevalence of cancer and cardiovascular diseases, growing demand for effective diagnostic tools, and an aging population. Additionally, technological advancements in imaging modalities, such as SPECT and PET, are expanding the scope of nuclear medicine applications. On the other hand, high costs and stringent regulatory requirements remain challenges.
F) Segmentation
By Product Type:
- Diagnostic Radiotherapeutics
- Therapeutic Radiotherapeutics
By Application:
- Neurology
- Oncology
- Cardiology
- Others
By Modality:
- SPECT
- PET
- Alpha-emitters
- Beta-emitters
- Brachytherapy
By Procedures:
- Oncology
- Cardiovascular
- Central Nervous System
- Endocrine
- Skeletal
- Gastrointestinal
- Genito-urinary
- Pulmonary
- PET & PET-CT
- Therapeutic
- Others
By End-User:
- Hospitals
- Clinical Laboratories
- Diagnostic Centers
- Others
G) Key Players Include:
- Cardinal Health Inc. (US)
- GE HealthCare Technologies Inc. (US)
- Lantheus Medical Imaging Inc. (US)
- Curium (France)
- Siemens Healthineers (Germany)
- Bayer AG (Germany)
- Medtronic plc (Ireland)
- Mallinckrodt Pharmaceuticals (UK)
- Canon Medical Systems Corporation (Japan)
- Cyclopharm (Australia)
- Many more
H) Reason to Buy
Investing in the Nuclear Medicine Market offers numerous benefits, such as capitalizing on emerging trends in diagnostic and therapeutic radiotherapies. The industry’s steady growth, driven by technological advancements and an increasing demand for non-invasive diagnostic procedures, offers ample opportunities for business expansion and innovation.
I) Table of Contents
- Executive Summary
- Market Overview
- Market Dynamics
- Product Segmentation
- Regional Analysis
- Competitive Landscape
- COVID-19 Impact on Nuclear Medicine
- Company Profiles
- Conclusion
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