As stated in our extensive report; the Global Nuclear Medicine Market accounted forUSD 7.8 Billionin 2021.
Nuclear Medicine is a medical specialty that uses radioactive material or radiopharmaceuticals for identifying and treating several diseases, such as cancer and the early onset of neurological disorders. Moreover, the growth of the Global Nuclear Medicine Market is attributable to vital factors such as the increased incidence and prevalence of cancer and cardiovascular disease globally. Also, the growing awareness of Nuclear Medicine and the creativity in closing the Mo-99 demand-supply gap propel the market expansion.
The diagnosis of cancers is one of the most commonly performed imaging procedures worldwide because of the rise in cancer cases, the benefits of diagnosis in treating and managing several cancer types, and the increasing awareness of early diagnosis. In addition, the advancements in nuclear imaging technology, generally PET/PET-CT, are sustaining the growth of applications of this modality ahead of oncology to cardiology, neurology, with the detection of infections. With these technological advancements, there are many PET and SPECT procedures.
The increase in awareness relating to the potential impact of early & timely diagnosis and the resulting positive impact on the management with the treatment of chronic disorders will fuel the growth of the Nuclear Medicine Market in the future. Furthermore, numerous pipeline products of Nuclear Medicine therapies are intended to indicate oncology, which is prone to market growth. Besides, the new product launches of diagnostic and therapeutic radiopharmaceuticals by top companies are expected to fuel the Global Nuclear Medicine Market growth during the forecast period.
North Americaholds the largest share in theNuclear Medicine Market and is expected to continue this trend in the forecast period. The growth in cancer occurrence drives the market growth in this region. In addition, the increasing investment in cancer disease research & treatment and product launches by several vital participants will support the market growth in this region. Besides, a favorable reimbursement scenario for radiopharmaceuticals in the United States will probably increase market development.
Some of the key players in the Global Nuclear Medicine Market include- Curium, Bracco Imaging S.P.A., Pharmalogic, Eczacibaşi-Monrol Nuclear Products, Cardinal Health, NTP Radioisotopes SOC LTD. (A Subsidiary of South African Nuclear Energy Corporation), GE Healthcare, Nordion Inc. (A Sotera Health Company), Advanced Accelerator Applications (AAA) (A part of Novartis), Northstar Medical Radioisotopes LLC, Eckert & Ziegler, Joint Stock Company Isotope (JSC Isotope), Bayer AG, Siemens Healthineers, Jubilant Draximage Inc. (A Subsidiary of Jubilant Pharma), Lantheus Medical Imaging Inc., Global Medical Solutions, Shine Medical Technologies, Isotopia Molecular Imaging Ltd., Sinotau Pharmaceutical Group, Institute of Isotopes Co. Ltd., China Isotope & Radiation Corporation, Yantai Dongcheng Pharmaceutical Group Co. Ltd., Cyclopharm, IRE Elit and others.