Nuclear Medicine Market - Forecasts from 2022 to 2027

The global nuclear medicine market is expected to grow at a compound annual growth rate of 6.99% over the forecast period to reach a market size of US$9.065 billion in 2027 up from US$5.650 billion in 2020.

Introduction

Nuclear medicine is an emerging branch of radiology that examines organ function and structure with the study of the impact of small amounts of radioactive materials, called radiopharmaceuticals. Chemistry, physics, mathematics, computer science, and medicine are among them. This branch of radiography is frequently used to detect and treat problems early in the course of a disease, such as thyroid cancer. Because X-rays penetrate through soft tissue like the intestines, muscles, and blood vessels, they are difficult to see on a typical X-ray without the application of a contrast agent. This gives a better view of the tissue. Nuclear imaging has the capability to showcase both the structure and function of organs and tissues. The amount of a radiopharmaceutical that is absorbed, or taken up, by a particular organ or tissue can indicate the organ's or tissue's level of function. As a result, diagnostic X-rays are mostly utilised to examine anatomy. Nuclear imaging is used to investigate the function of organs and tissues. During the operation, a small amount of a radioactive substance is used to aid in the examination. A radionuclide (radiopharmaceutical or radioactive tracer) is a radioactive material that is absorbed by biological tissue. There are a variety of radionuclides to choose from. Technetium, thallium, gallium, iodine, and xenon are examples of these elements. The radionuclide utilised will be determined by the study type and the body part being investigated.

Market Trends

A variety of factors are expected to boost demand for nuclear medicine, the most significant of which is the rising prevalence of cancer and heart disease. According to the World Health Organization (WHO), cancer is responsible for nearly one out of every six deaths worldwide, and the number of people affected by various types of cancer is steadily increasing as a result of a lifestyle that includes tobacco and alcohol use, a low intake of fruits and vegetables, and a lack of physical activity. Other reasons likely to stimulate demand for radiopharmaceuticals in the near future include advances in radiotracers, the introduction of alpha radioimmunotherapy (Rit)-based targeted cancer treatments, and investments through public-private partnerships to improve diagnostic measures.

On the other hand, the notably shorter half-life of radiopharmaceuticals, the very high cost of these specific drugs, and the shutdown of multiple nuclear reactors are some of the barriers preventing the industry from becoming more profitable.

Growth Factor

Diseases are becoming more prevalent.

A crucial element driving market growth is the increased incidence and prevalence of cancer and cardiovascular disease (CVD). Early detection and treatment can avert the majority of instances; nuclear medicine plays an important role in these areas. Cancer was the biggest cause of death in 2020, according to the WHO, with approximately 10 million deaths. By 2025, 19.3 million new cancer cases are estimated to be recorded annually across the world. According to the World Health Organisation (WHO) 17.9 million people died from cardiovascular disease (CVD) in 2019, accounting for 32% of all fatalities worldwide. By 2030, this number is predicted to rise to 23.3 million. This increased prevalence of various disorders is likely to fuel the expansion of the nuclear medicine market during the forecast period, as nuclear medicine plays a key role in disease diagnosis and treatment.

The ageing global population increases the threat of cardiovascular and cancer diseases, which is expected to drive demand for advanced medicines, supporting the market for nuclear medicine.

Another key factor that supports the market for nuclear medicines is the ageing global population, which carries with it the possibility of higher incidences of cardiovascular and cancer diseases. Data from the World Bank shows that the population aged 65 and above has been rising at a significant rate, reaching 722.133 million people in 2020, up from 523.579 million people in 2010. Furthermore, the United Nations forecasts that the population will reach 1.5 billion people by 2050, accounting for 15.79% of the total population. The increased geriatric population is forecasted to drive the demand for advanced medicines and hence support the market demand for nuclear medicines.

The COVID-19 pandemic has wreaked devastation around the planet, disrupting healthcare systems around the world. As a result, hospitals have increased testing efforts in an effort to preserve lives and prevent the virus from spreading further. COVID-19's financial troubles led governments all across the world to impose budget cuts. In addition, the pandemic resulted in lower patient volumes for nuclear medicine operations and the cancellation of elective procedures, putting hospitals in a financial bind.

Parallel to clinical readiness efforts, academic medical centres and universities have hastened to halt scientific research in order to maximise social distance and prevent the spread of infection to research employees.

Market Segmentation:

By Application

• Diagnosis
• Therapeutic

By Procedures

• PET Scan
• SPECT Scan
• Radioimmunotherapy
• Thyroid Ablation
• Brachytherapy
• Others

By End Users

• Hospitals
• Diagnostic Centers
• Research Institutes

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• Germany
• France
• Italy
• Others
• Middle East and Africa
• Israel
• Saudi Arabia
• Others
• Asia Pacific
• China
• Japan
• India
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others