Radiopharmaceuticals in Nuclear Medicine Market Poised to Witness High Growth Owing to Increasing Prevalence of Chronic Diseases
Radiopharmaceuticals in Nuclear Medicine Market Poised to Witness High Growth Owing to Increasing Prevalence of Chronic Diseases
Blog Article
Radiopharmaceuticals in nuclear medicine are radioactive drugs that emit radiation used for diagnostic imaging and therapeutic purposes. Some of the commonly used radiopharmaceuticals include Tc-99m, F-18, I-123/I-131, and Ga-67. They play a vital role in nuclear medicine procedures like positron emission tomography (PET), single-photon emission computed tomography (SPECT), and therapeutic radiopharmaceuticals. The increasing prevalence of chronic diseases like cancer, heart diseases is driving the demand for effective diagnostic and therapeutic procedures.
The global radiopharmaceuticals in nuclear medicine market is estimated to be valued at US$ 9115.96 Mn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031.
Key Takeaways
Key players: Key players operating in the radiopharmaceuticals in nuclear medicine market are Progenics Pharmaceuticals, Inc., NorthStar Medical Radioisotopes LLC, Curium Pharma, Life Molecular Imaging, Lantheus Holdings, Inc., Cardinal Health, Inc., General Electric Company, Bracco S.p.A., Bayer AG, Advanced Accelerator Applications, S.A., Eli Lilly and Company, Nihon Medi-Physics. Co. Ltd., FUJIFILM Toyama Chemical Co., Ltd., Jubilant Life Sciences Ltd., Samyoung Unitech, and DuChemBio, Inc.
Key opportunities: Rising demand for non-invasive diagnostic procedures from patients and increasing healthcare expenditure in emerging nations presents significant growth opportunities for players in the market.
Global expansion: Key players are investing in research & development activities to expand their product portfolios and focusing on growth markets like Asia Pacific and Latin America for global expansion.
Market drivers: The increasing prevalence of chronic diseases like cancer and cardiovascular diseases globally is a major market driver. Also, growing geriatric population susceptible to various disorders and the availability of medical reimbursements are fueling the market growth.
The Radiopharmaceuticals In Nuclear Medicine Market Size is driven by the increasing prevalence of chronic diseases like cancer and cardiovascular diseases worldwide. As per the World Health Organization (WHO), cancer is the second leading cause of death globally and was responsible for nearly 10 million deaths in 2020. Also, the aging population is more prone to various age-related disorders. Furthermore, the availability of medical reimbursements is encouraging the adoption of PET and SPECT procedures. The rising healthcare expenditure in emerging nations and growing awareness regarding the benefits of diagnostic nuclear medicine procedures will continue to propel the radiopharmaceuticals in nuclear medicine market during the forecast period.
PEST Analysis
Political: Regulations pertaining to the use of radiopharmaceuticals and radiation safety measures impact the market. Stringent approval processes for new radiotracers may hinder short term growth.
Economic: Rising healthcare budgets and growing demand for non-invasive diagnostic procedures will boost spending on nuclear medicine diagnostics.
Social: Increasing incidence of cancer and cardiac diseases will drive demand for early detection and diagnosis. Patient awareness regarding benefits of radiopharmaceuticals is increasing.
Technological: Advancements in radiotracer development, imaging technologies and targeted radiotherapies are expanding applications and driving innovations. Precision medicine using radiopharmaceuticals allows personalized treatment strategies.
Geographical Concentration
In terms of value, the market is concentrated in regions with highly developed healthcare infrastructure and wider acceptance of nuclear medicine techniques. North America holds the largest share currently because of the large nuclear medicine patient pool and availability of advanced imaging systems in major countries like the U.S. and copyright.
Fastest Growing Region
The Asia Pacific region is expected to grow at the fastest rate during the forecast period due to rising healthcare expenditure, growing geriatric population suffering from chronic diseases, increasing number of hospitals and diagnostic centres adopting nuclear medicine techniques in major economies like India and China. Initiatives aimed at boosting public health are also driving the regional market.
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