Global Nuclear Medicine Diagnostics Market – Industry Trends and Forecast to 2029

Global Nuclear Medicine Diagnostics Market, By Type (SPECT Radiopharmaceuticals, PET Radiopharmaceuticals), Application (SPECT Applications, PET Applications), Procedure (Central Nervous System, Endocrine, Skeletal, Gastrointestinal, Genito-urinary, Pulmonary), End User (Hospitals and diagnostic centers, Research Institutes) – Industry Trends and Forecast to 2029.

 Nuclear Medicine Diagnostics Market Analysis and Size

Nuclear medicines are widely used in the radiopharmaceuticals applications which are used in cancer treatment and bone metastases. When they compared to X-rays and other external radiographic imaging devices, it is not only useful for doctors' diagnosis but also a convenient and safe alternative for patients. Nuclear medicine used in diagnostic procedures includes F-18, Tc-99, Ga-67, and I-123, while treatment procedures include I-131, Ir-192, Y-90, I-125, and Lu-177.

Data Bridge Market Research analyses that the nuclear medicine diagnostics market which was USD 5.90 billion in 2021, would rocket up to USD 13.21 billion by 2029, and is expected to undergo a CAGR of 10.60% during the forecast period 2022 to 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Nuclear Medicine Diagnostics Market Scope and Segmentation      

Market Definition

Nuclear medicine refers to a class of drugs that contain radioisotopes. They are unique medical products that contain radioisotopes and are used for diagnosis or treatment in critical clinical fields. Radiopharmaceuticals have recently emerged as one of the most effective technologies in a variety of fields, including neurology, cardiology, and oncology.

Global Nuclear Medicine Diagnostics Market Dynamics

Drivers

• Increasing demand of nuclear medicine diagnostics

The nuclear medicines diagnostics are mainly used in treatment of cancer such as in radiotherapy. According to GLOBOCAN 2021, 19.3 million new cancer cases were diagnosed worldwide in 2020, with the number expected to rise to 30.2 million cases by 2040. Furthermore, other factors, such as increasing SPECT and PET applications and growing public awareness of healthcare, are expected to drive the market during the forecast period.

• Rising demand of nuclear medicines in radiopharmaceutical applications

Nuclear medicine is used to detect heart disease and cancer. As these industries developed, some companies and investors are focusing on expanding the use of radiopharmaceuticals. The expansion of radiopharmaceutical applications has the potential to boost demand and acceptance during the forecast period.

Opportunities

• Launch of nuclear medicine centres

The launch of nuclear medicine centres around the world which will provide access to nuclear medicine treatments and create immense opportunity for the market growth. For instance, in May 2022, Penang Adventist Hospital (PAH), located in Pulau Pinang, Malaysia, will launch a full-fledged private nuclear medicine centre in northern Malaysia. The new facility provides diagnostic and treatment procedures for specific conditions and diseases such as hyperthyroidism, thyroid cancer, lymphomas, and bone pain caused by various types of cancer.

Restraints/Challenges

• High cost of nuclear medicine diagnostics

The stringent regulatory policies along with rising competition from conventional alternative will obstruct the market's growth rate. High cost of equipment and diagnostics which will become the biggest challenge for the growth of the market.

Furthermore, the desire for nuclear medicine is being hampered by isotope shortages and the possibility of traditional diagnostic tests.

This nuclear medicine diagnostics market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the nuclear medicine diagnostics market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on the Nuclear Medicine Diagnostics Market

The COVID-19 epidemic is affected by global nuclear medicine diagnostics. As a result, hospitals have broadened their testing capabilities in order to save lives by preventing viral infections. Governments around the world are reducing their budgets due to the financial difficulties of COVID-19. The epidemic also reduced the number of patients undergoing nuclear medicine surgery, cancelled selective treatment and placed hospitals under administrative control.

Recent developments

• In March 2022, Penang Adventist Hospital (PAH) announced the opening of a private nuclear medicine facility in northern Malaysia. On the local market, this debut is projected to have a favourable effect. However, the high price tag attached to these therapies may limit market expansion as lower-income populations in developing nations may not be able to afford such treatment.

Global Nuclear Medicine Diagnostics Market Scope

The nuclear medicine diagnostics market is segmented on the basis of type, application, procedure and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• SPECT Radiopharmaceuticals
• PET Radiopharmaceuticals

 Application

• SPECT Applications
• PET Applications

 Procedure

• Central Nervous System
• Endocrine
• Skeletal
• Gastrointestinal
• Genito-urinary
• Pulmonary

End User

• Hospitals and diagnostic centers
• Research Institutes

Nuclear Medicine Diagnostics Market Regional Analysis/Insights

The nuclear medicine diagnostics market is analysed and market size insights and trends are provided by country, type, application, procedure and end user as referenced above.

The countries covered in the nuclear medicine diagnostics market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the nuclear medicine diagnostics market due to the surging levels of investment of the research and development activities.

Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 due to the rising awareness among the people regarding nuclear medicines and molecular imaging along with increasing geriatric population.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Nuclear Medicine Diagnostics Market Share Analysis

The nuclear medicine diagnostics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to nuclear medicine diagnostics market.

Some of the major players operating in the nuclear medicine diagnostics market are:

• Cardinal Health (U.S.)
• General Electric (U.S.)
• Lantheus (U.S.)
• Bayer AG (Germany)
• Bracco Diagnostic Inc. (Italy)
• NorthStar Medical Radioisotopes, LLC (U.S.)
• Eckert & Ziegler. (Germany)
• Jubilant DraxImage, Inc. (Canada)
• PharmaLogic Holdings Corp. (U.S.)
• Institute of Isotopes Co., Ltd (Hungary)
• SHINE Medical Technologies, LLC (U.S.)
• Global Medical Solutions LLC (China)