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The global nuclear medicine market size was valued at USD 7.53 billion in 2022. The market is projected to grow from USD 8.42 billion in 2023 to USD 29.35 billion by 2030, exhibiting a CAGR of 19.5% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Nuclear Medicine Market Size, Share & COVID-19 Impact Analysis, By Type (Diagnostic and Therapeutic), By Application (Neurology, Cardiology, Oncology, and Others), By End-user (Hospitals & Clinics, Diagnostic Centers, and Others), and Regional Forecast, 2023-2030”.
The market has witnessed significant growth due to the increasing prevalence of chronic diseases and advancements in radiopharmaceutical therapies. Nuclear medicine or radiopharmaceutical therapies have proven to be efficient in various clinical areas such as neurology, cardiology, and oncology. Market players are also driving growth through strategies such as new product launches and acquisitions, as seen with Life Healthcare's acquisition of TheraMed Nuclear's non-clinical imaging operations in South Africa.
Pandemic Impacted Market with the Decreased Imaging Procedures and Supply Chain Disruptions
The market faced challenges in 2020 due to the COVID-19 pandemic, including a decrease in imaging procedures and disruptions in the supply chain. The implementation of safety precautions and logistical challenges posed difficulties for centers. For example, there was a significant reduction in therapies, such as radioiodine therapy for thyroid cancer and benign diseases. Complete and partial lockdowns and restrictions on air travel impacted the distribution of radiopharmaceuticals to hospitals.
Telix Pharmaceuticals Collaborates with Heidelberg University Hospital to Develop Theranostic Compound for Urologic Oncology
In February 2023, Telix Pharmaceuticals Limited announced the successful completion of a research project in collaboration with Heidelberg University Hospital. The project focused on developing a theranostic compound for urologic oncology that targets PSMA and utilizes the beta-emitting isotope rhenium-188 (188Re). The aim of the project was to create and validate this compound as a potential treatment option.
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Innovative Diagnostic Radiopharmaceuticals Address Rising Demand for Nuclear Imaging
The nuclear medicine market growth is driven by the introduction of new products by various market players. The rising demand for nuclear imaging and the prevalence of chronic diseases have led to the development of robust diagnostic radiopharmaceutical pipelines. For example, in March 2021, GE Healthcare launched StarGuide, a nuclear medicine system aimed at improving patient outcomes in various medical specialties such as bone procedures, neurology, cardiology, and oncology.
However, the market’s growth may face limitations due to the increasing use of alternative diagnostic imaging modalities such as CT and MRI.
Key Players Strategies for Success Include Innovation, Acquisitions, and Strong R&D Focus
The global market is predominantly controlled by key players who utilize strategies such as introducing new products, acquiring other companies, and investing in research and development to gain strong regulatory approvals. Additionally, there are other companies with significant market shares and robust pipelines of therapeutic radiopharmaceuticals that are poised to drive the market's growth in the future.
Key Industry Development
List of Companies Profiled in the Market Report:
Further Report Findings:
Table of Segmentation
ATTRIBUTE | DETAILS |
Study Period | 2019-2030 |
Base Year | 2022 |
Estimated Year | 2023 |
Forecast Period | 2023-2030 |
Historical Period | 2019-2021 |
Growth Rate | CAGR of 19.5% from 2023-2030 |
Unit | Value (USD billion) |
Segmentation | By Type, By Application, By End-user, and By Region |
By Type |
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By Application |
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By End-user |
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By Region |
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