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Nuclear Medicine Market Size to Grow USD 10260 Million by 2029 at a CAGR of 7.4% | Valuates Reports

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31 Jan, 2024, 12:30 GMT

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BANGALORE, India, Jan. 31, 2024 /PRNewswire/ -- Nuclear Medicine Market is Segmented by Type (Tc-99, I-123/131, In-111, Xe-133, Th-201 and Ga-67), by Application (Therapeutic, Diagnostic).

The Global Nuclear Medicine Market size is expected to reach USD 10260 Million by 2029, growing at a CAGR of 7.4% from 2023 to 2029.

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Major Factors Driving the Growth of  Nuclear Medicine Market

Numerous important elements are driving the significant rise of the nuclear medicine market. The need for accurate diagnosis and treatment options has increased due to the rising prevalence of cancer worldwide, and nuclear medicine is essential in this context. Personalized treatment plans and improved diagnostic capabilities are facilitated by technological breakthroughs, especially in imaging technologies and their combination with other healthcare modalities.

The need for nuclear medical applications is further driven by the aging population and the development of chronic illnesses. The market is also growing as a result of the public's and healthcare professionals' growing awareness, government measures that assist the industry, and the growing range of medicinal uses.

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TRENDS INFLUENCING THE GROWTH OF NUCLEAR MEDICINE MARKET

Globally growing cancer incidence is a major factor driving the growth of the nuclear medicine market. With its accurate imaging and tailored medicines, nuclear medicine is a vital tool in the diagnosis and treatment of many forms of cancer. Nuclear medicine methods such as Positron Emission Tomography (PET) and Single Photon Emission Computed Tomography (SPECT) are in high demand due to the rising cancer prevalence.

The market is growing because nuclear imaging technologies are constantly being improved. Nuclear medicine's diagnostic capabilities are being expanded by innovations including higher imaging resolution, better radiopharmaceuticals, and hybrid imaging systems. The use of nuclear medicine procedures is being driven by technical advancements that promote personalized treatment methods and enable early and accurate illness identification.

The need for nuclear medicine is mostly being driven by the world's aging population. Advanced diagnostic and treatment techniques are necessary because chronic illnesses and cancer are more common in aging populations. Nuclear medicine contributes to market growth by providing important insights into the physiological processes occurring within the body, making it a vital tool for controlling health issues common in the aged. The need for nuclear medicine's therapeutic uses is rising beyond its use in diagnostics. When utilized in targeted radionuclide therapy, radioactive isotopes are showing promise in the treatment of a number of malignancies and other illnesses. The market for nuclear medicine is expected to rise as a result of the growing popularity of these cutting-edge treatment techniques, as more research and development concentrates on enhancing therapeutic applications.

One particular factor driving applications in nuclear medicine is the growing incidence of cardiovascular illnesses. Accurate detection and treatment of heart diseases are made possible by cardiac nuclear medicine technologies such as myocardial perfusion imaging. Given that cardiovascular illnesses remain the world's greatest cause of death, the need for nuclear medicine in cardiology is anticipated to fuel market expansion.

The market is growing as a result of nuclear medicine's increasing uses in neurology, particularly in fields like neuroimaging and neurotherapeutics. Neurological illnesses, such as Parkinson's and Alzheimer's disease, are difficult to diagnose and track down without the use of nuclear medicine tools like SPECT and PET scans. It is projected that as neurology research progresses, there will be a greater need for nuclear medicine technology, which will further accelerate.

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NUCLEAR MEDICINE MARKET SHARE ANALYSIS

With a roughly 50% consumption market share, North America is the largest consuming region. Europe has a consumer market share of over 25%, placing it second in terms of consumption behind North America.

Leading producers in the field of nuclear medicine worldwide include Bracco Imaging and GE Healthcare. The top two manufacturers in the world own more than 30% of the market share.

Tc-99 makes up around 50% of the nuclear medicine categorization, which also includes I-123/131, In-111, Xe-133, Th-201, and Ga-67.

A lot of diagnostic and therapeutic applications employ nuclear medicine. With a market share of more than 60%, diagnostics makes up the largest section of nuclear medicine.

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Key Players:

  • GE Healthcare
  • Bracco Imaging
  • Mallinckrodt plc
  • Lantheus Medical Imaging
  • Bayer
  • Triad Isotopes
  • Nordion
  • Jubilant Pharma
  • Eli Lilly
  • Siemens AG
  • China Isotope & Radiation
  • Dongcheng

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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!

-  Nuclear Medicine & Radiopharmaceutic market size is expected to reach USD 13380 Million by 2029, growing at a CAGR of 8.6% from 2023 to 2029.

-  Therapeutic Nuclear Medicines market was valued at USD 1671 Million in 2022 and is anticipated to reach USD 5392 Million by 2029, witnessing a CAGR of 18.0% during the forecast period 2023-2029.

-  Nuclear Medicine Equipment Market

-  Medical Radioisotopes market was valued at USD 679.8 Million in 2022 and is anticipated to reach USD 875.2 Million by 2029, witnessing a CAGR of 4.3% during the forecast period 2023-2029.

-  Therapeutic Radioisotopes market is projected to reach USD 4734 Million in 2029, increasing from USD 1771 Million in 2022, with the CAGR of 15.1% during the period of 2023 to 2029.

-  Nuclear Medicine Diagnostic Equipment Market

-  Nuclear Medicine Therapy Market

-  Nuclear Medicine Imaging System market is projected to reach USD 4556.5 Million in 2029, increasing from USD 2708 Million in 2022, with the CAGR of 7.4% during the period of 2023 to 2029.

-  Nuclear Medicine Software - Global Market Insights and Sales Trends 2024

-  Nuclear Medicine Management Software Market

-  Nuclear Waste Management System market is projected to grow from USD 3491.2 Million in 2023 to USD 4048.7 Million by 2029, at a Compound Annual Growth Rate (CAGR) of 2.5% during the forecast period.

-  Nuclear Medicine Therapy market is projected to reach USD 4734 Million in 2029, increasing from USD 1771 Million in 2022, with a CAGR of 15.1% during the period of 2023 to 2029.

-  PET Nuclear Medicine Imaging market is projected to reach USD 2746.3 Million in 2029, increasing from USD 1744 Million in 2022, with a CAGR of 6.0% during the period of 2023 to 2029.

-  Nuclear Medicine Imaging Agents Market

-  Medical Supplies Market

-  Medical Nutrition Market

-  Scintillation Crystals Market

-  Cancer Diagnostics Market

-  Digital PCR Market

-  Digital Therapeutics Market

-  Disposable Medical Supplies Market

-  Electronic Health Records Market

-  Healthcare IT Market

-  Organ On Chip Market

-  Digital Healthcare Market

-  Pharmaceutical Packaging Market

-  Blister Packaging Market

-  Pharmaceutical CDMO Solution Market

-  Enoxaparin Sodium market size is expected to reach USD 5354.7 Million by 2029, growing at a CAGR of 8.3% from 2023 to 2029.

-  Medical Nutrition Market

DISCOVER OUR VISION: VISIT ABOUT US!

Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.

Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that's why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.

To achieve a consistent view of the market, data is gathered from various primary and secondary sources, at each step, data triangulation methodologies are applied to reduce deviance and find a consistent view of the market. Each sample we share contains a detailed research methodology employed to generate the report. Please also reach our sales team to get the complete list of our data sources.

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