An increase in the nuclear medicine market is attributed to factors such as rising constancy and popularity of cancer and cardiac disease, along with creativity in closing the Mo-99 demand-supply gap.
JERSEY CITY, N.J., Nov. 11, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Nuclear Medicine Market" By Type (Diagnostic and Therapeutic), By Modality (SPECT, PET, Alpha-emitters, Beta-emitters and Brachytherapy), By Application (Oncology, Cardiology, Neurology, Thyroid), and By Geography. According to Verified Market Research, the Global Nuclear Medicine Market size was valued at USD 9.01 Billion in 2020 and is projected to reach USD 10.87 Billion by 2028, growing at a CAGR of 4.8% from 2021 to 2028.
The growing constancy and prevalence of cancer and cardiovascular disease (CVD) is a key factor helping market growth. Most cases can be prevented through advanced detection and treatment; nuclear medicine plays an important role in these domains. According to the WHO, cancer was the leading cause of death in 2020, accounting for nearly 10 million deaths. Annually, 19.3 million new cancer diseases are expected to be reported globally by 2025. According to the WHO, worldwide, 17.9 million individuals died from CVD in 2019, accounting for 32% of the overall deaths worldwide.
This statistic is expected to reach 23.3 million by 2030. As nuclear medicine plays an important role in disease diagnosis and treatment, the increasing pervasiveness of these diseases is expected to drive the growth of the nuclear medicine market during the forecast period. Nuclear medicine is highly used for diagnosing CVD and cancers. Because of the saturation of these markets, a number of industries and stakeholders have decided to focus on improving the overall segment of radiopharmaceuticals.
With the growing application sectors of radiopharmaceuticals, their demand and hold are expected to increase in the forecasting period. This symptom an opportunity for players to expand their offerings and market shares by catering to the demand for radiopharmaceuticals in neurological applications. The short duration of radiopharmaceuticals, hospital budget cuts, and high equipment prices are expected to limit market growth to a certain limited extend. However, the expiry of a radiopharmaceutical primarily depends on the half-life of the radioisotope and the content of the radionuclide.
In September 2021, Medtronic plc, the global leader in medical technology, announced the latest additions to its minimally invasive spine surgery ecosystem, making it the only company to combine spinal implants, biologics, navigation, robotics, and AI-powered data to surgeons and patients.
In July 2021, Medtronic plc, the global leader in medical technology, announced a pilot program with Mpirik to address disparities in care associated with the prevention of sudden cardiac arrest (SCA), a condition in which the heart suddenly and unexpectedly stops beating. SCA is caused by a disturbance in the heart's electrical system and can be deadly if not treated by defibrillation within minutes.
In In 2019, Curium acquired MAP Medical, which will help it to increase its footprint in Europe with direct access to Nordic and Baltic countries.
The major players in the market are General Electric Co., Bayer AG, Lantheus Medical Imaging, Inc., Medtronic, Inc., Cardinal Health Inc., Triad Isotopes, Siemens Healthineers AG, Advanced Accelerator Applications, Curium, and Cambridge Isotope Laboratories Inc.
Verified Market Research has segmented the Global Nuclear Medicine Market On the basis of Type, Modality, Application, and Geography.
Nuclear Medicine Market, By Type
Nuclear Medicine Market, By Modality
Nuclear Medicine Market, By Application
Nuclear Medicine Market by Geography
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
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