Nuclear Medicine Industry Overview
The global nuclear medicine market size was estimated at USD 8.1 billion in 2021 and is expected to expand at a compound annual growth rate of (CAGR) 13.0% from 2022 to 2030.
The market is witnessing growth due to the presence of a robust product pipeline and favorable government initiatives to improve access to nuclear medicine. Currently, betalutin, omburtamab, yttrium-90 microspheres, PNT2003, 177Lu-PNT2002, are some of the products under clinical trials. The nuclear medicine market has been moderately impacted due to SARS-CoV-2. The operation of reactors has been largely classified as an essential service, given its criticality. Therefore, nuclear reactors were not shut down during the SARS-CoV-2 lockdown. For instance, under Section 71 of the Labour Act 66 of 1995 in South Africa, its SAFARI-1 reactor remained operational during the lockdown enforced in the country post-March 2020.
Gather more insights about the market drivers, restrains and growth of the Global Nuclear Medicine Market
Moreover, in an article published by ANSTO in May 2020, it was reported that since its reactor provides critical medicines, it had maintained its operations during the COVID-19 crisis, with its staff returning to campus and following strict social distancing measures. According to the American Cancer Society, the estimated incidence of prostate cancer is 268,490, and around 34,500 deaths in 2022 in the U.S. In addition, around 6 out of 10 patients diagnosed are men aged 65 years and older, with a rare incidence in men under 40 years. Recently, in March 2022, the U.S. FDA approved Pluvicto (177Lu-PSMA-617) for the treatment of adults with metastatic prostate cancer. This approval is anticipated to drive market growth.
The presence of a favorable reimbursement scenario for radiopharmaceuticals in the U.S. is anticipated to boost market growth. In 2020, the Center for Medical Services (CMS) offered a USD 10 add-on payment for Tc-99m derived from non-highly enriched uranium (HEU) for hospital outpatient service in addition to payment for imaging procedures. The initiatives, in turn, led to greater patient access to much-needed diagnostic nuclear medicines used for life-threatening diseases.
Increasing advancements in the diagnosis and treatment of diseases, and approval of new nuclear-medicine-based devices help in addressing patients' treatment needs. For instance, in September 2021, GE Healthcare announced the launch of a novel scanner with a new automated workflow feature that offers an exceptional view of cardiac anatomy and pathology to help physicians to decide the right treatment for a patient.
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Active wix Ingredients Market - The global active pharmaceutical ingredients market size was valued at USD 209.7 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.0% from 2022 to 2030. The growth can be attributed to the advancements in active pharmaceutical ingredient (API) manufacturing and the rising prevalence of chronic diseases, such as cardiovascular diseases and cancer.
Microspheres Market - The global microspheres market size was valued at USD 3.2 billion in 2015 and is expected to grow at a CAGR of 10.4% over the forecast period. Growing need for advanced drug delivery systems and drug carriers is expected to be a major factor for the growth of microspheres over the forecast period.
Nuclear Medicine Market Segmentation
Grand View Research has segmented the global nuclear medicine market based on product type, application, and region:
Nuclear Medicine Product Outlook (Revenue, USD Million, 2018 - 2030)
Diagnostic products
SPECT
TC-99m
TL-201
GA-67
I-123
Other SPECT products
PET
F-18
SR-82/RB-82
Other PET products
Therapeutic Products
Alpha Emitters
RA-223
Beta Emitters
I-131
Y-90
SM-153
Re-186
Lu-117
Other beta emitters
Brachytherapy
Cesium-131
Iodine-125
Palladium-103
Iridium-192
Other brachytherapy products
Nuclear Medicine Application Type Outlook (Revenue, USD Million, 2018 - 2030)
Cardiology
Neurology
Oncology
Thyroid
Lymphoma
Bone Metastasis
Endocrine Tumor
Others
Nuclear Medicine Regional Outlook (Revenue, USD Million, 2018 - 2030)
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Market Share Insights
March 2022: Penang Adventist Hospital (PAH) announced the launch of a private nuclear medicine center in the northern part of Malaysia.
June 2021: Curium announced the acquisition of Austrian-based pharmaceuticals company IASON intending to expand its footprint in Europe.
Key Companies profiled:
Some prominent players in the global nuclear medicine market include
GE Healthcare
Jubilant Life Sciences Ltd
Nordion (Canada), Inc.
Bracco Imaging S.P.A
The institute for radioelements (IRE)
NTP Radioisotopes SOC Ltd.
The Australian Nuclear Science and Technology Organization
Eczacıbaşı-Monrol
Lantheus Medical Imaging, Inc.
Eckert & Ziegler
Mallinckrodt
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.