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Soaring Demand Set to Propel Nuclear Medicine Diagnostics Market to $12.38 Billion by 2029
Nuclear Medicine Diagnostics
What Is the Expected CAGR for the Nuclear Medicine Diagnostics Market Through 2025?
In recent years, the nuclear medicine diagnostics market has seen a quick expansion. The market's size will increase from $7.16 billion in 2024 to $7.88 billion in 2025 at a compound annual growth rate (CAGR) of 10.2%. The growth experienced in the historic period is mainly due to developments in medical imaging, a rise in chronic diseases, growing aging population trends, clinical usage in oncology, and improvements in diagnostic accuracy and precision.
What's the Projected Size of the Global Nuclear Medicine Diagnostics Market by 2029?
The market size of nuclear medicine diagnostics is anticipated to experience swift expansion in the coming years. The market is set to reach $12.38 billion by the year 2029 with a compound annual growth rate (CAGR) of 11.9%. This growth in the projected period is due to increased applications in neurology, cooperation with other imaging methods, precision medicine strategies, a surge in requirement for theranostics, and worldwide endeavors in disease elimination. Key trends for the forecast period incorporate a shift towards decentralized small-scale radiopharmacy, the use of nuclear medicine in neurology, radiomics and analytical imaging examination, partnerships for research and establishment, with a focus on radiation protection and dosimetry.
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Top Growth Drivers in the Nuclear Medicine Diagnostics Industry: What's Accelerating the Market?
The anticipated surge in the requirement for nuclear medicine diagnostics is projected to stimulate the expansion of the nuclear medicine diagnostics market. This branch of medicine employs radioactive substances within the body to identify diseases or to pinpoint and eliminate afflicted or impaired organs and tissue for treatment. The diagnostic applications of nuclear medicine are mainly in radiation and other life-threatening therapies. The increasing demand for nuclear medicine diagnostics is attributed to advantages such as precise results and improved choice of treatment. For example, a report released by the World Nuclear Association, a UK-based international organization endorsing nuclear power, in April 2022 on nuclear medicine diagnostics, stated that the annual count of nuclear medicine treatments surpasses 40 million and the requirement for radioisotopes escalates at a rate of up to 5% annually. Moreover, more than 10,000 hospitals globally carry out 90% of the procedures involving radioisotopes in medicine. Consequently, the escalating demand for nuclear medicine diagnostics is predicted to invigorate the growth of the nuclear medicine diagnostics market.
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What Trends Will Shape the Nuclear Medicine Diagnostics Market Through 2029 and Beyond?
Leading corporations in the nuclear medicine diagnostics market are making strides to introduce innovative solutions such as cutting-edge medical technologies, with the aim to outdo their competitors. Such advanced medical technologies are at the forefront of the medical field, seeking to improve patient results, elevate the quality of care, and foster improved health. Taking Gleneagles Hospital as an example, this Malaysia-based company offering medical and healthcare services, unveiled their Nuclear Medicine Unit in August 2023. This specific unit within the hospital or medical center is fitted with state-of-the-art technology and staffed by an adept team of professionals. Its main objective is to offer early disease detection, diagnosis, and treatment utilizing nuclear medicine imaging techniques.
What Are the Main Segments in the Nuclear Medicine Diagnostics Market?
The nuclear medicine diagnostics market covered in this report is segmented -
1) By Type: SPECT Radiopharmaceuticals, PET Radiopharmaceuticals
2) By Application: Cardiology, Thyroid, Neurology, Oncology, Other Applications
3) By End-User: Hospitals And Diagnostic Centers, Research Institutes
Subsegments:
1) By SPECT Radiopharmaceuticals: Technetium-99m-Based Radiopharmaceuticals, Iodine-123-Based Radiopharmaceuticals, Thallium-201-Based Radiopharmaceuticals, Other SPECT Radiopharmaceuticals
2) By PET Radiopharmaceuticals: Fluorine-18-Based Radiopharmaceuticals, Carbon-11-Based Radiopharmaceuticals, Gallium-68-Based Radiopharmaceuticals, Other PET Radiopharmaceuticals
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Which Top Companies are Driving Growth in the Nuclear Medicine Diagnostics Market?
Major companies operating in the nuclear medicine diagnostics market include Siemens AG, Bayer Aktiengesellschaft, Novartis AG, GE Healthcare Technologies Inc., Perkin Elmer Inc., Mallinckrodt Pharmaceuticals, Bracco Diagnostics Inc., Lantheus Holdings Inc., IBA Radiopharma Solutions, Curium SAS, Cardinal Health Inc., Eckert & Ziegler Strahlen- und Medizintechnik AG, Advanced Accelerator Applications, Telix Pharmaceuticals Limited, Nordion (Canada) Inc., NorthStar Medical Technologies LLC, SHINE Medical Technologies LLC, Navidea Biopharmaceuticals Inc., Cyclopharm Limited, Isologic Innovative Radiopharmaceuticals, Clarity Pharmaceuticals Limited, Actinium Pharmaceuticals Inc., Jubilant DraxImage Inc., PharmaLogic Holdings Corp, Institute of Isotopes Co Ltd., Global Medical Solutions LLC, Theragnostics Ltd., Eczacibasi-Monrol Nuclear Products Co.
Which Regions Will Dominate the Nuclear Medicine Diagnostics Market Through 2029?
North America was the largest region in the nuclear medicine diagnostics market in 2024. The regions covered in the nuclear medicine diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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