Latest News- Nuclear Medicine Market: Radiotherapeutics is expected to lead the Product segment during 2025-2029

The Nuclear Medicine Market is being driven by Growing adoption of SPECT/CT hybrid imaging systems

The Nuclear Medicine Market is expected to grow at a CAGR of 19.2% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 13011.9 million. Nuclear medicine, which utilizes radiopharmaceuticals for diagnostic and therapeutic purposes, offers significant benefits with minimal side effects. The low-dose exposure to radiopharmaceuticals carries no known long-term side effects, according to the National Institutes of Health (NIH). Occasional adverse reactions, such as soreness, bleeding, and swelling at the injection site, occur in approximately 1-6 cases per 100,000 injections. The NIH reports a rate of 1 in 400 cases for the lung visualization agent macro aggregated albumin and 1 in 800 cases for bone-seeking radiopharmaceutical methylene diphosphonate. Despite these rare occurrences, the benefits of nuclear medicine far outweigh the risks. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Radiotherapeutics
  • Equipment (SPECT and PET)
• Application
  • Oncology
  • Cardiology
  • Neurology
  • Others
• Geography
  • North America
    • Canada
    • US
  • Asia
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
  • Rest of World (ROW)

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing adoption of SPECT/CT hybrid imaging systems
• Rising utilization of nuclear medicine for early disease detection
• Growing cancer cases and rising investment in oncology market

However, the market also witnesses some limitations, which are as follows:

• Regulatory hurdles regarding preparation of radiopharmaceuticals
• High cost of hybrid imaging devices coupled with limited reimbursements
• Shortage of skilled physicians coupled with extensive training requirements

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Market Scope in Nuclear Medicine Market Research Report

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Research Analysis Overview

The Nuclear Medicine Market is experiencing significant growth due to the increasing prevalence of chronic diseases such as cancer and cardiovascular disease in the geriatric population. Technologically advanced systems, including SPECT diagnosis and MRI, are driving demand, along with hospital budgets and insurance coverage for reimbursement. Pharmaceutical drugs and radioisotopes like radioactive isotopes and therapeutic radiopharmaceuticals are essential in cancer treatment, neurology, cardiology, and oncology. Physicians use radioisotopes for diagnosing conditions like lymphoma and bone metastasis, while minimally invasive techniques and chemotherapy methods are enhancing patient care. X-Rays, CT scanners, and chemotherapy are also integral to nuclear medicine clinical areas. Cancer treatment, including SPECT diagnosis and chemotherapy, is a key application, with bone metastasis and lymphoma being common indications. Radioisotopes play a crucial role in various clinical areas, including neurology, cardiology, oncology, and diagnostic imaging. Technological advancements, insurance coverage, and reimbursement facilities are essential factors influencing market growth.

Market Research Overview

The nuclear medicine market is a significant segment within the global pharmaceuticals industry, focusing on the production of radioisotopes, radiopharmaceuticals, and advanced diagnostic systems. Key growth drivers include an aging population, particularly in developed regions such as Europe and North America, where the geriatric demographic is projected to account for approximately 25% and 35% of the population in Europe and the US, respectively, by 2050. Cancer, cardiovascular diseases, and other chronic conditions are primary indications for nuclear medicine, with the majority of procedures performed in hospitals. The increasing prevalence of these diseases, coupled with the availability of technologically advanced systems and favorable insurance coverage and reimbursement facilities, will fuel market growth. Manufacturers and providers of equipment, supplies, and services, including those involved in radiopharmaceutical production using cyclotrons and generators, will benefit from this trend. The global nuclear medicine market is expected to experience substantial growth due to the rising demand for accurate and efficient diagnostic solutions in an aging population.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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