Dublin, Sep 06, 2022 (GLOBE NEWSWIRE) — The “Nuclear Medicine Market – Global Industry Size, Share, Trends, Competition, Opportunities and Forecast, 2017-2027 Segmented by Type, by Application, by End Use , by region” report has been added to from ResearchAndMarkets.com offer.
The global nuclear medicine market is expected to grow at a CAGR of 9.32% and reach USD 8,804.54 million through 2027. This can be attributed to increasing cases of chronic diseases and respiratory conditions.
Growing popularity of personalized treatment
Precision medicine is an emerging trend in the healthcare industry that refers to the treatment and prevention of disease, taking into account the individual’s genetic makeup, gene variability, environment and the patient’s lifestyle. Other factors such as age, gender and pre-existing conditions of the patient are also taken into account. Precision medicine uses data and genomics to deliver treatment to the patient. The growing popularity of targeted radiation therapy offers effective treatment modalities for cancer. The growing popularity of personalized treatment has greatly increased the demand for nuclear medicine.
Increase in the population of the geriatric population
According to the WHO, the number of people aged 60 and over is increasing, as is their proportion in the population. The number of people aged 60 and over reached one billion in 2019. In 2030, this number will increase to 1.4 billion; in 2050, it will increase to 2.1 billion. This rise is occurring at an unprecedented rate and is expected to intensify in the coming decades, particularly in emerging countries. The elderly population is much more prone to health problems and diseases, which is driving the market during the forecast period. Health care is also improving thanks to government initiatives; for example, there are free medical facilities for the elderly in the UK
Rising Cancer Cases Drive Global Nuclear Medicine Market
Cancer cases are increasing rapidly. As mentioned by the WHO, some of the most common types of cancer are breast, lung, colon and rectum, and prostate. These types of cancers are prevalent around the world. This resulted in the death of 10 million people worldwide in 2020, which means that one in six deaths worldwide is due to the different types of cancer. Thus, nuclear medicine is in demand for the early detection and diagnosis of cancer. Multiple cancer has a high chance of being cured if detected at an early stage, as early diagnosis of cancer helps to cure the disease much more quickly and effectively, which drives the demand for nuclear medicine in developed countries as well as in many developing countries.
Improved advances in nuclear imaging techniques
The number of nuclear medicine procedures is increasing. This can be attributed to the continued improvement in the accuracy of disease detection, localization and characterization by PET and SPECT. PET and SPECT are among the nuclear medicine radiology modalities used in clinical settings. According to the Nuclear Medicine Society, every year millions of nuclear medicine procedures are performed with radiopharmaceuticals and imaging instruments to diagnose disease and provide targeted treatments in countries in the region.
These techniques have also been adopted in immunology, infection, gastroenterology, cardiology, oncology, neurology and psychiatry, among other fields, for diagnosis and other applications. Advanced nuclear medicines and modern nuclear imaging equipment contribute to accurate diagnosis of diseases in a comparatively shorter time.
The continuous development of new radiopharmaceuticals for the PET/CT and SPECT/CT platforms, which are used in new clinical applications such as neurology and orthopedics, as well as the increasing precision of the different tumor staging methods, further contribute to market growth. In September 2020, Curium launched Detectnet, a positron emission tomography (PET) agent, indicated for the localization of somatostatin receptor positive neuroendocrine tumors (NETs) in adult patients. Thus, technological advances
In this report, the global nuclear medicine market has been segmented into the following categories, in addition to industry trends which have also been detailed below:
Global Nuclear Medicine Market, By Type:
Global Nuclear Medicine Market, by Diagnostic Nuclear Medicine:
Global Nuclear Medicine Market, by Therapeutic Nuclear Medicine:
Global Nuclear Medicine Market, By Application:
Global Nuclear Medicine Market, By End User:
Main topics covered:
1. Product introduction
2. Research methodology
3. Executive Summary
4. Impact of COVID-19 on the global nuclear medicine market
5. Voice of the customer
6. Global Nuclear Medicine Market Outlook
7. North America Nuclear Medicine Market Outlook
8. Europe Nuclear Medicine Market Outlook
9. Asia Pacific Nuclear Medicine Market Outlook
10. South America Nuclear Medicine Market Outlook
11. South America: Country Analysis
12. Middle East & Africa Nuclear Medicine Market Outlook
13. Market Dynamics
14. Market trends and developments
15. Competitive Landscape
16. Strategic Recommendations
Cardinal Health, Inc.
GE Health Inc.
Advanced Accelerator Applications AG (Novartis AG)
Lantheus Medical Imaging, Inc.
Bracco Imaging SpA
Nordion (Canada) Inc.
Isotopia Molecular Imaging Limited
NorthStar Medical Radioisotopes, LLC
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