PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1394166
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1394166
The global nuclear medicine market is poised for substantial growth, with a projected Compound Annual Growth Rate (CAGR) of 11.5% between 2023 and 2030, according to a recent market research report by Fairfield Market Research. The market, valued at approximately $5.2 billion in 2022, is expected to reach a significant valuation of $11.14 billion by the end of 2030. Several factors, including the increasing incidence of cardiac and cancer disorders and innovative approaches to address supply-demand imbalances in the nuclear medicine field, are contributing to this growth.
One of the key drivers fueling the expansion of the nuclear medicine market is the rising incidence and prevalence of cardiovascular diseases (CVD) and cancer worldwide. Early detection and treatment are crucial in managing these diseases, and nuclear medicine plays a vital role in this process.
For instance, CVD remains a leading cause of death globally, with millions of deaths attributed to it each year. Nuclear medicine techniques are essential for diagnosing and treating heart diseases, driving the demand for nuclear medicine procedures.
Nuclear imaging techniques are used in a wide range of medical applications, including the early detection of central nervous system problems, intracranial tumors, arteriovenous malformations, heart diseases, and breast diseases. These techniques offer precise molecular activity detection, enabling early disease identification and treatment evaluation.
The expanding use of nuclear medicine for early disease detection is expected to drive the global nuclear medicine market's growth during the forecast period.
The global burden of chronic diseases such as cardiovascular diseases, cancer, respiratory problems, neurological disorders, and metabolic disorders is on the rise. Early detection and treatment are crucial in managing these conditions, and nuclear medicine is highly sought after for its diagnostic and therapeutic applications.
The market is further fueled by the growing adoption of nuclear medicine procedures for detecting and treating various diseases, including lymphoma, heart diseases, and more.
Despite its promising growth, the nuclear medicine market faces challenges, including the high costs associated with hybrid imaging devices and the short shelf life of radiopharmaceuticals. High price points of hybrid imaging devices often lead to a preference for less expensive conventional imaging systems, while the short shelf life of radiopharmaceuticals can lead to their deterioration before use, raising concerns about safety and efficacy.
Strict regulatory guidelines are in place to ensure the quality, safety, and potency of radiopharmaceuticals used in nuclear medicine procedures. Regulatory bodies in various countries oversee the production, administration, storage, and disposal of radionuclides, with guidelines designed to enhance radiation safety for patients and healthcare workers.
The regulatory landscape varies by region, with agencies like the US FDA, European regulatory authorities, and India's Atomic Energy Regulatory Board (AERB) setting standards for the safe use of nuclear medicine in healthcare.
The global nuclear medicine market is characterized by consolidation, with a few major players dominating the industry. Leading companies in the nuclear medicine space include:
Global Nuclear Medicine Market is Categorised as Below: