The size of the $ 24.4 billion nuclear medicine market by 2030 thanks to the presence of robust products and favorable government initiatives to improve access to nuclear medicine |  A Great Look at Research, Inc.  - Benzinga

The size of the $ 24.4 billion nuclear medicine market by 2030 thanks to the presence of robust products and favorable government initiatives to improve access to nuclear medicine | A Great Look at Research, Inc. – Benzinga


“Grand View Research, Inc. – Market research and consulting.”

According to a new report published by Grand View Research, the presence of a favorable reimbursement scenario for radiopharmaceuticals in the US is expected to support the growth of the nuclear medicine industry.

Nuclear medicine Industry overview

The global nuclear medicine market was estimated at $ 8.1 billion in 2021 and is expected to reach $ 24.4 billion by 2030, with a CAGR of 13.0% over the forecast period.

The market is witnessing growth thanks to the presence of a robust product portfolio and favorable government initiatives to improve access to nuclear medicine. Currently, betalutin, omburtamab, yttria-90 microspheres, PNT2003, 177Lu ‑ PNT2002 are some of the products that are the subject of clinical trials.

Learn more about market drivers, constraints and the company’s growth Global nuclear medicine market

The nuclear medicine market was slightly affected by SARS-CoV-2. Due to its critical nature, the operation of the reactors was largely classified as a basic service. Therefore, the nuclear reactors were not shut down during the SARS-CoV-2 lock. For example, under section 71 of Labor Act 66 of South Africa in 1995, its SAFARI-1 reactor remained in operation during a blockade enforced in the country after March 2020. In addition, in an article published by ANSTO in May 2020, it was reported that the reactor provides critical drugs, maintained its operations during the COVID-19 crisis, while its staff returned to campus and adhered to strict social distraction measures.

US nuclear medicine market size, by product, 2020-2030 (billion USD)

According to the American Cancer Society, the estimated incidence of prostate cancer is 268,490 and approximately 34,500 deaths in 2022 in the United States. In addition, approximately 6 out of 10 patients diagnosed are men aged 65 and over, with a rare incidence in men under 40 years of age. Recently, in March 2022, the US FDA approved Pluvicto (177Lu-PSMA-617) for the treatment of adults with metastatic prostate cancer. This approval is expected to support market growth.

The presence of a favorable reimbursement scenario for radiopharmaceuticals in the US is expected to support market growth. In 2020, the Medical Services Center (CMS) offered, in addition to payment for imaging procedures, a surcharge of $ 10 per Tc-99m derived from highly enriched uranium (HEU) for hospital outpatient services. In return, the initiatives have led to better access for patients to much-needed diagnostic nuclear drugs used for life-threatening diseases.

Growing advances in the diagnosis and treatment of diseases and the approval of new facilities based on nuclear medicine are helping to address the medical needs of patients. For example, in September 2021, GE Healthcare announced the launch of a new scanner with a new automated workflow feature that offers exceptional insights into cardiac anatomy and pathology to help physicians decide on the right patient treatment.

Nuclear medicine market segmentation

Based on Product Insights, the market is divided into diagnostic products and therapeutic products

  • The diagnostic products segment had the highest market share in 2021 due to the presence of a large patient base and the availability of advanced technologies such as single photon emission computed tomography (SPECT) and positron emission tomography (PET).
  • The wide range of radioactive indicators currently used in tumor diagnosis, together with technological advances, are contributing to the growth of the nuclear drugs market.
  • The therapeutic segment is further divided into alpha emitters, beta emitters and brachytherapy. The robust product chain associated with the approval and commercialization of nuclear medicine drugs can support segment growth.
  • Radium (Ra-223) is currently the most widely used alpha emitter in therapy. The development of potential radioisotopes such as terbium (Tb-149), bismuth (Bi-212) and actinium (Ac-225) is expected to increase market growth.

Based on Application Insights, the market is divided into cardiology, neurology, oncology, thyroid, lymphoma, bone metastases, endocrine tumors and more.

  • The oncology segment dominated the market in 2021. Cancer is one of the leading causes of death worldwide. Factors such as unhealthy diet, smoking and lack of exercise are contributing to increasing prevalence. In addition, growing investment in research and development of new nuclear drugs for cancer treatment may contribute to the growth of the segment.
  • The cardiology segment is expected to witness high growth over the forecast period due to growing demand for CVD diagnostics. In March 2021, Bracco Diagnostics Inc. has entered into a partnership with CardioNavix, LLC to improve patient outreach with a new cardiac PET imaging system. This new initiative provides patients with easy access to hospitals, physicians and diagnostic centers for cardiac PET imaging. This program can reduce initial costs and the risk of business loss by encouraging clinicians to prescribe and use this important diagnostic test.

Based on regional statistics, the market is divided into North America, Europe, Asia Pacific, Latin America and the Middle East and Africa.

  • North America dominated the market with a share of 45.2% in 2021 and is expected to grow significantly during the forecast period. The high market share in the region can be attributed to increased investment in research and development activities, a high volume of nuclear medicine services and a strong medical infrastructure.
  • The Asia-Pacific region is estimated to be the fastest growing region due to increased awareness of nuclear medicine therapies and growing investment in nuclear medicine. For example, in March 2022, Penang Adventist Hospital (PAH) announced the launch of a private nuclear medicine center in northern Malaysia. This launch is expected to have a positive impact on the regional market.

View Grand View Research’s pharmaceutical industry research reports.

  • Cancer Market – The size of the global cancer support drug market was valued at $ 14.03 billion in 2021 and is expected to decline between 2022 and 2030 with a compound annual growth rate (CAGR) of -1.57%. Approval and intake of targeted drugs that have lower side effects than traditional chemotherapeutic drugs and the introduction of biosimilars is expected to hinder market growth. Market-supporting factors include the growing prevalence of cancer, the growth of the geriatric population and the high uptake of chemotherapy in low- and middle-income regions.
  • Pharmacy market – The size of the global pharmaceutical market was valued at $ 1,008.5 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.3% between 2021 and 2028. The growing number of people suffering from diseases, the growing aging of the population and the growing number of prescriptions is a key parameter that governs the market. According to National Health Services, prescription costs increased by 3.46% in fiscal 2020-21 compared to 2019-20 in England.

Market share statistics:

  • March 2022: Penang Adventist Hospital (PAH) has announced the launch of a private nuclear medicine center in northern Malaysia.
  • June 2021: Curium has announced the acquisition of the Austrian pharmaceutical company IASON with the intention of expanding its operations in Europe. The acquisition is expected to strengthen its market position.

Profile of key companies:

Leading market players choose geographical expansion, strategic cooperation and partnerships through mergers and acquisitions in emerging and economically favorable regions.

Key players in the global nuclear medicine market include:

  • GE Healthcare
  • Jubilant Life Sciences Ltd.
  • Nordion (Canada), Inc.
  • Bracco Imaging SPA
  • Institute for Radio Elements (IRE)
  • NTP Radioisotopes SOC Ltd.
  • Australian Organization for Nuclear Science and Technology
  • Eczacıbaşı-Monrol
  • Lantheus Medical Imaging, Inc.
  • Eckert & Ziegler
  • Mallinckrodt

Order a free PDF sample Nuclear Medicine Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research is a full-time market research and consulting company based in San Francisco, California. The company fully offers market reports, both customized and syndicated, based on intensive data analysis. It also offers consulting services to business communities and academic institutions and helps them to a large extent to understand the global and business scenarios. The company operates in many areas, such as chemicals, materials, food and beverages, consumer goods, healthcare and information technology, to offer consulting services.

web: https://www.grandviewresearch.com

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