Nuclear Medicine Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027 Segmented By Type (Diagnostic Nuclear Medicine & Therapeutic Nuclear Medicine), By Diagnostic Nuclear Medicine (SPECT & PET Radiopharmaceuticals), By Therapeutic Nuclear Medicine (Beta Emitters, Alpha Emitters & Brachytherapy Isotopes), By Application (Oncology, Cardiology, Neurology, Others), By End

Global nuclear medicine market is expected to grow at a CAGR of 9.32% and reach USD8804.54 million through 2027. This can be attributed to the increasing cases of chronic diseases and respiratory ailments. The need for finding better cure for the ailments caused due to the multiple chronic diseases has significantly increased the demand for novel techniques such as nuclear medicine.

Growing Popularity of Personalized Treatment

Increasing Population of Geriatric Population

According to WHO, the number of people aged 60 and up is rising, as is their population proportion. The number of persons aged 60 and up reached one billion in 2019. By 2030, this number will rise to 1.4 billion; by 2050, it will rise to 2.1 billion. This rise is occurring at an unprecedented rate and is expected to intensify in the next decades, especially in emerging countries. The elderly population is much more prone to health ailments and diseases, which drives the market in the forecast period. Healthcare is also improving due to the initiatives by the government; for example, there is the availability of free medical facilities for elderly people in the U.K.

Increasing Cases of Cancer Drives the Global Nuclear Medicine Market

The cases of cancer are increasing rapidly. As mentioned by WHO, some of the most common cancer types are the breast, lung, colon and rectum, and prostate. These types of cancers are prevalent globally. This has resulted in the death of 10 million people globally in 2020, which means that one out of every 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 curing if detected at the early stage, as the early diagnosis of cancer helps cure the ailment much faster & effectively, thus, driving the demand for nuclear medicine in developed countries as well in numerous developing countries.

Improved Advancements in Nuclear Imaging Techniques

The number of nuclear medicine procedures is increasing. This can be ascribed to the continuous improvement in the accuracy of detection, localization, and characterization of disease through PET and SPECT. PET and SPECT are among the nuclear medicine radiology modalities employed in clinical settings. As per the Society of Nuclear Medicine, every year, millions of nuclear medicine procedures are performed with radiopharmaceuticals and imaging instruments to diagnose disease and deliver targeted treatments in the countries across 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

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Market Segmentation

The United States nuclear medicine market is expected to grow at a CAGR of 9.55% and reach USD2388.71 million in 2027.

Company Profiles

Major companies in the market are Cardinal Health, Inc., Curium SAS, GE Healthcare, Inc., Novartis (Advanced Accelerator Applications SA), Lantheus Medical Imaging, Inc.