The global Radiopharmaceuticals in Nuclear Medicine Market is estimated to be valued at US$ 9,115.96 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Radiopharmaceuticals in nuclear medicine are uniquely labeled with radioactive tracers that are used for diagnostic and therapeutic applications. The radiotracers emit radiation that can detect or treat various medical conditions like cancer, cardiovascular diseases, and neurological disorders. Benefits include non-invasive detection of abnormalities with high sensitivity and specificity.
Market key trends:
One of the key trends fueling market growth is the increasing demand for PET radiotracers. Positron emission tomography (PET) uses radiotracers labeled with positron-emitting radionuclides such as fluorine-18 and carbon-11 to produce three-dimensional images of functional processes in the body. PET scans have growing applications in cancer diagnosis and management due to its ability to detect tumors and metastases at the molecular level. Another major trend is the development of theranostic radiopharmaceuticals that can diagnose as well as treat medical conditions. Additionally, targeted alpha therapy using radiopharmaceuticals is poised to transform cancer treatment in the coming years.
Segment Analysis
The global radiopharmaceuticals in nuclear medicine market is segmented based on type, application, procedure, end user, and region. Based on type, the SPECT radiopharmaceuticals segment dominated the market in 2022. SPECT radiopharmaceuticals find wide usage in diagnostic nuclear medicine procedures such as SPECT scans. They provide precise anatomical information about organ function. Based on applications, oncology dominated the market in 2022 and is expected to grow at the highest CAGR during the forecast period. Radiopharmaceuticals play a vital role in cancer diagnosis and treatment monitoring through positron emission tomography (PET) or single-photon emission computed tomography (SPECT) scans.
Key Takeaways
The Global Radiopharmaceuticals In Nuclear Medicine Market Size was valued at US$ 9115.96 Mn in 2023 and is expected to witness high growth, exhibiting a b over the forecast period. The increasing prevalence of chronic diseases such as cancer and cardiovascular diseases is expected to drive the demand for radiopharmaceuticals over the coming years.
North America dominated the global market in 2023 and is expected to continue its dominance over the forecast period. This is attributed to the availability of reimbursement for radiopharmaceuticals, strong healthcare infrastructure, and increasing adoption of novel diagnostic imaging technologies.
Key players operating in the radiopharmaceuticals in nuclear medicine market are Progenics Pharmaceuticals, Inc., NorthStar Medical Radioisotopes LLC, Curium Pharma, Life Molecular Imaging, Lantheus Holdings, Inc., Cardinal Health, Inc., General Electric Company, Bracco S.p.A., Bayer AG, Advanced Accelerator Applications, S.A., Eli Lilly and Company, Nihon Medi-Physics. Co. Ltd., FUJIFILM Toyama Chemical Co., Ltd., Jubilant Life Sciences Ltd., Samyoung Unitech, and DuChemBio, Inc. These players are adopting strategies such as mergers & acquisitions, partnerships, and new product launches to expand their market share.
Read more: https://www.rapidwebwire.com/radiopharmaceuticals-in-nuclear-medicine-market-demand-trends/
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Revenue forecasts from 2021 to 2026 are provided for each segment and regional market, with estimated values derived from manufacturers’ total revenues.
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