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Nuclear Medicine Market

Nuclear Medicine Market Size, Share & Segment by Product Type (Diagnostic products, Therapeutic Products), By Application Type (Cardiology, Neurology, Oncology, Thyroid, Lymphoma, Bone Metastasis, Endocrine Tumor), By Modality Type (SPECT, PET, Alpha-emitters, Beta-emitters, Brachytherapy), by Regions and Global Forecast 2022-2028

Report Id: SNS/HC/2243 | July 2022 | Region: Global | 126 Pages

Nuclear Medicine Market Overview:

The Nuclear Medicine Market Size was valued at USD 8.2 billion in 2021, and is expected to reach USD 19.1 billion by 2028, and grow at a CAGR of 12.8% over the forecast period 2022-2028.

A medical specialty known as nuclear medicine makes use of radioactive substances or radiopharmaceuticals to diagnose and treat a wide range of illnesses, including cancer, heart disease, and neurological disorders in addition to assessing how well the body is functioning. Doctors can follow the radioactive tracers' progress using cameras with advanced technology. Additionally, positron emission tomography (PET) and single-photon emission computed tomography (SPECT) scans rank among the most important imaging techniques in the field of nuclear medicine.

Nuclear Medicine Market

MARKET DYNAMICS

DRIVERS

  • Rising incidence and prevalence of the target diseases

  • Creation of tailored cancer therapies based on alpha-radioimmunotherapy

  • Efforts to close the Mo-99 supply and demand gap

RESTRAINTS

  • Radiopharmaceuticals' short half-lives

OPPORTUNITIES

  • Radiopharmaceuticals are used in sensory processing

CHALLENGES

  • Reduction to hospital spending and hefty equipment expenses

IMPACT OF COVID-19

Acute acute Respiratory Syndrome coronavirus 2 (SARS-CoV2) is the cause of acute respiratory infections known as coronavirus disease 2019 (COVID19). COVID-19, which had never been heard of before the epidemic, which began in Wuhan, China, in December 2019, moved from a domestic issue to a global epidemic within weeks. On March 11, 2020, COVID-19 was classified as epidemic by the World Health Organization (WHO). Globally, clinical procedures for radiology departments have undergone significant changes due to the COVID-19 epidemic. In order to increase community outreach and reduce the spread of the disease to research staff and others they may come in contact with, medical educational institutions and universities are rushing to close the scientific research work in line with clinical readiness efforts.

VALUE CHAIN ANALYSIS

The worldwide nuclear medicine market is segmented based on type, modality, application, and geography, the reports claim. Markets for treatment and prophylaxis are divided based on kind. The diagnostics segment makes up the majority of the nuclear medicine market. Because of its greater accuracy compared to other techniques, PET is being utilised increasingly frequently as a diagnostic tool. Most frequently, it is used with X-rays and CT scans (CT). The market for radiopharmaceuticals is growing as a result of the demand for early and accurate diagnosis and the expanding market for high-end medical solutions.

According to the mode used, the nuclear medicine market is divided into beta-emitters, brachytherapy, SPECT, and PET. SPECT was the most common type of nuclear drug in 2019 due to the combination of low cost and wide use. To improve the diagnosis, it was also introduced by key nuclear pharmaceutical companies. Improved image editing and the 360-degree multidetector architecture of high-quality facts have been made possible by the November 2018 FDA approval of the Spectrum Dynamics' Veriton-CT 64 SPECT / CT gadget.

Based on the app, the market is divided into Thyroid, Cardiology, Oncology, Neurology, and others. The market value of nuclear drugs is dominated by the cardiovascular sector, which is also expected to grow in a very fast CAGR. Cardiology is expected to be the fastest growing phase during the forecast period due to the low cost of procedures and increased marketing potential.

By Product Type

Diagnostic and Therapeutic segments of the market are divided. The diagnostic market category makes up the majority of the nuclear medicine market, and the use of PET as a diagnostic tool is steadily growing due to its higher accuracy compared to other diagnostic methods. In general, it is used in conjunction with computed tomography and X-rays to increase accuracy (CT). The radiopharmaceuticals market is being driven by an increase in the demand for timely and accurate diagnoses as well as for high-quality medical solutions.

By Application Type

The oncology, neurology, cardiology, thyroid, and other segments of the market are divided. The nuclear medicine market was dominated by the cardiology segment, which is anticipated to expand at the greatest CAGR over the course of the projected period. Given the low cost of procedures and strong promotion rate, cardiology is predicted to develop at the fastest rate during the projection period.

By Modality type

Alpha-emitters, Beta-emitters, Brachytherapy, SPECT, and PET are the different segments of the market. Due to its low price and widespread usage across numerous market areas, SPECT has dominated the nuclear medicine sector. Additionally, major industry participants in nuclear medicine are launching digital SPECT scanners to enhance diagnostics.

COMPETITIVE LANDSCAPE

Some of the major key players are as follows: Advanced Accelerators Applications, Bayer, Curium, Bracco Imaging, Cardinal Health, Jubliant Lifesciences, GE Healthcare, Medtronic plc, Lantheus Medical Imaging, Mallinckrodt Pharmaceuticals, and Nordion Inc.

MARKET SEGMENTS:

By Product Type

  • Diagnostic products

  • Therapeutic Products

By Application Type

  • Cardiology

  • Neurology

  • Oncology

  • Thyroid

  • Lymphoma

  • Bone Metastasis

  • Endocrine Tumor

By Modality Type

  • SPECT

  • PET

  • Alpha-emitters

  • Beta-emitters

  • Brachytherapy

Nuclear Medicine Market

REGIONAL ANALYSIS

The nuclear medicine industry is anticipated to be dominated by North America, thanks in large part to regional initiatives from businesses, government support, the development of novel radioisotope production methods, and rising R&D spending.

REGIONAL COVERAGE:

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

Nuclear Medicine Market Report Scope:
Report Attributes Details
Market Size in 2021 US$ 8.2 Billion
Market Size by 2028 US$ 12.8 Billion
CAGR CAGR of 12.8% From 2022 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Product Type (Diagnostic products, Therapeutic Products)
• By Application Type (Cardiology, Neurology, Oncology, Thyroid, Lymphoma, Bone Metastasis, Endocrine Tumor)
• By Modality Type (SPECT, PET, Alpha-emitters, Beta-emitters, Brachytherapy)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles Advanced Accelerators Applications, Bayer, Curium, Bracco Imaging, Cardinal Health, Jubliant Lifesciences, GE Healthcare, Medtronic plc, Lantheus Medical Imaging, Mallinckrodt Pharmaceuticals, and Nordion Inc.
Key Drivers • Rising incidence and prevalence of the target diseases
• Creation of tailored cancer therapies based on alpha-radioimmunotherapy
• Efforts to close the Mo-99 supply and demand gap
Restraints • Radiopharmaceuticals' short half-lives


Frequently Asked Questions (FAQ) :


Table of Contents

 

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

 

4. Impact Analysis

4.1 COVID 19 Impact Analysis

4.2 Impact of Ukraine ware

 

5. Value Chain Analysis

 

6. Porter’s 5 forces model

 

7.  PEST Analysis

  

8. Nuclear Medicine Market Segmentation, By Product Type

8.1 Diagnostic products

8.2 Therapeutic Products

 

9. Nuclear Medicine Market Segmentation, By Application Type

9.1 Cardiology

9.2 Neurology

9.3 Oncology

9.4 Thyroid

9.5 Lymphoma

9.6 Bone Metastasis

9.7 Endocrine Tumor

 

10. Nuclear Medicine Market Segmentation, By Modality Type

10.1 SPECT

10.2 PET

10.3 Alpha-emitters

10.4 Beta-emitters

10.5 Brachytherapy

 

11. Regional Analysis

11.1 Introduction

11.2 North America

11.2.1 USA

11.2.2 Canada

11.2.3 Mexico

11.3 Europe

11.3.1 Germany

11.3.2 UK

11.3.3 France

11.3.4 Italy

11.3.5 Spain

11.3.6 The Netherlands

11.3.7 Rest of Europe

11.4 Asia-Pacific

11.4.1 Japan

11.4.2 South Korea

11.4.3 China

11.4.4 India

11.4.5 Australia

11.4.6 Rest of Asia-Pacific

11.5 The Middle East & Africa

11.5.1 Israel

11.5.2 UAE

11.5.3 South Africa

11.5.4 Rest

11.6 Latin America

11.6.1 Brazil

11.6.2 Argentina

11.6.3 Rest of Latin America

 

12.Company Profiles

12.1 Advanced Accelerators Applications

            12.1.1 Financial

12.1.2 Products/ Services Offered

12.1.3 SWOT Analysis

12.1.4 The SNS view

12.2 Bayer

12.3 Curium

12.4 Bracco Imaging

12.5 Cardinal Health

12.6 Jubliant Lifesciences

12.7 GE Healthcare

12.8 Medtronic plc

12.9 Lantheus Medical Imaging

12.10 Mallinckrodt Pharmaceuticals

 

13.Competitive Landscape

13.1 Competitive Benchmark

13.2 Market Share analysis

13.3 Recent Developments

 

14.Conclusion

 

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of the good and accurate research report and selecting the best methodology to complete the research is the toughest part. Since the research reports, we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brainstorming sessions to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.

 

The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

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