Market Size of Europe Nuclear Medicine Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 10.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Europe Nuclear Medicine Market Analysis
The Europe Nuclear Medicine Market is expected to register a CAGR of 10% during the forecast period.
The COVID-19 pandemic posed serious challenges to European healthcare systems and has largely been controlled by drastically cutting down in- and outpatient services for diseases and implementing infection prevention and control measures. For instance, according to an article published by the European Journal of Nuclear Medicine and Molecular Imaging in June 2022, the pandemic has been observed to have impacted nuclear medicine education in most countries (84%). This was broken down into affecting different employment groups as follows: technologists (78%), radio pharmacists (59%), physicists (67%), and physicians (74%). In addition, as per the same source, according to the survey, 12/32 countries reported that research and development activities were kept on hold due to the restrictions imposed by the government due to COVID-19, which comprised 38% of sponsored trials, 28% of aggregated therapeutic research, and 39% of diagnostic research. This mostly happened in Northern European countries and a few Eastern European countries. Thus, the COVID-19 pandemic significantly impacted the market during the early phase; however, as the pandemic has subsided currently, the market is expected to have stable growth during the forecast period of the study.
The studied market is expected to grow significantly during the study period due to the increasing incidence of cancer and cardiac diseases and rising SPECT and PET applications.
The rising prevalence of cardiac disease and cancer is the key factor driving the demand for the nuclear medicine market in Europe. For instance, according to the British Heart Foundation England Factsheet, published in August 2022, about 7.6 million people in the United Kingdom live with heart or circulatory diseases. Also, as per the same source, it is estimated that in the United Kingdom, more than half of the people will get a heart or circulatory condition in their lifetime, and around twice as many people are living with heart and circulatory diseases in the United Kingdom than with cancer and Alzheimer's disease combined. It is also estimated that around 48,000 people under 75 in the United Kingdom die from heart and circulatory diseases each year. Thus, the rising burden of cardiovascular disease is expected to increase the demand for nuclear medicine for diagnosing, assessing, and evaluating coronary artery diseases and cardiomyopathy and identifying possible damage to the heart from chemotherapy or radiotherapy, thereby propelling the market growth.
Additionally, as per the data published by Macmillan Cancer Support in October 2022, It is estimated that there are currently 3 million people living with cancer in the United Kingdom, and it is expected to rise to 3.5 million by 2025, 4 million by 2030, and 5.3 million by 2040. Thus, the rising burden of cancer among the population is expected to increase the demand for nuclear medicine that helps physicians in detecting tumors and their spread in the area as well as the radioactive molecules (drug) that helps to kill the cancer cells in the body, thereby fueling the market growth.
Hence, due to the factors above, such as the rising prevalence of cardiovascular diseases and cancer, the market is expected to experience growth during the forecast period of the study. However, strict regulatory guidelines are expected to hinder market growth over the forecast period.
