Global Nuclear Medicine Market Size

Nuclear Medicine Market Analysis

The Nuclear Medicine Market is expected to grow significantly at a CAGR of 9.5% during the study period, 2022-2027.

Globally, the COVID-19 pandemic has placed significant challenges on healthcare systems and has been primarily managed by dramatically reducing in- and outpatient services for diseases and implementing infection prevention and control measures. For instance, according to a study published in June 2022, titled '2022 follow-up: impact of the COVID-19 pandemic on nuclear medicine departments in Europe', overall, the pandemic 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%. However, the overall study results showed that nuclear medicine services worldwide had been significantly impacted. Regarding staff health, 15% of respondents experienced COVID-19 infections within their departments.

The studied market is expected to grow significantly during the study period due to the rising prevalence of cancer and cardiac diseases and the increasing demand for image-guided procedures and diagnostics. In recent years, research collaborations and partnerships have grown in prominence in the radioisotopes market. This is also a prominent factor leading to market growth.

Nuclear medicine deals with the use of radioactive substances in research, diagnosis, and treatment. Increasing incidences of cancer and cardiac ailments are the major drivers for the market studied. Nuclear medicine shows a huge potential in treating cardiac and cancer diseases. According to GLOBOCAN 2021, there were 19.3 million new cancer cases worldwide in 2020, with the number expected to rise to 30.2 million cases by 2040. As nuclear medicines are used in cancer treatment, such as radiotherapy, there is an increasing demand for nuclear medicine, thereby driving the market.

Other factors, such as increasing SPECT and PET applications and growing public awareness of healthcare, are expected to drive the market in the future. Single photon emission computerized tomography (SPECT) finds applications in cardiology, which provides metabolic and functional information about the heart. It is a non-invasive technique that involves injecting radioactive tracers into the bloodstream to get pictures that indicate whether a patient has cardiovascular disease.

Following the introduction of therapies for neuroendocrine tumors, prostate cancer, and other oncologic malignancies, the use of beta-emitting radiopharmaceuticals for cancer therapy has accelerated in recent years. Due to its chemical equivalence with the well-known positron-emitting isotope 64Cu, 67Cu is a new beta-emitting radioisotope of interest for therapy. For instance, As per a study published in January 2021 titled "Imaging and dosimetric characteristics of 67 Cu", Cu 67 produced quality clinical images and indicated that future studies investigations for therapeutic efficacy Cu 67-based radiopharmaceuticals were acceptable. Thus, the use of radioisotopes like Cu 67 in clinical diagnosis and treatment is expected to boom shortly.

Additionally, the launch of nuclear medicine centers providing accessibility to nuclear medicine treatments across the world is further expected to boost the market. For instance, in May 2022, Penang Adventist Hospital (PAH), located in Pulau Pinang, Malaysia, launched a full-fledged private nuclear medicine center in northern Malaysia. The new facility offers diagnostic and treatment procedures for specific conditions and diseases such as hyperthyroidism, thyroid cancer, lymphomas, and bone pain caused by different types of cancer.

Thus, due to the above-mentioned factors, the studied market is expected to grow significantly during the study period. However, the stringent regulatory guidelines and high cost of therapeutic and diagnostic instruments and procedures are expected to hinder the market growth.