PUBLISHER: Allied Market Research | PRODUCT CODE: 1446907
PUBLISHER: Allied Market Research | PRODUCT CODE: 1446907
The global medical isotopes market is anticipated to reach $11,397.9 million by 2032, growing from $5,142.5 million in 2022 at a CAGR of 8.8% from 2023 to 2032.
Medical isotopes are used by medical professionals to diagnose and treat health conditions such as heart disease and cancer. The production of medical isotopes is achieved by using two overarching technologies: nuclear reactors and particle accelerators (linear accelerators, cyclotrons).
Nuclear medicine is being utilized to improve radiotherapy for a variety of ailments, including thyroid problems, lung diseases, bone diseases, and neurological disorders. The nuclear medicine (radio isotopes) industry is characterized by the use of radioactive materials for research, diagnosis, and therapy, as well as the rising use of SPECT and PET, as well as healthcare education and awareness about nuclear medicine. The increasing prevalence of diseases such as cancer, cardiovascular disease, and neurological issues has led to an increase in the demand for precise diagnostic tools such as nuclear medicine imaging. Nuclear medicine treatments have become more effective and safer as new radiopharmaceuticals and imaging instruments are being developed. These developments have broadened the applications of nuclear medicine and increased its use. These factors are expected to boost the growth of the medical isotopes market in the upcoming years.
Isotopes are chemical elemental varieties with the same number of protons but a variable number of neutrons. They are used in a variety of fields, including medicine, industry, and scientific study. However, the manufacturing and purchase of isotopes can be expensive, limiting their broad use. Isotope production frequently necessitates the use of specialist equipment such as nuclear reactors or particle accelerators. These facilities can be costly to construct and operate. Handling and manufacturing isotopes necessitate tight safety rules, which raises the cost of infrastructure and operations. These factors are expected to limit the growth of the medical isotopes market during the forecast period.
Ongoing advancements in diagnostic imaging technologies, such as Positron Emission Tomography (PET) and Single Photon Emission Computed Tomography (SPECT), create opportunities for the use of medical isotopes in accurate and non-invasive medical imaging. As these imaging techniques continue to evolve, the demand for suitable isotopes is likely to increase. The therapeutic applications of medical isotopes, particularly in cancer treatment (radiopharmaceutical therapy), offer substantial growth opportunities. R&D in targeted radionuclide therapies, such as alpha and beta emitters, contribute to expanding the range of isotopes used for cancer treatment. In addition, the demand for nuclear medicine radioisotopes is increasing as new SPECT and PET applications are developed. In addition, at RSNA21 in December 2021, GE Healthcare announced its most sophisticated SPECT/CT, a nuclear medicine system. These advances are expected to accelerate the development of radioisotopes in medicine and nuclear medicine techniques. All these factors are anticipated to drive the medical isotopes market expansion in the upcoming years.
The COVID-19 pandemic initially had a negative influence on the nuclear medicine radioisotopes industry by temporarily canceling or postponing non-COVID diagnosis and treatment, such as nuclear medicine. For example, according to a report published in ScienceDirect Journal in June 2021, the number of nuclear studies, nuclear cardiac imaging, and cancer PET/CT reduced throughout the pandemic while COVID-19 cases and deaths increased. According to the study, operations increased from June 2020 to February 2021 as COVID-19 instances decreased. However, with the drop of COVID-19 cases since early 2022, the market in terms of radiological procedures is approaching pre-pandemic levels, which is leading to an increase in demand for nuclear medicine radioisotopes.
The key players profiled in this report include Canadian Nuclear Laboratories (CNL), Curium, GE Healthcare, Jubilant Radiopharma, Nordion (Canada) Inc, IBA Radiopharma Solutions, Mallinckrodt Pharmaceuticals, NorthStar Medical Radioisotopes, Eczacibasi-Monrol Nuclear Products, and Isotopen Technologies Munchen (ITM). The market players are continuously striving to achieve a dominant position in this competitive market using strategies such as collaborations and acquisitions.
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