PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1462910
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1462910
Therapeutic Nuclear Medicine Market size was valued at USD 1,232 Million in 2023, expanding at a CAGR of 4.5% from 2024 to 2032.
The special properties of radioactive elements (radioisotopes) are utilized in therapeutic nuclear medicine (radionuclide treatment) to irradiate cells and/or organs. A radiopharmaceutical is usually injected or consumed in modest amounts to enter the body. Certain organs or tissues are drawn to the radiopharmaceutical. The radioisotopes release radiation, or tiny amounts of energy, from their positions within the body, which acts on target cells and/or organs. This radiation can be used as a palliative measure (e.g., for bone pain), a curative measure (e.g., thyroid cancer), or to decrease the function of an organ (e.g., overactive thyroid).
Therapeutic Nuclear Medicine Market- Market Dynamics
Increasing prevalence of chronic disease to propel market demand
There is a significant global increase in the prevalence of chronic diseases, including cancer, respiratory, neurological, and metabolic problems, as well as cardiovascular disease. According to the Lymphoma Research Foundation, lymphoma is the most frequent cancer among adults and children in the United States, accounting for over a million diagnoses annually. The Global Burden of Diseases reports that heart disease is one of the leading causes of death, accounting for approximately 18 million deaths in 2018. Additionally, approximately 35 million people suffer from heart-related conditions, which is driving up demand for therapeutic nuclear medicines.
Therapeutic Nuclear Medicine Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 4.5% over the forecast period (2024-2032)
Based on type segmentation, the Beta Emitters segment is expected to dominate the market over the forecast period
Based on the application segmentation, the Oncology segment is expected to lead the market growth during the forecast period
Based on end user segmentation, the Hospitals segment is expected to hold the largest market share over the projected period
Based on region, North America was the leading revenue generator in 2023
The Global Therapeutic Nuclear Medicine Market is segmented based on Type, Application, End User, and Region.
Based on the type, the market is categorized into Alpha Emitters, Beta Emitters and Brachytherapy Isotopes. The Beta Emitters segment is expected to dominate the market over the forecast period due to long distance travel, low energy levels, and less harm to nearby cells.
Based on the application, the market is divided into Cardiology, Bone Scans, Pulmonary Scans, Oncology, Neurology, Thyroid Indications, Bone Metastasis and Others. The Oncology segment is expected to lead the market growth during the forecast period due to the rise in the prevalence of cancer across the globe.
Based on the end user, the industry is divided into Hospitals, Ambulatory Surgical Centres and Cancer Research Institutes. The Hospitals segment is expected to hold the largest market share over the projected period. The segment growth is attributable to increase in the prevalence of cancer and increase in the number of hospitals.
Therapeutic Nuclear Medicine Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to hold the majority of market share during the forecast period. The regional market expansion is attributed to the growing prevalence of chronic disease such as cancer, cardiovascular and others. For instance, in 2022, there will be an anticipated 1.9 million new cancer cases diagnosed and 609,360 cancer deaths in the United States, according to the American Cancer Society's estimates. Thus, the aforementioned stats drive the market growth.
The key players in the market are Novartis AG, Bracco Imaging S.p.A, Bayer AG, Cardinal Health Inc., Mallinckrodt plc., Lantheus Medical Imaging Inc., GE Healthcare, Eckert & Ziegler, Curium Pharma, International Isotopes Idaho, Inc. and Medi-Radiopharma Co., Ltd. These players adopted various strategies such as product launch, expansion, investment, collaboration, and others to obtain the maximum market share of the market.
In March 2022, Prostate-specific membrane antigen-positive metastatic castration-resistant prostate cancer (PSMA-positive mCRPC), which has spread to other parts of the body (metastatic), is a type of advanced cancer that Novartis announced the US Food and Drug Administration (FDA) had approved for treatment. PluvictoTM (lutetium Lu 177 vipivotide tetraxetan) was previously known as 177Lu-PSMA-617. Other anticancer treatments (inhibition of the androgen receptor pathway and taxane-based chemotherapy) have already been administered to these individuals.
GLOBAL THERAPEUTIC NUCLEAR MEDICINE MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Novartis AG
Bracco Imaging S.p.A
Bayer AG
Cardinal Health Inc.
Mallinckrodt plc.
Lantheus Medical Imaging Inc.
GE Healthcare
Eckert & Ziegler
Curium Pharma
International Isotopes Idaho, Inc.
Medi-Radiopharma Co., Ltd.