PUBLISHER: The Business Research Company | PRODUCT CODE: 1522251
PUBLISHER: The Business Research Company | PRODUCT CODE: 1522251
Medical isotopes are radioisotopes utilized in medicine, emitting positrons or gamma rays for diagnostic purposes. These isotopes aid in visualizing and targeting specific tissues or abnormalities within the body, facilitating tasks such as evaluating heart function, assessing blood flow to the heart muscle, and diagnosing coronary artery disease.
The main product types of medical isotopes comprise stable isotopes and radioisotopes. Stable isotopes are versions of chemical elements that do not decay over time, retaining their atomic structure indefinitely. Production methods for medical isotopes include neutron activation, cyclotrons, nuclear reactors, and others. These isotopes find applications in nuclear therapy, equipment radioactive sources, and diagnostic procedures. End users of medical isotopes include hospitals, diagnostic centers, and research institutes.
The medical isotopes market research report is one of a series of new reports from The Business Research Company that provides medical isotopes market statistics, including the medical isotopes industry global market size, regional shares, competitors with the medical isotopes market share, detailed medical isotopes market segments, market trends, and opportunities, and any further data you may need to thrive in the medical isotopes industry. These medical isotopes market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The medical isotopes market size has grown strongly in recent years. It will grow from $6.31 billion in 2023 to $6.80 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The expansion observed during the historical period can be attributed to various factors, including the increasing incidence of chronic diseases, the growth of the pharmaceutical industry, advancements in cancer treatment, the demand for diagnostic imaging technologies, and progress in nuclear medicine.
The medical isotope market size is expected to see strong growth in the next few years. It will grow to $9.21 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The anticipated growth in the forecast period can be attributed to several factors, including public health initiatives, partnerships and collaborations within the industry, investment in infrastructure development, a shift towards personalized medicine approaches, the increasing population of elderly individuals, regulatory changes, and evolving standards. Key trends expected in this period include the expansion of radiopharmaceuticals, adoption of cyclotron and generator technologies, a heightened focus on supply chain resilience, integration of artificial intelligence (AI) technologies, and advancements in positron emission tomography (PET) imaging techniques.
The increasing rates of cancer and heart disease are anticipated to drive the expansion of the medical isotope market in the future. Cancer and heart disease rates indicate the frequency of new cases and prevalence of these diseases within a population over a specific period, offering insights into public health trends and the effectiveness of preventive measures. The rising prevalence of cancer and heart disease is linked to the prevalent sedentary lifestyle encouraged by modern technology and desk-bound occupations, resulting in reduced levels of physical activity. Medical isotopes play a crucial role in the diagnosis and treatment of cancer and heart disease through imaging techniques such as positron emission tomography (PET) and single photon emission computed tomography (SPECT) scans, as well as therapies such as radiation therapy and radioactive stents. For instance, data from the World Heart Federation in October 2022 projected an increase in cardiovascular disease (CVD) deaths, including heart disease, from an estimated 18.9 million in 2020 to over 22.2 million in 2030. Additionally, as reported by the American Cancer Society in January 2021, there were approximately 1.9 million new cancer cases diagnosed and 608,570 cancer-related deaths in the United States in 2021, representing an increase from the 1.8 million new cancer cases and 606,520 cancer-related deaths reported in 2020. Thus, the rising rates of cancer and heart disease are fueling the growth of the medical isotope market.
Key players within the medical isotope market are concentrating on the development of novel stable isotopes utilizing advanced techniques such as centrifuge technology to meet the escalating demand for medical isotopes and enhance their competitiveness in the market. Centrifuge technology is employed to separate and enrich stable isotopes of various elements. For instance, in October 2021, Urenco Nederland BV., a Netherlands-based nuclear power company, introduced the Leonardo da Vinci cascade, a novel radioisotope facility. This cascade enriches multiple isotopes, including those utilized in MRI imaging and cancer treatment research. Leveraging Urenco's centrifuge technology, conventionally applied for uranium enrichment, this facility aims to produce stable isotopes for diverse applications. The expansion endeavors to augment the supply of high-quality, cost-effective medical isotopes, benefiting over 100,000 patients annually.
In April 2024, Telix Pharmaceuticals Limited, an Australia-based biopharmaceutical company, acquired ARTMS Inc. for an undisclosed sum. This acquisition equips Telix with enhanced access to ARTMS' innovative radiopharmaceutical production technologies, fortifying its position in the development and commercialization of targeted radiopharmaceuticals for cancer imaging and therapy. ARTMS Inc., headquartered in Canada, specializes in the development of technology that revolutionizes the production of diagnostic imaging isotopes.
Major companies operating in the medical isotopes market are Rosatom State Atomic Energy Corporation, Bayer AG, Siemens Healthineers AG, GE HealthCare, Urenco Ltd., Lantheus Holdings Inc., Curium Pharma, Canadian Nuclear Laboratories, Eckert & Ziegler Strahlen- und Medizintechnik AG., Advanced Accelerator Applications a Novartis company, Nordion Inc., NTP Radioisotopes SOC Ltd., The Institute for Radioelements (IRE), NorthStar Medical Radioisotopes LLC, Isotopen Technologien Munchen AG (ITM), EczacIbasI-Monrol Nuclear Products Co., SHINE Medical Technologies LLC, Blue Earth Diagnostics Limited, Isologic Innovative Radiopharmaceuticals, IBA Radiopharma Solutions, Izotop, Coqui RadioPharmaceuticals Corp., Jubilant DraxImage Inc., Positron Corporation
North America was the largest region in the medical isotopes market in 2023. The regions covered in the medical isotopes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the medical isotopes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The medical isotopes market consists of sales of technetium-99m, carbon-11, and gallium-68 which serve specific purposes in medical diagnosis and therapy. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Medical Isotopes Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on medical isotopes market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for medical isotopes ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The medical isotopes market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.