Global Nuclear Medicine/Radio-Pharmaceutical Market
The global nuclear medicine/ radio-pharmaceuticals market is estimated to be worth over USD 15.5 Bn in 2033 and is expected to grow at CAGR of 11.0% during the forecast period (2024-2033). Nuclear medicine/ radiopharmaceuticals came into view as a significant breakthrough within the pharmaceutical industry, representing an active convergence of healthcare, business, and technology.
Nuclear Medicine has emerged as a critical element of today’s healthcare administration system and offers a biggest boon to patient care. For the past half a century, the nuclear medicine market has witnessed robust growth attributing to the advancements in various radionuclide and radio-labeled compounds and equipment. Nuclear medicine is gaining traction across numerous healthcare segments with each passing day, including diagnosis, administration, treatment, and prevention of several serious diseases. Additionally, the radio-pharmaceutical products and equipment is receiving benefits from the continuous research and development (R&D) activities and increased funding, as it enhances the imaging capacities and efficiencies of the radiopharmaceutical products.
Along with that, the rise in awareness about early disease diagnosis and greater awareness and understanding about radiopharmaceutical products is further encouraging a greater demand for these products for different diagnostic and therapeutic needs. In particular, the usage of radioisotope applications in therapeutic areas like cardiovascular, oncology, and neurological disorders, nephrology, pulmonary, thyroid gland, inflammation, and others are moving forwardconsiderably. Numerous major pharma and MedTech giants are also actively engagedin manufacturing distinct diagnostic products and equipment.
It is important to note that nuclear medicine utilizes a minor number of radioactive materials (or tracers) in products and processes and assists in determining and administering a range of diseases. Iodine-131 was the initial radionuclide utilized for medical applications. After that, there were various other isotopes and radionuclides developed for diagnostic purposes. In today’s times, numerous radioisotopes are being manufactured and disseminated for differenttherapeutic applications in the market. Nuclear medicine holds tremendous potential for two of the major medical conditions - cardiovascular diseases and cancer. In the similar manner, it has applications across different illnesses, such as orthopedics, nephro-urology, neuropsychiatry, and rheumatology. Attributing to such wide range of applications and advantages, the global nuclear medicine/radio-pharmaceutical market is projected to witness considerable growth over the coming years.
A preface providing an introduction to the full report, nuclear medicine/ radio-pharmaceuticals market, 2023-2033.
An outline of the systematic research methodology adopted to conduct the study on nuclear medicine/ radio-pharmaceuticals market, providing insights on the various assumptions, methodologies, and quality control measures employed to ensure accuracy and reliability of our findings.
An overview of economic factors that impact the overall nuclear medicine/ radio-pharmaceuticals market, including historical trends, currency fluctuation, foreign exchange impact, recession, and inflation measurement.
An executive summary of the insights captured during our research, offering a high-level view of the current state of the nuclear medicine/ radio-pharmaceuticals market and its likely evolution in the mid-to-long term.
A brief introduction to the nuclear medicine/ radio-pharmaceuticals, highlighting their historical background, as well as information on their types, key aspects, key challenges and the advantages of using nuclear medicine/ radio-pharmaceuticals.
A detailed assessment of the market landscape of nuclear medicine/ radio-pharmaceuticals that are either approved or being evaluated in different stages of development, based on several relevant parameters, such as by type (diagnostic, therapeutic), modality (SPECT, PET, Alpha-emitters, Beta-emitters, Brachytherapy), Application (Oncology, Cardiology, Neurology, Thyroid, Others), Procedures (oncology, cardiovascular, central nervous system, endocrine, skeletal, gastrointestinal, Genito-urinary, Pulmonary, PET & PET-CT, Therapeutic, Others), End User (Hospitals & Diagnostic Centers, Research Institutes). Further, the chapter features analysis on key niche market segments. In addition, the chapter features analysis of various nuclear medicine/ radio-pharmaceuticals developers, based on their year of establishment, company size, location of headquarters and most active players.
An in-depth analysis of partnerships and collaborations that have been inked between various stakeholders, since 2019, based on several relevant parameters, such as the year of partnership, type of partnership, focus of partnership, purpose of partnership, therapeutic applications and most active players (in terms of number of partnerships). It also highlights the regional distribution of partnership activity in this market.
A detailed analysis of various investments made by companies engaged in this industry, since 2019, based on several relevant parameters, such as year of funding, type of funding (grants, seed, venture capital, initial public offering, secondary offerings, private equity and debt financing), type of radiopharmaceuticals, amount invested, geography, purpose of funding, stage of development, therapeutic area, most active players (in terms of number and amount of funding instances) and leading investors (in terms of number of funding instances).
An in-depth analysis of the various nuclear medicine/ radio-pharmaceuticals focused initiatives undertaken by big market players, based on several relevant parameters, such as number of initiatives, year of initiative, type of initiative, purpose of initiative, focus of initiative and location of headquarters of the big pharma players.
One of the key objectives of this market report was to estimate the current market size and the future growth potential of the nuclear medicine/ radio-pharmaceuticals over the forecast period. Based on several parameters, such as regional analysis as well as segmental analysis rates, we have developed informed estimates of the likely evolution of the nuclear medicine/ radio-pharmaceuticals market over the forecast period 2023-2033. Our year-wise projections of the current and future opportunity have further been segmented based on relevant parameters, such as type (diagnostic, therapeutic), modality (SPECT, PET, Alpha-emitters, Beta-emitters, Brachytherapy), Application (Oncology, Cardiology, Neurology, Thyroid, Others), Procedures (oncology, cardiovascular, central nervous system, endocrine, skeletal, gastrointestinal, Genito-urinary, Pulmonary, PET & PET-CT, Therapeutic, Others), End User (Hospitals & Diagnostic Centers, Research Institutes), key geographical regions (North America, Europe, Asia-Pacific, Middle East and Africa, and South America) and leading players. In order to account for future uncertainties associated with some of the key parameters and to add robustness to our model, we have provided three market forecast scenarios, namely conservative, base, and optimistic scenarios, representing different tracks of the industry’s evolution.