Nuclear Medicine Market Size Worth USD 13 Billion by 2027 at 13% CAGR – Report by Market Research Future (MRFR)
New York, USA, June 20, 2022 (GLOBE NEWSWIRE) — Nuclear Medicine Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Nuclear Medicine Market Information by Product Type, Application, End-User, and Region – Forecast till 2027”, the nuclear medicine market will capture a CAGR of 13% and estimated to touch USD 13 billion by 2027.
Nuclear Medicine Market Synopsis
Nuclear medicine typically deals with the utilization of radioactive substances in diagnosis, treatment, and research. Surging cases of cancer, as well as cardiac ailments worldwide, are fostering the market demand.
Nuclear medicine has the potential to treat cancer and cardiac diseases. The National Cancer Institute reveals that nearly 1,654,130 cases of cancer were recorded in the United States in 2020, giving a push to the use of nuclear medicine. Other factors propelling the market position include the rising PET and SPECT applications along with the mounting public awareness.
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Market Drivers:
The worldwide market has been experiencing exponential growth, thanks to the extensive product pipeline and the supportive government initiatives for enhancing access to nuclear medicine. At present, 177Lu-PNT2002, omburtamab, betalutin, PNT2003, and yttrium-90 microspheres are a few of the products that are undergoing clinical trials. The nuclear medicine industry has been moderately affected by SARS-CoV-2. The operation and use of reactors have been classified as critical services, as a result of which, nuclear reactors continued to note high demand despite the SARS-CoV-2 lockdown. To illustrate, under Section 71 of the Labour Act 66 in South Africa, the SAFARI-1 reactor continued being in operation during the lockdown post-March 2020.
The favorable reimbursement scenario with respect to radiopharmaceuticals in various countries, especially the United States will favor the worldwide market. In 2020, USD 10 add-on payment was offered by the Center for Medical Services (CMS) for Tc-99m sourced from non-highly enriched uranium for hospital outpatient service. There was additional payment for advanced imaging procedures. These initiatives resulted in higher patient access to diagnostic nuclear medicines for life-threatening diseases.
Surging innovations in diagnosis as well as treatment of various diseases, and the rise in approvals of nuclear-medicine-based devices for addressing several treatment needs will benefit the worldwide market. To cite a reference, in September 2021, GE Healthcare introduced novel scanner that had an advanced automated workflow feature, which provides an exceptional image of cardiac anatomy as well as pathology to assist physicians in determining the right treatment for the patient.
Market Restraints:
Radiopharmaceuticals have to deal with extra scrutiny and are subject to certain approval and regulatory pathways. In a few cases, toxicology testing can give rise to a substantial financial burden for the testers/investigators. Besides, reimbursement hurdles for manufacturers and the significant capital investments required could restrain the market growth in subsequent years.
However, the escalating use of radiopharmaceuticals in a number of neurologic applications could present lucrative opportunities to the manufacturers in the nuclear medicine market.
COVID 19 Analysis
The COVID-19 outbreak’s significant impact has led to numerous severe repercussions on people’s health status across the world. The aftermath is linked with the significant social and economic burden on people worldwide. While the major policymakers are implementing new frameworks and industries are adopting advanced models of expansion to maintain their relevance, people are facing a series of mental trauma.
Around the world, the rising cases have spurred mental, and economic issues, especially among the elderly. Additionally, the global populace has been dealing with challenges owing to loss of livelihoods and is opting for family care to address the repercussions. The focus is largely on the treatment of COVID-19 and the development of a vaccine, which steers attention away from other markets. These factors will most likely be unfavorable for the nuclear medicine market in the years to come.
Browse In-depth Market Research Report (100 Pages) on Nuclear Medicine: https://www.marketresearchfuture.com/reports/nuclear-medicine-market-6674
Nuclear Medicine Market Segmentation
By Product Type
The product types covered in the research study include therapeutic radiopharmaceuticals and diagnostic nuclear medicine. At present, the diagnostic nuclear medicine segment is in the lead while the therapeutic radiopharmaceuticals segment will procure the fastest growth rate between 2020 and 2027. The diagnostics-based segments are SPECT radiopharmaceuticals along with PET radiopharmaceuticals. SPECT radiopharmaceutical types are Tc99m, I-123, and others. PET radiopharmaceuticals-based segments are F18, C11 Choline, and more.
By Application
Nuclear medicine has applications in diagnostic applications as well as therapeutic applications. Diagnostic application is the top segment in the market, with its sub-segments considered in the report including PET applications coupled with SPECT applications. The therapeutic applications segment could procure the fastest CAHR in the future.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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