March 16, 2022 07:05 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, March 16, 2022 (GLOBE NEWSWIRE) — The global nuclear medicine market size was USD 5.04 billion in 2020. The market is projected to grow from USD 5.57 billion in 2021 to USD 19.47 billion by 2028 at a CAGR of 19.6% during the 2022-2028 period. This information is provided by Fortune Business Insights™, in its report, titled, “Nuclear Medicine Market, 2022-2028.”
According to our researchers, the market growth is primarily accredited to the rising occurrence of chronic conditions. Furthermore, technological progressions empowering the usage of radiopharmaceuticals to analyze and treat cancerous tumors aid towards market growth.
March 2021: Bracco Diagnostics Inc. declared a collaboration with CardioNavix, LLC to enhance patient access to cardiac PET imaging. This novel program, the Bracco Mobile Isotope Service, will empower more patient care sites to provide cardiac PET imaging.
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Technological Progressions in Nuclear Imaging Modalities to Boost Market
One of the fundamental aspects for the nuclear medicine market growth is the augmented consciousness concerning the possible influence of primary and timely diagnosis and the corresponding affirmative sway in the management and treatment of prolonged disorders. Developments in nuclear imaging technology, especially PET/PET-CT, have helped in the extension of applications of this modality beyond oncology to cardiology, neurology, and identification of infections.
Our reports are conducted with an exhaustive examination method that primarily focuses on delivering accurate material. Our scholars have applied a data navigation technique that further aids us to offer reliable predictions and examine the nuclear medicine market dynamics precisely. Further, our analysts have gained admission to various international as well as locally sponsored registers for providing the up-to-date material so that the stakeholders and business professionals invest only in operative zones.
COVID-19 Pandemic Hindered Market Revenue Owing to Decreasing Diagnosis Processes
The COVID-19 pandemic adversely influenced the market in 2020. The concerns such as scarcity of workforce & staff, the threat of transmission of COVID-19, and the deterioration in the imaging processes such as PET-CT SPECT procedures posed a test for the market growth in 2020. The decline in the procedures can be accredited to the interruption in supply chains, logistical challenges, and adoption of safety measures, which is difficult to maintain by centers.
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On the basis of the type, the market is categorized into diagnostic and therapeutic radiopharmaceuticals. The diagnostic radiopharmaceuticals segment is estimated to hold the dominant share of the global market in 2020.
In terms of application, the market is classified into neurology, cardiology, oncology, and others.
By the end-user, the market is divided into hospitals & clinics, diagnostic centers, and others.
Geographically, the market is branched into North America, Europe, Asia Pacific, and the Rest of the World.
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North America to Lead Backed by Increased Usage of Therapeutic Radiopharmaceuticals
North America created a revenue of USD 2.57 billion in 2020 and is projected to continue its dominance during the forecast period. The prompt adoption of operative nuclear imaging technologies pooled with the rising utilization of technologically sound and proficient therapeutic radiopharmaceuticals across the region are anticipated to fuel market growth.
Europe is estimated to hold the second-highest nuclear medicine market share due to the adoption of advanced radiopharmaceuticals and current product unveilings by prominent players.
Asia Pacific is projected to expand at a substantial CAGR during the forecast period.
Partnerships Commenced by Key Companies to Promote Market Growth
The dominating players in the market continually root for resourceful strategies to encourage their brand value and also promote the global market growth of the product with facing least imaginable obstacles. One such capable strategy is gaining competitive companies and therefore fortifying a profit for both the involved companies.
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List of Key Players Covered in the Report
Some major points from Table of Content:
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