Nuclear Medicine Equipment Market Size, Share & Trends

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The Nuclear Medicine Diagnostics Global Market Report 2023 by The Business Research Company, provides nuclear medicine diagnostics market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Nuclear Medicine Diagnostics Global Market Report 2023, the global nuclear medicine diagnostics market size is expected to grow from $5.92 billion in 2022 to $6.58 billion in 2023 at a compound annual growth rate (CAGR) of 11.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global nuclear medicine diagnostics market size is expected to grow to $9.82 billion in 2027 at a CAGR of 10.5%.

The increasing demand for nuclear medicine diagnostics is expected to propel the growth of the nuclear medicine diagnostics market going forward. Nuclear medicine uses radioactive substances inside the body to diagnose illnesses or to target and remove diseased or damaged organs and tissue (for treatment). The diagnostic uses of nuclear medicine are primarily in radiation and other life-taking treatments. The demand for nuclear medicine diagnostics is increasing due to benefits such as accurate results and better treatment decision making.

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The nuclear medicine diagnostics market is segmented:

1) By Type: SPECT Radiopharmaceuticals, PET Radiopharmaceuticals

2) By Application: Cardiology, Thyroid, Neurology, Oncology, Other Applications

3) By End-User: Hospitals And Diagnostic Centers, Research Institutes

Innovative product development is a key trend gaining popularity in the nuclear medicine diagnostics market. Major companies operating in the nuclear medicine diagnostics market are undergoing the development of innovative products to strengthen their position in the market. For instance, in December 2020, the Food and Drug Administration (FDA), a US-based association responsible for protecting public health by ensuring the safety, efficacy, and security of human and veterinary drugs, and biological products, approved 68Gallium PSMA-11 (Ga 68 PSMA-11) – the first drug for PET (positron emission tomography) imaging men with prostate cancer, the third most frequent type of cancer in the United States, often have PSMA-positive lesion. This certification is anticipated to raise interest in 68Gallium, a PET imaging isotope that is currently in short supply.

The nuclear medicine diagnostics market report table of contents includes: