Market Size – 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 growth in the historic period can be attributed to the rising incidence of chronic diseases, expansion of the pharmaceutical industry, advancements in cancer treatment, demand for diagnostic imaging, and advancements 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 growth in the forecast period can be attributed to public health initiatives, partnerships and collaborations, investment in infrastructure, a shift towards personalized medicine, a growing geriatric population, regulatory changes, and standards. Major trends in the forecast period include growth in radiopharmaceuticals, adoption of cyclotron and generator technologies, focus on supply chain resilience, integration of artificial intelligence (AI), and advancements in positron emission tomography (PET) imaging.
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Scope Of Medical Isotopes MarketThe Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Medical Isotopes Market Overview
Market Drivers –The rising cancer and heart disease rates are expected to propel the growth of the medical isotope market going forward. Cancer and heart disease rates refer to the frequency of new cases and prevalence of these diseases within a population over a specified period, providing insights into public health trends and the effectiveness of preventive measures. The increasing prevalence of cancer and heart disease correlates with the widespread sedentary lifestyle encouraged by modern technology and desk-bound occupations, resulting in reduced levels of physical activity. Medical isotopes are used to diagnose and treat cancer and heart disease through imaging techniques such as positron emission tomography (PET) and single photon emission computed tomography (SPECT) scans and therapies such as radiation therapy and radioactive stents. For instance, in October 2022, according to the World Heart Federation, a Switzerland-based cardiovascular community, the number of cardiovascular disease (CVD) deaths, including heart disease, is projected to rise from an estimated 18.9 million in 2020 to over 22.2 million in 2030. Additionally, in January 2021, according to the American Cancer Society, a US-based voluntary health organization, there were an estimated 1.9 million new cancer cases diagnosed and 608,570 cancer deaths in the United States in 2021, an increase from 1.8 million new cancer cases diagnosed and 606,520 cancer deaths reported in 2020. Therefore, the rising cancer and heart disease rates are driving the growth of the medical isotope market.
Market Trends – Major companies operating in the medical isotope market are focusing on developing new stable isotopes using advanced techniques such as centrifuge technology to meet the growing demand for medical isotopes and gain a competitive edge in the market. Centrifuge technology is a method used to separate and enrich stable isotopes of various elements. For instance, in October 2021, Urenco Nederland BV., a Netherlands-based nuclear power company, launched the Leonardo da Vinci cascade, a new radioisotope facility. The cascade enriches multiple isotopes, including those used in MRI imaging and cancer treatment research. Urenco’s centrifuge technology, traditionally used for uranium enrichment, will also produce stable isotopes for various applications. This expansion aims to enhance the supply of high-quality, cost-efficient medical isotopes, benefiting over 100,000 patients annually.
The medical isotopes market covered in this report is segmented –
1) By Product Type: Stable Isotopes, Radio Isotopes
2) By Production Method: Neutron Activation, Cyclotron, Nuclear Reactor, Other Production Method
3) By Application: Nuclear Therapy, Equipment Radioactive Source, Diagnosis
4) By End Use: Hospitals, Diagnostic Centers, Research Institutes
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Regional Insights – 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.
Key Companies – 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 München AG (ITM), Eczacıbaşı-Monrol Nuclear Products Co., SHINE Medical Technologies LLC, Blue Earth Diagnostics Limited, Isologic Innovative Radiopharmaceuticals, IBA Radiopharma Solutions, Izotóp, Coquí RadioPharmaceuticals Corp., Jubilant DraxImage Inc., Positron Corporation
Table of Contents 1. Executive Summary2. Medical Isotopes Market Report Structure3. Medical Isotopes Market Trends And Strategies4. Medical Isotopes Market – Macro Economic Scenario5. Medical Isotopes Market Size And Growth…..27. Medical Isotopes Market Competitor Landscape And Company Profiles28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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