Europe Nuclear Medicine Market Outlook 2031
The Europe nuclear medicine market size was USD 2.81 Billion in 2022 and is expected to reach USD 5.71 Billion by 2031 register a significant CAGR 8.2% during the forecast period, 2023–2031. Growth of the market is attributed to increased frequency of cancer & heart diseases, as well as the growing need for image-guided treatments and diagnostics.
Nuclear medicine is a branch of medicine that deals with the use of radioactive substances in illness diagnosis and therapy. Nuclear medicine imaging is "radiology done inside out" or "endoradiology" in that it records radiation emitted from within the body rather than radiation emitted from outside sources such as X-rays. The most frequent imaging modalities in nuclear medicine are single photon emission computed tomography (SPECT) and positron emission tomography (PET) scans.
Certain diseases are diagnosed and treated using nuclear medicine methods. Radiopharmaceuticals are radioactive materials used in these treatments. Hyperthyroidism, thyroid cancer, lymphomas, and cancer-related bone pain are illnesses that can be treated using nuclear medicine treatments.
The Covid-19 has had a beneficial influence on the market. People with cardiovascular problems had the worst hit by the coronavirus. It has resulted in a rise in demand for nuclear medicine, which is highly successful at identifying certain illnesses. The use of nuclear medicines has grown as the necessity for precise diagnosis has increased with the rising number of positive cases. Coronavirus has a lethal effect on the respiratory system, thus nuclear medications can be utilized to treat and diagnose respiratory system disorders.
Europe Nuclear Medicine Market Trends, Drivers, Restraints, and Opportunities
- Increasing intensity of cancer and heart diseases, as well as the growing need for image-guided treatments and diagnostics is expected to fuel the market during the forecast period.
- Increasing availability of efficient diagnostics and treatment techniques is a key factor propelling the market.
- High cost of medicines is anticipated to hamper the market growth.
- Strict laws and restrictions for authorizing new items act as major challenge that can hinder the market expansion during the forecast period.
- Rising demand from emerging countries, forthcoming radioisotopes, and expanding utilization across neurological applications are expected to offer lucrative opportunities for the market players.
Scope of Nuclear Medicine Market Report
The report on the Europe nuclear medicine market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Nuclear Medicine Market - Europe Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Product Type (Diagnostics and Therapeutics), Application (Cardiology, Neurology, Oncology, and Other Applications)
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Geographical Scope
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Germany, United Kingdom, France, Italy, Spain, and Rest of Europe
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Curium Pharma, Cardinal Health, Advanced Accelerator Applications (Novartis AG), Siemens AG, and GE Healthcare.
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Nuclear Medicine Market Segment Insights
On the basis of product type, the Europe nuclear medicine market is bifurcated into diagnostics and therapeutics. It is further segregated into diagnostic and therapeutic items. The diagnostics segment is expected to constitute a key share of the market during the forecast period. In radiopharmaceutical diagnostic methods, single-photon emission computed tomography (SPECT) and PET techniques are being frequently used. Due to its low cost and extensive application, SPECT led the nuclear medicine market in 2019.
In addition, leading companies in the nuclear medicine industry are introducing digital SPECT scanners for better diagnostics. SPET is a gamma-ray-based nuclear medicine tomographic imaging method. A SPECT scan is a type of imaging that reveals how blood flows through tissues and organs. It can be used to detect seizures, strokes, stress fractures, infections, and spinal malignancies.
For example, spectrum dynamics gained FDA clearance in November 2018 for the VERITON-CT 64 SPECT/CT system, which offers greater picture resolution and a 360-degree multi-detector geometry for high sensitivity. PET is expected to expand at the high rate during the forecast period, owing to the utilization of high-energy waves to create 3D images, whole-body scanning for high accuracy, and the potential to identify chronic disorders including Alzheimer's, cancer, and respiratory ailments.
On the basis of applications, the Europe nuclear medicine market is segregated into cardiology, neurology, oncology, and other applications. The cardiovascular segment is expected to represent a key share of the market during the forecast period. Cardiology is a medical specialty and a subspecialty of internal medicine that deals with cardiac problems. It includes diseases such as congenital heart defects, coronary artery disease, electrophysiology, heart failure, and valvular heart disease, as well as its diagnosis and treatment.
Nuclear imaging is a technique for diagnosing and treating diseases such as heart disease, cancer, and brain problems that involves injecting a small quantity of radioactive particle and measuring the response using external detectors like gamma cameras. According to WHO estimates, 17.9 million people died in 2016 due to cardiovascular disease (CVD). As a result of rising number of cardiac illnesses, the category is projected to drive the market.
On the basis of regions, the Europe nuclear medicine market is classified as Germany, United Kingdom, France, Italy, Spain, and Rest of Europe. The market of Germany is anticipated to expand at a robust CAGR during the forecast period. Germany is the major market for nuclear medicine in Europe.
Segments
The Europe nuclear medicine market has been segmented on the basis of
Product Type
Applications
- Cardiology
- Neurology
- Oncology
- Other Applications
Geography
- Germany
- United Kingdom
- France
- Italy
- Spain
- Rest of Europe
Key Players
Competitive Landscape
Key players competing in the Europe nuclear medicine market include Curium Pharma, Cardinal Health, Advanced Accelerator Applications (Novartis AG), Siemens AG, and GE Healthcare.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
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