North America Nuclear Medicine Market Outlook 2031:
The North America nuclear medicine market size was valued at USD 3.02 Billion in 2022 and is projected to reach USD 5.60 Billion by 2031, expanding at a CAGR of 7.1% during the forecast period 2023 - 2031. The growth of the market is attributed to rising incidence and prevalence of cancer and cardiovascular disease.
Nuclear medicine is used to diagnose a wide range of conditions. It uses small amounts of radioactive material called radiopharmaceuticals. Doctors use nuclear medicine to diagnose, appraise, and treat various diseases such as cancer, heart disease, gastrointestinal, endocrine, and neurological disorders. The radiopharmaceuticals are allocated to the patient by hypodermic injection, orally, or by other routes depending on the organ.
During the COVID-19 pandemic, the nuclear medicine market was negatively impacted due to academic medical centers and universities were rushed to shut down scientific research activities to maximize social distancing and minimize the spread of infection to research staff.
Nuclear Medicine Market Trends, Drivers, Restraints, and Opportunities
- Rising geriatric population is anticipated to drive the market growth during the forecast period.
- Increasing requirement for personalized medicines among healthcare professionals and patients is projected to boost the market growth in the coming years.
- Growing various technological advancements, such as the development of data integrated imaging systems and radiotracers, is expected to spur the market growth during the forecast period.
- Increasing awareness regarding the potential impact of early and timely diagnosis is anticipated to drive the market growth during the forecast period.
- Rising demand for nuclear imaging is projected to boost the market growth in the coming years.
- Expanding incidence of cardiac patients and adoption of clear imaging technique is expected to spur the market growth during the forecast period.
- Short half-life of radiopharmaceuticals can restrain the market growth.
- Hospital budget cuts and high equipment costs can create challenges for the market growth.
- Rising use of radiopharmaceuticals in neurological applications can create lucrative opportunities during the forecast period.
Scope of Nuclear Medicine Market Report
The report on the North America 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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North America Nuclear Medicine Market - 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 Types (Diagnostics [Single Photon Emission Computed Tomography (SPECT) and Photon Emission Tomography (PET)] and Therapeutics [Alpha Emitters, Beta Emitters, and Brachytherapy]), and Applications (Cardiology, Neurology, Oncology, and Others)
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Geography
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The US, Canada, and Mexico
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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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Siemens Healthineers AG; GE Healthcare (GE Company); Cardinal Health; Sotera Health (Nordion Inc.); and Curium Pharma
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North America Nuclear Medicine Market Segment Insights
Single photon emission computed tomography sub-segment to hold a significant market share
Based on product types, the market is divided into diagnostics and therapeutics. The diagnostics segment is segregated into single photon emission computed tomography (SPECT) and photon emission tomography (PET). The therapeutics segment is further segmented into alpha emitters, beta emitters, and brachytherapy.
The photon emission tomography sub-segment is anticipated to hold a key share of the market in the coming years due to their high imaging capabilities, shorter half-life, and increasing applications in the oncology area. However, the single photon emission computed tomography sub-segment is anticipated to expand at a rapid pace during the forecast period owing to its sheer procedural volume and higher reimbursement.
Oncology segment is anticipated to constitute a large market share
On the basis of applications, the market is segmented into cardiology, neurology, oncology, and others. The cardiology segment is projected to constitute a major market share during the forecast period.
On the other hand, the oncology segment is anticipated to expand at a rapid pace during the forecast period, as nuclear medicine enhances cancer detection and facilitate high speed noninvasive diagnosis using genomics and proteomics.
Canada is estimated to account a major market share
On the basis of geography, the market is classified as the US, Canada, and Mexico. The US is expected to constitute a key share of the market during the projected period due to adoption of advanced radiopharmaceuticals and recent product launches.
However, the market in Canada is anticipated expand at a rapid pace during the forecast period owing to increasing healthcare expenditure.
Segments
The North America nuclear medicine market has been segmented on the basis
Product Types
- Diagnostics
- Single Photon Emission Computed Tomography (SPECT)
- Photon Emission Tomography (PET)]
- Therapeutics
- Alpha Emitters
- Beta Emitters
- Brachytherapy
Applications
- Cardiology
- Neurology
- Oncology
- Others
Geography
Key Players
Competitive Landscape
Key players competing in the North America nuclear medicine market includes Siemens Healthineers AG; GE Healthcare (GE Company); Cardinal Health; Sotera Health (Nordion Inc.); and Curium Pharma.
Some of these players are engaging in business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market share.
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