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Nuclear Medicine Radioisotopes Market Is Projected To Reach 19.04 Us Billion Dollars At A High-Value CAGR Of 8% By 2033
Nuclear Medicine Radioisotopes Market Analysis By Radioisotope Type (Technetium-99m (Tc-99m), Thallium-201 (Tl-201), Gallium-67 (Ga-67), Iodine (I-123)), By Application (Cardiology, Oncology, Neurology, Lymphoma, Thyroid), By End User (Hospitals, Diagnostic Centers)
Rockville, Maryland, United States, 24th Jan 2023 – As per a new industry analysis by Fact.MR, a market research and competitive intelligence provider, the global nuclear medicine radioisotopes market is valued at US$ 8.82 billion in 2023 and is predicted to reach US$ 19.04 billion by the end of 2033.
Medical radioisotopes are harmless radioactive compounds that are typically employed in the diagnosis of medical disorders. These radioisotopes release gamma rays that are powerful enough to escape the body when they are used to diagnose a disease.
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Dales of nuclear medicine radioisotopes are expected to rise rapidly during the forecast period due to the increasing rate of cancer cases and growing public knowledge of nuclear therapies. A radiopharmaceutical is a pharmaceutical formulation containing radioactive isotopes used in diagnosis and treatment. They are small, straightforward radioactive compounds used to treat cancer, heart and neurological diseases.
For oncology and treatment for cancer, therapeutic radioisotopes are replacing traditional chemotherapy procedures because they are more practical, which is further generating new opportunities in the nuclear medicine radioisotopes market. Furthermore, when compared to X-Rays and other external radiation imaging systems, radioisotopes serve as an accurate & safe alternative for patients as well as aiding doctors during diagnosis.
The technetium-99 radioisotope is expected to account for a sizable share of the global market in 2023 due to its expanding use in diagnostics.
- The World Nuclear Organization estimates that around 40 million treatments a year, or almost 80% of all nuclear procedures performed worldwide, are performed with technetium-99.
Key Takeaways from Market Study
- The global nuclear medicine radioisotopes market is expected to increase at a CAGR of 8% from 2023 to 2033.
- Germany’s market for nuclear medicine radioisotopes is predicted to expand at a CAGR of 6.5% during the projected period.
- Global sales of technetium-99m (Tc-99m) radioisotopes are expected to rise at a CAGR of 9% during the forecast period.
- Demand for thallium-201 (Tl-201) radioisotopes is predicted to expand at a CAGR of 6.5% during the next 10 years.
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The nuclear medicine radioisotopes market is highly competitive. To improve their market position and earn more revenue, key players in the nuclear medicine radioisotopes market are focusing on local supply marketing, they are changing pricing trends and product standards according to the regional users’ demands and needs.
- For instance, Curium announced in June 2021 that it had acquired Austrian pharmaceutical company IASON to expand its presence in the region.
- The first-of-its-kind therapeutic radioisotope production plant was officially opened as part of the NorthStar Medical Radioisotopes expansion event in October 2021.
Key Companies Profiled
- Bayer AG
- Bracco Imaging SpA
- Cardinal Health, Inc.
- GE Healthcare
- Hologic, Inc.
- Lantheus Medical Imaging, Inc.
- Medtronic PLC
- NTP Radioisotopes SOC Ltd.
- Positron Corporation
- Siemens Healthineers
“North America & Europe are leading regional markets for nuclear medicine radioisotopes due to the presence of key market players,” says a Fact.MR analyst.
Recent Market Developments
- Technetium-99m (Tc-99m), the most popular medical radioisotope, will be more readily available worldwide starting in March 2021 due to a collaboration between IBA (Ion Beam Applications SA) and NorthStar Medical Radioisotopes LLC.
- To commercialize and develop advanced alpha-emitting radiopharmaceutical and combination therapies for cancer therapy, Fusion Pharmaceuticals, a leading Canadian radiopharmaceutical company, announced collaboration with Anglo-Swedish pharmaceutical behemoth AstraZeneca in November 2020.
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Segments of Nuclear Medicine Radioisotopes Industry Research
By Radioisotope Type:
- Technetium-99m (Tc-99m)
- Thallium-201 (Tl-201)
- Gallium-67 (Ga-67)
- Iodine (I-123)
By End User:
- Diagnostic Centers
- Specialty Clinics
- Education & Research Institutes
- North America
- Latin America
- East Asia
- South Asia & Oceania
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global nuclear medicine radioisotopes market, presenting historical demand data (2018 to 2022) and forecast statistics for the period of 2023 to 2033.
The study divulges essential insights on the market on the basis of radioisotope type (technetium-99m (Tc-99m), thallium-201 (Tl-201), gallium-67 (Ga-67), iodine (I-123)), application (cardiology, oncology, neurology, lymphoma, thyroid), and end user (hospitals, diagnostic centers, specialty clinics, education & research institutes), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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