Nuclear Medicine Market Size, Share, Growth Analysis, By Product(Diagnostics(SPECT [TC-99m, TL-201, GA-67, I-123), By Application(Cardiology(SPECT, PET, Therapeutic Applications), Neurology), By Procedural Volume Assessment(Diagnostic Procedures, Therapeutic Procedures), By End Use(Hospitals, Diagnostic Centers, Others), By Region - Industry Forecast 2024-2031

Nuclear Medicine Market Drivers 

Rising Incidence and Prevalence of Cancer and Cardiovascular Disease (CVD) is a Major Driver of Market Expansion

• Most cases are preventable through early detection and treatment; nuclear medicine plays an important role in these areas. Cancer was the leading cause of death in 2020, accounting for nearly 10 million deaths, according to the WHO. By 2025, 19.3 million new cancer cases per year are expected to be reported worldwide. According to the WHO, 17.9 million people died from CVD in 2019, accounting for 32% of all deaths worldwide. By 2030, this figure is expected to rise to 23.3 million. Because nuclear medicine is used to diagnose and treat diseases, the rising prevalence of these diseases is expected to drive growth. 

Technological Advancements in Nuclear Imaging Modalities are one of the Crucial Drivers for the Nuclear Medicine Imaging Market Growth

• Increased awareness regarding the potential impact of early and timely diagnosis and corresponding positive impact on the management and treatment of chronic disorders is driving market growth. Advancements in nuclear imaging technology, specifically PET/PET-CT, have aided in the expansion of applications of this modality beyond oncology to cardiology, neurology, and detection of infections. There has been a substantial increase in the volume of the PET and SPECT procedures due to these technological advancements. 

Restraints 

Use of Alternative Methods for the Diagnosis of Various Illnesses 

• Apart from the PET scan for detection of cancer and different types of imaging techniques that make use of nuclear medicines for detecting and treating the cardiovascular diseases there has also been an adoption of MRI and the CT scans that are available across the globe. The use of these alternatives for the diagnosis of various illnesses will restrain the growth of the nuclear medicine imaging market in the coming years. In the developing nations, there has been an increase in the use of MRI and greater use of CT scans for detecting or diagnosing various illnesses as these options happen to be cost effective as compared to the nuclear medicines. To make use of these alternative ways there are many reimbursement policies available in the market. Owing to all these reasons the market for nuclear medicine will be hampered. 

Radiopharmaceutical Short Shelf Life 

• The short shelf life of radiopharmaceuticals is the major hurdle. As these compounds decay rapidly, these limit their usability and require careful logistical planning for timely administration. Furthermore, the government regulations are required for handling and disposal is further complicating their management. Due to the short lifespan, operational costs increase and the risk of wastage which is impacting efficiency and profitability. Additionally, innovative strategies are also important for prolonging the life of radiopharmaceuticals stability and smoothening logistics for mitigating this challenge and open the full potential of nuclear medicine technologies.