North America Nuclear Medicine Market to Grow with a CAGR of 9.90% through 2028
Increase in the incidence of Chronic Diseases and
increase in the aging population is expected to drive the North America Nuclear
Medicine Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “North
America Nuclear Medicine Market –Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the North America Nuclear Medicine
Market stood at USD 2.05 billion in 2022 and is anticipated to grow with a CAGR
of 9.90% in the forecast period, 2024-2028. The awareness among individuals
regarding Nuclear Medicine has led to favorable market conditions for the North
America Nuclear Medicine market. Several factors contribute to the growth of
various Nuclear Medicine products.
The aging demographic in North America stands out as a
noteworthy trend propelling the expansion of the Nuclear Medicine market. Older
individuals exhibit a heightened vulnerability to chronic illnesses like cancer
and heart disease, frequently necessitating the use of nuclear medicine methods
for both diagnosis and treatment. Furthermore, the elderly demographic
encounters a greater prevalence of bone-related ailments, including
osteoporosis, which can be effectively assessed and managed through nuclear medicine
techniques. With the ongoing aging process of the baby boomer generation, a
substantial surge in demand for nuclear medicine services is anticipated.
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Nuclear medicine assumes a critical role in the
diagnosis and treatment of a range of chronic illnesses, including cancer,
cardiovascular diseases, and neurological disorders. With the ongoing increase
in the prevalence of these conditions across North America, there is a rising
need for advanced diagnostic and therapeutic solutions. Nuclear medicine
methods, such as positron emission tomography (PET) and single-photon emission
computed tomography (SPECT), are progressively employed for the early detection
of diseases, accurate disease staging, and close monitoring of treatment
progress, which will further fuel market growth.
In June 2023, Cardinal Health announced that it had
signed a definitive agreement to contribute its Outcomes business to
Transaction Data Systems (TDS), a portfolio company of BlackRock Long Term
Private Capital and GTCR, in exchange for a minority stake in the combined
entity. This move is part of Cardinal Health's strategy to focus on its core
business of providing pharmaceutical distribution and healthcare services.
The influence of chronic illnesses on both public
health and healthcare expenditure, governments across North America have
introduced a range of programs to encourage early identification and effective
management. These programs frequently entail collaborations with healthcare
providers and research institutions, aiming to harness the capabilities of
nuclear medicine technologies.
In today's fast-paced world, Nuclear medicine provides
rapid and accurate diagnostic information. Techniques like Positron Emission
Tomography (PET) and Single-Photon Emission Computed Tomography (SPECT) allow
for quick identification of diseases and conditions, expediting the start of
treatment plans. Nuclear medicine excels in the early detection of diseases,
including cancer and heart conditions. Early detection often leads to more
effective treatments and better outcomes. Nuclear medicine contributes to
personalized medicine, tailoring treatments to individual patient profiles.
This precision enhances treatment efficacy, reduces side effects, and optimizes
resource utilization. The concept of theranostics, which combines diagnostics
and therapies using radiopharmaceuticals, streamlines treatment processes.
Patients can undergo both diagnosis and therapy with the same
radiopharmaceutical, saving time and resources.
Advances in radiopharmaceutical design have resulted
in compounds that have better targeting capabilities, reduced radiation
exposure to healthy tissues, and shorter half-lives, allowing for safer and
more effective diagnostics and therapies.
In recent times, Nuclear medicine has played a vital
role in the COVID-19 pandemic response. Molecular imaging techniques, including
PET and SPECT, have been employed to assess lung function, study the impact of
the virus on various organs, and monitor treatment responses in COVID-19
patients. Nuclear medicine techniques offer early disease detection, which is
crucial for prompt intervention and better patient outcomes. This is
particularly relevant for cancer, heart disease, and neurological disorders. Recent
advancements in nuclear medicine support personalized medicine approaches.
Patients receive tailored treatment plans based on their unique disease
characteristics, optimizing therapeutic outcomes while minimizing side effects.
However, the Supply Chain and Radioisotope Shortages may hinder market growth.
Moreover, challenges related to Regulatory and Reimbursement Barriers and High
Capital and Operating Costs may pose obstacles to the Nuclear Medicine market
in the near future.
The North America Nuclear Medicine Market is segmented
into type, application, end-user, regional distribution, and company.
Based on its type, Diagnostic nuclear medicine
encompasses a broad spectrum of applications, including positron emission
tomography (PET), single-photon emission computed tomography (SPECT), and other
imaging techniques using radiopharmaceuticals. These diagnostic procedures are
employed for the detection and characterization of various diseases, such as
cancer, cardiovascular disorders, neurological conditions, bone disorders, and
more. The versatility of diagnostic nuclear medicine makes it a cornerstone of
modern medical imaging, covering a wide array of clinical needs. Diagnostic
nuclear medicine, particularly PET scans, is instrumental in the diagnosis and
staging of cancer. PET imaging with radiolabeled tracers, such as
fluorodeoxyglucose (FDG), helps identify the presence and extent of tumors.
Oncologists rely on PET scans to determine the stage of cancer, assess
metastasis, and plan treatment strategies. The accuracy of PET imaging in
cancer diagnosis has made it indispensable in oncology practice.
Based on region, United States segment is expected to
grow during the forecast period. The United States has the largest healthcare
market in North America, characterized by a vast network of hospitals, clinics,
and medical centers. This extensive healthcare infrastructure allows for the
widespread availability and adoption of nuclear medicine services. The United
States faces a high burden of chronic diseases, including cancer,
cardiovascular conditions, and neurological disorders. These conditions require
frequent diagnostic imaging and treatment planning, making nuclear medicine a
crucial component of healthcare services. The United States is a leader in
nuclear medicine technology development and research. It boasts a significant
number of research institutions, academic medical centers, and pharmaceutical
companies that drive innovation in radiopharmaceuticals, imaging devices, and
treatment modalities. Nuclear medicine is well-established in the clinical
practice of healthcare in the United States..
The Canada market is poised to be the fastest-growing
market, offering lucrative growth opportunities for Nuclear Medicine players
during the forecast period. Factors such as The Canadian market has been
steadily expanding, driven by increased demand for nuclear medicine services
and investments in healthcare infrastructure. Canada, like the United States,
has an aging population. As the elderly population increases, so does the
prevalence of chronic diseases, driving the need for diagnostic and therapeutic
nuclear medicine services. The Canadian government has shown a commitment to
healthcare investments and initiatives. These efforts include funding for
research, infrastructure development, and improved patient access to nuclear
medicine services. Canada has been adopting advanced nuclear medicine
technologies, such as PET/CT and SPECT/CT, to enhance diagnostic accuracy.
These technological advancements are likely to contribute to market growth.
Major companies operating in North America Nuclear
Medicine Market are:
- Cardinal Health USA, Inc.
- Curium North America
- GE Healthcare USA
- Advanced Accelerator Applications USA, Inc.
- Lantheus Medical Imaging, Inc. (USA)
- Bayer Corporation.
- Molecular Imaging Products, LLC (USA)
- Nordion Medical Technologies, Inc.
- Bracco Diagnostics Inc
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“The Technological Advancements and increasing Cancer
Incidence and Treatment Advances are key drivers of the Nuclear Medicine
market. In recent years, the growing awareness of neurological disorders, such
as Alzheimer's disease, Parkinson's disease, and epilepsy, contributes to the
demand for nuclear medicine imaging for early diagnosis and research. Moreover,
the growing consumer emphasis on preventative healthcare products has enhanced
production and marketing efforts. To meet the demands of the market, manufacturers
are increasingly incorporating cutting-edge technologies with high production
efficiency. Rising consumer acceptance and continuous product innovation will
further ensure the growth of the Nuclear Medicine and supplements market in the
coming years.,” said Mr. Karan Chechi, Research Director with TechSci Research,
a research-based management consulting firm.
“North America Nuclear Medicine Market Segmented By
Type (Diagnostic Nuclear Medicine, Therapeutic Nuclear Medicine), By
Application (Oncology, Cardiology, Neurology, Others {Respiratory,
Musculoskeletal System Diseases, Thyroid, etc.}), By End-User (Hospitals &
Clinics, Diagnostic Centers, Academic & Research Institutions, Others
{Pharmaceutical Companies, Ambulatory Centers etc.}), By Country, Competition,
Forecast, Opportunities, 2018-2028F”, has evaluated the future growth potential of North
America Nuclear Medicine Market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in North America Nuclear
Medicine Market.
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