Nuclear Medicine Market Trends

Growth Drivers

• Growing Prevalence of Cardiovascular Diseases- According to the World Health Organization, 17.9 million deaths worldwide in 2019 were attributable to CVDs, or 32% of all fatalities. Heart attack and stroke deaths accounted for 85% of these fatalities.

Globally, cardiovascular diseases (CVDs) are the leading cause of death. Nuclear imaging technology is becoming more and more important in the early detection of many disorders. It is utilised to enhance patient "outcomes," which entails that early and accurate disease diagnosis informs efficient treatment and results in a quicker, more thorough recovery from illness. Hence owing to this market is expected to grow in the forecast period.

• Growing Geriatric Population- According to the World Health Organization, one in six individuals worldwide would be 60 or older by the year 2030.

• New Product Launches by Key Players - GE Healthcare Launches StarGuide, a New Nuclear Medicine System to Aid in the Advancement of Precision Health and Theranostics.

• Increasing Cancer Cases  - It is anticipated that by 2040, there would be 16.4 million cancer-related deaths and 29.5 million new instances of cancer annually.

• Technology Advancement - According to a report published on March 7 in Science Translational Medicine, a new PET imaging agent is expected help patients with non-small cell lung cancer (NSCLC) choose the most beneficial course of treatment (who make up about 80 percent of lung cancer patients). The tracer looks for a mutation that is unique to NSCLC instances, possibly being able to show areas of the cancer that are vulnerable to certain treatment medications that could block the effects of the mutation.

Challenges

• Availability of Alternatives
• Limited Number of Trained Medical Professional
• Supply Shortage

There are various alternatives available for nuclear medicine such has MRI and CT scanner. They are less preferred because their price is high as compared to MRI and CT scanner. Hence this factor is expected to be the major hindrance for the growth of the market.

The global nuclear medicine market is segmented and analysed fir demand and supply by application into cardiology, neurology, and oncology. Out of which, the oncology segment is anticipated to garner the largest revenue by the end of 2033, backed by growing population who are prone to smoking. According to the World Health Organization, in 2020, 36.7% of all men and 7.8% of all women consumed cigarettes. This represents 22.3% of the world's population. Smoking is the main cause of growing prevalence of cancer all around the world which is further expected to boost the growth of the market. As per the World Health Organization, the use of tobacco, having a high body mass index, drinking alcohol, eating few fruits and vegetables, and not exercising account for about one-third of cancer-related fatalities.