According to Future Market Insights, the global therapeutic nuclear medicine market is envisioned to extend at a CAGR of 4.10% from 2024 to 2034, with a market valuation of US$ 1.32 billion in 2024. Demand is expected to reach US$ 1.97 billion by 2034, driven by rising cancer incidences, bone deformities, neurological malignancies in developing nations, and advancements in radiopharmaceutical diagnosis technology.
The therapeutic nuclear medicine market is growing due to a robust product pipeline and government initiatives to improve access to nuclear medication, particularly in palliative therapy, as treatments for bone metastasis remain inadequate. The rising prevalence of cancers, bone deformities, and neurological diseases presents research opportunities in the therapeutic nuclear medicines market, as global establishments are predicted to reduce chronic diseases in the coming decade.
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Market players are envisioned to remain cautious and flexible in the upcoming years due to the challenges in the industry. Radioisotopes in nuclear medicine therapeutics present new opportunities for research and development despite concerns about radiation safety, contamination, and the short half-life of radionuclides. However, low-penetration radio nucleotides are hoped to improve therapy consequences.
“Over the subsequent decade, market expansion is anticipated to be aided by new research possibilities presented by radioisotopes in nuclear medicine therapies. However, market value is dwindling due to pollution, short half-lives of radionuclides, and safety concerns. It is anticipated that low-penetration radio nucleotides would enhance therapeutic results. The market is changing as a result of the availability of therapeutic nuclear drugs for palliative care and the expansion of research into neurological, cancer, and bone abnormalities.” says an analyst of Future Market Insights.
Key Takeaways from the Therapeutic Nuclear Medicines Market Report:
- The therapeutic nuclear medicine industry in the United Kingdom is projected to experience a CAGR of 3.5% through 2034.
- Germany’s therapeutic nuclear medicine market is estimated to demonstrate a CAGR of 4.4% by 2034.
- The therapeutic nuclear medicines industry in Russia is anticipated to see a CAGR of 6.4% from 2024 to 2034.
- France’s therapeutic nuclear medicine sector is projected to showcase a CAGR of 5.0% through 2034.
- The Italy therapeutic nuclear medicine market is anticipated to display a CAGR of 5.4% by 2034.
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Competitive Landscape of the Therapeutic Nuclear Medicine Market:
Key players are focusing on researching novel development of therapeutic nuclear medicines to increase their penetration across the globe, especially in price-sensitive countries. For this, they employ various technologies and invest in research and development, medical trials, and novel radiology practices.
Players are further introducing new nuclear medicines in the market to cure cancer patients and diminish the existence of cancer and cardiovascular diseases. Market participants are offering their products for clinical trials to increase their visibility among potential prospects. Research and development in molecular radiology help players deliver many benefits to their patients, like extensive fitness care, initial drug trials, fast report delivery, and extended medical reach.
Recent Developments in the Therapeutic Nuclear Medicines Market:
- The International Atomic Energy Agency (IAEA) and The University of Texas MD Anderson Cancer Center teamed together in January 2024 to create an IAEA Collaborating Center to advance radiation oncology, radiation physics, radiology, nuclear medicine, and nutrition, emphasizing healthcare globally.
- Advanced Nuclear Medicine services, including FDG PET/CT imaging, were introduced in January 2024 at BARC’s Radiation Medicine Research Centre (RMRC) in Kolkata. The center’s goals are to teach medical and scientific graduates, conduct research and development in nuclear medicine imaging and radiopharmaceutical creation, and offer accessible, cutting-edge diagnostic and therapeutic services to India’s eastern and northeastern regions.
Key Companies in the Therapeutic Nuclear Medicine Market:
- Bayer AG
- GE Healthcare
- Novartis AG
- Cardinal Health Inc.
- Mallinckrodt plc.
- Lantheus Medical Imaging Inc.
- Bracco Imaging S.p.A
- Eckert & Ziegler
- Curium Pharma
- International Isotopes Idaho, Inc.
- Medi-Radiopharma Co., Ltd.
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Key Segments
By Treatment Type:
- Radium-223
- Iodine-131
- Leutitium-177
- Yttrium-90
- Samarium-153
- Strontium-89
- Rhenium-188+Rhenium-186
- Erbium- 169
- Phosphorous-32
- Others
By Indication:
- Prostate Cancer
- Painful Bone Metastases
- Thyroid Cancer
- Neuroblastoma
- Synovitis
- Non-Hodgkin’s Lymphoma
- Hepatic Metastases
- Brain Tumour
- Others
By Distribution Channel:
- Hospitals
- Ambulatory Surgical Centers
- Cancer Research Institutes
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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