Global Nuclear medicine market projected to grow at CAGR of 11.3% from 2023 to 2028”
The global nuclear medicine market is projected to reach USD 9.4 billion by 2028 from USD 5.5 billion in 2023, at a CAGR of 11.3% during the forecast period. Growth in the nuclear medicine market can primarily be attributed to factors such as the increasing prevalence of CVD, government initiatives to improve healthcare, rapid growth in the geriatric population and the growing adoption of PET and SPECT techniques. However, the short half-life of radiopharmaceuticals decreases their potential adoption, are expected to challenge market growth to a certain extent.
Therapeutic segment is projected to grow at the highest CAGR during the forecast period
By type, the nuclear medicine market is segmented into diagnostic and therapeutic. The therapeutic segment is projected to grow at the highest CAGR during the forecast period. This can be attributed to growing applications of these isotopes in oncology, as these isotopes have minimal side effects as opposed to surgeries and chemotherapy.
Hospital end user segment is projected to account for the largest share of the nuclear medicine market
By end user, the nuclear medicine market is segmented into the nuclear medicine market is segmented into hospitals, imaging centers, academic & research centers and other end users, which include pharma/biotech companies and contract research organizations. In 2023, the hospital segment is projected to account for the largest share of the nuclear medicine market due to the growing focus on the automation & digitization of radiology patient workflows to improve the quality of patient care.
By region, North America is projected to account for the largest share of the nuclear medicine market
By region,North America accounted for the largest share of the nuclear medicine market in 2023. Factors such as rising prevalence of chronic diseases is expected to increase the number of diagnosis and treatment in this region, government funding, and company initiatives.
