North America Nuclear Medicine Market to Grow with a CAGR of 9.90% through 2029
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, 2025-2029.
According to TechSci Research report, “North
America Nuclear Medicine Market – By Country, Competition
Forecast & Opportunities, 2029F”, the North America Nuclear Medicine
Market stood at USD 2.05 billion in 2023 and is anticipated to grow with a CAGR
of 9.90% in the forecast period through 2029. 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 plays a pivotal role in diagnosing and treating various chronic conditions such as cancer, cardiovascular diseases, and neurological disorders. Given the increasing prevalence of these ailments in North America, there's a growing demand for advanced diagnostic and therapeutic solutions. Techniques like positron emission tomography (PET) and single-photon emission computed tomography (SPECT) are increasingly utilized for early disease detection, accurate staging, and treatment monitoring, driving market expansion.
To address the impact of chronic illnesses on public health and healthcare spending, North American governments have implemented programs fostering early detection and effective management. These initiatives often involve collaborations with healthcare providers and research institutions to leverage nuclear medicine technologies.
In today's dynamic environment, nuclear medicine offers swift and precise diagnostic insights. PET and SPECT enable rapid disease identification, expediting treatment initiation. Nuclear medicine excels in early disease detection, particularly for cancer and cardiac conditions, leading to more effective interventions and improved outcomes. It facilitates personalized medicine by tailoring treatments to individual patient profiles, enhancing efficacy, reducing side effects, and optimizing resource allocation. Theranostics, which integrates diagnostics and therapies using radiopharmaceuticals, streamlines treatment workflows, saving time and resources.
Advancements in radiopharmaceutical design have yielded compounds with enhanced targeting, reduced radiation exposure to healthy tissues, and shorter half-lives, ensuring safer and more efficient diagnostics and therapies.
During the COVID-19 pandemic, nuclear medicine has been instrumental in assessing lung function, studying viral impacts on organs, and monitoring treatment responses in COVID-19 patients. Early disease detection offered by nuclear medicine is critical for timely interventions and improved patient outcomes, particularly for cancer, heart disease, and neurological disorders. Recent nuclear medicine advancements support personalized medicine, tailoring treatment plans based on unique disease characteristics to optimize therapeutic outcomes while minimizing side effects. However, challenges such as supply chain disruptions, radioisotope shortages, regulatory hurdles, reimbursement issues, and high capital and operating costs may impede market growth in the near future.
North America Nuclear Medicine Market is segmented
into type, application, end-user, country distribution, and company.
Based on the category of Application, the oncology segment emerged as the dominant player in the North America market for Nuclear Medicine in 2023. Cancer is a major public health concern in North America, with a high incidence rate. According to the American Cancer Society, millions of new cancer cases are diagnosed each year in the United States alone. The prevalence of cancer in North America necessitates robust diagnostic and treatment methods, and nuclear medicine plays a critical role in both aspects. Nuclear medicine techniques, particularly Positron Emission Tomography (PET) and Single-Photon Emission Computed Tomography (SPECT), are integral to the diagnosis and staging of various types of cancer. PET scans with radiolabeled tracers, such as fluorodeoxyglucose (FDG), enable the visualization of metabolic activity in cancer cells. This aids in identifying the location, extent, and aggressiveness of tumors. Nuclear medicine is indispensable for treatment planning in oncology. PET scans provide critical information to oncologists regarding the choice of treatment modality, including surgery, chemotherapy, radiation therapy, or targeted radionuclide therapy. After initiating cancer treatment, PET scans are used to assess treatment response. This allows physicians to make real-time adjustments to treatment plans, optimizing outcomes and minimizing side effects. These factors are expected to drive the growth of this segment.
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 Inc.
- Curium North America
- GE Healthcare Technologies Inc.
- Advanced Accelerator Applications USA, Inc.
- Lantheus Medical Imaging, Inc.
- Bayer Corporation.
- Molecular Imaging Products, LLC
- 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 of TechSci Research,
a research-based management consulting firm.
“North America Nuclear Medicine Market 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, 2019-2029F”, 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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