Nuclear Pharmacy Market to Grow at 7.72% CAGR through 2029
Growing demand
for personalized medicine and increasing applications in oncology is expected
to drive the Global Nuclear Pharmacy Market growth in the forecast period, 2025-2029.
According to
TechSci Research report, “Nuclear Pharmacy Market – Global Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2019-2029F”, the
Global Nuclear Pharmacy Market stood at USD
5.85 Billion in 2023 and is anticipated to project steady growth in
the forecast period with a CAGR of 7.72%
through 2029.
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"Global Nuclear Pharmacy Market”
The Global
Nuclear Pharmacy Market presents a dynamic landscape shaped by a convergence of
technological advancements, increasing prevalence of chronic diseases, evolving
regulatory frameworks, and growing demand for personalized medicine. Nuclear
pharmacy, a specialized sector within the broader pharmaceutical industry, is
dedicated to the production, distribution, and administration of
radiopharmaceuticals used in nuclear medicine procedures for diagnostic
imaging, therapeutic treatments, and medical research purposes.
One of the
prominent factors driving the Global Nuclear Pharmacy Market is the rising
prevalence of chronic diseases worldwide, including cancer, cardiovascular
disorders, neurological conditions, and musculoskeletal disorders. These
conditions necessitate accurate diagnosis, staging, and monitoring through
nuclear medicine imaging techniques such as positron emission tomography (PET)
and single-photon emission computed tomography (SPECT). Nuclear pharmacy plays
a critical role in providing radiopharmaceuticals for these procedures,
enabling healthcare providers to visualize physiological processes, detect
abnormalities, and tailor treatment strategies to individual patient needs.
Technological
advancements in nuclear medicine imaging, radiopharmaceutical development, and
radiation therapy techniques contribute to the growth and innovation in the
Global Nuclear Pharmacy Market. Continuous research and development efforts
lead to the discovery of novel radiotracers, imaging agents, and therapeutic
isotopes with improved diagnostic accuracy, therapeutic efficacy, and patient
safety profiles. Advancements in imaging equipment, such as hybrid PET/CT and
PET/MRI scanners, enhance spatial resolution, image quality, and diagnostic
capabilities, driving the adoption of nuclear medicine procedures in clinical
practice.
Regulatory
frameworks governing the production, distribution, and administration of
radiopharmaceuticals play a crucial role in shaping the Global Nuclear Pharmacy
Market. Regulatory agencies such as the U.S. Food and Drug Administration
(FDA), the European Medicines Agency (EMA), and national nuclear regulatory
authorities enforce stringent standards for the licensing, quality assurance,
and safety of radiopharmaceuticals, ensuring compliance with regulatory
requirements and patient safety standards.
The increasing
demand for personalized medicine drives innovation and growth in the Global
Nuclear Pharmacy Market. Personalized medicine aims to tailor medical treatment
to individual patient characteristics, taking into account genetic makeup,
molecular biomarkers, and disease characteristics. Nuclear pharmacy enables
personalized medicine by providing radiopharmaceuticals for molecular imaging
and targeted therapy, facilitating accurate diagnosis, treatment monitoring, and
patient stratification for personalized treatment regimens.
The Global
Nuclear Pharmacy Market presents a dynamic and rapidly evolving landscape
characterized by technological innovation, regulatory compliance, and the
increasing integration of nuclear medicine into mainstream healthcare practice.
As the demand for nuclear medicine procedures continues to rise, driven by the
growing burden of chronic diseases and the pursuit of personalized medicine
approaches, nuclear pharmacy plays a crucial role in supporting clinical
decision-making, improving patient outcomes, and advancing the field of nuclear
medicine worldwide.
The Global Nuclear
Pharmacy Market is segmented into type, purpose, regional distribution, and
company
Based on purpose,
the therapeutic sector follows closely behind the diagnostic sector in the
global nuclear pharmacy market due to several factors that contribute to its
significance and growth. One primary reason for the therapeutic sector's
prominence is the increasing adoption of targeted radionuclide therapy (TRT)
for the treatment of various cancers and other medical conditions. Targeted
radionuclide therapy involves the administration of radiopharmaceuticals
containing radioactive isotopes that selectively bind to specific tumor cells
or disease targets, delivering therapeutic doses of radiation to diseased
tissues while sparing surrounding healthy tissues. This precise targeting
enables effective tumor destruction and minimizes systemic side effects, making
TRT a promising treatment modality for cancer patients.
Advancements in
radiopharmaceutical development and molecular imaging techniques have led to
the discovery of novel therapeutic radiotracers and targeted therapy
approaches, expanding the applications of nuclear medicine in oncology,
neurology, and other medical specialties. Therapeutic radiopharmaceuticals such
as lutetium-177 (^177Lu)-DOTATATE for neuroendocrine tumors and iodine-131
(^131I)-labeled agents for thyroid cancer have demonstrated efficacy in clinical
trials and received regulatory approvals for commercial use, driving market
growth and adoption in the therapeutic sector.
Based on region,
after North America, Europe is considered the region dominating the Global
Nuclear Pharmacy Market. Europe boasts a robust healthcare infrastructure,
well-established regulatory frameworks, and a strong emphasis on research and
innovation in nuclear medicine. Several factors contribute to Europe's
prominence in the nuclear pharmacy market.
Europe is home
to a large number of leading pharmaceutical companies, nuclear pharmacy
providers, research institutions, and academic medical centers specializing in
nuclear medicine and radiopharmaceuticals. These organizations drive research
and development efforts, introduce innovative radiotracers and imaging agents,
and collaborate with healthcare providers to advance the field of nuclear
medicine and improve patient care outcomes. Europe has a long history of
investment in nuclear medicine infrastructure, education, and workforce
training initiatives, supporting the widespread adoption of nuclear medicine
procedures for diagnostic imaging, therapeutic treatments, and medical research
purposes. National healthcare systems, government agencies, and professional
societies promote the integration of nuclear medicine into mainstream
healthcare practice, driving market growth and market dominance in the region.
Major companies
operating in Global Nuclear Pharmacy Market are:
- Jubilant Radiopharma (Jubilant
Pharma Holdings Inc.)
- GE HealthCare Technologies, Inc.
- Cardinal Health, Inc.
- ARTMS Inc.
- AnazaoHealth Corp.
- Sofie Biosciences, Inc.
- Pacific Radiopharmacy, Ltd.
- NTP Radioisotopes SOC Ltd.
- Lantheus Medical Imaging, Inc.
- ANSTO Nuclear Medicine Pty Ltd.
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“The future of
the nuclear pharmacy market is poised for transformative growth driven by
advancements in technology, evolving healthcare needs, and the increasing
integration of nuclear medicine into mainstream medical practice. As healthcare
systems worldwide embrace personalized medicine approaches, the demand for
radiopharmaceuticals and nuclear pharmacy services is expected to surge.
Innovative radiotracers, targeted therapy agents, and molecular imaging
techniques will enable precise disease diagnosis, treatment monitoring, and
personalized treatment regimens, revolutionizing patient care across a wide
range of medical specialties. Ongoing research efforts, regulatory initiatives,
and collaborations among pharmaceutical companies, healthcare providers, and
academic institutions will fuel innovation and market expansion in the nuclear
pharmacy sector. With a growing emphasis on value-based care, cost-effective
production methods, and patient-centered approaches, the nuclear pharmacy
market is poised to play a pivotal role in shaping the future of healthcare
delivery, advancing precision medicine, and improving patient outcomes
worldwide.,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Nuclear Pharmacy Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast, Segmented By Type (Institutional
and Commercial), By Purpose (Diagnostic and Therapeutic), By Region and Competition, 2019-2029F”,
has evaluated the future growth potential of Global Nuclear Pharmacy 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 Global Nuclear Pharmacy Market.
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