Nuclear medicine uses small amounts of radioactive tracers, called radiopharmaceuticals or radioisotopes, to diagnose and treat diseases. Radioisotopes enable the detection of even small changes in organs, bones or tissues earlier than is possible through other imaging techniques. Some key applications of radioisotopes include detecting abnormalities in heart, lung, brain, thyroid and bone imaging scans.
The global diagnostic radioisotopes market is estimated to be valued at US$ 6.54 Bn in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the diagnostic radioisotopes market are Johnson & Johnson, Mueller Sports Medicine, 3M Company, KT Tape, Medco Athletics, Nitto Denko Corporation, Andover Healthcare Inc., Medline Industries, Inc., Jaybird & Mais, SpiderTech. The rising prevalence of cancer and cardiac diseases is fueling demand for nuclear medicine procedures. Diagnostic radioisotopes allow for non-invasive diagnosis of various diseases at molecular level with high sensitivity and specificity. Technological advancements such as precision radionuclide production and image optimization are augmenting the uptake of diagnostic nuclear medicine procedures.
Market Drivers
One of the key drivers for the Diagnostic Radioisotopes Market Size is the growing geriatric population which is more prone to chronic diseases such as cancer and cardiac ailments. As per WHO, the global population aged 60 years and older is projected to reach 2 billion by 2050. The rising healthcare expenditure to provide better diagnostic services to the aging population is propelling the market growth. Moreover, increasing cases of target illnesses such as cancer and cardiac diseases is driving the demand for early and accurate diagnosis using nuclear medicine imaging techniques.
Current challenges in Diagnostic Radioisotopes industry
The diagnostic radioisotopes industry faces many challenges currently. There is a global shortage in supply of Mo-99, the parent isotope of the most in demand Tc-99m radioisotope used in 90% of diagnostic procedures. Countries are still dependent on ageing research reactors for production of radioisotopes which causes uncertainty and shortage issues. The production technologies also need to be improved and modernized to ensure reliable supply. Another challenge is that the prices of diagnostic radioisotopes are rising due to increasing demand and limited supply. This challenges the sustainability and cost-effectiveness of nuclear medicine procedures.
SWOT Analysis
Strength: Diagnostic radioisotopes have widespread applications in diagnosis of various diseases. Techniques like PET and SPECT using radioisotopes provide accurate functional information without invasive procedures.
Weakness: Global supply shortage of crucial radioisotopes like Tc-99m poses uncertainty. Production is dependent on ageing research reactors.
Opportunity: New production technologies like accelerator-based methods can help overcome supply challenges and ensure reliability. Emerging nations offer huge growth potential as nuclear medicine develops there.
Threats: Rising prices due to limited supply can impact practice of nuclear medicine procedures. Strict regulations around radioisotope handling require compliance.
North America region accounts for the Diagnostic Radioisotopes Market share in terms of value currently due to widespread use and technological advancements. Europe is also a major regional market supported by favorable reimbursements and healthcare policies promoting nuclear medicine. Asia Pacific region is poised to grow at the fastest rate owing to rising healthcare investments, large patient pools and increasing economic abilities. Emerging markets in countries like China, India and Brazil offer tremendous opportunities for future growth in diagnostic radioisotopes market.
United States accounts for the highest market share currently within the diagnostic radioisotopes industry. This is attributed to factors like superior healthcare infrastructure, heavy investment in research and technological advancements in nuclear medicine. China region is anticipated to experience the fastest growth during forecast period owing to huge patient population, expanding medical facilities, growing economies and government support for nuclear technology development.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.
