Medical Isotopes Market Size, Share, Growth, And Industry Analysis By Type (Stable Isotopes, Radioisotopes) By Application (Nuclear Therapy, Equipment Radioactive Source, Diagnosis) Regional Forecast From 2023 To 2028

Updated On: 01 April 2024

Medical Isotopes Market Report Overview

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The global medical isotopes market size was USD 7.151 billion in 2021 and the market is expected to reach USD 10.646 billion in 2027, exhibiting a compound annual growth rate (CAGR) of 6.86% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with medical isotopes market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.

The market's expansion is primarily attributable to the rise in chronic illness prevalence, the efficacy of alpha radioimmunotherapy in the treatment of specific cancers, and technological developments in nuclear imaging. Additionally, it is anticipated that during the projection period, the usage of nuclear medicines for individualized therapy will promote market expansion. Using radioactive materials for study, diagnosis, and therapy is essentially what nuclear medicine is all about. The main drivers for the market under study are raising cancer and heart disease rates. Cancer and cardiac problems can be effectively treated with nuclear medicine. Globally, there were 1,92,92,789 new cases of cancer in 2020, and by 2040, there are projected to be 2,88,87,940 new cases, according to GLOBOCAN 2020. The market is being driven by a rise in demand for nuclear medicine as a result of the usage of nuclear medicines in cancer treatments like radiation.

The increasing prevalence of cancer and heart illnesses, the expanding use of nuclear medicine, the rise in SPECT and PET applications, and the growing patient awareness of radiation and radiation therapy are the primary factors driving the growth of the nuclear medicine radioisotopes market.

COVID-19 Impact: COVID 19 Outbreaks Significantly Affected The Medical Sector

The COVID-19 outbreak has posed serious obstacles for healthcare systems around the world, whether they are in the planning, responding, or recovering stages. Inpatient and outpatient healthcare services for illnesses have been drastically reduced, and infection prevention and control strategies have been implemented, in order to largely manage these difficulties. The COVID-19 problems are still being overcome by medical practices all around the world. On the one hand, it ensures that non-COVID-related surgeries and hospitalizations are not adversely affected while on the other, healthcare professionals are responding to the epidemic. Elective operations like surgery must be delayed in hospitals and other healthcare facilities around the world. The majority of non-urgent treatments have been delayed.

Latest Trends

"Throughout The Forecast Period, the Cardiology Segment Is Anticipated To Have A Sizable Market Share"

Over the course of the forecast, the cardiology segment is anticipated to occupy a sizable market share. The rising frequency of cardiovascular ailments and the expanding use of SPECT in the diagnosis of cardiac problems are the main factors contributing to the growth of this market. SPECT is required for an accurate diagnosis of cardiovascular illnesses such as coronary artery disease (CAD), strokes, and atrial fibrillation.

For instance, a study by the British Heart Foundation in July 2020 found that there were over 7.5 million heart disease sufferers in the UK, with nearly 170,000 fatalities per year, or an average of 460 per day or one every three minutes. Consequently, it is anticipated that early detection of CVD will increase demand for nuclear medicine, which will increase patient demand for radioisotopes.

Medical Isotopes Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Stable Isotopes, Radioisotopes. Stable Isotopes is anticipated to be the leading segment.

• By Application Analysis

Based on application, the market can be divided into Nuclear Therapy, Equipment Radioactive Source, and Diagnosis. Nuclear Therapy will be the leading segment.

Driving Factors

"Advancement in Healthcare Systems Surpass the Market Growth "

The majority of the time, hospital radioisotopes are utilized and preferred for the diagnosis and treatment of these serious illnesses. The market is anticipated to expand in the upcoming year due to a rise in the prevalence of chronic diseases among the senior population. New, simple cancer treatments have been adopted as a result of increased research and development efforts. The ability of these medicines to totally cure the condition is one of the most significant elements influencing the market's expansion. The usage of nuclear medications has had a favourable effect on the market as a whole. The market will rise as a result of the usage of various radiopharmaceutical-based diagnostic and therapeutic procedures.

Restraining Factors

"Presence of Alternatives Of Diagnostic Methods Impede The Market Growth"

MRI and CT scans, which are accessible worldwide, have also become popular in addition to the PET scan for the identification of cancer and many imaging procedures that use nuclear drugs for the detection and treatment of cardiovascular disorders. The market for nuclear medications will have slow expansion in the upcoming years due to the usage of these alternatives for the diagnosis of various ailments. MRI and CT scans are increasingly used in developing nations for the detection or diagnosis of a wide range of illnesses since they are more cost-effective than nuclear medicine. There are numerous reimbursement policies on the market that can be used to utilize these alternative methods. All of these factors will hinder the market for nuclear medicine.

Medical Isotopes Market Regional Insights

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"North America Region Will Surpass the Market Growth"

In the upcoming years, the market is anticipated to be dominated by the North American region. The market in the North American area will be driven by the rising investment in activities for carrying out research and development in this industry. The availability of an incredibly effective healthcare infrastructure will help fuel market expansion. Radioisotope production is now handled by a large number of facilities. In the North American region, radio isotopes are produced for both commercial and research purposes. The market for nuclear medicine is anticipated to expand throughout the projected period as a result of an increase in the region's cancer patient population.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• China National Nuclear Corporation (china)
• Coquí RadioPharmaceuticals (u.s.)
• Polatom (Poland)
• Center of Molecular Research (India)
• LANL (Mexico)
• IRE
• Niowave Inc. (U.S.)
• SC Isotope (Russia)
• ANSTO (Australia)
• Curium Pharma (france)
• SHINE Technologies (U.S.)
• NorthStar (U.S.)
• Shanghai Engineering Research Center (Japan)
• NTP Radioisotopes (South Africa)
• ORNL (U.S.)
• Eckert and Ziegler Strahlen (Germany)
• NWMI (India)
• Linde (Ireland)
• Nordion (BWX Technologies, Inc.) (U.S.)
• Cambridge Isotope Laboratories (U.S.)
• IDB Holland (Netherlands)
• NHTC (U.S.)
• NRG (U.S.)
• SI Science (Hyderabad)
• Urenco (U.K.)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.