According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Growing Prevalence of Cardiovascular Diseases- According to the World Health Organization, 17.9 million deaths worldwide in 2019 were attributable to CVDs, or 32% of all fatalities. Heart attack and stroke deaths accounted for 85% of these fatalities.
Globally, cardiovascular diseases (CVDs) are the leading cause of death. Nuclear imaging technology is becoming more and more important in the early detection of many disorders. It is utilised to enhance patient "outcomes," which entails that early and accurate disease diagnosis informs efficient treatment and results in a quicker, more thorough recovery from illness. Hence owing to this market is expected to grow in the forecast period.
Growing Geriatric Population- According to the World Health Organization, one in six individuals worldwide would be 60 or older by the year 2030.
New Product Launches by Key Players - GE Healthcare Launches StarGuide, a New Nuclear Medicine System to Aid in the Advancement of Precision Health and Theranostics.
Increasing Cancer Cases - It is anticipated that by 2040, there would be 16.4 million cancer-related deaths and 29.5 million new instances of cancer annually.
Technology Advancement - According to a report published on March 7 in Science Translational Medicine, a new PET imaging agent is expected help patients with non-small cell lung cancer (NSCLC) choose the most beneficial course of treatment (who make up about 80 percent of lung cancer patients). The tracer looks for a mutation that is unique to NSCLC instances, possibly being able to show areas of the cancer that are vulnerable to certain treatment medications that could block the effects of the mutation.
There are various alternatives available for nuclear medicine such has MRI and CT scanner. They are less preferred because their price is high as compared to MRI and CT scanner. Hence this factor is expected to be the major hindrance for the growth of the market.
The global nuclear medicine market is segmented and analysed fir demand and supply by application into cardiology, neurology, and oncology. Out of which, the oncology segment is anticipated to garner the largest revenue by the end of 2033, backed by growing population who are prone to smoking. According to the World Health Organization, in 2020, 36.7% of all men and 7.8% of all women consumed cigarettes. This represents 22.3% of the world's population. Smoking is the main cause of growing prevalence of cancer all around the world which is further expected to boost the growth of the market. As per the World Health Organization, the use of tobacco, having a high body mass index, drinking alcohol, eating few fruits and vegetables, and not exercising account for about one-third of cancer-related fatalities.
Regionally, the global nuclear medicine market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2033, owing to increasing awareness about nuclear medicine and growing investment in nuclear medicine space. For instance, in March 2022, the first full-fledged private Nuclear Medicine Center in the Northern region was officially launched by Penang Adventist Hospital, who claimed to offer its patients improved diagnostic and therapeutic options.
The global nuclear medicine market is further classified on the basis of region as follows:
Our in-depth analysis of the global nuclear medicine market includes the following segments:
A new generation nuclear medicine scanner for use in cardiac imaging has been unveiled by GE Healthcare. It has an expanded field-of-view processing capability and new automated workflow features for a quick, comfortable exam. MyoSPECT provides a remarkable picture of cardiac architecture and pathology to aid doctors in choosing the best course of treatment for patients. It was developed using the company's proprietary Alcyone technology and CZT module design.
The Institute for Radioelements (IRE), a pioneer in the manufacturing of Molybdenum-99 (Mo-99), the radioisotope that is most frequently used in nuclear medicine for diagnostics, announced that it has produced its first batch of Mo-99 Low Enriched Uranium (LEU) for the US market.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: The major factors driving the growth of the market are growing prevalence of cardiovascular diseases, growing geriatric population, new product launches by key players, and others.
Ans: The market is anticipated to attain a CAGR of ~20% over the forecast period, i.e., 2023 – 2033.
Ans: Availability of alternatives, limited number of trained medical professional, and supply shortage are some of the major factors expected to hinder the growth of the market.
Ans: The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are GE Healthcare, Jubilant Pharmova Limited, Nordion (Canada), Inc., Bracco Imaging S.P.A, and more.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product, application, end-user, and by region.
Ans: The oncology segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.