Growing demand for personalized medicine and rising technological advancements in diagnostic imaging modalities are anticipated to drive the growth of the global medical isotope market during the forecast period. The North America region is expected to observe significant growth during the forecast period.
Wilmington, New Castle, Delaware, Feb. 15, 2024 (GLOBE NEWSWIRE) — Allied Market Research has recently published a report, titled, “Medical Isotope Market Size, Share, Competitive Landscape and Trend Analysis Report by Type (Stable Isotopes, Radioisotopes), by Application (Diagonestic, Nuclear Therapy), by End User (Hospitals, Diagnostic Centers, Research Institutes): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global medical isotope market generated $5.1 billion in 2022, and is anticipated to generate $11.4 billion by 2032, witnessing a CAGR of 8.8% from 2023 to 2032.
Prime Determinants of Growth
The increasing prevalence of cardiovascular diseases and cancer, rising demand for personalized medicine, and growing technological advancements in diagnostic imaging modalities are boosting the growth of the medical isotope market. However, concerns about nuclear proliferation, limited facilities for isotope production, and challenges associated with ensuring nuclear safety are factors expected to restrain the market growth during the forecast period. On the other hand, the rising integration of medical isotopes with advanced healthcare technologies such as Artificial Intelligence (AI) and molecular imaging is expected to unlock rewarding growth opportunities in the global medical isotope market during the forecast period.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $5.1 billion |
| Market Size in 2032 | $11.4 billion |
| CAGR | 8.8% |
| No. of Pages in Report | 315 |
| Segments covered | Type, Application, End User, and Region |
| Drivers | Increasing prevalence of cardiovascular diseases and cancer. Rising demand for personalized medicine and technological advancements in diagnostic imaging modalities. |
| Opportunities | Integration of medical isotopes with advanced healthcare technologies such as Artificial Intelligence (AI) and molecular imaging. Global expansion of nuclear medicine services, including the establishment of new facilities and the adoption of nuclear medicine procedures in emerging markets. |
| Restraints | Limited facilities for isotope production and challenges associated with ensuring nuclear safety |
COVID-19 Scenario:
- The COVID-19 pandemic significantly impacted the global medical isotope market. The COVID-19 pandemic disrupted global supply chains, hindering the production and distribution of medical isotopes.
- Many elective medical procedures involving isotopes were postponed or canceled during the pandemic, leading to a decrease in demand, thus hindering market growth.
- Restrictions on international travel and logistical challenges increased the difficulty of timely transportation of isotopes, further impacting market growth.
- Nuclear medicine departments in hospitals faced challenges such as staff shortages and changes in patient management, affecting the routine use of medical isotopes in diagnostic and therapeutic procedures during the pandemic.
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Type: Radioisotopes Sub-Segment to Grow with Highest CAGR by 2032
The radioisotopes sub-segment dominated the market in 2022, holding a major share of 67.6%. This dominance is expected to continue till 2032, growing with a CAGR of 9.1%. This growth is mainly due to the increasing demand for alpha-emitting isotopes for targeted therapy and advancements in diagnostic imaging technologies
Application: Nuclear Therapy Sub-Segment Anticipated to Witness Remarkable Growth during the Forecast Period
The nuclear therapy sub-segment is expected to observe significant growth by 2032. The growth of the sub-segment is mainly because of the increasing incidence of cancers, bone abnormalities, and neurological malignancies, coupled with advancements in treatment options and rising awareness and applications of radioisotopes.
End User: Hospitals Sub-Segment Expected to Grow with Highest CAGR by 2032
The hospitals sub-segment dominated the global medical isotope market share in 2022, holding a major share of 52.2%. This dominance is expected to continue till 2032, growing with a CAGR of 9.3% by 2032. This growth is mainly because of the increasing demand for diagnostic imaging and therapy across various medical disciplines, driving the adoption of medical isotopes. Additionally, rising healthcare expenditure and advancements in medical research further boost the utilization of medical isotopes in hospitals, contributing to their dominance in the market.
By Region: North America Estimated to Observe Massive Growth in Forecast Period
The North America region dominated the global medical isotope market in 2022, holding a major share of 35.2%. This region is expected to hold a leading market share of 35.9% by 2032. This is mainly due to due to increasing investments in research and development activities, technological advancements in hybrid imaging, and the rising prevalence of chronic diseases, particularly cancer, driving the demand for medical isotopes in the region. Moreover, the presence of key market players and advancements in imaging techniques are further boosting market growth in North America.
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Leading Players in the Medical Isotope Market:
- Nordion Inc.
- NorthStar Medical Radioisotopes, LLC
- Isotopen Technologien München (ITM)
- Curium
- Canadian Nuclear Laboratories (CNL)
- Jubilant Radiopharma
- Mallinckrodt Pharmaceuticals
- Eczacibasi-Monrol Nuclear Products
- GE Healthcare
- IBA Radiopharma Solutions
The report provides a detailed analysis of the key players of the global medical isotope market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Originally published at https://www.einpresswire.com/article/688839779/medical-isotope-market-to-reach-11-4-billion-globally-by-2032-cagr-8-8-allied-market-research
