Growing demand for medical isotopes driven by cancer treatment and diagnostic advancements, market value to double.
From GlobeNewswire: 2024-12-08 08:00:00
The Global Medical Isotope Market was valued at USD 5.66 billion in 2023, projected to reach USD 12.15 billion by 2032 with a CAGR of 8.87%. The market growth is driven by the increased use of medical isotopes in diagnostics and therapy, particularly in cancer treatment, advancing nuclear medicine and targeted therapies.
The demand for medical isotopes is rising due to the adoption of non-invasive imaging techniques and advancements in cancer treatment methods. Technetium-99m, iodine-131, and lutetium-177 play crucial roles in diagnostic imaging and targeted therapies. Specialized reactors are essential for producing key isotopes like technetium-99m used in diagnostic procedures.
The supply-demand dynamics for medical isotopes are being impacted by the need for stable, reliable sources to meet increasing demand, especially with the adoption of advanced diagnostic technologies and personalized treatments. The market growth is fueled by the rising prevalence of cancer and cardiovascular diseases, necessitating advanced imaging and therapy techniques.
In 2023, radioisotopes dominated the medical isotope market, representing 65.0% of the market share, essential for diagnostics and therapies. Stable isotopes are the fastest-growing segment, utilized in advanced medical research and non-invasive diagnostic tools. Diagnostic applications accounted for 70.0% of the market share, with nuclear therapy being the fastest-growing application.
North America, Europe, and Asia-Pacific are key regions driving the growth of the medical isotope market. North America leads with advanced healthcare infrastructure and high demand for nuclear imaging. Europe invests in local isotope production to reduce reliance on external suppliers. The Asia-Pacific region is expected to exhibit the fastest growth due to rising healthcare expenditure and advancements in research and technology. The Medical Isotope Market is set to grow with the rapid adoption of Stable Isotopes in research and diagnostics. Plans for a new processing facility by the government and Bruce Power will help streamline isotope delivery for medical use, avoiding delays in patient treatment. Market analysis and outlook reports are available for purchase.
The Medical Isotope Market report includes key points such as market dynamics impact analysis, statistical insights, competitive landscape, segmentation by type and application, regional analysis, company profiles, use cases, and best practices. SNS Insider offers comprehensive market research and consulting services to provide clients with accurate data and insights for confident decision-making.
Read more at GlobeNewswire: Medical Isotope Market to Reach USD 12.15 Billion by 2032,