“Nuclear Pharmacy Market” in terms of revenue was estimated to be worth $5.7 billion in 2023 and is poised to reach $12.8 billion by 2031, growing at a CAGR of 10.91% from 2024 to 2031 according to a new report by InsightAce Analytic.
Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the global nuclear pharmacy market are: • Technological advancement • Growing innovative pharmaceuticals • Increasing rates of cardiovascular disease and cancer
The following are the primary obstacles to the nuclear pharmacy market's expansion: • Standards for the safe administration of medications • Concerns about data security • Distressed healthcare workers
Future expansion opportunities for the global nuclear pharmacy market include: • Increasing number of elderly people • Rising need for diagnostics and image-guided procedures • Accelerating research and development efforts
Market Analysis:
The rising incidence of chronic illnesses is mostly to blame for the market expansion. Additionally, technical developments that make diagnosing and treating malignant tumors possible with radiopharmaceuticals are driving market expansion. Additionally, the market participants concentrate on different approaches, such as introducing new products and acquisitions, which are anticipated to boost the nuclear medicine industry.
List of Prominent Players in the Nuclear Pharmacy Market: • Jubilant Radiopharma (Jubilant Pharma Holdings Inc.) • GE Healthcare • Cardinal Health, Inc. • ARTMS Inc. • AnazaoHealth Corp. • SOFIE • Pacific Radiopharmacy, Ltd.
Recent Developments: • In January 2024, Cardinal Health officially signed an agreement to pay $1.2 billion in cash to acquire Specialty Networks, a multi-specialty group purchasing and practice development company powered by technology. Specialty Networks create financial and clinical value for independent specialist physicians and partners through several specialty GPOs, such as United Rheumatology, Gastrologix, GastroGPO, UroGPO, and others. • In Aug 2023, GE Healthcare announced the launch of Vscan Air, which will enhance point-of-care imaging capabilities in Nepal and enable access to distant places. The wireless portable ultrasound device enables whole-body scanning at the point of care in various care situations, thereby reducing costs and allowing medical practitioners to make decisions more rapidly and confidently. • In Feb 2023, ARTMS Inc. was gratified to announce that Innovate BC has awarded it $300,000 as part of its Ignite initiative. The money will be supplemented with over $600,000 from additional sources to advance and validate the manufacture of zirconium-89 (Zr-89) for use in Positron Emission Tomography (PET) imaging scans of cancer patients eligible for immuno-oncology (IO) therapy.
Nuclear Pharmacy Market Dynamics: Market Drivers: Technological Advancement One of the important motivating elements is the great desire of many market participants to launch new items in this industry. Strong pipelines for diagnostic product development and the introduction of new products are the result of the growing demand for nuclear imaging. Additionally, many patients with chronic illnesses also encourage producers to introduce new goods into the market for radiopharmaceuticals. The elderly population is growing, cancer incidence is rising, and nuclear medicine is necessary for early disease diagnosis, all of which are factors driving market expansion.
Challenges: Standards for the Safe Administration of Medications The pharmaceutical sector is subject to strict regulations governing its operations, including reporting and monitoring adverse drug reactions. Businesses struggle to comply with these intricate requirements in the allocation of resources, infrastructure, and expertise. The resources required to adhere to regulatory requirements could make adopting and implementing nuclear pharmacy systems and medication safety solutions challenging. One major obstacle to the expansion of this business is the difficulty of understanding and complying with the many different international regulations.
North America is Expected to Grow with the Highest CAGR During the Forecast Period The North America nuclear pharmacy market is likely to register a significant revenue share and develop at a rapid CAGR in the near future. This is because of the increased use of cutting-edge and effective therapeutic radiopharmaceuticals throughout the area and the quick adoption of efficient nuclear imaging technologies. Beyond this, rising rates of chronic illnesses and other cancers are anticipated to drive this market's expansion in North America throughout the projected year.
Segmentation of Nuclear Pharmacy Market- By Type- • Diagnostic & Therapeutic Nuclear Medicine By Application- • Diagnostic • Therapeutic By Region- North America- • The US • Canada • Mexico Europe- • Germany • The UK • France • Italy • Spain • Rest of Europe Asia-Pacific- • China • Japan • India • South Korea • South East Asia • Rest of Asia Pacific Latin America- • Brazil • Argentina • Rest of Latin America Middle East & Africa- • GCC Countries • South Africa • Rest of Middle East and Africa
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