The Nuclear Pharmacy Market Size is valued at 5.20 Bn in 2022 and is predicted to reach 12.85 Bn by the year 2031 at a 10.6 % CAGR during the forecast period for 2023-2031.
The preparation, dispensing, and management of radioactive materials used in nuclear medicine operations are the focus of nuclear pharmacy, a subspecialty of pharmacy. Small quantities of radioactive substances (radiopharmaceuticals) are used in the medical speciality known as nuclear medicine to diagnose and treat various illnesses and ailments.
The need for radiopharmaceuticals was driven by the rising use of nuclear medicine procedures for diagnostic and therapeutic applications, which fueled the expansion of the nuclear pharmacy business. The need for radiopharmaceuticals was driven by the rising use of nuclear medicine procedures for diagnostic and therapeutic applications, which fueled the expansion of the nuclear pharmacy business.
However, the pandemic impacted the research and development of new radiopharmaceuticals and nuclear medical applications. The rate of innovation in the nuclear pharmacy sector may have been slowed down by limitations on research activities and the allocation of resources to the pandemic response.
Competitive Landscape:
Some major key 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.
Market Segmentation:
The Nuclear Pharmacy Market is segmented on the basis of type and application. Based on type, the market is segmented as diagnostic & therapeutic nuclear medicine. The application segment includes diagnostic and therapeutic.
Based On Application, The Diagnostic Nuclear Medicine Segment Is Accounted As A Major Contributor To The Nuclear Pharmacy Market
The diagnostic nuclear medicine category is expected to hold a major share of the global Nuclear Pharmacy Market in 2021. Due to factors like effective imaging of patients with numerous types of cancer, new product launches for diagnosing various illnesses, and rising procedural volumes globally, this category is also expected to rise at a significant CAGR. Imaging methods used in nuclear medicine diagnostics include planar imaging, single-photon emission computed tomography (SPECT), and positron emission tomography (PET). Each method offers distinct knowledge about the anatomy, physiology, and molecular functions of the organism.
The Diagnostic Segment Witnessed Growth At A Rapid Rate
The diagnostic segment division is projected to grow at a rapid rate in the global Nuclear Pharmacy Market. A wide variety of radiopharmaceuticals used in various diagnostic imaging studies are prepared and compounded by commercial nuclear pharmacies. To assure the safety and effectiveness of radiopharmaceuticals, they are prepared in a controlled setting using stringent quality control procedures. Commercial nuclear pharmacies provide support for a variety of medical imaging modalities, including planar imaging, SPECT (Single-Photon Emission Computed Tomography) and Positron Emission Tomography (PET).
In The Region, The North America Nuclear Pharmacy Market Holds A Significant Revenue Share
The North American, Nuclear Pharmacy Market, is expected to register the highest market share in terms of revenue in the near future. The region is likely to witness rapid acceptance of technologically advanced and effective medicinal radiopharmaceuticals, as well as an increase in the use of nuclear imaging technology.
In addition, it is anticipated that throughout the projected period, the prevalence of various cancers and other chronic conditions will contribute to the market's rise in North America. As a result of the leading companies' recent product releases and the adoption of cutting-edge radiopharmaceuticals, Europe is predicted to experience significant market expansion. Additionally, this region's market players' acquisitions and mergers are promoting regional expansion.
Nuclear Pharmacy Market Report Scope:
Report Attribute |
Specifications |
Market size value in 2022 |
USD 5.20 Bn |
Revenue forecast in 2031 |
USD 12.85 Bn |
Growth rate CAGR |
CAGR of 10.6% from 2023 to 2031 |
Quantitative units |
Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
Historic Year |
2019 to 2022 |
Forecast Year |
2023-2031 |
Report coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
Segments covered |
By Type, By application |
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
Competitive Landscape |
Jubilant Radiopharma (Jubilant Pharma Holdings Inc.), GE Healthcare, Cardinal Health, Inc., ARTMS Inc., AnazaoHealth Corp., SOFIE, Pacific Radiopharmacy, Ltd. |
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |