Europe Nuclear Medicine Market Size almost Doubles at Robust CAGR of 12.03% during 2023–2029, to Reach USD 3.46 Billion by 2029

Published | 07 December 2023

Europe Nuclear Medicine Market is flourishing because of an increasing demand for minimally invasive procedures for the treatment and management of the rising prevalence of chronic diseases.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Europe Nuclear Medicine Market size at USD 1.75 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Europe Nuclear Medicine Market size to grow at a robust CAGR of 12.03% reaching a value of USD 3.46 billion by 2029. Major growth drivers for the Europe Nuclear Medicine Market include the growing prevalence of cancer and cardiac diseases and increasing applications of SPECT and PET. The surge in the prevalence of cardiac ailments and cancer stands as the pivotal driver for the demand within the European nuclear medicine market. According to the British Heart Foundation England Factsheet from August 2022, approximately 7.6 million individuals in the United Kingdom are living with heart or circulatory diseases. This source further projects that over half of the population in the United Kingdom will experience a heart or circulatory condition in their lifetime. Notably, the prevalence of heart and circulatory diseases surpasses that of cancer and Alzheimer's disease combined, with an estimated 48,000 individuals under the age of 75 years succumbing to heart and circulatory diseases annually. Consequently, the escalating burden of cardiovascular diseases is expected to boost the market demand for nuclear medicine, particularly in diagnosing, assessing, and evaluating coronary artery diseases, cardiomyopathy, and potential heart damage from chemotherapy or radiotherapy, thereby fostering market growth. Also, Macmillan Cancer Support's October 2022 data reveals 3 million people with cancer in the UK, expected to rise to 3.5 million by 2025, 4 million by 2030, and 5.3 million by 2040. This rising cancer prevalence is expected to boost the demand for nuclear medicine, aiding tumor detection and treatment, fostering market growth. However, high cost of nuclear medicine equipment and services and reimbursement challenges are anticipated to restrain the overall market growth during the forecast period.

Opportunity - Increasing Adoption of Nuclear Medicine across Europe

The expansion of nuclear medicine services into rural areas presents a significant opportunity for the growth of the Europe Nuclear Medicine Market. By extending the reach of nuclear medicine facilities to less urbanized regions, there is the potential to enhance accessibility to advanced diagnostic and therapeutic services, addressing healthcare disparities and contributing to early disease detection and treatment in rural populations. This increased availability of nuclear medicine technologies in rural areas aligns with the broader goal of improving healthcare infrastructure and outcomes across Europe, fostering a positive market outlook in the region.

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Impact of COVID-19 on Europe Nuclear Medicine Market

Covid-19 pandemic had a positive impact on the Europe Nuclear Medicine Market. Specifically, individuals experiencing cardiovascular issues were severely affected by Corona virus, leading to an increased demand for nuclear medicine, renowned for its efficacy in identifying specific illnesses. The utilization of nuclear medicines has expanded as the need for precise diagnoses grew alongside the rising number of positive cases. Given the virus's detrimental effects on the respiratory system, nuclear medications have proven valuable for both treating and diagnosing respiratory system disorders. Consequently, the pandemic has served as a catalyst, fostering the adoption and application of nuclear medicine to address the unique healthcare challenges posed by COVID-19 pandemic.

Europe Nuclear Medicine Market – By Application

Based on application, the Europe Nuclear Medicine Market is split into Diagnostic and Therapeutic segments. The diagnostic segment holds a higher share in the Europe Nuclear Medicine Market by application. The diagnostic segment is sub-divided into SPECT and PET. The PET subsegment holds a higher share in the Europe Nuclear Medicine Market by diagnostic segment. The PET subsegment includes Oncology, Cardiology, and Neurology. The oncology segment dominates the Europe Nuclear Medicine Market. It is driven by a surge in cancer prevalence and increased applications of SPECT/PET. The rising demand for radioisotopes, especially for research, is evident in the estimated 1,269,200 people affected by cancer in Europe  in 2022. Initiatives like CERN-MEDICIS and studies on pancreatic cancer treatments using radioisotopes showcase promising therapeutic options. Additionally, heightened funding and initiatives for cancer treatment, including the European Union's substantial investment of EUR 4 billion, are expected to boost nuclear medicine adoption, fostering market growth in addressing the increasing cancer burden in Europe.

Europe Nuclear Medicine Market – By Country

Geographically, the Europe Nuclear Medicine Market covers major regional countries including Germany, United Kingdom, Italy, France, Spain, Belgium, Russia, the Netherlands, and Rest of Europe. Germany is expected to hold the highest share in the Europe Nuclear Medicine Market during the forecast period, due to the escalating incidence of cancer and cardiovascular diseases, coupled with a growing geriatric population. Notably, colorectal cancer ranks as the third most common cancer in Germany, prompting recommendations for screening starting at ages 45 or 50 for those at average risk. Demographic aging is identified as a crucial factor in colorectal cancer development. Also, cardiovascular diseases, encompassing high blood pressure, atherosclerosis, cardiac arrhythmias, heart diseases, and heart attacks, particularly impact the elderly, representing the leading cause of death in Germany. These factors collectively contribute to the anticipated growth of the nuclear medicine market in Germany.

Competitive Landscape

Major players operating in the Europe Nuclear Medicine Market include Siemens Healthineers, GE Healthcare, Philips Healthcare, Curium, Bracco Imaging, Advanced Accelerator Applications, IBA Molecular Imaging, Eckert & Ziegler, Lantheus Medical Imaging, and NTP Radioisotopes SOC Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in the Europe Nuclear Medicine Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Europe Nuclear Medicine Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Europe Nuclear Medicine Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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