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Advancements in Nuclear medicine

The global nuclear medicine market size was valued at $6.1 billion in 2019 and is estimated to witness a CAGR of 9.5% during the forecast period. Rising incidence of cancer is one of the major factors expected to boost the market for nuclear medicine. For instance, according to WHO, in 2018, globally there were an estimated 9.6 million deaths due to cancer

According to the Center for Nuclear Science and Technology Information, about one-third of all procedures used in modern hospitals involve radiation or radioactivity. The procedures offered are effective, safe, and painless and they do not need anesthesia.

Nuclear medicine imaging uses small amounts of radioactive material to diagnose, evaluate or treat a variety of diseases. These include many types of cancers, heart disease, gastrointestinal, endocrine or neurological disorders and other abnormalities. Because nuclear medicine exams can pinpoint molecular activity, they have the potential to identify disease in its earliest stages. They can also show whether a patient is responding to treatment.

The global nuclear medicine market size was valued at $6.1 billion in 2019 and is estimated to witness a CAGR of 9.5% during the forecast period. Rising incidence of cancer is one of the major factors expected to boost the market for nuclear medicine. For instance, according to WHO, in 2018, globally there were an estimated 9.6 million deaths due to cancer.

Moreover, increasing prevalence of cardiovascular diseases is contributing to the growth of the market for nuclear medicine. For instance, according to WHO, cardiovascular diseases accounted for more than 17.9 million deaths worldwide every year. The number is expected to reach over 23.6 million by 2030.

The nuclear medicine market is expected to reach USD 5.2 billion by 2024 from an estimated USD 4.1 billion in 2019, growing at a CAGR of 4.7% during the forecast period. Growth in the nuclear medicine market can primarily be attributed to factors such as the increasing incidence and prevalence of cancer and cardiac ailments and initiatives to lessen the demand-supply gap of Mo-99. However, the short half-life of radiopharmaceuticals reduces their potential adoption, while hospital budget cuts and high equipment prices are expected to limit market growth to a certain extent, according to marketsandmarkets.com.

Eissa Mahmoud Eissa Khalifa, Manager, medical and nuclear medicine department UAE and Oman from Al Zahrawi Medical Supplies tells us in detail about the advancements in nuclear medicine.

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