Global Nuclear Medicine Or Radiopharmaceuticals Market Overview

Nuclear Medicine or Radiopharmaceuticals Market was valued at USD 5700 million in 2021 and is expected to reach USD 9520 million by the year 2028, at a CAGR of 7.6%.

Nuclear medicine is the usage of radioactive substances in diagnostic or therapeutic procedures, particularly to treat various forms of cancer. Nuclear medicine employed in diagnosing or imaging process utilizes small amounts of radioactive substances called radiotracers. These radiotracers are generally injected into the bloodstream, inhaled, or swallowed by the patient where they localize to specific organs and emit radiation. The radiotracer moves through the area that is to be examined and radiates energy in the form of gamma rays. These gamma rays are detected by a special camera and a computer that generates images of the inner side of the body. Nuclear medicine imaging provides detailed unique information that is difficult to obtain using other imaging methods and it also has the potential to identify disease in its earliest stages. Moreover, radiopharmaceuticals are also administered as medicinal solutions containing radioisotopes. These radioactive medicines can destroy cancerous cells by emitting radiation when they reach the target cell. In addition, this significant therapeutic usage of radiopharmaceuticals became possible after the availability of cyclotrons and nuclear reactors, capable of synthesizing large quantities of radioisotopes. Furthermore, nuclear medicine gained additional momentum from the successive trials of drug development and testing, that demonstrated the advantages of radiopharmaceuticals in diagnosing and therapeutic uses.

Nuclear Medicine or Radiopharmaceuticals Market

Market Dynamics and Key Factors in Nuclear Medicine or Radiopharmaceuticals Market

Drivers:

The growing number of individuals suffering from cancer, heart, and inflammatory diseases have been a major concern for mankind over the years. The traditional methods administered to treat these diseases lack the effectiveness of the better diagnosis and targeted treatment of these diseases. Moreover, several nuclear procedures have been developed to treat the increasing prevalence of cancer, and heart diseases thus, supporting the development of the Nuclear Medicine or Radiopharmaceuticals market during the projected period. The market is further supported by the recent discovery of novel and successful therapeutic applications of radiopharmaceuticals in oncology and cardiology prognosis thus, strengthening the expansion of the Nuclear Medicine or Radiopharmaceuticals market in the projected period. Nuclear medicines are most commonly utilized to cure cancers and can effectively treat many other diseases. In addition, nuclear medicines can be administered to treat tumors such as bone metastasis. Furthermore, recent technological advancement in nuclear imaging equipment and the advent of advanced therapeutics are stimulating the development of the Nuclear Medicine or Radiopharmaceuticals market over the forecast period.

A single dosage of nuclear medicine is effective for some patients and it provides faster relief from pain. It can also be utilized to perform tests on children. The treatment of cancer through nuclear medicine is painless as there is no need to perform surgeries to remove the tumor. Nuclear medicine tests provide information that is very specific and often unattainable by other imaging methods. The information provided by nuclear medicine includes precise details on the function and anatomy of body structures that are most useful for the diagnostic or treatment of several diseases. Furthermore, the cost of treatment employing nuclear medicine is less expensive and may yield precise details of the target organ than exploratory surgery. Nuclear medicine has the potential to diagnose disease in its earliest stage, much before symptoms occur or abnormalities can be detected with other diagnostic tests thus, driving the growth of the Nuclear Medicine or Radiopharmaceuticals market during the forecast period.

Restraints:

Depending on individuals' health history, certain allergic reactions can be observed in some individuals. Treatment of diseases utilizing this advanced treatment procedure may result in adverse reactions such as nausea, dyspnea, bronchospasm, decreased blood pressure, itching, flushing, hives, chills, cough, bradycardia, and others. Moreover, myelosuppression-a decrease in the activity of bone marrow may occur due to radiation therapies. Many people may experience prolonged inconvenience and discomfort due to the administration of multiple fractions. Nuclear medicine tests cannot be performed on pregnant women because of the potential risk to unborn babies. In addition, too much radiation exposure can adversely damage organs or tissues while, exposure to any amount of radiation may increase the risk of contracting cancer years after the exposure thus, hindering the development of Nuclear Medicine or Radiopharmaceuticals during the projected period.

Opportunities:

The rising popularity of advanced SPECT/CT and PET/CT scanners is expected to give rise to new clinical opportunities in radiation therapies. Development and progress in this space are propelled by immunology coupled with radioisotopes and monoclonal antibodies to discover radioisotopes with unprecedented specificity in cancer diagnosis and therapy. Moreover, the emergence of theranostics, which is a combination of single drugs utilized both for diagnostic as well as therapeutic purposes, has opened a new space in the field of nuclear medicine. This advanced treatment can be utilized to provide a specific and personalized treatment to the patient. Additionally, it is economical as well as less time-consuming. It uses a PET scan to target tumor receptors that are present in tumor cells, and if receptors are found in the cells, a radioactive drug is utilized to treat it. This state-of-the-art technology is offering lucrative opportunities for market players to develop radioactive drugs that can treat many other diseases.

Market Segmentation

Segmentation Analysis of Nuclear Medicine or Radiopharmaceuticals Market:

Depending on the type, the diagnostic segment is expected to dominate the Nuclear Medicine or Radiopharmaceuticals market over the projected period. With the help of nuclear medicine imaging of vital organs has become easier thereby, giving insight into the intricate functioning of the body's organs and biological processes. In addition, nuclear medicine allows healthcare professionals to diagnose the disease state of the patient. Moreover, the availability of a wide range of radioisotopes for diagnosing several diseases is stimulating the expansion of this segment.

Depending on modality, the PET radioisotopes segment is anticipated to lead the Nuclear Medicine or Radiopharmaceuticals market in the forecast period. Currently, the usage of PET tracer for diagnostic imaging is invariably a prominent factor in the treatment of cancer patients in most parts of the world. Moreover, a novel class of PET radioisotopes utilizing 68Ga-FAPI was able to determine at least 30 types of malignant tumors. Cancer-associated fibroblasts are the main targets of this radiotracer, which can contribute up to 90 percent of tumors mass. Additionally, the PET radiotracer, 18F-TZ3504 has been employed to image neuroinflammation due to multiple sclerosis by quantitative assessment of S1P1 expression in the body thus supporting the growth of this segment.

Depending on the application, the oncology segment is anticipated to dominate the market in the forecast period. Most of the radiopharmaceutical methods are administered to diagnose and treat cancers. Moreover, radiopharmaceuticals have fewer side effects than traditional radiation therapy and are better equipped to target cancer cells. Nuclear medicine gets attracted towards tumor cells or damaged bone, and once they get adhered to targeted organ or tissue, they radiate gamma rays which are captured utilizing medical equipment. Targeted radiopharmaceutical therapy, may be effective on both isolated tumors and on metastatic cancer that has spread throughout the body thus, strengthening the expansion of this segment.

Depending on the end-user, the hospitals and diagnostic centers segment is forecasted to have the highest share of the Nuclear Medicine or Radiopharmaceuticals market during the forecast period. The presence of a wide range of medical facilities under one roof and excellent patient management services provided by the hospital and diagnostic centers is the main factor driving the development of this segment.

Regional Analysis of Nuclear Medicine or Radiopharmaceuticals Market:

The North American region is expected to have the highest share of the Nuclear Medicine or Radiopharmaceuticals market attributed to the highly developed healthcare sector and the rapid adoption of advanced nuclear technologies for diagnosing and developing efficient therapeutic procedures. Moreover, an increase in the number of medical tourism and the growing prevalence of various cancers coupled with new product launches having advanced features are expected to stimulate the growth of the market in this region. Furthermore, the supportive government policies and fundings for the development of novel techniques are the main factors driving the expansion of the market in this region. For instance, in July 2019, to change the payment methods for imaging services, the government of the USA passed a new bill named Medicare Diagnostic Radiopharmaceutical Payment Equity Act of 2019, which is expected to extend access to treatment and diagnosis of diseases.

The European region is anticipated to have the second-highest share of the Nuclear Medicine or Radiopharmaceuticals market owing to the presence of prominent service providers and the highly developed healthcare sector. The growing inclination towards advanced technologies employed in diagnosing and treating cancers, neurological disorders, and other diseases is further consolidating the expansion of the market in this region. Moreover, according to World Nuclear News, more than 9 million patients in Europe are benefitted from nuclear medicine utilized in the prognosis and treatment of diseases such as cardiovascular, cancer, or neurological. In February 2021, the European Commission adopted the SAMIRA (Strategic Agenda for Medical Ionizing Radiation Applications) Action Plan. This new plan supports the implementation and usage of low-enriched uranium as well as supports regulatory frameworks for the development of new medicines and reimbursement models for nuclear medicine applications.

The Asia-Pacific region is forecasted to develop at the highest growth rate owing to the advancement in technologies utilized in the healthcare sector. The government initiatives and the rise in the fundings for the development of advanced therapeutic procedures to treat cancer is the main driving force for the expansion of the Nuclear Medicine or Radiopharmaceuticals market in this region. Moreover, economies such as China, India, and Japan are the major economies in this region, supporting the nuclear medicine/pharmaceuticals market growth. 

Players Covered in Nuclear Medicine or Radiopharmaceuticals Market are:

COVID-19 Impact on Nuclear Medicine or Radiopharmaceuticals Market

The emergence and worldwide spread of COVID-19, an infectious disease caused by the novel coronavirus SARS-CoV-2, has resulted in a continuing pandemic threat to global health. Nuclear medicine techniques can be used for functional imaging of (pathological)physiological processes at the cellular or molecular level and treatment approaches based on targeted delivery of therapeutic radionuclides. Ongoing development of radiolabeling procedures has significantly enhanced the accessibility of radiopharmaceuticals for in vivo molecular imaging or targeted radionuclide therapy, but their use for biosafety threats such as SARS-CoV-2 is confined by the contagious nature of these agents. Moreover, as the hospitals were full of patients suffering from COVID-19, the diagnostic and therapeutic usage of CT/PET scans were restricted. As CT scans were employed to check the spread of the virus in the lungs of COVID-19 patients, the usage of these scanners was prohibited for normal patients. The use of nuclear medicine to treat and diagnose several diseases gradually reduced during the pandemic period. To summarize, amid the COVID-19 pandemic, the number of patients undergoing nuclear medicine/radiopharmaceuticals treatment decreased and is expected to rapidly rise post-pandemic owing to the disruption caused by the SARS CoV-2 virus. 

Recent Industry Developments In Nuclear Medicine or Radiopharmaceuticals Market

  • In September 2021, Lantheus Holdings, Inc. and RefleXion Medical, Inc., entered into a strategic partnership to develop and commercialize the usage of piflufolastat F 18, Lantheus' prostate-specific membrane antigen (PSMA)-targeted positron emission tomography (PET) imaging agent, to enable real-time therapeutic guidance of biology-guided radiotherapy1 (BgRT) in prostate cancer using the RefleXion X1™ platform.
  • In June 2021, Bayer announced that it has entered into a strategic agreement to acquire Noria Therapeutics Inc. (Noria) and PSMA Therapeutics Inc. Through this acquisition, Bayer will be able to obtain exclusive rights to a differentiated alpha radionuclide investigational compound based on actinium-225 and a small molecule directed towards prostate-specific membrane antigen (PSMA).
  • In November 2020, Jubilant Radiopharma and SOFIE Biosciences Ink Strategic Partnership Deal to further Advance the Field of Molecular Imaging & Therapeutics. This will be enabling SOFIE to continue to grow production capacity, advance its theranostic pipeline, and support novel PET diagnostic manufacturing and distribution within the U.S.

Global Nuclear Medicine or Radiopharmaceuticals Market

Base Year:

2021

Forecast Period:

2022-2028

Historical Data:

2016 to 2020

Market Size in 2021:

USD 5700 Mn.

Forecast Period 2022-28 CAGR:

7.6 %

Market Size in 2028:

USD 9520 Mn.

Segments Covered:

By Type

  • Diagnostic
  • Therapeutic
  • Research

By Modality

  • Single-Photon Emission Computed Tomography (SPECT) Radioisotopes
  • Positron Emission Tomography (PET) Radioisotopes
  • Beta Emitters
  • Alpha Emitters
  • Others

By Application

  • Oncology
  • Thyroid
  • Cardiology
  • Neurology
  • Others

By End User

  • Hospitals and Diagnostic Centers
  • Research Institutes

By Region

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
  • Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
  • South America (Brazil, Argentina, Rest of SA)

Key Market Drivers:

  • Rising Number of Chronic Diseases

Key Market Restraints:

  • Risk of Allergic Reaction to Patient Based on Health History

Key Opportunities:

  • The Rising Popularity of Advanced SPECT/CT And PET/CT Scanners Presents Growth Opportunity

Companies Covered in the report:

  • Actinium Pharmaceuticals Inc, Alliance Medical, Avid Bioservices Inc, Bayer HealthCare Pharmaceuticals, Bracco Diagnostics Inc, Cardinal Health Inc and other major players.

Chapter 1: Introduction
 1.1 Research Objectives
 1.2 Research Methodology
 1.3 Research Process
 1.4 Scope and Coverage
  1.4.1 Market Definition
  1.4.2 Key Questions Answered
 1.5 Market Segmentation

Chapter 2:Executive Summary

Chapter 3:Growth Opportunities By Segment
 3.1 By Type
 3.2 By Modality
 3.3 By Application
 3.4 By End User

Chapter 4: Market Landscape
 4.1 Porter's Five Forces Analysis
  4.1.1 Bargaining Power of Supplier
  4.1.2 Threat of New Entrants
  4.1.3 Threat of Substitutes
  4.1.4 Competitive Rivalry
  4.1.5 Bargaining Power Among Buyers
 4.2 Industry Value Chain Analysis
 4.3 Market Dynamics
  4.3.1 Drivers
  4.3.2 Restraints
  4.3.3 Opportunities
  4.5.4 Challenges
 4.4 Pestle Analysis
 4.5 Technological Roadmap
 4.6 Regulatory Landscape
 4.7 SWOT Analysis
 4.8 Price Trend Analysis
 4.9 Patent Analysis
 4.10 Analysis of the Impact of Covid-19
  4.10.1 Impact on the Overall Market
  4.10.2 Impact on the Supply Chain
  4.10.3 Impact on the Key Manufacturers
  4.10.4 Impact on the Pricing

Chapter 5: Nuclear Medicine or Radiopharmaceuticals Market by Type
 5.1 Nuclear Medicine or Radiopharmaceuticals Market Overview Snapshot and Growth Engine
 5.2 Nuclear Medicine or Radiopharmaceuticals Market Overview
 5.3 Diagnostic
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size (2016-2028F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Diagnostic: Grographic Segmentation
 5.4 Therapeutic
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size (2016-2028F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 Therapeutic: Grographic Segmentation
 5.5 Research
  5.5.1 Introduction and Market Overview
  5.5.2 Historic and Forecasted Market Size (2016-2028F)
  5.5.3 Key Market Trends, Growth Factors and Opportunities
  5.5.4 Research: Grographic Segmentation

Chapter 6: Nuclear Medicine or Radiopharmaceuticals Market by Modality
 6.1 Nuclear Medicine or Radiopharmaceuticals Market Overview Snapshot and Growth Engine
 6.2 Nuclear Medicine or Radiopharmaceuticals Market Overview
 6.3 Single-Photon Emission Computed Tomography (SPECT) Radioisotopes
  6.3.1 Introduction and Market Overview
  6.3.2 Historic and Forecasted Market Size (2016-2028F)
  6.3.3 Key Market Trends, Growth Factors and Opportunities
  6.3.4 Single-Photon Emission Computed Tomography (SPECT) Radioisotopes: Grographic Segmentation
 6.4 Positron Emission Tomography (Pet) Radioisotopes
  6.4.1 Introduction and Market Overview
  6.4.2 Historic and Forecasted Market Size (2016-2028F)
  6.4.3 Key Market Trends, Growth Factors and Opportunities
  6.4.4 Positron Emission Tomography (Pet) Radioisotopes: Grographic Segmentation
 6.5 Beta Emitters
  6.5.1 Introduction and Market Overview
  6.5.2 Historic and Forecasted Market Size (2016-2028F)
  6.5.3 Key Market Trends, Growth Factors and Opportunities
  6.5.4 Beta Emitters: Grographic Segmentation
 6.6 Alpha Emitters
  6.6.1 Introduction and Market Overview
  6.6.2 Historic and Forecasted Market Size (2016-2028F)
  6.6.3 Key Market Trends, Growth Factors and Opportunities
  6.6.4 Alpha Emitters: Grographic Segmentation
 6.7 Others
  6.7.1 Introduction and Market Overview
  6.7.2 Historic and Forecasted Market Size (2016-2028F)
  6.7.3 Key Market Trends, Growth Factors and Opportunities
  6.7.4 Others: Grographic Segmentation

Chapter 7: Nuclear Medicine or Radiopharmaceuticals Market by Application
 7.1 Nuclear Medicine or Radiopharmaceuticals Market Overview Snapshot and Growth Engine
 7.2 Nuclear Medicine or Radiopharmaceuticals Market Overview
 7.3 Oncology
  7.3.1 Introduction and Market Overview
  7.3.2 Historic and Forecasted Market Size (2016-2028F)
  7.3.3 Key Market Trends, Growth Factors and Opportunities
  7.3.4 Oncology: Grographic Segmentation
 7.4 Thyroid
  7.4.1 Introduction and Market Overview
  7.4.2 Historic and Forecasted Market Size (2016-2028F)
  7.4.3 Key Market Trends, Growth Factors and Opportunities
  7.4.4 Thyroid: Grographic Segmentation
 7.5 Cardiology
  7.5.1 Introduction and Market Overview
  7.5.2 Historic and Forecasted Market Size (2016-2028F)
  7.5.3 Key Market Trends, Growth Factors and Opportunities
  7.5.4 Cardiology: Grographic Segmentation
 7.6 Neurology
  7.6.1 Introduction and Market Overview
  7.6.2 Historic and Forecasted Market Size (2016-2028F)
  7.6.3 Key Market Trends, Growth Factors and Opportunities
  7.6.4 Neurology: Grographic Segmentation
 7.7 Others
  7.7.1 Introduction and Market Overview
  7.7.2 Historic and Forecasted Market Size (2016-2028F)
  7.7.3 Key Market Trends, Growth Factors and Opportunities
  7.7.4 Others: Grographic Segmentation

Chapter 8: Nuclear Medicine or Radiopharmaceuticals Market by End User
 8.1 Nuclear Medicine or Radiopharmaceuticals Market Overview Snapshot and Growth Engine
 8.2 Nuclear Medicine or Radiopharmaceuticals Market Overview
 8.3 Hospitals & Diagnostic Centers
  8.3.1 Introduction and Market Overview
  8.3.2 Historic and Forecasted Market Size (2016-2028F)
  8.3.3 Key Market Trends, Growth Factors and Opportunities
  8.3.4 Hospitals & Diagnostic Centers: Grographic Segmentation
 8.4 Research Institutes
  8.4.1 Introduction and Market Overview
  8.4.2 Historic and Forecasted Market Size (2016-2028F)
  8.4.3 Key Market Trends, Growth Factors and Opportunities
  8.4.4 Research Institutes: Grographic Segmentation

Chapter 9: Company Profiles and Competitive Analysis
 9.1 Competitive Landscape
  9.1.1 Competitive Positioning
  9.1.2 Nuclear Medicine or Radiopharmaceuticals Sales and Market Share By Players
  9.1.3 Industry BCG Matrix
  9.1.4 Ansoff Matrix
  9.1.5 Nuclear Medicine or Radiopharmaceuticals Industry Concentration Ratio (CR5 and HHI)
  9.1.6 Top 5 Nuclear Medicine or Radiopharmaceuticals Players Market Share
  9.1.7 Mergers and Acquisitions
  9.1.8 Business Strategies By Top Players
 9.2 ACTINIUM PHARMACEUTICALS INC.
  9.2.1 Company Overview
  9.2.2 Key Executives
  9.2.3 Company Snapshot
  9.2.4 Operating Business Segments
  9.2.5 Product Portfolio
  9.2.6 Business Performance
  9.2.7 Key Strategic Moves and Recent Developments
  9.2.8 SWOT Analysis
 9.3 ALLIANCE MEDICAL
 9.4 AVID BIOSERVICES INC
 9.5 BAYER HEALTHCARE PHARMACEUTICALS
 9.6 BRACCO DIAGNOSTICS INC.
 9.7 CARDINAL HEALTH INC.
 9.8 GE HEALTHCARE
 9.9 ION BEAM APPLICATIONS S.A
 9.10 JUBILANT PHARMA
 9.11 LANTHEUS MEDICAL IMAGING INC.
 9.12 MEDI-RADIOPHARMA LTD
 9.13 NORDION INC.
 9.14 NOVARTIS/ADVANCED ACCELERATOR APPLICATIONS
 9.15 POSITRON CORPORATION
 9.16 RADIOPHARM THERANOSTICS LTD.
 9.17 OTHER MAJOR PLAYERS

Chapter 10: Global Nuclear Medicine or Radiopharmaceuticals Market Analysis, Insights and Forecast, 2016-2028
 10.1 Market Overview
 10.2 Historic and Forecasted Market Size By Type
  10.2.1 Diagnostic
  10.2.2 Therapeutic
  10.2.3 Research
 10.3 Historic and Forecasted Market Size By Modality
  10.3.1 Single-Photon Emission Computed Tomography (SPECT) Radioisotopes
  10.3.2 Positron Emission Tomography (Pet) Radioisotopes
  10.3.3 Beta Emitters
  10.3.4 Alpha Emitters
  10.3.5 Others
 10.4 Historic and Forecasted Market Size By Application
  10.4.1 Oncology
  10.4.2 Thyroid
  10.4.3 Cardiology
  10.4.4 Neurology
  10.4.5 Others
 10.5 Historic and Forecasted Market Size By End User
  10.5.1 Hospitals & Diagnostic Centers
  10.5.2 Research Institutes

Chapter 11: North America Nuclear Medicine or Radiopharmaceuticals Market Analysis, Insights and Forecast, 2016-2028
 11.1 Key Market Trends, Growth Factors and Opportunities
 11.2 Impact of Covid-19
 11.3 Key Players
 11.4 Key Market Trends, Growth Factors and Opportunities
 11.4 Historic and Forecasted Market Size By Type
  11.4.1 Diagnostic
  11.4.2 Therapeutic
  11.4.3 Research
 11.5 Historic and Forecasted Market Size By Modality
  11.5.1 Single-Photon Emission Computed Tomography (SPECT) Radioisotopes
  11.5.2 Positron Emission Tomography (Pet) Radioisotopes
  11.5.3 Beta Emitters
  11.5.4 Alpha Emitters
  11.5.5 Others
 11.6 Historic and Forecasted Market Size By Application
  11.6.1 Oncology
  11.6.2 Thyroid
  11.6.3 Cardiology
  11.6.4 Neurology
  11.6.5 Others
 11.7 Historic and Forecasted Market Size By End User
  11.7.1 Hospitals & Diagnostic Centers
  11.7.2 Research Institutes
 11.8 Historic and Forecast Market Size by Country
  11.8.1 U.S.
  11.8.2 Canada
  11.8.3 Mexico

Chapter 12: Europe Nuclear Medicine or Radiopharmaceuticals Market Analysis, Insights and Forecast, 2016-2028
 12.1 Key Market Trends, Growth Factors and Opportunities
 12.2 Impact of Covid-19
 12.3 Key Players
 12.4 Key Market Trends, Growth Factors and Opportunities
 12.4 Historic and Forecasted Market Size By Type
  12.4.1 Diagnostic
  12.4.2 Therapeutic
  12.4.3 Research
 12.5 Historic and Forecasted Market Size By Modality
  12.5.1 Single-Photon Emission Computed Tomography (SPECT) Radioisotopes
  12.5.2 Positron Emission Tomography (Pet) Radioisotopes
  12.5.3 Beta Emitters
  12.5.4 Alpha Emitters
  12.5.5 Others
 12.6 Historic and Forecasted Market Size By Application
  12.6.1 Oncology
  12.6.2 Thyroid
  12.6.3 Cardiology
  12.6.4 Neurology
  12.6.5 Others
 12.7 Historic and Forecasted Market Size By End User
  12.7.1 Hospitals & Diagnostic Centers
  12.7.2 Research Institutes
 12.8 Historic and Forecast Market Size by Country
  12.8.1 Germany
  12.8.2 U.K.
  12.8.3 France
  12.8.4 Italy
  12.8.5 Russia
  12.8.6 Spain
  12.8.7 Rest of Europe

Chapter 13: Asia-Pacific Nuclear Medicine or Radiopharmaceuticals Market Analysis, Insights and Forecast, 2016-2028
 13.1 Key Market Trends, Growth Factors and Opportunities
 13.2 Impact of Covid-19
 13.3 Key Players
 13.4 Key Market Trends, Growth Factors and Opportunities
 13.4 Historic and Forecasted Market Size By Type
  13.4.1 Diagnostic
  13.4.2 Therapeutic
  13.4.3 Research
 13.5 Historic and Forecasted Market Size By Modality
  13.5.1 Single-Photon Emission Computed Tomography (SPECT) Radioisotopes
  13.5.2 Positron Emission Tomography (Pet) Radioisotopes
  13.5.3 Beta Emitters
  13.5.4 Alpha Emitters
  13.5.5 Others
 13.6 Historic and Forecasted Market Size By Application
  13.6.1 Oncology
  13.6.2 Thyroid
  13.6.3 Cardiology
  13.6.4 Neurology
  13.6.5 Others
 13.7 Historic and Forecasted Market Size By End User
  13.7.1 Hospitals & Diagnostic Centers
  13.7.2 Research Institutes
 13.8 Historic and Forecast Market Size by Country
  13.8.1 China
  13.8.2 India
  13.8.3 Japan
  13.8.4 Singapore
  13.8.5 Australia
  13.8.6 New Zealand
  13.8.7 Rest of APAC

Chapter 14: Middle East & Africa Nuclear Medicine or Radiopharmaceuticals Market Analysis, Insights and Forecast, 2016-2028
 14.1 Key Market Trends, Growth Factors and Opportunities
 14.2 Impact of Covid-19
 14.3 Key Players
 14.4 Key Market Trends, Growth Factors and Opportunities
 14.4 Historic and Forecasted Market Size By Type
  14.4.1 Diagnostic
  14.4.2 Therapeutic
  14.4.3 Research
 14.5 Historic and Forecasted Market Size By Modality
  14.5.1 Single-Photon Emission Computed Tomography (SPECT) Radioisotopes
  14.5.2 Positron Emission Tomography (Pet) Radioisotopes
  14.5.3 Beta Emitters
  14.5.4 Alpha Emitters
  14.5.5 Others
 14.6 Historic and Forecasted Market Size By Application
  14.6.1 Oncology
  14.6.2 Thyroid
  14.6.3 Cardiology
  14.6.4 Neurology
  14.6.5 Others
 14.7 Historic and Forecasted Market Size By End User
  14.7.1 Hospitals & Diagnostic Centers
  14.7.2 Research Institutes
 14.8 Historic and Forecast Market Size by Country
  14.8.1 Turkey
  14.8.2 Saudi Arabia
  14.8.3 Iran
  14.8.4 UAE
  14.8.5 Africa
  14.8.6 Rest of MEA

Chapter 15: South America Nuclear Medicine or Radiopharmaceuticals Market Analysis, Insights and Forecast, 2016-2028
 15.1 Key Market Trends, Growth Factors and Opportunities
 15.2 Impact of Covid-19
 15.3 Key Players
 15.4 Key Market Trends, Growth Factors and Opportunities
 15.4 Historic and Forecasted Market Size By Type
  15.4.1 Diagnostic
  15.4.2 Therapeutic
  15.4.3 Research
 15.5 Historic and Forecasted Market Size By Modality
  15.5.1 Single-Photon Emission Computed Tomography (SPECT) Radioisotopes
  15.5.2 Positron Emission Tomography (Pet) Radioisotopes
  15.5.3 Beta Emitters
  15.5.4 Alpha Emitters
  15.5.5 Others
 15.6 Historic and Forecasted Market Size By Application
  15.6.1 Oncology
  15.6.2 Thyroid
  15.6.3 Cardiology
  15.6.4 Neurology
  15.6.5 Others
 15.7 Historic and Forecasted Market Size By End User
  15.7.1 Hospitals & Diagnostic Centers
  15.7.2 Research Institutes
 15.8 Historic and Forecast Market Size by Country
  15.8.1 Brazil
  15.8.2 Argentina
  15.8.3 Rest of SA

Chapter 16 Investment Analysis

Chapter 17 Analyst Viewpoint and Conclusion

Global Nuclear Medicine or Radiopharmaceuticals Market

Base Year:

2021

Forecast Period:

2022-2028

Historical Data:

2016 to 2020

Market Size in 2021:

USD 5700 Mn.

Forecast Period 2022-28 CAGR:

7.6 %

Market Size in 2028:

USD 9520 Mn.

Segments Covered:

By Type

  • Diagnostic
  • Therapeutic
  • Research

By Modality

  • Single-Photon Emission Computed Tomography (SPECT) Radioisotopes
  • Positron Emission Tomography (PET) Radioisotopes
  • Beta Emitters
  • Alpha Emitters
  • Others

By Application

  • Oncology
  • Thyroid
  • Cardiology
  • Neurology
  • Others

By End User

  • Hospitals and Diagnostic Centers
  • Research Institutes

By Region

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
  • Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
  • South America (Brazil, Argentina, Rest of SA)

Key Market Drivers:

  • Rising Number of Chronic Diseases

Key Market Restraints:

  • Risk of Allergic Reaction to Patient Based on Health History

Key Opportunities:

  • The Rising Popularity of Advanced SPECT/CT And PET/CT Scanners Presents Growth Opportunity

Companies Covered in the report:

  • Actinium Pharmaceuticals Inc, Alliance Medical, Avid Bioservices Inc, Bayer HealthCare Pharmaceuticals, Bracco Diagnostics Inc, Cardinal Health Inc and other major players.

LIST OF TABLES

TABLE 001. EXECUTIVE SUMMARY
TABLE 002. NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET BARGAINING POWER OF SUPPLIERS
TABLE 003. NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET BARGAINING POWER OF CUSTOMERS
TABLE 004. NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET COMPETITIVE RIVALRY
TABLE 005. NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET THREAT OF NEW ENTRANTS
TABLE 006. NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET THREAT OF SUBSTITUTES
TABLE 007. NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET BY TYPE
TABLE 008. DIAGNOSTIC MARKET OVERVIEW (2016-2028)
TABLE 009. THERAPEUTIC MARKET OVERVIEW (2016-2028)
TABLE 010. RESEARCH MARKET OVERVIEW (2016-2028)
TABLE 011. NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET BY MODALITY
TABLE 012. SINGLE-PHOTON EMISSION COMPUTED TOMOGRAPHY (SPECT) RADIOISOTOPES MARKET OVERVIEW (2016-2028)
TABLE 013. POSITRON EMISSION TOMOGRAPHY (PET) RADIOISOTOPES MARKET OVERVIEW (2016-2028)
TABLE 014. BETA EMITTERS MARKET OVERVIEW (2016-2028)
TABLE 015. ALPHA EMITTERS MARKET OVERVIEW (2016-2028)
TABLE 016. OTHERS MARKET OVERVIEW (2016-2028)
TABLE 017. NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET BY APPLICATION
TABLE 018. ONCOLOGY MARKET OVERVIEW (2016-2028)
TABLE 019. THYROID MARKET OVERVIEW (2016-2028)
TABLE 020. CARDIOLOGY MARKET OVERVIEW (2016-2028)
TABLE 021. NEUROLOGY MARKET OVERVIEW (2016-2028)
TABLE 022. OTHERS MARKET OVERVIEW (2016-2028)
TABLE 023. NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET BY END USER
TABLE 024. HOSPITALS & DIAGNOSTIC CENTERS MARKET OVERVIEW (2016-2028)
TABLE 025. RESEARCH INSTITUTES MARKET OVERVIEW (2016-2028)
TABLE 026. NORTH AMERICA NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET, BY TYPE (2016-2028)
TABLE 027. NORTH AMERICA NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET, BY MODALITY (2016-2028)
TABLE 028. NORTH AMERICA NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET, BY APPLICATION (2016-2028)
TABLE 029. NORTH AMERICA NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET, BY END USER (2016-2028)
TABLE 030. N NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET, BY COUNTRY (2016-2028)
TABLE 031. EUROPE NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET, BY TYPE (2016-2028)
TABLE 032. EUROPE NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET, BY MODALITY (2016-2028)
TABLE 033. EUROPE NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET, BY APPLICATION (2016-2028)
TABLE 034. EUROPE NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET, BY END USER (2016-2028)
TABLE 035. NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET, BY COUNTRY (2016-2028)
TABLE 036. ASIA PACIFIC NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET, BY TYPE (2016-2028)
TABLE 037. ASIA PACIFIC NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET, BY MODALITY (2016-2028)
TABLE 038. ASIA PACIFIC NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET, BY APPLICATION (2016-2028)
TABLE 039. ASIA PACIFIC NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET, BY END USER (2016-2028)
TABLE 040. NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET, BY COUNTRY (2016-2028)
TABLE 041. MIDDLE EAST & AFRICA NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET, BY TYPE (2016-2028)
TABLE 042. MIDDLE EAST & AFRICA NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET, BY MODALITY (2016-2028)
TABLE 043. MIDDLE EAST & AFRICA NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET, BY APPLICATION (2016-2028)
TABLE 044. MIDDLE EAST & AFRICA NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET, BY END USER (2016-2028)
TABLE 045. NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET, BY COUNTRY (2016-2028)
TABLE 046. SOUTH AMERICA NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET, BY TYPE (2016-2028)
TABLE 047. SOUTH AMERICA NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET, BY MODALITY (2016-2028)
TABLE 048. SOUTH AMERICA NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET, BY APPLICATION (2016-2028)
TABLE 049. SOUTH AMERICA NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET, BY END USER (2016-2028)
TABLE 050. NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET, BY COUNTRY (2016-2028)
TABLE 051. ACTINIUM PHARMACEUTICALS INC.: SNAPSHOT
TABLE 052. ACTINIUM PHARMACEUTICALS INC.: BUSINESS PERFORMANCE
TABLE 053. ACTINIUM PHARMACEUTICALS INC.: PRODUCT PORTFOLIO
TABLE 054. ACTINIUM PHARMACEUTICALS INC.: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 054. ALLIANCE MEDICAL: SNAPSHOT
TABLE 055. ALLIANCE MEDICAL: BUSINESS PERFORMANCE
TABLE 056. ALLIANCE MEDICAL: PRODUCT PORTFOLIO
TABLE 057. ALLIANCE MEDICAL: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 057. AVID BIOSERVICES INC: SNAPSHOT
TABLE 058. AVID BIOSERVICES INC: BUSINESS PERFORMANCE
TABLE 059. AVID BIOSERVICES INC: PRODUCT PORTFOLIO
TABLE 060. AVID BIOSERVICES INC: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 060. BAYER HEALTHCARE PHARMACEUTICALS: SNAPSHOT
TABLE 061. BAYER HEALTHCARE PHARMACEUTICALS: BUSINESS PERFORMANCE
TABLE 062. BAYER HEALTHCARE PHARMACEUTICALS: PRODUCT PORTFOLIO
TABLE 063. BAYER HEALTHCARE PHARMACEUTICALS: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 063. BRACCO DIAGNOSTICS INC.: SNAPSHOT
TABLE 064. BRACCO DIAGNOSTICS INC.: BUSINESS PERFORMANCE
TABLE 065. BRACCO DIAGNOSTICS INC.: PRODUCT PORTFOLIO
TABLE 066. BRACCO DIAGNOSTICS INC.: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 066. CARDINAL HEALTH INC.: SNAPSHOT
TABLE 067. CARDINAL HEALTH INC.: BUSINESS PERFORMANCE
TABLE 068. CARDINAL HEALTH INC.: PRODUCT PORTFOLIO
TABLE 069. CARDINAL HEALTH INC.: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 069. GE HEALTHCARE: SNAPSHOT
TABLE 070. GE HEALTHCARE: BUSINESS PERFORMANCE
TABLE 071. GE HEALTHCARE: PRODUCT PORTFOLIO
TABLE 072. GE HEALTHCARE: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 072. ION BEAM APPLICATIONS S.A: SNAPSHOT
TABLE 073. ION BEAM APPLICATIONS S.A: BUSINESS PERFORMANCE
TABLE 074. ION BEAM APPLICATIONS S.A: PRODUCT PORTFOLIO
TABLE 075. ION BEAM APPLICATIONS S.A: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 075. JUBILANT PHARMA: SNAPSHOT
TABLE 076. JUBILANT PHARMA: BUSINESS PERFORMANCE
TABLE 077. JUBILANT PHARMA: PRODUCT PORTFOLIO
TABLE 078. JUBILANT PHARMA: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 078. LANTHEUS MEDICAL IMAGING INC.: SNAPSHOT
TABLE 079. LANTHEUS MEDICAL IMAGING INC.: BUSINESS PERFORMANCE
TABLE 080. LANTHEUS MEDICAL IMAGING INC.: PRODUCT PORTFOLIO
TABLE 081. LANTHEUS MEDICAL IMAGING INC.: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 081. MEDI-RADIOPHARMA LTD: SNAPSHOT
TABLE 082. MEDI-RADIOPHARMA LTD: BUSINESS PERFORMANCE
TABLE 083. MEDI-RADIOPHARMA LTD: PRODUCT PORTFOLIO
TABLE 084. MEDI-RADIOPHARMA LTD: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 084. NORDION INC.: SNAPSHOT
TABLE 085. NORDION INC.: BUSINESS PERFORMANCE
TABLE 086. NORDION INC.: PRODUCT PORTFOLIO
TABLE 087. NORDION INC.: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 087. NOVARTIS/ADVANCED ACCELERATOR APPLICATIONS: SNAPSHOT
TABLE 088. NOVARTIS/ADVANCED ACCELERATOR APPLICATIONS: BUSINESS PERFORMANCE
TABLE 089. NOVARTIS/ADVANCED ACCELERATOR APPLICATIONS: PRODUCT PORTFOLIO
TABLE 090. NOVARTIS/ADVANCED ACCELERATOR APPLICATIONS: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 090. POSITRON CORPORATION: SNAPSHOT
TABLE 091. POSITRON CORPORATION: BUSINESS PERFORMANCE
TABLE 092. POSITRON CORPORATION: PRODUCT PORTFOLIO
TABLE 093. POSITRON CORPORATION: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 093. RADIOPHARM THERANOSTICS LTD.: SNAPSHOT
TABLE 094. RADIOPHARM THERANOSTICS LTD.: BUSINESS PERFORMANCE
TABLE 095. RADIOPHARM THERANOSTICS LTD.: PRODUCT PORTFOLIO
TABLE 096. RADIOPHARM THERANOSTICS LTD.: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 096. OTHER MAJOR PLAYERS: SNAPSHOT
TABLE 097. OTHER MAJOR PLAYERS: BUSINESS PERFORMANCE
TABLE 098. OTHER MAJOR PLAYERS: PRODUCT PORTFOLIO
TABLE 099. OTHER MAJOR PLAYERS: KEY STRATEGIC MOVES AND DEVELOPMENTS

LIST OF FIGURES

FIGURE 001. YEARS CONSIDERED FOR ANALYSIS
FIGURE 002. SCOPE OF THE STUDY
FIGURE 003. NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET OVERVIEW BY REGIONS
FIGURE 004. PORTER'S FIVE FORCES ANALYSIS
FIGURE 005. BARGAINING POWER OF SUPPLIERS
FIGURE 006. COMPETITIVE RIVALRYFIGURE 007. THREAT OF NEW ENTRANTS
FIGURE 008. THREAT OF SUBSTITUTES
FIGURE 009. VALUE CHAIN ANALYSIS
FIGURE 010. PESTLE ANALYSIS
FIGURE 011. NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET OVERVIEW BY TYPE
FIGURE 012. DIAGNOSTIC MARKET OVERVIEW (2016-2028)
FIGURE 013. THERAPEUTIC MARKET OVERVIEW (2016-2028)
FIGURE 014. RESEARCH MARKET OVERVIEW (2016-2028)
FIGURE 015. NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET OVERVIEW BY MODALITY
FIGURE 016. SINGLE-PHOTON EMISSION COMPUTED TOMOGRAPHY (SPECT) RADIOISOTOPES MARKET OVERVIEW (2016-2028)
FIGURE 017. POSITRON EMISSION TOMOGRAPHY (PET) RADIOISOTOPES MARKET OVERVIEW (2016-2028)
FIGURE 018. BETA EMITTERS MARKET OVERVIEW (2016-2028)
FIGURE 019. ALPHA EMITTERS MARKET OVERVIEW (2016-2028)
FIGURE 020. OTHERS MARKET OVERVIEW (2016-2028)
FIGURE 021. NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET OVERVIEW BY APPLICATION
FIGURE 022. ONCOLOGY MARKET OVERVIEW (2016-2028)
FIGURE 023. THYROID MARKET OVERVIEW (2016-2028)
FIGURE 024. CARDIOLOGY MARKET OVERVIEW (2016-2028)
FIGURE 025. NEUROLOGY MARKET OVERVIEW (2016-2028)
FIGURE 026. OTHERS MARKET OVERVIEW (2016-2028)
FIGURE 027. NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET OVERVIEW BY END USER
FIGURE 028. HOSPITALS & DIAGNOSTIC CENTERS MARKET OVERVIEW (2016-2028)
FIGURE 029. RESEARCH INSTITUTES MARKET OVERVIEW (2016-2028)
FIGURE 030. NORTH AMERICA NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 031. EUROPE NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 032. ASIA PACIFIC NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 033. MIDDLE EAST & AFRICA NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 034. SOUTH AMERICA NUCLEAR MEDICINE OR RADIOPHARMACEUTICALS MARKET OVERVIEW BY COUNTRY (2016-2028)

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Frequently Asked Questions :

What would be the forecast period in the Nuclear Medicine or Radiopharmaceuticals Market research report?

The forecast period in the Nuclear Medicine or Radiopharmaceuticals Market research report is 2022-2028.

Who are the key players in Nuclear Medicine or Radiopharmaceuticals Market?

Actinium Pharmaceuticals Inc, Alliance Medical, Avid Bioservices Inc, Bayer HealthCare Pharmaceuticals, Bracco Diagnostics Inc, Cardinal Health Inc, GE Healthcare, Ion Beam Applications S.A, Jubilant Pharma, Lantheus Medical Imaging Inc, Medi-Radiopharma Ltd, Nordion Inc, Novartis/Advanced Accelerator Applications, Positron Corporation, Radiopharm Theranostics Ltd and Others major players.

What are the segments of the Nuclear Medicine or Radiopharmaceuticals Market?

The Nuclear Medicine or Radiopharmaceuticals Market is segmented into Type, Modality, Application, End User and Region. By Type, the market is categorized Diagnostic, Therapeutic, Research. By Modality, the market is categorized into Single-Photon Emission Computed Tomography (SPECT) Radioisotopes, Positron Emission Tomography (Pet) Radioisotopes, Beta Emitters, Alpha Emitters, Others. By Application, the market is categorized into Oncology, Thyroid, Cardiology, Neurology, Others. By End User, the market is categorized into Hospitals and Diagnostic Centers, Research Institutes. By region, it is analyzed across North America (U.S.; Canada; Mexico), Europe (Germany; U.K.; France; Italy; Russia; Spain, etc.), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).

What is the Nuclear Medicine or Radiopharmaceuticals Market?

Nuclear medicine is the usage of radioactive substances in diagnostic or therapeutic procedures, particularly to treat various forms of cancer. Nuclear medicine employed in diagnosing or imaging process utilizes small amounts of radioactive substances called radiotracers.

How big is the Nuclear Medicine or Radiopharmaceuticals Market?

Nuclear Medicine or Radiopharmaceuticals Market was valued at USD 5700 million in 2021 and is expected to reach USD 9520 million by the year 2028, at a CAGR of 7.6 %.