Nuclear Medicine Therapeutics Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 15.16 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Nuclear Medicine Therapeutics Market Analysis
The Nuclear Medicine Therapeutics Market is expected to register a CAGR of 15.16% during the forecast period.
The increasing incidence of cancer and cardiac ailments and growing awareness regarding nuclear medicines are actively affecting the growth of the market studied.
Cardiovascular diseases, including heart disease and stroke, are the most common non-communicable diseases globally. For instance, according to the statistics published by the National Center for Chronic Disease Prevention and Health Promotion1 in May 2023, coronary heart disease was the most prevalent type of heart disorder, affecting 375,476 individuals in the United States in 2022, which included one in 20 adults aged 20 years and above.
Additionally, about 805,000 individuals have a heart attack every year in the United States. Such a high prevalence of cardiovascular diseases (CVDs) in the United States is likely to lead to a rise in the adoption of electronic stethoscopes. Nuclear medicine plays a significant role in the early detection and treatment of such diseases, and thus, the high burden of cardiovascular diseases worldwide is expected to boost the demand for nuclear medicine therapeutics, augmenting market growth.
Furthermore, over 40 million nuclear medicine procedures are performed each year, and demand for radioisotopes increased by up to 5% annually, as reported by the Nuclear Medicine Association in April 2022. The use of radiation and radioisotopes in nuclear medicine is widely known, particularly for the identification and therapy (treatment) of various medical conditions such as cancer and cardiac ailments.
Hence, the high awareness and utility of radioisotopes in nuclear medicine therapeutics are expected to create opportunities for research and development to develop innovative nuclear medicine therapeutics, further propelling market growth.
The market’s growth is also aided by advancements in technology and increasing product approvals, along with partnerships and acquisitions by key players. For instance, in March 2022, the US Food and Drug Administration approved Pluvicto (177Lu-PSMA-617) for the treatment of adults with metastatic prostate cancer, which is anticipated to drive market growth.
In August 2022, Plus Therapeutics Inc., a clinical-stage pharmaceutical company focused on developing innovative, targeted radiotherapeutics for rare and difficult-to-treat cancers, presented encouraging data from two clinical trials evaluating the investigational targeted radiotherapeutic, Rhenium-186 NanoLiposome (186RNL), for the treatment of leptomeningeal metastases (LM) and recurrent glioblastoma (GBM) at the 35th Annual Congress of the European Association of Nuclear Medicine (EANM).
Despite the aforementioned growth factors, the short half-life of radiopharmaceuticals and high capital investment are likely to impede market growth. In conclusion, the nuclear medicine therapeutics market is anticipated to witness growth during the forecast period due to the high burden of cardiovascular ailments, rising awareness regarding nuclear medicine and its wide utility, and product approvals.
Nuclear Medicine Therapeutics Market Trends
Application in Oncology is Expected to Hold a Significant Market Share Over The Forecast Period
The oncology segment is poised to experience substantial growth during the forecast period, mainly due to the rising burden of cancer worldwide and the innovative nuclear medicine therapeutics developed by market players for cancer treatment. The use of nuclear medicine therapy for cancer provides a unique advantage in that radioactive molecules can specifically target tumor cells. These molecules are administered intravenously; they circulate in the body, adhere to tumor cells, deliver radiation directly, and cause them to die.
The widespread application of nuclear medicine therapeutics in cancer therapy is expected to contribute to the growth of the market during the forecast period. For instance, as per the Australian Institute of Health and Welfare, the country recorded 14,800 lung cancer cases in 2023 compared to 14,529 lung cancer cases in 2022. Furthermore, in September 2023, according to the study published in the Journal of Cancer Epidemiology, Biomarkers, and Prevention, there were 1.0 million cancer cases reported in Japan in 2022, and it is projected to reach 3.6 million cancer cases by 2050. Thus, the high prevalence of cancer cases is projected to bolster the demand for nuclear medicine over the forecast period.
Additionally, the launch of new products is expected to boost the segment's growth during the forecast period. For example, Novartis received the US FDA’s approval in March 2022 for Locametz, a complementary diagnostic imaging agent that uses gallium-68 radiolabeling to identify prostate-specific membrane antigen (PSMA)-positive lesions.
Similarly, in February 2023, Telix Pharmaceuticals Limited announced the successful completion of a joint research project with Heidelberg University Hospital (UKHD) under the Research Cooperation Agreement. The primary objective of this project was to develop and validate a generator-based theranostic compound for the treatment of urologic oncology, which targets PSMA and utilizes the beta-emitting isotope rhenium-188 (188Re).
In conclusion, the high prevalence of cancer globally and advances in nuclear medicine therapeutics for cancer treatment are expected to fuel the growth of the oncology segment during the forecast period.
North America is Anticipated to Hold a Significant Share in the Nuclear Medicine Therapeutics Market Over the Forecast Period
North America is expected to dominate the market owing to factors such as the rising incidence of cancer and cardiovascular disorders, better healthcare infrastructure, awareness about nuclear medicine therapeutics among people, and the strong presence of industry players in the region.
The growing burden of chronic diseases is expected to increase the demand for nuclear medicine. For instance, according to the American Cancer Society 2024 update, about 2.0 million new cancer cases are estimated to be reported in 2024, compared to 1.93 million cases in 2023 in the United States. Similarly, an increase in breast cancer cases is expected to raise the demand for advanced cancer therapies like nuclear medicine, bolstering market growth over the forecast period. For instance, in September 2023, the government of Canada reported that about 28,600 Canadian women were diagnosed with breast cancer in 2022, representing 25% of all new cancer cases in women in the same year.
As per the Nuclear Medicine Association, in April 2022, 20 million nuclear medicine procedures were performed every year in the United States. Hence, the use of radiopharmaceuticals in diagnosis and therapeutics is expected to grow in the region during the forecast period.
The increasing number of approvals and launches of nuclear medicine is expected to boost segment growth. For instance, in October 2023, Positrigo launched its dedicated brain PET system, NeuroLF, by incorporating its US subsidiary. The US market experiences great momentum for brain positron emission tomography (PET) due to the availability of disease-modifying therapies for Alzheimer’s disease (AD).
Therefore, owing to the aforementioned factors, such as the high prevalence of cancer and other diseases and research studies on nuclear medicine therapeutics, the market is anticipated to grow in North America.
Nuclear Medicine Therapeutics Industry Overview
The nuclear medicine therapeutics market is consolidated and primarily dominated by a few key players operating globally and regionally. These companies are well-known and hold significant market shares. The competitive landscape of the market includes an analysis of international and local companies.
Some of the major players in the nuclear medicine therapeutics market include Actinium Pharmaceutical Inc., Alpha Tau Medical Ltd, Bayer AG, Fusion Pharmaceuticals, IBA Radiopharma Solutions, RadioMedix Inc., Telix Pharmaceuticals Ltd, NTP Radioisotopes, Bracco SpA, Cardinal Health Inc., Nordion Inc. (Sotera Health Company), and Triad Isotopes (Jubilant Life Sciences).
Nuclear Medicine Therapeutics Market Leaders
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IBA Radiopharma Solutions
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Bayer AG
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Alpha Tau Medical Ltd
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Actinium Pharmaceutical Inc.
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Jubilant Life Sciences Company
*Disclaimer: Major Players sorted in no particular order
Nuclear Medicine Therapeutics Market News
- February 2024: Curium announced that the Ioflupane I 123 Injection would be available for patient administration in the United States. Ioflupane I 123 Injection is a radioactive diagnostic agent indicated as an adjunct to other diagnostic evaluations for striatal dopamine transporter visualization using single photon emission computed tomography (SPECT) brain imaging in adult patients with suspected Parkinsonian syndromes (PS) or suspected dementia with Lewy bodies (DLB).
- January 2024: Radiopharmaceutical biotech company ITM Isotope Technologies Munich announced it had received regulatory approval to begin production of the medical radioisotope lutetium-177 at the company’s NOVA facility in Munich, Germany.
Nuclear Medicine Therapeutics Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumption and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Incidence of Cancer and Cardiac Ailments
4.2.2 Growing Awareness Regarding the Nuclear Medicine
4.3 Market Restraints
4.3.1 Short Half-Life of Radiopharmaceuticals
4.3.2 High capital investment
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value- USD)
5.1 By Type
5.1.1 Alpha Emitters
5.1.1.1 Radium-223 (RA-223) & Alpharadin
5.1.1.2 Actinium-225 (AC-225)
5.1.1.3 Lead-212 (PB-212)/Bismuth-212 (BI-212)
5.1.1.4 Other Alpha Emitters
5.1.2 Beta Emitters
5.1.2.1 Iodine-131 (I-131)
5.1.2.2 Yttrium-90 (Y-90)
5.1.2.3 Other Beta Emitters
5.1.3 Brachytherapy
5.1.3.1 Cesium-131
5.1.3.2 Iodine-125
5.1.3.3 Other Brachytherapies
5.2 By Application
5.2.1 Oncology
5.2.2 Cardiology
5.2.3 Thyroid
5.2.4 Other Applications
5.3 By Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia- Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Actinium Pharmaceutical Inc.
6.1.2 Alpha Tau Medical Ltd
6.1.3 Bayer AG
6.1.4 Fusion Pharmaceuticals
6.1.5 IBA Radiopharma Solutions
6.1.6 RadioMedix Inc.
6.1.7 Telix Pharmaceuticals Ltd
6.1.8 NTP Radioisotopes
6.1.9 Bracco SpA
6.1.10 Cardinal Health Inc.
6.1.11 Nordion Inc. (Sotera Health Company)
6.1.12 Triad Isotopes (Jubilant Life Sciences)
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Nuclear Medicine Therapeutics Industry Segmentation
As per the scope of the report, nuclear medicine therapeutics use radioactive sources for the treatment of certain cancers, cardiac ailments, and a few other diseases.
The nuclear medicine therapeutics market is segmented by type, application, and geography. By type, the market is segmented as alpha emitters, beta emitters, and brachytherapy. By application, the market is segmented as oncology, cardiology, thyroid, and other applications. By geography, the market is segmented as North America, Europe, Asia-Pacific, Middle East and Africa, and South America. The report also covers the estimated market sizes and trends for 17 countries across major regions globally.
The report offers the value (USD) for the above segments.
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Nuclear Medicine Therapeutics Market Research FAQs
What is the current Nuclear Medicine Therapeutics Market size?
The Nuclear Medicine Therapeutics Market is projected to register a CAGR of 15.16% during the forecast period (2024-2029)
Who are the key players in Nuclear Medicine Therapeutics Market?
IBA Radiopharma Solutions, Bayer AG, Alpha Tau Medical Ltd, Actinium Pharmaceutical Inc. and Jubilant Life Sciences Company are the major companies operating in the Nuclear Medicine Therapeutics Market.
Which is the fastest growing region in Nuclear Medicine Therapeutics Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Nuclear Medicine Therapeutics Market?
In 2024, the North America accounts for the largest market share in Nuclear Medicine Therapeutics Market.
What years does this Nuclear Medicine Therapeutics Market cover?
The report covers the Nuclear Medicine Therapeutics Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Nuclear Medicine Therapeutics Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Nuclear Medicine Therapeutics Industry Report
Statistics for the 2024 Nuclear Medicine Therapeutics market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Nuclear Medicine Therapeutics analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
