Market Size of Nuclear Medicine Therapeutics Industry
| 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 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 Size Summary
The nuclear medicine therapeutics market is poised for significant growth, driven by the increasing prevalence of cancer, bone deformities, and neurological malignancies. The market experienced a temporary setback due to the COVID-19 pandemic, which diverted attention towards vaccine development and led to a decrease in nuclear studies and imaging procedures. However, as the pandemic's impact waned, the market began to recover, with a resurgence in procedures. The demand for nuclear medicine therapeutics is further bolstered by the rising incidence of cardiovascular diseases, which are among the most common non-communicable diseases globally. The ability of nuclear medicine to facilitate early detection and treatment of these conditions is expected to enhance market growth. Additionally, the annual increase in demand for radioisotopes and the high awareness of their utility in medical treatments are anticipated to create opportunities for innovation and development in the field.
The oncology segment of the nuclear medicine therapeutics market is expected to witness substantial growth, fueled by the high global burden of cancer and the development of innovative therapies by market players. Nuclear medicine offers a unique advantage in cancer treatment by using radioactive molecules to specifically target and destroy tumor cells. The widespread application of these therapeutics in cancer management is anticipated to drive market expansion. North America is expected to dominate the market due to the high incidence of cancer and cardiovascular disorders, robust healthcare infrastructure, and the presence of key industry players. The competitive landscape is characterized by a few major players with significant market shares, including Actinium Pharmaceutical Inc., Alpha Tau Medical Ltd, and Bayer AG, among others. Collaborative efforts and product approvals, such as those by Telix Pharmaceuticals and Plus Therapeutics, are expected to further propel market growth during the forecast period.
Nuclear Medicine Therapeutics Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Incidence of Cancer and Cardiac Ailments
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1.2.2 Growing Awareness Regarding the Nuclear Medicine
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1.3 Market Restraints
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1.3.1 Short Half-Life of Radiopharmaceuticals
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1.3.2 High capital investment
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value- USD)
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2.1 By Type
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2.1.1 Alpha Emitters
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2.1.1.1 Radium-223 (RA-223) & Alpharadin
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2.1.1.2 Actinium-225 (AC-225)
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2.1.1.3 Lead-212 (PB-212)/Bismuth-212 (BI-212)
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2.1.1.4 Other Alpha Emitters
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2.1.2 Beta Emitters
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2.1.2.1 Iodine-131 (I-131)
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2.1.2.2 Yttrium-90 (Y-90)
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2.1.2.3 Other Beta Emitters
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2.1.3 Brachytherapy
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2.1.3.1 Cesium-131
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2.1.3.2 Iodine-125
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2.1.3.3 Other Brachytherapies
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2.2 By Application
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2.2.1 Oncology
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2.2.2 Cardiology
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2.2.3 Thyroid
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2.2.4 Other Applications
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2.3 By Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Italy
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2.3.2.5 Spain
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2.3.2.6 Rest of Europe
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2.3.3 Asia- Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 South Korea
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2.3.3.6 Rest of Asia-Pacific
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2.3.4 Middle East and Africa
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2.3.4.1 GCC
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2.3.4.2 South Africa
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2.3.4.3 Rest of Middle East and Africa
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2.3.5 South America
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2.3.5.1 Brazil
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2.3.5.2 Argentina
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2.3.5.3 Rest of South America
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Nuclear Medicine Therapeutics Market Size 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.
