Nuclear Medicine Market Size
| Study Period | 2021 - 2029 |
| Market Size (2024) | USD 15.54 Billion |
| Market Size (2029) | USD 27.56 Billion |
| CAGR (2024 - 2029) | 12.14 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Nuclear Medicine Market Analysis
The Global Nuclear Medicine Market size is estimated at USD 15.54 billion in 2024, and is expected to reach USD 27.56 billion by 2029, growing at a CAGR of 12.14% during the forecast period (2024-2029).
The rising prevalence of cancer and cardiac diseases and the increasing demand for image-guided procedures and diagnostics are the major drivers for the market. Research collaborations and partnerships have become prominent in the nuclear medicine market in recent years. In addition, the growing uptake of nuclear medicine in cancer care and various strategic initiatives undertaken by the industry participants to introduce new radiopharmaceuticals are further expected to create new business avenues for market expansion.
The growing burden of chronic diseases like cancer and cardiovascular diseases is projected to bolster the uptake of nuclear medicine over the forecast period as nuclear medicine has proven effective for various cancers, including thyroid, bile duct, liver, bone metastases, and neuroblastoma. Hence, the surge in the prevalence of cancer cases is likely to augment industry expansion during the study period.
For instance, according to 2024 statistics from the American Cancer Society, new cancer cases in the United States rose from 1.95 million in 2023 to 2 million in 2024. This anticipated increase in cases underscores the rapid rise in cancer incidence nationwide. Given this trend, the demand for advanced oncology treatments, particularly nuclear medicine, is poised to surge, further propelling market growth.
Similarly, the 2023 report from Canadian Cancer Statistics revealed a rise in new cancer cases from 233,000 in 2022 to 239,000 in 2023 in Canada. This escalating cancer burden signals a growing demand for nuclear medicine therapy, which employs radioactive materials to target and eliminate cancer cells. Such demand is anticipated to bolster market growth throughout the forecast period.
Additionally, the significant rise in the burden of cardiovascular diseases has fueled demand for nuclear medicine in assessing cardiac function and diagnosing heart diseases with the help of single-photon emission computed tomography (SPECT) scans. For instance, as per 2024 data published by the American Heart Association, by 2050, the prevalence of various cardiovascular diseases (CVD) in the United States is expected to rise significantly. Specifically, coronary disease prevalence will increase from 7.8% to 9.2%, heart failure from 2.7% to 3.8%, stroke from 3.9% to 6.4%, and atrial fibrillation from 1.7% to 2.4%. This rise highlights the demand for effective disease diagnosis, and this trend is anticipated to fuel market growth during the forecast period.
Moreover, the market growth is further shaped by the growing demand and utilization of image-guided procedures to diagnose several chronic diseases. For instance, an article published by EJNMMI Physics in May 2023 highlighted that the triple modality PET reconstruction achieved a 69% higher uptake than the hospital's standard method and ordered subsets expectation maximization (OSEM). Specifically, leveraging CT-guided SPECT images as reference points in PET reconstruction markedly enhanced the quantification of tumoral lesions. Thus, the enhanced quantification of tumoral lesions is expected to increase the adoption of CT-guided SPECT imaging in diagnosing cancer among patients, hence anticipated to fuel the growth of the nuclear medicine market during the forecast period.
The rising significance of image-guided therapies in evaluating and distinguishing internal organs is further anticipated to accelerate the demand for image-guided nuclear medicine approaches. For instance, an article published by Diagnostics in July 2023 highlighted that researchers found 18F-FDG PET/CT can effectively distinguish between viable and non-viable tissues by characterizing the metabolism of these tissues. Such benefits of image-guided modalities will likely bolster their adoption, which is expected to fuel market growth over the coming years.
Thus, factors such as the growing burden of chronic diseases such as cancer and cardiovascular disorders and the rising uptake of image-guided procedures are likely to fuel the market uptake during the forecast period.
However, reimbursement complications and regulatory issues are expected to hinder market growth during the forecast period.
Nuclear Medicine Market Trends
The Oncology Segment is Expected to Witness Considerable Growth During the Forecast Period
Factors such as the growing incidence and prevalence of cancer cases worldwide, increasing demand for effective cancer treatment options, and the growing adoption of image-guided procedures during cancer diagnosis are expected to impact the segment's growth during the forecast period positively. In addition, several key strategies the key players adopt are expected to boost the segment's growth during the forecast period.
The rising burden of cancer cases raises the need for early diagnosis of the condition, which is expected to fuel the demand for nuclear medicine that helps physicians find tumors and detect the spread of cancer in the body. For instance, according to the data updated by the Spanish Network of Cancer Registries (REDECAN) in January 2024, approximately 286,664 new cancer cases are expected to be diagnosed in Spain in 2024 compared to 279,260 new cases of cancer diagnosed in Spain in 2023.
Similarly, as per 2024 data published by the American Cancer Society, about 299,010 new cases of prostate cancer are expected to be diagnosed in the United States in 2024, compared to 288,300 prostate cancer cases diagnosed in 2023. Thus, the expected increase in the number of prostate cancer patients raises the need for targeted prostate cancer treatment using radioactive materials and tracers for diagnosis and treatment, hence anticipated to propel the segment growth during the forecast period.
Additionally, the segment growth is further anticipated to be fueled by the various research studies used to evaluate the potential of nuclear medicine in treating cancer among patients. For instance, an article published by the Journal of Clinical Oncology in November 2023 highlighted a phase 1 trial led by researchers at Weill Cornell Medicine. They tested a novel drug, 225AC-J591, designed to deliver targeted radiation therapy directly to cancer cells in patients with advanced prostate cancer.
The findings of the study indicated that radiopharmaceutical (225AC-J591) was not only well tolerated but also exhibited strong antitumor effects on advanced metastatic prostate cancer. Thus, the promising antitumor effects of radiopharmaceutical drugs in treating cancer patients are anticipated to fuel their adoption, which, in turn, is expected to bolster segment growth during the forecast period.
Also, the collaboration strategy adopted by the key players for developing novel nuclear medicine for treating and diagnosing cancer patients is expected to augment the segment's growth during the forecast period.
For instance, in May 2024, Nucleus RadioPharma entered a commercial partnership with ARTBIO, a clinical-stage radiopharmaceutical company. As part of the agreement, Nucleus will manufacture ARTBIO’s Pb212-radiolabeled therapies at its Rochester, Minnesota facility. This production agreement is set to bolster ARTBIO’s upcoming phase 1 and 2 clinical trials for its primary prostate cancer program, AB001. Such efforts by the market players highlight their commitment to radiopharmaceuticals, and such initiatives are further expected to boost market growth during the forecast period.
Therefore, the above-mentioned factors are anticipated to drive segment expansion over the coming years.
North America is Expected to Witness Significant Growth During the Forecast Period
North America is expected to dominate the overall nuclear medicine market during the forecast period. The growth is due to factors such as increasing incidences of cancer, the growing geriatric population, the increase in product launches, and the rising use of radioisotopes, along with greater initiatives and investments toward advanced healthcare solutions involving cancer treatment. There is also increasing investment in cancer disease research and treatment in North America.
The rising burden of chronic diseases in North America is projected to fuel the market's growth during the forecast period. For instance, according to an article published in Springer in August 2023, the prevalence of atrial fibrillation in the United States is projected to rise to around 5.6 million by 2050, emphasizing the growing public health concern associated with these conditions. This anticipated rise in cardiac conditions is expected to facilitate demand for nuclear imaging to evaluate organs and blood vessels for accurate disease diagnosis.
In addition, according to the 2024 updated data from the Canadian Cancer Society, the number of cancer cases in Canada ramped from 239,100 in 2023 to 247,100 in 2024. This rise in disease burden is likely to propel the demand for nuclear medicine modalities to examine the tumor and the affected area. Hence, the projected increase in the number of chronic diseases is expected to fuel regional market growth.
Moreover, the growing significance of positron emission tomography (PET) in detecting brain abnormalities and associated neurological disorders is further expected to expand the adoption of PET scans in radiology settings. For instance, according to an article published by Frontiers in Nuclear Medicine in August 2023, a PET-FDG scan distinguished mild generalized cortical hypometabolism and bilateral striatum hypermetabolism of the brain. It provided information about metabolic changes in the brain. Thus, the significance of PET procedures in neurological conditions is likely to uphold their uptake in Mexico, which is expected to propel market growth during the forecast period.
Also, several strategic initiatives undertaken by industry participants and growing regulatory approvals are further projected to fuel regional market growth during the forecast period. For instance, in March 2022, the US Food and Drug Administration approved Pluvicto (lutetium Lu 177 vipivotide tetraxetan) to manage metastatic prostate cancer. Such product approvals are expected to bolster product availability in the market, and this trend is expected to propel market growth during the forecast period.
Therefore, the above-mentioned factors are expected to boost the regional market growth over the coming years.
Nuclear Medicine Industry Overview
The nuclear medicine market is moderately consolidated in nature. There is high competition among the players in the global nuclear medicine market. However, this competition is not by competitive pricing but by product differentiation. Additionally, big players in the pharmaceutical and biotechnology industries are leveraging their huge capital reserves to venture into this market, which is further increasing the competition. Major players in the market include GE Healthcare, Lantheus Medical Imaging, Novartis AG, Cardinal Health Inc., and Curium.
Nuclear Medicine Market Leaders
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GE Healthcare
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Curium
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Novartis AG (Advanced Accelerator Applications)
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Cardinal Health Inc.
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LANTHEUS HOLDINGS, INC
*Disclaimer: Major Players sorted in no particular order
Nuclear Medicine Market News
- August 2024: The US Food and Drug Administration (FDA) awarded a breakthrough therapy designation (BTD) to Attralus Inc. for its PET radiotracer iodine-124 (I-124) evuzamitide (AT-01). This radiotracer is pivotal for imaging patients with suspected or confirmed cardiac amyloidosis.
- June 2024: ISOLOGIC Innovative Radiopharmaceuticals committed an investment of USD 29.9 million to promote the growth of the radiopharmaceutical industry and strengthen its vital contributions to nuclear medicine and the Canadian medical isotope supply chain as part of Quebec's life sciences ecosystem.
Global Nuclear Medicine Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Defination
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 Rise in Prevalence of Cancer and Cardiac Disorders
4.2.2 Increasing Demand for Image Guided Procedures and Diagnostics
4.3 Market Restraints
4.3.1 Stringent Regulatory Guidelines
4.3.2 High Cost of the Diagnostic and Therapeutic Equipment and Procedures
4.4 Porter's Five Force 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 Products
5.1.1 Diagnostics
5.1.1.1 Single Photon Emission Computed Tomography (SPECT)
5.1.1.2 Positron Emission Tomography (PET)
5.1.2 Therapeutics
5.1.2.1 Alpha Emitters
5.1.2.2 Beta Emitters
5.1.2.3 Brachytherapy
5.2 By Application
5.2.1 Cardiology
5.2.2 Neurology
5.2.3 Oncology
5.2.4 Other Applications
5.3 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 Koninklijke Philips NV
6.1.2 Novartis AG (Advanced Accelerator Applications)
6.1.3 Curium
6.1.4 Life Molecular Imaging
6.1.5 Cardinal Health Inc.
6.1.6 GE HealthCare
6.1.7 Telix Pharmaceuticals Limited
6.1.8 Merck KGaA
6.1.9 LANTHEUS HOLDINGS INC.
6.1.10 Bracco
6.1.11 Jubilant Pharma
6.1.12 Bayer AG
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Nuclear Medicine Industry Segmentation
As per the scope of the report, nuclear medicine falls under the field of molecular imaging, which involves using a minimal amount of radioactive material (radiopharmaceuticals) to diagnose and treat disease. In nuclear medicine imaging, radioisotopes are detected by particular types of cameras attached to the computer, which, in turn, provide precise pictures of the area of the body examined.
The nuclear medicine market is segmented by products and applications. Based on products, the market is segmented as diagnostics and therapeutics. Based on applications, the market is segmented into cardiology, neurology, oncology, and other applications. The report also covers the market sizes and forecasts for the nuclear medicine market in major countries across different regions. For each segment, the market size is provided in terms of value (USD).
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Global Nuclear Medicine Market Research Faqs
How big is the Global Nuclear Medicine Market?
The Global Nuclear Medicine Market size is expected to reach USD 15.54 billion in 2024 and grow at a CAGR of 12.14% to reach USD 27.56 billion by 2029.
What is the current Global Nuclear Medicine Market size?
In 2024, the Global Nuclear Medicine Market size is expected to reach USD 15.54 billion.
Who are the key players in Global Nuclear Medicine Market?
GE Healthcare, Curium, Novartis AG (Advanced Accelerator Applications), Cardinal Health Inc. and LANTHEUS HOLDINGS, INC are the major companies operating in the Global Nuclear Medicine Market.
Which is the fastest growing region in Global Nuclear Medicine Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Nuclear Medicine Market?
In 2024, the North America accounts for the largest market share in Global Nuclear Medicine Market.
What years does this Global Nuclear Medicine Market cover, and what was the market size in 2023?
In 2023, the Global Nuclear Medicine Market size was estimated at USD 13.65 billion. The report covers the Global Nuclear Medicine Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Global Nuclear Medicine Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Global Nuclear Medicine Industry Report
Statistics for the 2024 Nuclear Medicine market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Nuclear Medicine analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Global Nuclear Medicine Market Report Snapshots
