Nuclear Medicine Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 9.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Nuclear Medicine Market Analysis
The Nuclear Medicine Market is expected to grow significantly at a CAGR of 9.5% during the study period, 2022-2027.
Globally, the COVID-19 pandemic has placed significant challenges on healthcare systems and has been primarily managed by dramatically reducing in- and outpatient services for diseases and implementing infection prevention and control measures. For instance, according to a study published in June 2022, titled '2022 follow-up: impact of the COVID-19 pandemic on nuclear medicine departments in Europe', overall, the pandemic impacted nuclear medicine education in most countries (84%). This was broken down into affecting different employment groups as follows: technologists-78%, radio pharmacists-59%, physicists-67%, and physicians-74%. However, the overall study results showed that nuclear medicine services worldwide had been significantly impacted. Regarding staff health, 15% of respondents experienced COVID-19 infections within their departments.
The studied market is expected to grow significantly during the study period due to the rising prevalence of cancer and cardiac diseases and the increasing demand for image-guided procedures and diagnostics. In recent years, research collaborations and partnerships have grown in prominence in the radioisotopes market. This is also a prominent factor leading to market growth.
Nuclear medicine deals with the use of radioactive substances in research, diagnosis, and treatment. Increasing incidences of cancer and cardiac ailments are the major drivers for the market studied. Nuclear medicine shows a huge potential in treating cardiac and cancer diseases. According to GLOBOCAN 2021, there were 19.3 million new cancer cases worldwide in 2020, with the number expected to rise to 30.2 million cases by 2040. As nuclear medicines are used in cancer treatment, such as radiotherapy, there is an increasing demand for nuclear medicine, thereby driving the market.
Other factors, such as increasing SPECT and PET applications and growing public awareness of healthcare, are expected to drive the market in the future. Single photon emission computerized tomography (SPECT) finds applications in cardiology, which provides metabolic and functional information about the heart. It is a non-invasive technique that involves injecting radioactive tracers into the bloodstream to get pictures that indicate whether a patient has cardiovascular disease.
Following the introduction of therapies for neuroendocrine tumors, prostate cancer, and other oncologic malignancies, the use of beta-emitting radiopharmaceuticals for cancer therapy has accelerated in recent years. Due to its chemical equivalence with the well-known positron-emitting isotope 64Cu, 67Cu is a new beta-emitting radioisotope of interest for therapy. For instance, As per a study published in January 2021 titled "Imaging and dosimetric characteristics of 67 Cu", Cu 67 produced quality clinical images and indicated that future studies investigations for therapeutic efficacy Cu 67-based radiopharmaceuticals were acceptable. Thus, the use of radioisotopes like Cu 67 in clinical diagnosis and treatment is expected to boom shortly.
Additionally, the launch of nuclear medicine centers providing accessibility to nuclear medicine treatments across the world is further expected to boost the market. For instance, in May 2022, Penang Adventist Hospital (PAH), located in Pulau Pinang, Malaysia, launched a full-fledged private nuclear medicine center in northern Malaysia. The new facility offers diagnostic and treatment procedures for specific conditions and diseases such as hyperthyroidism, thyroid cancer, lymphomas, and bone pain caused by different types of cancer.
Thus, due to the above-mentioned factors, the studied market is expected to grow significantly during the study period. However, the stringent regulatory guidelines and high cost of therapeutic and diagnostic instruments and procedures are expected to hinder the market growth.
Nuclear Medicine Market Trends
This section covers the major market trends shaping the Nuclear Medicine Market according to our research experts:
Oncology Segment is Expected to Show Better Growth Over the Forecast Period.
The major factors responsible for the growth of this segment include the rise in the prevalence of cancers that require advanced diagnostics like PET/CT scans. The rise in funding for the treatment of these disorders is also expected to boost innovation and research leading to market growth.
The increasing prevalence of cancer is boosting the demand for radioisotopes for nuclear imaging for research purposes across the world. According to a study published by Richard P. Dittrich and others at Southend University Hospital NHS Foundation Trust in January 2021, there have been many new developments in gallium's utility, now as a gallium-68 labeled radiotracers including a shorter half-life, on-site generation, somatostatin receptor, prostate (68Ga-PSMA-11 PET/MR) tracers, and other cancer diagnoses, including boney and soft tissue metastasis. Also, 68Ga-DOTATATE plays a role in other somatostatin receptor tumors such as renal cell cancer, breast cancer, prostate cancer, malignant lymphoma, hepatocellular cancer, medulloblastoma, neuroblastoma, sarcoma, and gastric cancer. Such studies are helping in implying the use of radioisotopes such as gallium 68 for cancer imaging. Therefore, driving the growth of the market.
Similarly, according to an article published by Jared Sagoff in May 2021, titled,' Accelerating cancer treatments with the power of isotopes,' Radioisotopes are used in several ways for cancer treatment. Radioisotope allows doctors to visualize a tumor's precise location and contours within the body with greater clarity than an MRI scan provides and radionuclide to deliver cancer-killing radiation directly to tumor cells. According to the same source, Copper-67 is one of the isotopes of interest being studied by researchers at Argonne National Laboratory. Researchers are also investigating scandium-47, another exciting theragnostic isotope, and actinium-225, which has shown great promise for treating cancer. Therefore, driving the growth of the market.
Moreover, the launch of new products and services in the market is expected to boost growth during the study period. For instance, in February 2022, Applied Molecular Therapies launched 177Lu(n.c.a.)-PSMA-Therapy, a molecularly targeted radiopharmaceutical, for treating prostate cancer.
Hence, the market is expected to grow due to the above-mentioned developments.
North America is Expected to Dominate the Nuclear Medicine Market Over the Forecast Period
North America is the dominant market for nuclear medicine. Within North America, the United States is one of the largest consumer markets for radioisotopes, and Canada is one of the leading producers of Tc-99m. The robust growth of the healthcare sector in the United States, increasing incidences of cancer, the growing geriatric population, and the increase in product launches that are leading to the rising use of radioisotopes along with greater initiatives and investments toward advanced healthcare solutions involving cancer treatment, is expected to boost the market growth.
There is also increasing investment in cancer disease research and treatment in the United States. According to data published by the National Center for Health Statistics (NCHS) at the Centers for Disease Control & Prevention (CDC), the investments for cancer were estimated to reach up to USD 7,176 million in the year 2021. This was a marked increase from the 2020 figures of USD 7,035 million. Since treatment with radioisotopes is a novel field, rising investments in cancer research are expected to boost its growth during the forecast period.
Additionally, several key players are taking initiatives for the development of new technologies and improving radioisotopes options in the United States. For instance, in September 2021, Eckert & Ziegler Radiopharma GmbH successfully submitted an amendment to their Drug Master File (DMF) to the United States Food and Drug Administration for GalliaPharm. Gallium-68 from GalliaPharm is used for the preparation of diagnostic imaging drugs in Positron Emission Tomography (PET). With the development of generators with higher Ge-68 activity and the amendment of our DMF, there will be increasing demand for Ga-68-based diagnostics in the United States.
Also, in September 2021, NorthStar Medical Radioisotopes, LLC and POINT Biopharma Global Inc. signed a supply agreement for the therapeutic medical radioisotope actinium-225 (Ac-225). NorthStar will provide POINT with its electron accelerator-produced Ac-225, and POINT will use NorthStar's Ac-225 in investigational studies of PNT2001, a next-generation Prostate-Specific Membrane Antigen (PSMA) for non-metastatic castrate-sensitive prostate cancer.
Moreover, the mark of new entrants offering products in the studied market further indicates the huge potential to grow, thereby driving the market during the study period. For instance, in March 2022, Bracco Imaging launched Blue Earth Therapeutics to advance the development of therapeutic radiopharmaceutical technology. Blue Earth Therapeutics is building a pipeline of precision-targeted therapeutic radiopharmaceuticals, initially focused on prostate cancer, with plans to expand into additional disease areas in oncology.
Hence, the above developments are expected to aid the growth of the market studied in the North American Region.
Nuclear Medicine Industry Overview
The studied market is moderately fragmented. There is high competition among the players in the global nuclear medicine market. However, this competition is not by competitive pricing or 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, Advanced Accelerator Programs, Cardinal Health Inc., and Curium, among others.
Nuclear Medicine Market Leaders
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GE Healthcare
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Curium Pharma
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Novartis (Advanced Accelerator Applications)
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Cardinal Health
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Lantheus Medical Imaging
*Disclaimer: Major Players sorted in no particular order
Nuclear Medicine Market News
- In April 2022, Health Minister Ma. Subramanian inaugurated the Department of Nuclear Medicine at PSG Hospitals in Coimbatore, which is equipped with state-of-the-art equipment for diagnosing cancer and other diseases.
- In February 2022, SNMMI launched a program offering nuclear medicine facilities the opportunity to qualify as designated and certified Centers of Excellence in Radiopharmaceutical Therapy. The centers will meet strict regulatory, training, qualification, experience, and performance criteria leading to appropriate patient selection and outcomes from radiopharmaceutical therapy
Nuclear Medicine Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions 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 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 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 - in USD Million)
5.1 By Product Type
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 Siemens Healthineers AG
6.1.2 Novartis (Advanced Accelerator Applications)
6.1.3 Curium Pharma
6.1.4 Cambridge Isotope Laboratories Inc.
6.1.5 Cardinal Health Inc.
6.1.6 GE Healthcare
6.1.7 Nordion Inc.
6.1.8 Isotec Inc. (Sigma-Aldrich)
6.1.9 Lantheus Medical Imaging, Inc.
6.1.10 Bracco Diagnostic Inc.
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 the use of a very small amount of radioactive material (radiopharmaceuticals) to diagnose and treat disease. In nuclear medicine imaging, the radioisotopes are detected by special types of cameras attached to the computer, which in turn, provide very precise pictures of the area of the body examined. The Nuclear Medicine Market is segmented by Product Type (Diagnostics (Single Photon Emission Computed Tomography (SPECT) and Positron Emission Tomography (PET)) and Therapeutics (Alpha Emitters, Beta Emitters, and Brachytherapy)), and by Applications (Cardiology, Neurology, Oncology, and Other Applications) and Geography (North America, Europe, Asia - Pacific, Middle East, and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD million) for the above segments.
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Nuclear Medicine Market Research FAQs
What is the current Global Nuclear Medicine Market size?
The Global Nuclear Medicine Market is projected to register a CAGR of 9.5% during the forecast period (2024-2029)
Who are the key players in Global Nuclear Medicine Market?
GE Healthcare, Curium Pharma, Novartis (Advanced Accelerator Applications), Cardinal Health and Lantheus Medical Imaging 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?
The report covers the Global Nuclear Medicine Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Nuclear Medicine Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
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.
