Global Nuclear Medicine Market Size (2024 - 2029)

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 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).