Market Trends of Global Nuclear Medicine Industry
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.
