USD 8.4 Billion
Nuclear Medicine Market Size, Share, Growth Analysis, By Product(Diagnostics(SPECT [TC-99m, TL-201, GA-67, I-123), By Application(Cardiology(SPECT, PET, Therapeutic Applications), Neurology), By Procedural Volume Assessment(Diagnostic Procedures, Therapeutic Procedures), By End Use(Hospitals, Diagnostic Centers, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35I2285 |
Region:
Global |
Published Date: August, 2024
Pages:
157
|Tables:
146
|Figures:
78
Nuclear Medicine Market Insights
Global Nuclear Medicine Market size was valued at USD 8.4 Billion in 2022 and is poised to grow from USD 10.2 Billion in 2023 to USD 22.23 Billion by 2031, at a CAGR of 13.00% during the forecast period (2024-2031).
Nuclear medicine is a specialized area of radiology that uses very small amounts of radioactive materials, or radiopharmaceuticals, to examine organ function and structure. Nuclear medicine imaging is a combination of many different disciplines. These include chemistry, physics, mathematics, computer technology, and medicine. This branch of radiology is often used to help diagnose and treat abnormalities very early in the progression of a disease, such as thyroid cancer. As X-rays pass through soft tissue, such as intestines, muscles, and blood vessels, these tissues are difficult to visualize on a standard X-ray, unless a contrast agent is used. This allows the tissue to be seen more clearly. Nuclear imaging enables visualization of organ and tissue structure as well as function.
The market is witnessing growth due to the presence of a robust product pipeline and favourable government initiatives to improve access to nuclear medicine. Currently, betalutin, omburtamab, yttrium-90 microspheres, PNT2003, 177Lu-PNT2002, are some of the products under clinical trials. The global nuclear medicine market has been moderately impacted due to SARS-CoV-2. The operation of reactors has been largely classified as an essential service, given its criticality. Therefore, nuclear reactors were not shut down during the SARS-CoV-2 lockdown. For instance, under Section 71 of the Labour Act 66 of 1995 in South Africa, its SAFARI-1 reactor remained operational during the lockdown enforced in the country post-March 2020.
Based on our analysis, since its reactor provides critical medicines, it had maintained its operations during the COVID-19 crisis, with its staff returning to campus and following strict social distancing measures. According to the American Cancer Society, the estimated incidence of prostate cancer is 268,490, and around 34,500 deaths in 2022 in the U.S. In addition, around 6 out of 10 patients diagnosed are men aged 65 years and older, with a rare incidence in men under 40 years. Recently, in March 2022, the U.S. FDA approved Pluvicto (177Lu-PSMA-617) for the treatment of adults with metastatic prostate cancer.
US Nuclear Medicine Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Diagnostic products
Fastest Growth
Therapeutic products
Growth Rate
13.00% CAGR
Global Neurovascular Devices Market ($ Bn)
Country Share for North America Region (%)
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Nuclear Medicine Market Segmental Analysis
Nuclear Medicine Market is segmented By Product, By Application, By Procedural Volume Assessment , By End Use and Region. Based on Product, the market can be segmented into Diagnostics(SPECT [TC-99m, TL-201, GA-67, I-123, Other], PET [F-18, SR-82,RB-82, PYLARIFY, Illuccix, Other]), Therapeutics (Alpha Emitters [RA-223, Other], Beta Emitters [I-131, Y-90, SM-153, RE-186, Lu-177, Others], Brachytherapy[Cesium-131, Iodine-125, Palladium-103, Iridium-192, Others]). Based on Application, the market can be segmented into Cardiology(SPECT, PET, Therapeutic Applications), Neurology, Oncology, Thyroid(SPECT, Therapeutic Applications), Lymphoma, Bone Metastasis(SPECT, Therapeutic Applications), Endocrine Tumor, Pulmonary Scans, Urology, Other. Based on Procedural Volume Assessment , the market can be segmented into Diagnostic Procedures(SPECT Procedures, PET Procedures), Therapeutic Procedures. Based on End Use, the market is segmented into Hospitals, Diagnostic Centers, Others.
Analysis by Procedural Volume Assessment
The diagnostic segment held the highest market share in 2021 owing to the presence of a large patient base and availability of advanced technologies such as Single-Photon Emission Computed Tomography (SPECT) and Positron Emission Tomography (PET). According to the World Nuclear Association Analysis, about 40 million nuclear medicine procedures are performed annually and the demand for radioisotopes increases by around 5% every year. This segment is also anticipated to grow at the substantial CAGR due to the factors such as efficient imaging of patients with various types of cancer, new product launches for diagnosis of various disorders, and increasing procedural volumes worldwide.
On the other hand, the therapeutics segment is anticipated to grow at the highest growth rate. The growth can be attributable to the factors such as comparative effectiveness of the treatment, advantages associated with these treatment options, and increasing interest in therapeutic radiopharmaceuticals by market players by having a strong focus on the clinical trials.
Analysis by Application
In terms of application, the oncology segment is the largest segment and is anticipated to grow at the highest CAGR. Diagnosis of cancers is one of the most performed imaging procedures across the globe. This is due to increasing awareness of early diagnosis, high prevalence of cancer, and benefits of diagnosis in the treatment and management of various types of cancer. A large number of pipeline products of nuclear medicine therapies are directed towards the indication of oncology, which is expected to contribute to the segmental growth in the coming years. Factors such as unhealthy diet, smoking habits, and lack of exercise contribute to rising prevalence. Furthermore, rising investment in the R&D of novel nuclear medicines for the treatment of cancer may contribute to the segment growth.
The cardiology segment is the fastest growing segment and is expected to witness high growth over the forecast period due to the increasing demand for the diagnosis of CVD. For instance, Bracco Diagnostics Inc. was entered into a partnership with CardioNavix, LLC aimed at improving the patient reach of the novel cardiac PET imaging system. This new initiative provides patients easy access to hospitals, physicians, and diagnostic centers, for cardiac PET imaging. This program may reduce the upfront cost and risk of business loss by encouraging clinical practitioners to prescribe & avail the diagnostic test.
Analysis by End Use
The hospitals & clinics segment is anticipated to expand at the substantial CAGR during the forecast period. The growth rate is attributed to high procedural volume of nuclear imaging procedures and the higher efficiency of handling these sensitive products at hospitals & clinics.
On the other hand, the diagnostic centre segment accounted for the second-highest market share and is expected to expand at the highest CAGR during the forecast period. This segment’s high growth rate is attributed to the increasing number of diagnostic institutions and huge procedural volumes in diagnostic centres across Europe.
Global Neurovascular Devices Market By End Use
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Nuclear Medicine Market Regional Insights
North America is the largest region in the nuclear medicine market and has a share of about 45.1% and is anticipated to grow add a considerable rate during the forecasted period. Due to the increased investment in R&D activities, high volume of nuclear medicine procedures, and strong health infrastructure is contributing towards the high market share of this region. For instance, Eckert and Ziegler made a development plan for cGMP facility in U.S. for contract manufacturing of radiopharmaceuticals. It will help in the production of late investigational stage and commercial stage radioisotopes which are used in nuclear medicine and help in contributing to the increasing demand for radionuclides in the market.
On the other hand, Asia-Pacific region is estimated to be the fastest-growing region owing to the increased awareness about nuclear medicine therapies and rising investment in nuclear medicine space. This launch is expected to have an impact on the regional market. However, the high cost of these therapies may limit market growth because the lower-income population in developing countries may be unable to afford such treatment. In India, for example, the cost of treatment with Yttrium-90, Lutetium-177, and Iodine-131 may be approximately USD 23,850, USD 5,962, and USD 3,312 respectively.
Global Neurovascular Devices Market By Region
- Largest
- Fastest
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Nuclear Medicine Market Dynamics
Nuclear Medicine Market Drivers
Rising Incidence and Prevalence of Cancer and Cardiovascular Disease (CVD) is a Major Driver of Market Expansion
- Most cases are preventable through early detection and treatment; nuclear medicine plays an important role in these areas. Cancer was the leading cause of death in 2020, accounting for nearly 10 million deaths, according to the WHO. By 2025, 19.3 million new cancer cases per year are expected to be reported worldwide. According to the WHO, 17.9 million people died from CVD in 2019, accounting for 32% of all deaths worldwide. By 2030, this figure is expected to rise to 23.3 million. Because nuclear medicine is used to diagnose and treat diseases, the rising prevalence of these diseases is expected to drive growth.
Technological Advancements in Nuclear Imaging Modalities are one of the Crucial Drivers for the Nuclear Medicine Imaging Market Growth
- Increased awareness regarding the potential impact of early and timely diagnosis and corresponding positive impact on the management and treatment of chronic disorders is driving market growth. Advancements in nuclear imaging technology, specifically PET/PET-CT, have aided in the expansion of applications of this modality beyond oncology to cardiology, neurology, and detection of infections. There has been a substantial increase in the volume of the PET and SPECT procedures due to these technological advancements.
Restraints
Use of Alternative Methods for the Diagnosis of Various Illnesses
- Apart from the PET scan for detection of cancer and different types of imaging techniques that make use of nuclear medicines for detecting and treating the cardiovascular diseases there has also been an adoption of MRI and the CT scans that are available across the globe. The use of these alternatives for the diagnosis of various illnesses will restrain the growth of the nuclear medicine imaging market in the coming years. In the developing nations, there has been an increase in the use of MRI and greater use of CT scans for detecting or diagnosing various illnesses as these options happen to be cost effective as compared to the nuclear medicines. To make use of these alternative ways there are many reimbursement policies available in the market. Owing to all these reasons the market for nuclear medicine will be hampered.
Radiopharmaceutical Short Shelf Life
- The short shelf life of radiopharmaceuticals is the major hurdle. As these compounds decay rapidly, these limit their usability and require careful logistical planning for timely administration. Furthermore, the government regulations are required for handling and disposal is further complicating their management. Due to the short lifespan, operational costs increase and the risk of wastage which is impacting efficiency and profitability. Additionally, innovative strategies are also important for prolonging the life of radiopharmaceuticals stability and smoothening logistics for mitigating this challenge and open the full potential of nuclear medicine technologies.
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Nuclear Medicine Market Competitive Landscape
The market is competitive with several market players adopting strategic collaborations in emerging economically favorable regions, contributing to the research and development.
For instance, curium announced the acquisition of IASON (Australian based pharmaceutical company) expanding its impression in Europe.
Furthermore, the regions such as Latin America and the Middle East and Africa are representing considerable growth due to the rise in the healthcare expenditure and increase in the awareness regarding diagnostic and therapeutics for managing critical care disorders.
Top Players in the Global Nuclear Medicine Market
- GE Healthcare (US)
- Siemens Healthineers (Germany)
- Philips Healthcare (Netherlands)
- Cardinal Health (US)
- Bracco Imaging (Italy)
- Eckert & Ziegler (Germany)
- Lantheus Medical Imaging (US)
- Jubilant Life Sciences (India)
- IBA Molecular (Belgium)
- Norgine B.V. (Netherlands)
- FUJIFILM Holdings Corporation (Japan)
- Bayer Healthcare (Germany)
- Theragnostics (UK)
- RadioMedix Inc. (US)
- Ion Beam Applications S.A. (IBA) (Belgium)
- Novartis AG (Switzerland)
- GLOBAL MEDICAL SOLUTIONS (US)
- ISOTOPE JSC (Russia)
- SHINE TECHNOLOGIES, LLC (US)
- ISOTOPIA MOLECULAR IMAGING LTD. (Israel)
- BWXT MEDICAL LTD. (Canada)
Nuclear Medicine Market Recent Developments
- In April 2024, the High Flux Reactor (HFR) in the Netherlands, a key producer of the radioisotope Molybdenum-99 (Mo-99) used in many nuclear medicine procedures, experienced a restart delay. Nuclear Medicine Europe (NMEU) anticipates some disruptions to Mo-99 supply this week, but I-131 supplies are expected to be stable.
- In January 2024, the University of Texas MD Anderson Cancer Center has partnered with the International Atomic Energy Agency (IAEA) to become an IAEA Collaborating Centre. Their collaboration aims to improve global radiation oncology, physics, radiology, nuclear medicine, and nutrition. MD Anderson, renowned for its comprehensive radiation oncology facility, will be the first US-based IAEA Collaborating Centre in healthcare.
- In December 2023, a PET imaging tracer effectively identifies a common cancer gene mutation, aiding targeted tumor therapy. Early detection enables tailored treatment, enhancing patient outcomes. Published in The Journal of Nuclear Medicine's December edition, this breakthrough enhances cancer care.
Nuclear Medicine Key Market Trends
- Advancements in the Nuclear Medicine Therapies: Companies in the market are constantly focusing on the development of nuclear medicine therapies. The clinical effects of this treatment option in comparison to other therapies are driving its global demand. Furthermore, factors such as the sophistication of therapeutic application outcomes in the treatment of cancer and other disorders are expected to drive demand for nuclear medicine therapies in countries with a high cancer burden. For example, the US FDA granted Curium a Study May Proceed letter to begin its Phase-III trial with its investigational product, lutetium Lu 177 PSMA I&T. It is a radiopharmaceutical that binds to the protein Prostate-Specific Membrane Antigen (PSMA). Similarly, many market participants are developing new therapeutic products to treat a variety of medical conditions, which is driving market growth.
Nuclear Medicine Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global nuclear medicine market analysis, the market is expanding as a result of a robust product pipeline and favorable government initiatives to improve access to nuclear medicine. Increasing advances in disease diagnosis and treatment, as well as the approval of new nuclear-medicine-based devices, aid in meeting patients' treatment needs, thereby driving market growth. The diagnostic segment is having the highest share while the therapeutics segment is growing quickly. North America is the dominating region whereas the Asia Pacific is growing at a quick pace. One major trend is advancements in the nuclear medicine therapies due to the rising investments by the companies in the sector. As a result, the nuclear medicine market is positioned for sustained growth, with promising prospects for further innovation and expansion in the foreseeable future.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 8.4 Billion |
| Market size value in 2031 | USD 22.23 Billion |
| Growth Rate | 13.00% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Nuclear Medicine Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Nuclear Medicine Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Nuclear Medicine Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Nuclear Medicine Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Nuclear Medicine Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Nuclear Medicine Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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