Global Nuclear Medicine Market

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 News

  • 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.
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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). 

The market is competitive with several market players adopting strategic collaborations in emerging economically favorable regions, contributing to the research and development. '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)'

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. 

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.

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. 

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Global Nuclear Medicine Market

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