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

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.