Nuclear Medicine Market Research Report Information By Product Type ( Diagnostic Nuclear Medicine (SPECT Radiopharmaceuticals [ Tc-99m, TI-201, Ga-67, I-123, and Others], Pet Radiopharmaceuticals [Tc-99m, TI-201, Ga-67, I-123, and Others]), Therapeutic Nuclear Medicine (Alpha Emitters[ Ra-223], Beta Emitters[I-131, Y-90, Sm-153, Lu-177, Re-186, and Others]), Brachytherapy Isoptopes [Ir-192, I-125, Pd-103, Cs-131, and Others]), By Application (Diagnostic Applications SPECT Applications[Cardiology, Neurology, Lymphoma, Thyroid, and Others], P

Global Nuclear Medicine Market Overview

Nuclear Medicine Market Size was valued at USD 6.24 billion in 2021 and is projected to grow from USD 7.06 billion in 2022 to USD 24.03 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 13.2% during the forecast period (2023 - 2032). Increasing prevalence of cancer and other chronic diseases, increasing application of radiopharmaceuticals/nuclear medicine, and the rising adoption of spect and pet scans are driving the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

The rising incidence of cancer and cardiovascular illness, as well as the rising need for image-guided treatments and diagnostics, could propel the researched market to considerable growth throughout the study period. The radioisotopes industry has seen a rise in the importance of research collaborations and partnerships in recent years. This is also a major contributor to the expansion of the market.

The timely identification and intervention of issues can often prevent their escalation, and nuclear medicine assumes a crucial function in this regard. The appeal of radiopharmaceuticals as a therapeutic modality over chemotherapy lies in the convenience offered by less invasive procedures, which in turn attracts a larger patient population. The growth of the Radiopharmaceuticals Industry is influenced by several reasons, including the rising prevalence of cardiovascular diseases and the widespread use of advanced imaging technologies, such as positron emission tomography (PET) and single-photon emission computed tomography (SPECT), which provide clear and precise diagnostic imaging. 

Moreover, a considerable number of pharmaceuticals in the pipeline of the nuclear medicine market are specifically designed for the indication of cancer, a factor that is projected to contribute to the market's expansion over the forecast period. Medical imaging and nuclear medicine serve a significant role in addressing epidemiologic issues, including infectious illnesses such as TB and non-communicable diseases like cancer and heart ailments. In addition, the market expansion is facilitated by technical breakthroughs that have made it possible to utilize radiopharmaceuticals for the purpose of diagnosing and treating malignant tumors. 

August 2023: The Russian Federation has expanded the provision of radioactive isotopes to the Republic of India, so significantly enhancing the capacity for nuclear medical therapy inside the nation. Under a newly established agreement with Esente Healthcare, a local medical product distributor in India, Regional Alliance JSC, a subsidiary of Rusatom Healthcare, has successfully transported the initial batch of germanium-68/gallium-68 (Ge-68/Ga-68) generators. These generators were made by Cyclotron CJSC, located in Obninsk. Isotope JSC serves as the designated provider of the isotope package, sourced from the state-operated Rosatom Corporation, for distribution in the market.

Nuclear Medicine Market Trends

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  Increasing prevalence of cancer and other chronic diseases to boost the market growth

  
  

Rising cancer and heart disease incidence and prevalence are driving the market's expansion. With early detection and treatment, the majority of problems can usually be averted; nuclear medicine plays a vital role in this. Cancer was the top cause of mortality in 2020, accounting for over ten million deaths. By 2025, there will be 19.3 million additional cancer cases worldwide. Moreover,  The WHO estimates that 17.9 million deaths worldwide in 2019 or 32% of all fatalities were directly related to CVD. The rising prevalence of various diseases is predicted to drive market growth for nuclear medicine over the forecasted period.

Furthermore, numerous medicines in the nuclear medicine market's pipeline are intended for the oncology indication, which is predicted to aid in the market's growth over the forecast year.

In order to address epidemiologic priorities, such as infectious diseases like tuberculosis and non-communicable diseases (including cancer and heart disorders), medical imaging and nuclear medicine play a cross-cutting role. Large access gaps continue to exist. In the figure shown below, The IMAGINE database provides a thorough description of the resources that are accessible to support strategic planning in the Member States. VISUALISE a world in which the current gaps in nuclear medicine and imaging can be closed. Additionally, IMAGINE is a comprehensive database of nuclear medicine and medical imaging resources that include data on infrastructure from more than 170 countries and territories. The current edition displays discoveries in many charts and geographical maps, along with a snapshot of the most important components in the expanding database. It is clear how inequitably spread these technologies and the necessary skilled human resources are.

Nuclear Medicine Market Segment Insights

Nuclear Medicine Product Type Insights

The nuclear medicine market segmentation, based on product type, includes diagnostic nuclear medicine and therapeutic nuclear medicines. The diagnostic nuclear medicine segment is expected to hold the majority share in 2021 in the nuclear medicine market revenue. This is due to the increasing advancements in the diagnosis and treatment of diseases, and the approval of new nuclear-medicine-based devices. Furthermore, it is commonly known that radioactive isotopes and radiation are used in medicine, particularly for the diagnosis and treatment of many different medical conditions. In wealthy countries (which make up about 25% of the world's population), about one in fifty people utilize diagnostic nuclear medicine each year; radioisotope therapy is used about one-10th as frequently.

March 2021: Bracco Diagnostics Inc. (Italy) entered into partnership with Partnership with CardioNavix, LLC (US).aimed at making cardiac PET imaging, a crucial diagnostic procedure for the early diagnosis of coronary artery disease, more accessible to patients (CAD).

Nuclear Medicine Application Insights

The nuclear medicine market segmentation is based on application includes diagnostic applications and therapeutic applications. The diagnostic applications segment is expected to dominate the market during the forecast period, 2022-2030. This is due to the increasing SPECT and PET applications and growing public awareness of healthcare, rising investment in the R&D of novel nuclear medicines for the treatment of cancer. For instance, in January 2022, ITM Isotope Technologies Munich SE initiated COMPOSE phase 3 trial of 177lu-edotreotide to evaluate the viability of the product for treating patients with neuroendocrine tumors.

Nuclear Medicine End User Insights

The nuclear medicine market data has been bifurcated into hospitals and diagnostic centers, research institutes, and others. The hospitals and diagnostic centers segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The growth rate is attributed to the increased procedural volume of nuclear imaging procedures and the enhanced efficiency of handling these delicate objects at hospitals and clinics. For instance, in April 2022, Health Minister Ma. Subramanian inaugurated the Department of Nuclear Medicine at PSG Hospitals in Coimbatore, which is equipped with state-of-the-art equipment for diagnosing cancer and other diseases. Hence, an increase in both the number of cancer incidences globally and oncology clinical trials and treatments is likely to be the key factor driving the growth of this segment in the market.

August 2021 Jubilant Radiopharma (India) and Navidea Biopharmaceuticals, Inc. (US) signed a agreement of understanding (MOU). The MOU outlines an Exclusive License and Distribution Agreement (“ELDA”) for Navidea’s diagnostic imaging agent Tilmanocept (technetium Tc 99m tilmanocept injection) in the US, Canada, Mexico, and Latin America.

Figure 2: NUCLEAR MEDICINE MARKET, BY END USER, 2021 & 2030 (USD BILLION)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

September 2023: As part of its ongoing efforts to increase the capacity of low- and middle-income nations to diagnose and treat cancer, the International Atomic Energy Agency (IAEA) inked two partnership agreements with GE HealthCare. To further help the IAEA's Rays of Hope program against a disease that kills millions of people every year, GE HealthCare has committed to give $50,000 in in-kind training and practical arrangements. GE HealthCare inked an agreement to continue providing in-kind support for clinical education in low-income nations. This pact is an expansion of a productive partnership that began in 2022. To further improve collaboration in the field of cancer management in low- and middle-income countries within the framework of Rays of Hope, Director General Grossi also inked a three-year practical arrangement with GE HealthCare.

Nuclear Medicine Regional Insights

By Region, the study segments the market into North America, Europe, Asia-Pacific, and the Rest of the World. The growth of the North America nuclear medicine market is attributed to the increased investment in R&D activities, the high volume of nuclear medicine procedures, and the strong healthcare infrastructure in the region. For instance, Eckert & Ziegler (Germany) announced in January 2021 their plans to build a cGMP facility in Boston, US, for the contract production of radiopharmaceuticals. The facility can assist in meeting the market's rising demand for radionuclides because it will be devoted to the manufacturing of late-investigational-stage and commercial-stage radioisotopes used in nuclear medicines. Besides this, the increasing prevalence of various cancers and chronic diseases is expected to fuel the growth of the market in North America during the forecast period.

Further, the major countries studied are the U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: NUCLEAR MEDICINE MARKET SHARE BY REGION 2021 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Nuclear Medicine Market is expected to account for the second-largest market share due to the adoption of advanced radiopharmaceuticals and recent product launches by the key players. Further, the Germany nuclear medicine market is expected to hold third place for the market share, and the UK nuclear medicine market is expected to fastest-growing market, and which is in the 4th place in the European region. Furthermore, France nuclear medicine market will hold the 5th place for the market share.

The Asia-Pacific nuclear medicine market is expected to grow at a steady pace from 2022 to 2030. This is due to the increased awareness about nuclear medicine therapies and rising investment in nuclear medicine space. Moreover, Japan nuclear medicine market is expected to hold the largest market share, and the China nuclear medicine market is expected fastest-growing market in the Asia-Pacific region.

For instance, India is rapidly expanding in terms of healthcare R&D, but Japan has a robust research infrastructure and is home to significant pharmaceutical corporations. China has a high incidence of and mortality from cancer. According to the most recent WHO report from 2018, China saw 4,285,033 new instances of cancer, spanning all ages and sexes, while 2,865,174 people died from the disease. Furthermore, the expansion of the radiopharmaceuticals market in China is further aided by government assistance making it to be the world leader in the market for nuclear medicine market.

The Rest of the World includes the Middle East, Africa, and Latin America, is expected to witness moderate growth due to increasing healthcare expenditures and rising awareness of efficient diagnostics and therapeutics for the management of critical care disorders.

Nuclear Medicine Key Market Players & Competitive Insights

The presence of major market players in the nuclear medicine market is characterized by the presence of many global, regional, and local vendors catering to the demand created by research scientists and pharmaceutical and biotechnology companies operating in the industry. The nuclear medicine market is char by fierce competition among its players. But other factors rather than competitive pricing or product differentiation are the cause of this rivalry. Additionally, significant companies in the pharmaceutical and biotechnology sectors are entering this market with their sizable cash reserves, further increasing competition.

One of the primary business strategies adopted by manufacturers in the Nuclear Medicine industry to benefit clients and expand the nuclear medicine market sector is to manufacture locally to reduce operating costs.

Bayer AG (Germany) specializes in the development, manufacturing, and distribution of products in various industries such as nutrition, health care, and high-tech materials. The company operates through several segments, including consumer health, pharmaceuticals, animal health, crop science, and Covestro. The pharmaceuticals segment is involved in the development, production, and marketing of prescription products for cardiology and women's health care; diagnostic imaging equipment and the necessary contrast agents; specialty therapeutics in the areas of oncology, hematology, and ophthalmology. The company operates through a network of subsidiaries in Europe, Asia-Pacific, Latin America, North America, Africa, and the Middle East. For instance, in January 2023, Bayer AG (Germany) acquired Blackford Analysis Ltd. (Scotland) bolstering the company’s position in digital medical imaging.

Also, GE Healthcare (US) is a provider of medical imaging, monitoring, biomanufacturing, and cell and gene therapy technologies. GE Healthcare enables precision health in diagnostics, therapeutics, and monitoring through intelligent devices, data analytics, applications, and services. The company provides healthcare technologies in medical imaging, digital solutions, patient monitoring, diagnostics, drug discovery, biopharmaceutical manufacturing technologies, and performance enhancement solutions. GE Healthcare operates as a part of the General Electric Company. The products of the company are sold worldwide primarily to hospitals, medical facilities, pharmaceutical, and biotechnology companies, and the life science research industry.

Key Companies in the Nuclear Medicine Market includes

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  Cardinal Health (US)


• GE Healthcare (US)


• Bayer AG (Germany)


• 
  Bracco Imaging (Italy)


• Medtronic Plc (Ireland)


• Lantheus Medical Imaging (US)


• Nordion, Inc. (Canada)


• Advanced Accelerators Applications (France)


• Mallinckrodt Pharmaceuticals (UK)


• Jubilant Lifesciences (India)

Nuclear Medicine Industry Developments

September 2021:September 2021, GE Healthcare (US) launched a novel scanner with a new automated workflow feature that offers an exceptional view of cardiac anatomy and pathology to help physicians to decide the right treatment for a patient.

August 2021:Cardinal Health (US) entered into a distribution agreement with IRE-ELiT S.A.,( Belgium) a company specializing in radiopharmaceutical production. They are expanding patient access to new radiopharmaceuticals for Positron Emission Tomography (PET) imaging as demand in the U.S. continues to grow.

March 2021:GE Healthcare (US) introduced StarGuide, a nuclear medicine system to improve patient outcomes in bone procedures, neurology, cardiology, oncology, and other medical specialties.

June 2021:Bayer AG (Germany) acquired Noria Therapeutics Inc. (US) and PSMA Therapeutics Inc. (US) Both companies are radiotherapy companies developing targeted therapeutic and imaging radiopharmaceuticals. The acquisition will broaden Bayer’s existing oncology portfolio of nuclear medicine.

July 2018:Lantheus Medical Imaging, Inc. (US) and GE Healthcare (US) announced the Phase III clinical trials for Flurpiridaz 18F to diagnose coronary artery disease (CAD).

Nuclear Medicine Market Segmentation

Nuclear Medicine Product Type Outlook

• Diagnostic Nuclear Medicine
  
  
  
  • SPECT Radiopharmaceuticals
    
    
    
    • Tc-99m
    
    
    • TI-201
    
    
    • Ga-67
    
    
    • I-123
    
    
    • Others
    
    
    
    
  
  
  • Pet Radiopharmaceuticals
    
    
    
    • F-18
    
    
    • Ru-82
    
    
    • Others
    
    
    
    
  
  
  
  


• Therapeutic Nuclear Medicine
  
  
  
  • Alpha Emitters
    
    
    
    •  Ra-223
    
    
    
    
  
  
  • Beta Emitters
    
    
    
    •  I-131
    
    
    •  Y-90
    
    
    • Sm-153
    
    
    • Lu-177
    
    
    • Re-186
    
    
    • Others
    
    
    
    
  
  
  
  


• 
  Brachytherapy Isoptopes
  
  
  
  • Ir-192
  
  
  • I-125
  
  
  • Pd-103
  
  
  • Cs-131
  
  
  • Others
  
  
  
  

Nuclear Medicine Application Outlook

• Diagnostic Applications
  
  
  
  • SPECT Applications
    
    
    
    • Cardiology
    
    
    • Neurology
    
    
    • Lymphoma
    
    
    • Thyroid
    
    
    • Others
    
    
    
    
  
  
  
  


• PECT Applications
  
  
  
  • Oncology
  
  
  • Cardiology
  
  
  • Neurology
  
  
  • Others
  
  
  
  


• Therapeutic Applications
  
  
  
  • Thyroid
  
  
  • Bone Metastasis
  
  
  • Endrocrine Tumors
  
  
  • Lymphoma
  
  
  • Others
  
  
  
  

Nuclear Medicine End User Outlook

• Hospitals And Diagnostic Centers


• Research Institutes


• Others

Nuclear Medicine Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America