Nuclear Medicine Market Key Takeaways
· North America dominated the market with a revenue share of 47.14 % in 2023 and is anticipated to grow at a significant rate over the forecast period.
· Asia Pacific region is expected to witness strong growth from 2024 to 2033.
· The diagnostic product segment held the highest market share of 73.0% in 2023
· The oncology segment accounted largest market share of around 41.65% in 2023.
· The cardiology segment is expected to witness high growth over the forecast period
· Based on end-use, hospitals segment dominated the nuclear medicine market in 2023.
· The hospitals’ segment is expected to grow at a CAGR of 13.8% during the forecast period.
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Market Overview and Industry Potential
Nuclear medicine represents a medical imaging specialty that offers critical contributions to identifying and managing clinical conditions involving cancerous growth, coronary issues, and neural system problems. Nuclear medicine develops patient care by showing physiological processes at the molecular level, which helps with early diagnosis and accurate treatment planning.
The market expansion in nuclear medicine was fueled by several driving factors, such as the rising instances of chronic diseases, cancer, and cardiovascular conditions, which require sophisticated diagnostic methods. Nuclear medicine has benefited from technological advancements in imaging tools and radiopharmaceuticals, which have increased the number of possible applications. Several other factors include the aging population, increasing healthcare budgets, and sustained molecular imaging research activities.
Major Trends in the Nuclear Medicine Market
· Advancements in Radiopharmaceuticals
The pharmaceutical industry remains highly focused on developing advanced radiopharmaceuticals, which is a main trend in the field of nuclear medicine. Diagnostic imaging and treatments receive specific improvements through these innovative developments. Medical professionals create radiopharmaceuticals that aim to target the disease precisely while reducing the negative impacts on patients.
· Growing Adoption of PET and SPECT Imaging
The increasing adoption of Positron Emission Tomography (PET) and Single Photon Emission Computed Tomography (SPECT) occurs in nuclear medicine because they deliver anatomical and functional imaging capabilities. The detection methods serve significant potential for tumor and cardiovascular and brain disease detection at the earliest stages, thus enabling better treatment approaches and patient monitoring systems.
· Personalized Medicine and Targeted Therapies
Medical establishments are adopting personalized care approaches because treatment plans identify each patient with individual characteristics for precise prescription design. The field of nuclear medicine implements this shift through innovative radiopharmaceutical developments, which lead clinical professionals to deliver better, more precise disease treatments.
Artificial Intelligence (AI) in Nuclear Medicine
Integrating AI is crucial for realizing precision medicine in nuclear medicine (NM) and molecular imaging. The widespread embrace of digital tools, especially artificial intelligence in radiopharmaceutical development, marks a growing trend in the global radiopharmaceutical sector. The global market has experienced considerable growth in artificial intelligence, which provides extensive problem-solving advantages for radiopharmaceutical innovation. AI is utilized in various capacities within NM and molecular imaging, including image planning, acquisition, processing, interpretation, diagnosis, prognosis, and predicting treatment response.
· According to BioMed Central Ltd data from January 2024, the integration of AI-driven image analysis with radiopharmaceuticals creates a new era marked by improved lesion detection, accurate disease staging, and early assessment of treatment efficacy.
Nuclear Medicine Market Report Scope
|
Report Attribute |
Details |
|
Market Size in 2024 |
USD 12.20 Billion |
|
Market Size by 2033 |
USD 32.40 Billion |
|
Growth Rate From 2024 to 2033 |
CAGR of 11.46% |
|
Base Year |
2023 |
|
Forecast Period |
2024 to 2033 |
|
Segments Covered |
Product, Application, End-use, Region |
|
Market Analysis (Terms Used) |
Value (US$ Million/Billion) or (Volume/Units) |
|
Report Coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
|
Key Companies Profiled |
Eckert & Ziegler; Mallinckrodt; GE Healthcare; Jubilant Life Sciences Ltd.; Nordion (Canada), Inc.; Bracco Imaging S.P.A.; IRE, the Australian Nuclear Science and Technology Organization; NTP Radioisotopes SOC Ltd.; Eczacıbaşı-Monrol; Lantheus Medical Imaging, Inc.; Cardinal Health |
Nuclear Medicine Market Segmentation:
By Product Insights
The diagnostic product segment held the highest market share of 73.0 % in 2023. The nuclear medicine center derives advantages from its extensive patient base, which enables advanced imaging capabilities through SPECT and PET systems. A World Nuclear Association analysis indicates that nuclear medicine serves 40 million people through annual treatments, with growing requirements for radioisotope distribution. The segment will grow significantly because of improvements in cancer patient imaging efficiency, new diagnostic tools, and rising worldwide procedures.
· In March 2023, the regulatory authority (Medicines and Healthcare Products Regulatory Agency) based in the United Kingdom approved piflufolastat (18F) (Pylclari under the sponsorship of Curium. Pylclari is specified as a diagnostic tool for individuals with suspected or known prostate cancer.
The therapeutic segment is expected to grow rapidly over the forecast period. Nuclear medicine therapeutic markets expand because cancer and cardiovascular disease rates rise and the creation of new radiopharmaceuticals. Therapeutic products are shown to be an effective combat tool for the treatment of numerous forms of cancers, such as prostate and neuroendocrine cancers. The segment exhibits robust growth potential because treatment-specific pharmaceuticals lead to superior treatment results. The segment's growth stems from the effective treatment and benefits of these options and increased market player focus on therapeutic radiopharmaceutical clinical trials.
· In June 2023, the pharmaceutical company Artbio introduced the cancer treatment α-particle-emitting isotope-212Pb to the market. The United States Food and Drug Administration has approved most radiopharmaceuticals as β-emitters. The co-founders of Artbio invented the U.S. FDA-approved α-emitter Xofigo (radium Ra 223 dichloride), which serves as the sole radiopharmaceutical α-emitter on the market.
By Application Insights
Based on application, global nuclear medicine is divided into oncology, thyroid, neurology, cardiology, lymphoma, bone metastasis, endocrine tumors, and other markets, wherein, the oncology segment accounted largest market share of around 41.65% in 2023. The oncology segment maintains a strong market position because companies utilize their products for therapeutic uses and diagnostic testing purposes. Medical imaging procedures used for cancer detection show the highest frequency of utilization on a global scale. The development of nuclear medicine therapies, specifically for oncological applications, will boost segmental growth in the coming years. Unhealthy diets and smokers’ habits with inactive lifestyles drive the increase in cancer patient numbers. The segment’s growth is likely to benefit from increasing investments in research and development of new nuclear medicines for cancer treatment.
· In March 2024, Ratio Therapeutics Inc. announced an agreement extension with PharmaLogic to create FAP-targeted radiopharmaceuticals that will treat cancer patients.
The cardiovascular diseases segment is expected to show the fastest growth during the forecast period. The nuclear medicine market expands because the prevalence of cardiovascular disease (CVD) increases, which acts as a main market driver. Nuclear medicine serves as an essential tool for CVD diagnosis and treatment while simultaneously performing scans for cancer diagnosis and treatment. The expanding need for cardiac imaging through nuclear diagnostics increases worldwide because of heart disease prevalence linked to aging society and lifestyle modifications. Medical nuclear technology used in cardiology will experience market expansion due to an increase in cardiovascular disease cases.
· In March 2023, the Medicines and Healthcare Products Regulatory Agency sanctioned the Rubidium (Rb82) Generator (RUBY-FILL) as a diagnostic instrument for coronary heart disease diagnosis or assessment.
End-User Insights
The hospitals and clinics segment held the largest share of the nuclear medicine market. Nuclear medicine is a specialized medical field that uses radioactive tracers to diagnose and treat illnesses. The widespread availability of SPECT/PET scanners in hospitals increases the number of nuclear medicine procedures performed, as there is a growing demand for diagnostic radiopharmaceuticals, primarily in these healthcare settings. This shift towards therapeutic nuclear medicine procedures, particularly in hospitals, underscores their vital role in advancing and broadening the applications of nuclear medicine for both diagnostic and therapeutic purposes.
· According to World Nuclear Association data, more than 10,000 hospitals worldwide used medical radioisotopes in April 2024. Technetium-99 (Tc-99m) medical procedures represent a major component of diagnostic procedures among the estimated 90% of total cases.
The hospitals’ segment is expected to grow at a CAGR of 13.8% during the forecast period. This market segment keeps its significant position due to the wide adoption of PET and SPECT imaging equipment by healthcare institutions. The expansion of segmental growth occurs through diagnostic centers that offer detection facilities for chronic diseases like cancer, Alzheimer’s disease, and cardiovascular illnesses. Diagnostic centers that perform large-scale procedures fuel the market growth because of expanding diagnostic facilities.
· In March 2023, Life Healthcare acquired TheraMed Nuclear's Gauteng-based non-clinical imaging facilities to strengthen its market position in South Africa.
By Regions Insights
North America dominated the market with a revenue share of 47.14 % in 2023. The market continues to expand because chronic disease rates, including cancer and cardiovascular conditions, have been rising while requiring sophisticated diagnostic and therapeutic methods. The market expansion depends crucially on technological improvements in imaging modalities and radiopharmaceutical production. The market expansion occurs because of enhanced research activities along with beneficial government programs backed by large financial contributions.
· In August 2024, the U.S. Food and Drug Administration (FDA) designated breakthrough therapy status (BTD) to Attralus Inc. for their PET radiotracer iodine-124 (I-124) evuzamitide (AT-01). This radiotracer is pivotal for imaging patients with suspected or confirmed cardiac amyloidosis.
Asia Pacific is expected to witness lucrative growth during the forecast period. The region witnesses steady growth in healthcare infrastructure development as patients become more aware of advanced diagnosis and treatment methods. The growing number of patients with critical illnesses like cancer require better therapeutic solutions to achieve better outcomes. The growing market activity of major industry participants has caused an increase in the availability of novel medical products in this region.
· In October 2023, Blue Earth Diagnostics Ltd agreed with Sinotau Pharmaceutical Group to distribute Flotufolastat (18F) injection as a prostate cancer PET diagnostic imaging agent in the Chinese market. This product introduced innovative prostate cancer treatment methods into China’s growing market that demands current diagnostic and therapeutic solutions.
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· U.S. Nuclear Medicine Market - https://www.novaoneadvisor.com/report/us-nuclear-medicine-market
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· Nuclear Power Market - https://www.precedenceresearch.com/nuclear-power-market
· Nuclear Waste Management Market - https://www.precedenceresearch.com/nuclear-waste-management-market
Nuclear Medicine Market Companies
· Bracco Imaging S.P.A
· NTP Radioisotopes SOC Ltd.
· The Australian Nuclear Science and Technology Organization
· The Institute for radioelements (IRE)
· Eckert and Ziegler
· Lantheus Medical Imaging, Inc.
· Mallinckrodt
What is Going Around the Globe?
· In October 2024, NorthStar Medical Radioisotopes officially revealed their new radiopharmaceutical Contract Development and Manufacturing (CDMO) facility at their Beloit, WI campus.
· In February 2024, Lantheus Holdings, Inc. formed a partnership with the National Institute on Aging-sponsored Consortium for Clarity in ADRD Research through Imaging (CLARiTI). Through this agreement, the consortium gains permission from Lantheus to conduct Alzheimer’s disease research using its clinical-stage F18-labelled PET imaging agent MK-6240.
· In January 2024, Lantheus Holdings, Inc. established important agreements with Perspective Therapeutics, Inc. Through these agreements, Lantheus receives exclusive licensing rights to Perspective’s clinical-stage Pb212-VMT-⍺-NET, which targets neuroendocrine tumors.
Nuclear Medicine Market Report Segmentation
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the Nuclear Medicine market.
By Product
· Diagnostic Products
o SPECT
§ TC-99m
§ TL-201
§ GA-67
§ I-123
§ Other SPECT Products
o PET
§ F-18
§ SR-82/RB-82
§ Other PET products
· Therapeutic Products
§ Alpha Emitters
§ RA-223
§ Others
o Beta Emitters
§ I-131
§ Y-90
§ SM-153
§ Re-186
§ Lu-117
§ Other Beta Emitters
o Brachytherapy
§ Cesium-131
§ Iodine-125
§ Palladium-103
§ Iridium-192
§ Other Brachytherapy Products
By Application
· Cardiology
· Neurology
· Oncology
· Thyroid
· Lymphoma
· Bone Metastasis
· Endocrine Tumor
· Others
By End-use
· Hospitals & Clinics
· Diagnostic Centers
· Others
By Region
· North America
· Europe
· Asia-Pacific
· Latin America
· Middle East & Africa (MEA)
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