North American Nuclear Medicine/Radiopharmaceuticals Market Size Report, 2023-2032
The north american nuclear medicine/radiopharmaceuticals market size was exhibited at USD 3.24 billion in 2022 and is projected to hit around USD 4.88 billion by 2032, growing at a CAGR of 4.2% during the forecast period 2023 to 2032.
Key Takeaways:
Growth in the market can primarily be attributed to factors such as the increasing incidence and prevalence of cancer & cardiac ailments and initiatives to lessen the demand-supply gap of Mo-99. However, the short half-life of radiopharmaceuticals reduces their potential adoption, while hospital budget cuts and high equipment prices are expected to limit market growth to a certain extent.
North American Nuclear Medicine/Radiopharmaceuticals Market Report Scope
| Report Coverage | Details |
| Market Size in 2023 | USD 3.37 Billion |
| Market Size by 2032 | USD 4.88 Billion |
| Growth Rate From 2023 to 2032 | CAGR of 4.2% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Type, Application, Procedural Volume Assessment. Country |
| 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 | Cardinal Health (US), GE Healthcare (US), Lantheus Medical Imaging (US), Nordion (Canada), NorthStar Medical Radioisotopes (US), Jubilant DraxImage (Canada), PharmaLogic (US), Institute of Isotopes Co., Ltd. (Hungary), SHINE Medical Technologies (US), and Global Medical Solutions (US). |
The alpha emitters segment is expected to command the largest share of the therapeutic nuclear medicine market in 2022
Based on type, the market is categorized into diagnostic and therapeutic nuclear medicine. The therapeutic nuclear medicine segment is further segmented into alpha emitters, beta emitters, and brachytherapy isotopes. In 2013, the FDA approved the first and only product for alpha emitters in the market, launched by Bayer AG under the name Xofigo (a Ra-223 dichloride molecule). The North American market for Ra-223 is expected to command the largest share owing to its targeted properties over beta emitters and being the only alpha-emitter product available in the market.
Thyroid application segment is expected to register the highest growth during the forecast period
Based on application, the North American nuclear medicine market is segmented into SPECT, PET, and therapeutic applications. The SPECT applications segment is further segmented into cardiology, bone scans, thyroid applications, pulmonary scans, and other SPECT applications. The thyroid applications segment is projected to register the highest growth rate in the forecast period. The high growth of this segment can be attributed to the increasing incidence and prevalence of thyroid disorders.
Intravascular route of administration is expected to register the highest growth during the forecast period
Based on procedural volume assessment, the market is segmented into SPECT, PET, and therapeutic procedures. The PET procedural volume segment by type is further segmented into F-18, Ru-82, and other PET Isotopes. The F-18 segment is expected to account for the largest share of the PET procedural volume assessment in 2022. The large share of this segment can be attributed to the increasing use of F-18 in diagnostic PET applications.
The US accounted for the largest share of the nuclear medicine market in 2022
Geographically, the North American market comprises of US and Canada. In 2022, the US accounted for the largest share of the nuclear medicine market. The large share can be attributed to the development of novel technologies for radioisotope production, government funding, and company initiatives in the country.
Some of the prominent players in the North American Nuclear Medicine/Radiopharmaceuticals Market include:
Segments Covered in the Report
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the North American Nuclear Medicine/Radiopharmaceuticals market.
By Type
By Application
By Procedural Volume Assessment
By Country
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers