Nuclear Medicine Market (By Product: Diagnostic Products, Therapeutic Products; By Application: Cardiology, Neurology, Oncology, Thyroid, Lymphoma, Bone Metastasis, Endocrine Tumor, Others; By End-user: Hospitals and Clinics: Diagnostic Centers, Others)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030

According to Nova one advisor, the global Nuclear Medicine market size is expected to hit around USD 27.1 billion by 2030 from valued at USD 9.51 billion in 2021 and growing at a CAGR of 11.40% from 2022 to 2030.

The increasing prevalence of chronic diseases such as cancer & thyroid is anticipated to drive market growth. The impending approval of multiple radiopharmaceutical therapeutics during the forecast period will be a major driver for the market. For instance, in March 2022, Novartis AG received approval for Pluvicto (Lu 177) for the treatment of adult patients with prostate cancer.

According to the Pan American Health Organization (PAHO), in 2022, globally around 20 million new cases of cancer are estimated to be diagnosed, and around 10 million deaths occurred due to this disease. Factors like changing lifestyle, unhealthy diet, and less awareness about oral hygiene in low and middle-income countries is the most common cause of the prevalence of cancer.

Increasing adoption of nuclear medicine products in diagnosis and the approval of new generators to help increase the supply of radionuclides is expected to drive growth. For instance, in November 2021, EZAG received the Brazilian Health Authority Regulatory Agency’s (ANVISA) approval for GalliaPharm in Brazil. It is a gallium-68 generator used to extract the positron-emitting isotope of gallium from a source of decaying germanium-68 for making G68 dotatate injection. This is the first and only gallium generator approved for pharmaceutical use in Brazil. The approval of such products contributes to the market growth in developing markets.

In light of the COVID-19 pandemic, the market was moderately impacted. A survey was conducted for reactor-based medical isotopes by International Atomic Energy Agency (IAEA) during the second quarter of 2020 to assess the continuity of the supply chain during the COVID-19 crisis. It was revealed that major producers continued with production in line with IAEA safety standards, as their operations were categorized as essential by their respective governments.

Report Scope of the Nuclear Medicine Market

Report Coverage

Details

Market Size

USD 27.1 Billion by 2030

Growth Rate

CAGR of 11.40% from 2022 to 2030

Largest Market

North America

Fastest Growing Market

Asia Pacific

Base Year

2021

Forecast Period

2022 to 2030

Segments Covered

 Product, Application, End-User And Region

Companies Mentioned

 
GE Healthcare, Nordion (Canada), Inc., Bracco Imaging S.P.A, Jubilant Life Sciences Ltd, NTP Radioisotopes SOC Ltd., The Australian Nuclear Science and Technology Organization, The institute for radioelements (IRE), Eczacıbaşı-Monrol, Eckert & Ziegler, Lantheus Medical Imaging, Inc., Mallinckrodt

 

Nuclear Medicine Market Report Highlights

  • By product type, the SPECT segment held the largest share of the diagnostics market due to low cost, high accuracy, and wide usage in different applications
  • By product, the U.S. nuclear medicine market was accounted at USD 3.9 billion in 2021
  • The PET segment is expected to grow lucratively over the forecast period due to the approval & launch of new products such as PYLARIFY PET imaging agent for prostate cancer
  • By application, the oncology segment dominated the market in 2021 with a share of 42.06%
  • North America dominated the global market in 2021, owing to increased awareness about current treatment therapies, favorable reimbursement policies, and improved patient affordability.
  • The Asia Pacific region is expected to grow considerably in the future due to the rising prevalence of chronic diseases, rising geriatric population, and approval of new products during the forecast period.

Product Insights

The diagnostic product segment held the highest market share in 2021 owing to the presence of a large patient base and the availability of advanced technologies such as Single-Photon Emission Computed Tomography (SPECT) and Positron Emission Tomography (PET). According to the World Nuclear Association Analysis 2021, about 40 million nuclear medicine procedures are performed annually and the demand for radioisotopes increases by around 5% every year. The wide range of radiotracers that are currently employed in the diagnosis of tumors, coupled with technological advancements, are contributing to the growth of the nuclear medicines market.

The therapeutic segment is further divided into alpha emitters, beta emitters, and brachytherapy. The robust product pipeline coupled with the approval and commercialization of nuclear medicine therapeutics may fuel the segment growth. For instance, in October 2021, the U.S. FDA approved and granted breakthrough designation to diffusing alpha-emitters Radiation Therapy (DaRT) for the treatment of patients suffering from recurrent glioblastoma multiforme (GBM). It is a standalone therapy when other therapies have failed to work in patients with GBM. Currently, radium (Ra-223) is the most widely used alpha emitter in therapeutics. Development of potential radioisotopes, such as Terbium (Tb-149), Bismuth (Bi-212), and Actinium (Ac-225) is expected to augment market growth.

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 dominated the market in 2021. Cancer is one of the leading causes of death worldwide. Factors such as unhealthy diet, smoking habits, and lack of exercise contribute to rising prevalence. Furthermore, rising investment in the R&D of novel nuclear medicines for the treatment of cancer may contribute to segment growth. 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.

The cardiology segment is expected to witness high growth over the forecast period due to the increasing demand for the diagnosis of CVD. In March 2021, Bracco Diagnostics Inc. entered into a partnership with CardioNavix, LLC aimed at improving the patient reach of the novel cardiac PET imaging system. This new initiative provides patients easy access to hospitals, physicians, and diagnostic centers, for cardiac PET imaging. This program may reduce the upfront cost and risk of business loss by encouraging clinical practitioners to prescribe & avail of this important diagnostic test.

Regional Insights

North America dominated the market with a share of 45.2% in 2021 and is anticipated to grow at a significant rate over the forecast period. The high market share in the region can be attributed to the increased investment in R&D activities, high volume of nuclear medicine procedures, and strong healthcare infrastructure. For instance, in January 2021, Eckert & Ziegler announced the development plan of a cGMP facility for contract manufacturing of radiopharmaceuticals in Boston, U.S. The facility will be dedicated to the production of late-investigational-stage and commercial-stage radioisotopes used in nuclear medicines and can help address the increasing demand for radionuclides in the market.

Asia Pacific region is estimated to be the fastest-growing region owing to the increased awareness about nuclear medicine therapies and rising investment in nuclear medicine space. For instance, in March 2022, Penang Adventist Hospital (PAH) announced the launch of a private nuclear medicine center in the northern part of Malaysia. This launch is anticipated to have a positive impact on the regional market. However, the high cost associated with these therapies may restrain the market growth as the lower-income group of the population in developing countries may not afford such treatment. For instance, the cost of treatment with Yttrium-90, Lutetium-177, and Iodine-131 may account for approximately USD 23,850, USD 5,962, and USD 3,312 respectively in India.

Some of the prominent players in the Nuclear Medicine Market include:

  • GE Healthcare
  • Jubilant Life Sciences Ltd
  • Nordion (Canada), Inc.
  • Bracco Imaging S.P.A
  • The institute for radioelements (IRE)
  • NTP Radioisotopes SOC Ltd.
  • The Australian Nuclear Science and Technology Organization
  • Eczacıbaşı-Monrol
  • Lantheus Medical Imaging, Inc.
  • Eckert & Ziegler
  • Mallinckrodt
  • Cardinal Health

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Nuclear Medicine market

By Product

  • Diagnostic Products
      • SPECT
      • TC-99m
      • TL-201
      • GA-67
      • I-123
      • Other SPECT products
    • PET
      • F-18
      • SR-82/RB-82
      • Other PET products
  • Therapeutic Products
    • Alpha Emitters
      • RA-223
    • Beta Emitters
      • I-131
      • Y-90
      • SM-153
      • Re-186
      • Lu-117
      • Other beta emitters
    • 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-user

  • Hospitals and Clinics
  • Diagnostic Centers
  • Others

By Regional Outlook

North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • United Kingdom
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia
  • Rest of Asia Pacific

Latin America

  • Brazil
  • Rest of Latin America

Middle East & Africa (MEA)

  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa

Key Benefits for Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Nuclear Medicine industry analysis from 2022 to 2030 to identify the prevailing Nuclear Medicine industry opportunity.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the global Nuclear Medicine industry segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global Nuclear Medicine industry trends, key players, market segments, application areas, and market growth strategies.

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis 

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Nuclear Medicine Market 

5.1. COVID-19 Landscape: Nuclear Medicine Industry Impact

5.2. COVID 19 - Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Nuclear Medicine Market, By Product

8.1. Nuclear Medicine Market, by Product, 2022-2030

8.1.1 Diagnostic Products

8.1.1.1. Market Revenue and Forecast (2017-2030)

8.1.2. Therapeutic Products

8.1.2.1. Market Revenue and Forecast (2017-2030)

Chapter 9. Global Nuclear Medicine Market, By Application

9.1. Nuclear Medicine Market, by Application, 2022-2030

9.1.1. Cardiology

9.1.1.1. Market Revenue and Forecast (2017-2030)

9.1.2. Neurology

9.1.2.1. Market Revenue and Forecast (2017-2030)

9.1.3. Oncology

9.1.3.1. Market Revenue and Forecast (2017-2030)

9.1.4. Thyroid

9.1.4.1. Market Revenue and Forecast (2017-2030)

9.1.5. Lymphoma

9.1.5.1. Market Revenue and Forecast (2017-2030)

9.1.6. Bone Metastasis

9.1.6.1. Market Revenue and Forecast (2017-2030)

9.1.7. Endocrine Tumor

9.1.7.1. Market Revenue and Forecast (2017-2030)

9.1.8. Others

9.1.8.1. Market Revenue and Forecast (2017-2030)

Chapter 10. Global Nuclear Medicine Market, By End-user 

10.1. Nuclear Medicine Market, by End-user, 2022-2030

10.1.1. Endocrine Tumor

10.1.1.1. Market Revenue and Forecast (2017-2030)

10.1.2. Endocrine Tumor

10.1.2.1. Market Revenue and Forecast (2017-2030)

10.1.3. Others

10.1.3.1. Market Revenue and Forecast (2017-2030)

Chapter 11. Global Nuclear Medicine Market, Regional Estimates and Trend Forecast

11.1. North America

11.1.1. Market Revenue and Forecast, by Product (2017-2030)

11.1.2. Market Revenue and Forecast, by Application (2017-2030)

11.1.3. Market Revenue and Forecast, by End-user (2017-2030)

11.1.4. U.S.

11.1.4.1. Market Revenue and Forecast, by Product (2017-2030)

11.1.4.2. Market Revenue and Forecast, by Application (2017-2030)

11.1.4.3. Market Revenue and Forecast, by End-user (2017-2030)

11.1.5. Rest of North America

11.1.5.1. Market Revenue and Forecast, by Product (2017-2030)

11.1.5.2. Market Revenue and Forecast, by Application (2017-2030)

11.1.5.3. Market Revenue and Forecast, by End-user (2017-2030)

11.2. Europe

11.2.1. Market Revenue and Forecast, by Product (2017-2030)

11.2.2. Market Revenue and Forecast, by Application (2017-2030)

11.2.3. Market Revenue and Forecast, by End-user (2017-2030)

11.2.4. UK

11.2.4.1. Market Revenue and Forecast, by Product (2017-2030)

11.2.4.2. Market Revenue and Forecast, by Application (2017-2030)

11.2.4.3. Market Revenue and Forecast, by End-user (2017-2030)

11.2.5. Germany

11.2.5.1. Market Revenue and Forecast, by Product (2017-2030)

11.2.5.2. Market Revenue and Forecast, by Application (2017-2030)

11.2.5.3. Market Revenue and Forecast, by End-user (2017-2030)

11.2.6. France

11.2.6.1. Market Revenue and Forecast, by Product (2017-2030)

11.2.6.2. Market Revenue and Forecast, by Application (2017-2030)

11.2.6.3. Market Revenue and Forecast, by End-user (2017-2030)

11.2.7. Rest of Europe

11.2.7.1. Market Revenue and Forecast, by Product (2017-2030)

11.2.7.2. Market Revenue and Forecast, by Application (2017-2030)

11.2.7.3. Market Revenue and Forecast, by End-user (2017-2030)

11.3. APAC

11.3.1. Market Revenue and Forecast, by Product (2017-2030)

11.3.2. Market Revenue and Forecast, by Application (2017-2030)

11.3.3. Market Revenue and Forecast, by End-user (2017-2030)

11.3.4. India

11.3.4.1. Market Revenue and Forecast, by Product (2017-2030)

11.3.4.2. Market Revenue and Forecast, by Application (2017-2030)

11.3.4.3. Market Revenue and Forecast, by End-user (2017-2030)

11.3.5. China

11.3.5.1. Market Revenue and Forecast, by Product (2017-2030)

11.3.5.2. Market Revenue and Forecast, by Application (2017-2030)

11.3.5.3. Market Revenue and Forecast, by End-user (2017-2030)

11.3.6. Japan

11.3.6.1. Market Revenue and Forecast, by Product (2017-2030)

11.3.6.2. Market Revenue and Forecast, by Application (2017-2030)

11.3.6.3. Market Revenue and Forecast, by End-user (2017-2030)

11.3.7. Rest of APAC

11.3.7.1. Market Revenue and Forecast, by Product (2017-2030)

11.3.7.2. Market Revenue and Forecast, by Application (2017-2030)

11.3.7.3. Market Revenue and Forecast, by End-user (2017-2030)

11.4. MEA

11.4.1. Market Revenue and Forecast, by Product (2017-2030)

11.4.2. Market Revenue and Forecast, by Application (2017-2030)

11.4.3. Market Revenue and Forecast, by End-user (2017-2030)

11.4.4. GCC

11.4.4.1. Market Revenue and Forecast, by Product (2017-2030)

11.4.4.2. Market Revenue and Forecast, by Application (2017-2030)

11.4.4.3. Market Revenue and Forecast, by End-user (2017-2030)

11.4.5. North Africa

11.4.5.1. Market Revenue and Forecast, by Product (2017-2030)

11.4.5.2. Market Revenue and Forecast, by Application (2017-2030)

11.4.5.3. Market Revenue and Forecast, by End-user (2017-2030)

11.4.6. South Africa

11.4.6.1. Market Revenue and Forecast, by Product (2017-2030)

11.4.6.2. Market Revenue and Forecast, by Application (2017-2030)

11.4.6.3. Market Revenue and Forecast, by End-user (2017-2030)

11.4.7. Rest of MEA

11.4.7.1. Market Revenue and Forecast, by Product (2017-2030)

11.4.7.2. Market Revenue and Forecast, by Application (2017-2030)

11.4.7.3. Market Revenue and Forecast, by End-user (2017-2030)

11.5. Latin America

11.5.1. Market Revenue and Forecast, by Product (2017-2030)

11.5.2. Market Revenue and Forecast, by Application (2017-2030)

11.5.3. Market Revenue and Forecast, by End-user (2017-2030)

11.5.4. Brazil

11.5.4.1. Market Revenue and Forecast, by Product (2017-2030)

11.5.4.2. Market Revenue and Forecast, by Application (2017-2030)

11.5.4.3. Market Revenue and Forecast, by End-user (2017-2030)

11.5.5. Rest of LATAM

11.5.5.1. Market Revenue and Forecast, by Product (2017-2030)

11.5.5.2. Market Revenue and Forecast, by Application (2017-2030)

11.5.5.3. Market Revenue and Forecast, by End-user (2017-2030)

Chapter 12. Company Profiles

12.1. GE Healthcare

12.1.1. Company Overview

12.1.2. Product Offerings

12.1.3. Financial Performance

12.1.4. Recent Initiatives

12.2. Nordion (Canada), Inc.

12.2.1. Company Overview

12.2.2. Product Offerings

12.2.3. Financial Performance

12.2.4. Recent Initiatives

12.3. Bracco Imaging S.P.A

12.3.1. Company Overview

12.3.2. Product Offerings

12.3.3. Financial Performance

12.3.4. Recent Initiatives

12.4. Jubilant Life Sciences Ltd

12.4.1. Company Overview

12.4.2. Product Offerings

12.4.3. Financial Performance

12.4.4. Recent Initiatives

12.5. NTP Radioisotopes SOC Ltd.

12.5.1. Company Overview

12.5.2. Product Offerings

12.5.3. Financial Performance

12.5.4. Recent Initiatives

12.6. The Australian Nuclear Science and Technology Organization

12.6.1. Company Overview

12.6.2. Product Offerings

12.6.3. Financial Performance

12.6.4. Recent Initiatives

12.7. The institute for radioelements (IRE)

12.7.1. Company Overview

12.7.2. Product Offerings

12.7.3. Financial Performance

12.7.4. Recent Initiatives

12.8. Eczacıbaşı-Monrol

12.8.1. Company Overview

12.8.2. Product Offerings

12.8.3. Financial Performance

12.8.4. Recent Initiatives

12.9. Eckert & Ziegler

12.9.1. Company Overview

12.9.2. Product Offerings

12.9.3. Financial Performance

12.9.4. Recent Initiatives

12.10. Lantheus Medical Imaging, Inc.

12.10.1. Company Overview

12.10.2. Product Offerings

12.10.3. Financial Performance

12.10.4. Recent Initiatives

Chapter 13. Research Methodology

13.1. Primary Research

13.2. Secondary Research

13.3. Assumptions

Chapter 14. Appendix

14.1. About Us

14.2. Glossary of Terms

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