Nuclear Medicine Market Size, Share & Trends Analysis Report By Product (Diagnostics (SPECT, PET)), Therapeutics (Alpha Emitters, Beta Emitters, Brachytherapy), By Application, By End-use )- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030

The global Nuclear Medicine market size was estimated at USD 9.50 billion in 2021 and is expected to surpass around USD 25.40 billion by 2030 and poised to grow at a compound annual growth rate (CAGR) of 11.9% during the forecast period 2022 to 2030.

Key Takeaways:

  • By Product, the U.S. Nuclear Medicine market was valued at USD 3.6 Billion in 2021 and expected to witness growth at a CAGR of 30.8% from 2022 to 2030.
  • 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
  • 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.

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

US$ 25.40 Billion by 2030

Growth Rate

CAGR of 11.9% 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-use and Region,

Companies Mentioned

 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

 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

  • 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
  • Application Type
    • Cardiology
    • Neurology
    • Oncology
    • Thyroid
    • Lymphoma
    • Bone Metastasis
    • Endocrine Tumor
    • Others
  • End-use
    • Hospitals & Clinics
    • Diagnostic Centers
    • Others

By Geography

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.