USD 8.4 Billion
Global Nuclear Medicine Market Size, Share, Growth Analysis, By Type(Diagnostic, Therapeutic), By Application(Oncology, Cardiology), By Modality(SPECT (Single-Photon Emission Computed Tomography), PET (Positron Emission Tomography)), By End User(Hospitals & Clinics, Diagnostic Centres), By Application() - Industry Forecast 2024-2031
Report ID:
SQMIG35I2285 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
146 |
Figures:
78
Global Nuclear Medicine Market Insights
Global Nuclear Medicine Market size was valued at USD 8.4 Billion in 2022 and is poised to grow from USD 10.2 Billion in 2023 to USD 22.23 Billion by 2031, at a CAGR of 13.00% during the forecast period (2024-2031).
Nuclear medicine stands as a specialized domain within radiology, leveraging minute doses of radioactive materials, termed radiopharmaceuticals, to scrutinize organ function and structure. It represents a fusion of various disciplines, utilizing radiation to furnish insights into the operational dynamics of specific organs or to combat diseases. Often, these insights facilitate swift diagnoses, enabling physicians to swiftly discern the nature of a patient's ailment. A gamut of organs such as the thyroid, bones, heart, and liver, among others, can be readily visualized, with anomalies in their functionality discernible. In certain instances, radiation emerges as a therapeutic tool, deployed to address maladies afflicting organs or tumors.
The global nuclear medicine market experienced moderate effects as a result of the SARS-CoV-2 pandemic. Reactor operations were predominantly deemed essential due to their critical nature, leading to the uninterrupted functioning of nuclear reactors during the lockdown imposed due to SARS-CoV-2.
Notably, the involvement of five Nobel Laureates underscores the pivotal role of radioactive tracers in medical applications. The market for nuclear medicine is driven by several key trends, notably the escalating prevalence of cancer and other chronic diseases. Additionally, advancements in disease diagnosis and treatment methodologies, coupled with the regulatory approval of novel nuclear-medicine-based devices, collectively contribute to meeting patients' treatment requirements.
US Nuclear Medicine Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Diagnostic products
Fastest Growth
Therapeutic products
Growth Rate
13.00% CAGR
Global Nuclear Medicine Market ($ Bn)
Country Share for North America Region (%)
Global Nuclear Medicine Market Size By Type ($ Bn)
Global Nuclear Medicine Market Size By Type (%)
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Global Nuclear Medicine Market Segmental Analysis
Global nuclear medicine market has been segmented based on type, modality, application, end-use, and region. Based on type, the global nuclear medicine market is further sub-segmented into diagnostic and therapeutic. Based on modality, sub-segmented into SPECT (Single-Photon Emission Computed Tomography), PET (Positron Emission Tomography), Beta-emitters, Alpha-emitters, Brachytherapy, and others. Based on application, Oncology, Cardiology, Thyroid, Neurology, and others. According to end use, the global nuclear medicine market is segmented into Hospitals & Clinics, Diagnostic Centres, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA.
Analysis By Type
The diagnostic segment emerges as the dominant force within the nuclear medicine market, boasting the largest share. This commanding position is chiefly attributed to the advancements in imaging techniques, particularly in the realm of cancer diagnostics, which have revolutionized patient care. Moreover, the continual introduction of innovative products designed to diagnose a spectrum of disorders further bolsters the segment's prominence. A notable contributing factor to its growth is the escalating procedural volumes witnessed globally, indicative of the increasing reliance on nuclear medicine for precise diagnoses.
Conversely, the therapeutics segment exhibits the fastest expansion in the nuclear medicine market. This notable growth trajectory is fueled by several factors, foremost among them being the comparative effectiveness of nuclear medicine therapies in treating various conditions. Additionally, the inherent benefits associated with these treatment modalities, such as targeted delivery and minimal side effects, contribute to their growing popularity. Market players are increasingly drawn to therapeutic products, driven by a heightened focus on clinical trials and the demonstrable efficacy of nuclear medicine interventions. This fervent interest underscores the pivotal role that therapeutics play in addressing unmet medical needs and driving innovation within the nuclear medicine landscape.
Analysis By Application
In 2023, the oncology segment emerged as the largest force in the global nuclear medicine market based on its application. Nuclear medicine plays a crucial role in diagnosing and treating various cancers, such as breast cancer, lung cancer, prostate cancer, and lymphoma. Its primary applications in cancer include diagnosis, staging, and treatment. The oncology segment is being propelled by the increasing prevalence of cancer worldwide and the growing demand for effective cancer therapies. PET-CT and SPECT imaging technologies are witnessing rising utilization in cancer diagnosis and treatment, aiding in the localization of cancerous cells and monitoring treatment efficacy.
On the other hand, the cardiology segment is also anticipated to record fastest growth. This expansion is attributed to the increasing adoption of nuclear medicines for diagnosing and treating cardiovascular diseases. By using small amounts of radioactive tracers, these techniques provide valuable insights into heart function, blood flow, and damage. This allows doctors to detect coronary artery disease, assess heart muscle strength, and pinpoint the location and severity of heart attacks.
Global Nuclear Medicine Market By Type (%), 2022 (%)
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Global Nuclear Medicine Market Regional Insights
In 2023, North America held the largest market share of the global nuclear medicine market and is poised to maintain its leadership in the nuclear medicine market throughout the forecast period. The region's continued dominance is fueled by the swift uptake of sophisticated nuclear imaging technologies, alongside the growing utilization of technologically advanced therapeutic radiopharmaceuticals. Additionally, the rising incidence of diverse cancers and chronic conditions is projected to further propel market expansion in North America in the forecast period.
The Asia Pacific region is projected to experience the fastest growth, attributed to heightened awareness of nuclear medicine therapies and increased investment in the nuclear medicine sector. For instance, in March 2022 announcement by Penang Adventist Hospital (PAH) regarding the establishment of a private nuclear medicine center in the northern region of Thailand. This initiative is poised to positively influence the Asian market. Nonetheless, the considerable expense associated with these therapies could impede market expansion, particularly as the lower-income demographic in developing nations may find such treatments unaffordable.
Global Nuclear Medicine Market By Geography, 2024-2031
- Largest
- Fastest
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Global Nuclear Medicine Market Dynamics
Nuclear Medicine Market Drivers
Increase in Role of Addressing Rising Cancer and Cardiovascular Disease Prevalence
- The escalating incidence and prevalence of cancer and cardiovascular disease (CVD) stand as primary catalysts propelling market expansion. A significant portion of these cases can be averted through early detection and intervention, wherein nuclear medicine emerges as a crucial player. Notably, the World Health Organization (WHO) estimates that in 2022, there were approximately 20 million cancer cases and 9.7 million deaths worldwide. Similarly, CVDs have been the leading cause of death globally. In 2021, 20.5 million people died from a cardiovascular condition nuclear medicine's pivotal role in both diagnosing and treating these ailments, the burgeoning prevalence of such diseases is poised to drive market growth.
Advancements in Nuclear Imaging Technology Fueling Market Growth
- Technological progressions in nuclear imaging modalities stand as a pivotal catalyst for the expansion of the nuclear medicine imaging market. Growing awareness regarding the potential ramifications of early and precise diagnoses, and their subsequent positive effects on the management and treatment of chronic ailments, propels market advancement. Notably, advancements in nuclear imaging technology, particularly in PET/PET-CT, have broadened the scope of applications beyond oncology to encompass cardiology, neurology, and the detection of infections. This expansion in application domains has led to a significant surge in the volume of PET and SPECT procedures, primarily attributable to these technological innovations.
Restraints
Challenges in the Growing Adoption of Alternative Diagnostic Techniques
- The rise in MRI and CT scan adoption, especially in developing nations, poses a challenge to nuclear medicine's growth. These alternatives are cost-effective and benefit from various reimbursement policies, hindering nuclear medicine's market prospects.
Radiopharmaceutical Short Shelf Life
- The short shelf life of radiopharmaceuticals poses a significant constraint in the nuclear medicine market. These compounds decay rapidly, limiting their usability window and requiring meticulous logistical planning for timely administration. Moreover, the stringent regulatory requirements for handling and disposal further complicate their management. This short lifespan not only increases operational costs but also heightens the risk of wastage, impacting efficiency and profitability. Consequently, innovative strategies for prolonging radiopharmaceutical stability and streamlining logistics are imperative to mitigate this challenge and unlock the full potential of nuclear medicine technologies.
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Global Nuclear Medicine Market Competitive Landscape
The nuclear medicine market is experiencing a dynamic shift driven by the strategic maneuvers of leading players. Companies are actively pursuing geographical expansion to tap into emerging markets. Mergers and acquisitions are a key strategy, as exemplified by Curium's acquisition of IASON in June 2021, solidifying their European presence. This trend extends beyond established regions. The region like Latin America, the Middle East, and Africa, is anticipated to see moderate growth. This is fueled by rising healthcare expenditure and growing awareness of advanced diagnostic and therapeutic tools for critical care. For instance, Acquisitions like Bayer AG's purchase of Noria Therapeutics and PSMA Therapeutics in June 2021 highlight this trend. These radiotherapy companies bolster Bayer's nuclear medicine offerings in oncology, demonstrating the continued importance of targeted therapies within the market.
Top Players in the Global Nuclear Medicine Market
- GE Healthcare
- Siemens Healthineers
- Philips Healthcare
- Curium Pharma
- Cardinal Health
- Bracco Imaging
- Eckert & Ziegler
- Lantheus Medical Imaging
- Jubilant Life Sciences
- Nordion Inc.
- IBA Molecular
- Advanced Accelerator Applications (AAA)
- Progenics Pharmaceuticals
- Norgine B.V.
- FUJIFILM Holdings Corporation
- Bayer Healthcare
- Theragnostics
- RadioMedix Inc.
- Ion Beam Applications S.A. (IBA)
- Novartis AG
Nuclear Medicine Market Recent Developments
- In April 2024, the High Flux Reactor (HFR) in the Netherlands, a key producer of the radioisotope Molybdenum-99 (Mo-99) used in many nuclear medicine procedures, experienced a restart delay. Nuclear Medicine Europe (NMEU) anticipates some disruptions to Mo-99 supply this week, but I-131 supplies are expected to be stable.
- In January 2024, the University of Texas MD Anderson Cancer Center has partnered with the International Atomic Energy Agency (IAEA) to become an IAEA Collaborating Centre. Their collaboration aims to improve global radiation oncology, physics, radiology, nuclear medicine, and nutrition. MD Anderson, renowned for its comprehensive radiation oncology facility, will be the first US-based IAEA Collaborating Centre in healthcare.
- In December 2023, a PET imaging tracer effectively identifies a common cancer gene mutation, aiding targeted tumor therapy. Early detection enables tailored treatment, enhancing patient outcomes. Published in The Journal of Nuclear Medicine's December edition, this breakthrough enhances cancer care.
Global Nuclear Medicine Key Market Trends
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Rising Demand for Nuclear Medicine Therapies: The global nuclear medicine market witnesses a surge in demand fueled by companies' unwavering focus on advancing therapeutic options. Notably, the clinical efficacy of nuclear medicine therapies, when compared to conventional treatments, drives this heightened interest worldwide. The sophistication of therapeutic applications, particularly in cancer treatment and other disorders, emerges as a key factor propelling the market forward. Countries burdened with high incidences of cancer are particularly receptive to the promising outcomes offered by nuclear medicine therapies. For instance, the US FDA's approval of Curium's Phase-III trial for lutetium Lu 177 PSMA I&T underscores the growing momentum in this sector.
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Nuclear Medicine Therapies Gain Traction Amidst Regulatory Support and Technological Innovation: Nuclear medicine therapies are experiencing a surge in popularity, buoyed by regulatory backing and technological advancements. With increasing recognition of their efficacy, these treatments are gaining momentum in the medical landscape. Regulatory support ensures adherence to safety protocols and quality standards, instilling confidence among practitioners and patients alike. Technological innovations enhance precision and efficiency, bolstering the effectiveness of nuclear medicine interventions.
Global Nuclear Medicine Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
Our latest analysis of the global nuclear medicine market reveals a trajectory of expansion, fueled by several key drivers. Foremost among these are the presence of a robust product pipeline and supportive governmental initiatives aimed at enhancing access to nuclear medicine. These initiatives play a pivotal role in fostering market growth by facilitating the adoption of advanced diagnostic and therapeutic solutions. Additionally, the continuous evolution of disease diagnosis and treatment methodologies, coupled with the regulatory approval of innovative nuclear-medicine-based devices, significantly contributes to addressing patients' treatment needs. These advancements not only enhance the efficacy of medical interventions but also serve to broaden the market's scope and reach. As a result, the nuclear medicine market is positioned for sustained growth, with promising prospects for further innovation and expansion in the foreseeable future.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 8.4 Billion |
| Market size value in 2031 | USD 22.23 Billion |
| Growth Rate | 13.00% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Nuclear Medicine Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Nuclear Medicine Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Nuclear Medicine Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Nuclear Medicine Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Nuclear Medicine Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Nuclear Medicine Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Nuclear Medicine Market Report Snapshots
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