Global Nuclear Medicine Market

Nuclear Medicine Market Size, Share, Growth Analysis, By Procedural Volume Assessment (Diagnostic, Therapeutic), By Application (Oncology, Cardiology), By Procedural Volume Assessment (Diagnostic Procedures, Therapeutic Procedures), By Region - Industry Forecast 2024-2031


Report ID: SQMIG35I2285 | Region: Global | Published Date: August, 2024
Pages: 157 | Tables: 146 | Figures: 78

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 is a specialized area of radiology that uses very small amounts of radioactive materials, or radiopharmaceuticals, to examine organ function and structure. Nuclear medicine imaging is a combination of many different disciplines. These include chemistry, physics, mathematics, computer technology, and medicine. This branch of radiology is often used to help diagnose and treat abnormalities very early in the progression of a disease, such as thyroid cancer. As X-rays pass through soft tissue, such as intestines, muscles, and blood vessels, these tissues are difficult to visualize on a standard X-ray, unless a contrast agent is used. This allows the tissue to be seen more clearly. Nuclear imaging enables visualization of organ and tissue structure as well as function.   

The market is witnessing growth due to the presence of a robust product pipeline and favourable government initiatives to improve access to nuclear medicine. Currently, betalutin, omburtamab, yttrium-90 microspheres, PNT2003, 177Lu-PNT2002, are some of the products under clinical trials. The global nuclear medicine market has been moderately impacted due to SARS-CoV-2. The operation of reactors has been largely classified as an essential service, given its criticality. Therefore, nuclear reactors were not shut down during the SARS-CoV-2 lockdown. For instance, under Section 71 of the Labour Act 66 of 1995 in South Africa, its SAFARI-1 reactor remained operational during the lockdown enforced in the country post-March 2020. 

Based on our analysis, since its reactor provides critical medicines, it had maintained its operations during the COVID-19 crisis, with its staff returning to campus and following strict social distancing measures. According to the American Cancer Society, the estimated incidence of prostate cancer is 268,490, and around 34,500 deaths in 2022 in the U.S. In addition, around 6 out of 10 patients diagnosed are men aged 65 years and older, with a rare incidence in men under 40 years. Recently, in March 2022, the U.S. FDA approved Pluvicto (177Lu-PSMA-617) for the treatment of adults with metastatic prostate cancer.

US Nuclear Medicine Market is poised to grow at a sustainable CAGR for the next forecast year.

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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). 

The market is competitive with several market players adopting strategic collaborations in emerging economically favorable regions, contributing to the research and development. 'GE Healthcare (US) ', 'Siemens Healthineers (Germany) ', 'Philips Healthcare (Netherlands) ', 'Cardinal Health (US) ', 'Bracco Imaging (Italy) ', 'Eckert & Ziegler (Germany) ', 'Lantheus Medical Imaging (US) ', 'Jubilant Life Sciences (India) ', 'IBA Molecular (Belgium) ', 'Norgine B.V. (Netherlands) ', 'FUJIFILM Holdings Corporation (Japan) ', 'Bayer Healthcare (Germany) ', 'Theragnostics (UK) ', 'RadioMedix Inc. (US) ', 'Ion Beam Applications S.A. (IBA) (Belgium) ', 'Novartis AG (Switzerland) ', 'GLOBAL MEDICAL SOLUTIONS (US) ', 'ISOTOPE JSC (Russia) ', 'SHINE TECHNOLOGIES, LLC (US) ', 'ISOTOPIA MOLECULAR IMAGING LTD. (Israel) ', 'BWXT MEDICAL LTD. (Canada)'

Most cases are preventable through early detection and treatment; nuclear medicine plays an important role in these areas. Cancer was the leading cause of death in 2020, accounting for nearly 10 million deaths, according to the WHO. By 2025, 19.3 million new cancer cases per year are expected to be reported worldwide. According to the WHO, 17.9 million people died from CVD in 2019, accounting for 32% of all deaths worldwide. By 2030, this figure is expected to rise to 23.3 million. Because nuclear medicine is used to diagnose and treat diseases, the rising prevalence of these diseases is expected to drive growth. 

Advancements in the Nuclear Medicine Therapies: Companies in the market are constantly focusing on the development of nuclear medicine therapies. The clinical effects of this treatment option in comparison to other therapies are driving its global demand. Furthermore, factors such as the sophistication of therapeutic application outcomes in the treatment of cancer and other disorders are expected to drive demand for nuclear medicine therapies in countries with a high cancer burden. For example, the US FDA granted Curium a Study May Proceed letter to begin its Phase-III trial with its investigational product, lutetium Lu 177 PSMA I&T. It is a radiopharmaceutical that binds to the protein Prostate-Specific Membrane Antigen (PSMA). Similarly, many market participants are developing new therapeutic products to treat a variety of medical conditions, which is driving market growth.

North America is the largest region in the nuclear medicine market and has a share of about 45.1% and is anticipated to grow add a considerable rate during the forecasted period. Due to the increased investment in R&D activities, high volume of nuclear medicine procedures, and strong health infrastructure is contributing towards the high market share of this region. For instance, Eckert and Ziegler made a development plan for cGMP facility in U.S. for contract manufacturing of radiopharmaceuticals. It will help in the production of late investigational stage and commercial stage radioisotopes which are used in nuclear medicine and help in contributing to the increasing demand for radionuclides in the market. 

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Global Nuclear Medicine Market

Report ID: SQMIG35I2285

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