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

Nuclear Medicine Market size was valued at USD 8.1 billion in 2019 and is poised to grow from USD 8.9 billion in 2023 to USD 24.4 billion by 2031, growing at a CAGR of 13% in the forecast period (2024-2031).

Leading market players are opting for geographical expansion, strategic collaborations, and partnerships through mergers and acquisitions in emerging and economically favorable regions. For Instance, in June 2021, Curium announced the acquisition of Austrian-based pharmaceuticals company IASON intending to expand its footprint in Europe. The Rest of the World, which includes the Latin American and the Middle East and Africa regions, is expected to witness moderate growth due to increasing healthcare expenditures and rising awareness of efficient diagnostics and therapeutics for the management of critical care disorders. In June 2021, Bayer AG announced to acquire Noria Therapeutics Inc. and PSMA Therapeutics Inc. Both companies are a radiotherapy companies developing targeted therapeutic and imaging radiopharmaceuticals. The acquisition will broaden Bayer’s existing oncology portfolio of nuclear medicine. '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'

Rising incidence and prevalence of cancer and cardiovascular disease (CVD) is a major driver of market expansion. The majority of 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.

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, in October 2021, 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 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. T

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 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. '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'

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.

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.

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.