Global Nuclear Medicine
Market Report
2024
The global nuclear medicine market size was estimated at USD 5 billion in 2022 and is expected to expand to USD 11.52 billion at a CAGR of 11 % from 2023 to 2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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The global nuclear medicine market size was estimated at USD 5 billion in 2022 and is expected to expand to USD 11.52 billion at a CAGR of 11 % from 2023 to 2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Nuclear Medicine Market Sales Revenue 2022 | $ 5 Billion |
Global Nuclear Medicine Market Sales Revenue 2030 | $ 11.52 Billion |
Global Nuclear Medicine Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 11% |
Market Split by Type |
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Market Split by Application |
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Market Split by End-use |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Nuclear Medicine Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
What is nuclear medicine?
Nuclear medicine is a medical specialty that uses radioactive tracers to assess bodily functions and to diagnose and treat diseases. Specially designed cameras allow doctors to track the path of radioactive tracers. Single Photon Emission Computed Tomography (SPECT) and Positron Emission Tomography (PET) are the two most common imaging modalities in nuclear medicine. SPECT scans are majorly used to diagnose and track the development of heart disease, such as blocked coronary arteries. They recently become available for diagnosis of Parkinson’s disease, and distinguishing this from anatomically-related movement disorders and dementias. PET scans are primarily used for the detection of cancer and monitoring its progression, response, and treatment of cancer also metastases. PET & CT scan combination of these two instruments become the primary imaging tool for the staging of most cancers across the globe. Technological advancement in radiopharmaceuticals to diagnose and treat cancerous tumors is the primary factor in fuelling the growth of the nuclear medicine market.
Radiopharmaceuticals are pharmaceutical preparations that include radioactive isotopes and are used for medicinal and diagnostic purposes. They are simple & small compounds That include a radioactive material used to treat cancer, heart, and neurological diseases. For cancer treatment, traditional chemotherapy techniques are replaced by more practical therapeutic radiopharmaceuticals, creating new opportunities in the radiopharmaceutical market. Additionally, compared to X-Rays and other external radiation imaging systems, it serves as a practical and safe option for patients as well as aiding doctors during diagnosis. Applications for radiopharmaceuticals, commonly referred to as nuclear medications, include lymphoma and bone metastases. 1-131, Ir-192, Y-90, 1-125, Lu-177, and Ra- 223 are employed in therapeutic operations, they are also used in diagnostic techniques. The increasing popularity of minimally invasive surgery compared to chemotherapy, the rise in cardiac patients, and the adoption of clear imaging techniques with the aid of diagnostic tools like PET & SPECT are major factors that propel the nuclear medicine market.
The increasing incidence of chronic diseases such as cancer, respiratory disorders, neurological disorders, cardiovascular diseases, and metabolic disorders across the globe. According to Lymphoma Research Foundation over 1,00,000 people are diagnosed with lymphoma every year in the U.S. According to WHO cardiovascular diseases (CVDs) are the leading cause of death across the globe, taking an estimated 17.9 million lives each year. This leads to boosting nuclear medicines for both therapeutics and diagnostic purposes. The growing prevalence of these diseases is projected to drive the growth of the market during the forecast period.
Restraining Factor:
The radionuclides that are used in nuclear medicine procedures have short half-lives. For example, technetium-99m, one of the most commonly used medical isotopes for imaging studies has a half-life of 6 hours. Radiation and chemical degradation reduces radiochemical purity to an undesirable level, which can be fatal during diagnosis and treatment. Additionally, because radiopharmaceuticals have a shorter half-life, hospitals must produce their own radiopharmaceuticals on-site in cyclotrons or generators, which drives up the cost of capital for hospitals.
Impact of the COVID-19 Pandemic on the Nuclear Medicine Market:
COVID-19 coronavirus disease affected billions of people across the globe and severely disrupted life, leaving long-lasting social and economic despair, increasing strain on healthcare systems, shortage of medications, and radiotracers. This led to social distancing across the country, sanitization, and the use of personal protective equipment (PPE). At the beginning of April 2020, the healthcare system started to face the issues. In countries like the United States increase in death caused by ischemic heart disease and hypertensive heart disease. This may have been a consequence of additional stress from the pandemic and, marked disruption in cardiovascular diagnostic services including myocardial perfusion imaging. The usual clinical practice of nuclear medicine departments underwent a significant transformation despite the fact that they were not acknowledged as the front line of the pandemic response. Due to the mandated border lockdowns and consequent grounding of non-essential cargo aircraft, the pandemic reduced supply chains and interrupted distribution networks. The supply of essential tracers like 99mTc/99Mo and 131I, which are required radiopharmaceuticals for the bulk of conventional nuclear medicine research, was disrupted for nuclear medicine specifically as a result of these limitations and lockdowns. In fact, fewer radiotracers like molybdenum-99 were sent from Europe to the United States.
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In January 2023
Northstar Medical Radioisotopes announced that it has successfully produced molybdenum-99. it is a major achievement in advancing the company’s proprietary electron accelerator technology for the non-uranium-based production of critical medical isotopes.
In April 2022
loflupane | 123 Injection is an important tool used for Parkinsonian syndrome. It is a radiopharmaceutical indicated for striatal dopamine transporter visualization using SPECT brain imaging to assist in the evaluation of adult patients with Parkinsonian syndrome.
Top Companies Market Share in Nuclear Medicine Industry: (In no particular order of Rank)
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The North American region dominated the nuclear medicine market in 2022. The major factor fuelling the growth of the nuclear medicine market in this region is the rising popularity of efficient nuclear imaging technologies and effective medicinal radiopharmaceuticals. In addition, the prevalence of different cancers and other chronic conditions would contribute to the market's rise in North America.
The Asia Pacific, on the other hand, is anticipated to grow at a significant CAGR throughout the projection period. Greater knowledge of imaging diagnostics and their application in the accurate diagnosis and management of various diseases is due in part to the rising disposable incomes in the region. increasing nuclear procedural volumes of nuclear imaging is boosting the market growth in the Asia Pacific area as a result of the rising incidence of chronic diseases in developed nations like India, China, and Japan.
The current report Scope analyzes Nuclear Medicine Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
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Global Nuclear Medicine Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Nuclear Medicine Industry growth. Nuclear Medicine market has been segmented with the help of its Type, Application End-use, and others. Nuclear Medicine market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
On the basis of type, the Nuclear Medicine market is segmented into diagnostic and therapeutic. In 2022, the diagnostic segment dominated the market with the largest revenue share. The presence of a large patient base and the availability of technological advancements such as Position Emission Tomography (PET) and Single-Photon Emission Computed Tomography (SPECT) is driving segmental growth. A wide range of radiotracers are used in the diagnosis of tumors. 1-123, F-18, Tc-99, Ga-67, and other nuclear drugs are employed in diagnostic procedures. According to World Nuclear Association, about 40 million nuclear medicine procedures are performed annually and the demand for them increases by 5% every year.
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The market is bifurcated based on application in oncology, cardiology, thyroid, neurology, and other markets. The oncology segment dominates the market. One of the main causes of mortality in the globe is cancer. Unhealthy eating habits, addictions like smoking, and inactivity all contribute to the increased prevalence of these conditions. Additionally, increasing investment in the research and development of innovative nuclear therapies for cancer treatment may support segment expansion. For instance, ITM Isotope Technologies Munich SE began the COMPOSE phase 3 study of 177lu-edotreotide in January 2022 to assess the product's potential for the treatment of patients with neuroendocrine tumors.
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On the basis of end-user, the nuclear medicine market is segmented into Hospitals, academic & research centers, and imaging centers. With a share of 54.0% in 2022, the hospital sector dominated the nuclear medicine market. A significant factor in the huge installed base of SPECT/PET scanners in hospitals is leading to more nuclear medicine treatments being performed in hospitals. In turn, this raises the need in hospitals for diagnostic radiopharmaceuticals. Over 10,000 hospitals employ radioisotopes for diagnostics globally, according to a World Nuclear Association report. The most often used diagnostic radioisotope in diagnostics, technetium-99, is utilized in about 40 million treatments annually. During the projection period, the hospital segment is anticipated to expand at a CAGR of 13.8%. Hospitals are where the majority of therapeutic nuclear medicine operations are carried out.
Research Associate at Cognitive Market Research
Anushka Gore is a seasoned market researcher specializing in the dynamic landscape of the Pharmaceutical industry. With a keen analytical mind and a deep passion for healthcare advancements, she has dedicated herself unraveling the intricate market trends and consumer behaviors that shape the future of medical technologies and services.
Anushka is a highly motivated and detail-oriented research analyst with a passion for uncovering valuable insights from data. Her expertise in Market Research and business intelligence has equipped her with the skills necessary to analyze complex information and provide strategic recommendations. She thrives in dynamic environments where her analytical abilities and research expertise can contribute to informed decision-making for businesses
I played a pivotal role in conducting market research and competitive analysis. I have a demonstrated ability to synthesize diverse data sources, identify trends, and translate findings into actionable recommendations. My collaborative approach facilitated effective communication of insights, fostering a data-driven culture within the organization. I am committed to maintaining excellence through continuous learning and staying ahead of industry trends. Regular participation in conferences and professional development opportunities keeps my skills sharp and relevant.
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The Global Nuclear Medicine Market is witnessing significant growth in the near future.
In 2023, the Diagnostic segment accounted for noticeable share of global Nuclear Medicine Market and is projected to experience significant growth in the near future.
The Oncology segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Eckert & Ziegler , Mallinckrodt and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Disclaimer:
Type | Diagnostic, Therapeutic |
Application | Oncology, Neurology, Thyroid, Cardiology |
End-use | Hospital, Academic & Research Centers, Imaging Centers |
List of Competitors | Eckert & Ziegler, Lantheus Medical Imaging, Mallinckrodt, GE Healthcare, Jubilant Life, Sciences Ltd., NTP Radioisotopes SOC Ltd., Nordion Inc., Bracco Imaging S.PA., IRE, the Australian Nuclear Science and Technology Organization Inc., Cardinal Health, Others |
This chapter will help you gain GLOBAL Market Analysis of Nuclear Medicine. Further deep in this chapter, you will be able to review Global Nuclear Medicine Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
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Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
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Qualitative Analysis for the North America Market: North America Nuclear Medicine Market Trends North America Nuclear Medicine Technological Road Map North America Nuclear Medicine Market Drivers North America Nuclear Medicine Market Restraints North America Nuclear Medicine Market Opportunity Market Attractiveness Analysis COVID – 19 Impact Analysis PESTEL Analysis Porter’s Five Forces Analysis Product Life Cycle Industrial Chain Analysis
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Chapter 3 Europe Market Analysis
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Chapter 4 Asia-Pacific Market Analysis
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Chapter 5 South America Market Analysis
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Chapter 6 Middle East and Africa Market Analysis
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Only Available with Corporate User License
Chapter 7 Top 10 Countries Analysis
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Analysis 2019 -2031, will provide market size split by Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Analysis 2019 -2031
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Chapter 11 Market Split by Application Analysis 2019 -2031
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Chapter 12 Market Split by End-use Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Nuclear Medicine market
Chapter 13 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Diagnostic have a significant impact on Nuclear Medicine market? |
What are the key factors affecting the Diagnostic and Therapeutic of Nuclear Medicine Market? |
What is the CAGR/Growth Rate of Oncology during the forecast period? |
By type, which segment accounted for largest share of the global Nuclear Medicine Market? |
Which region is expected to dominate the global Nuclear Medicine Market within the forecast period? |
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