Nuclear Medicine Market
Industry: Healthcare
Published Date: August-2024
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 180
Report ID: PMRREP34724
The Nuclear Medicine market is estimated to reach a valuation of US$31 Bn by the year 2031, at a CAGR of 11.2%, during the forecast period 2024 to 2031.
Key Highlights of the Market
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Attributes |
Key Insights |
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Nuclear Medicine Market Size (2024) |
US$11 Bn |
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Nuclear Medicine Market Size (2031) |
US$31 Bn |
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Forecast Growth Rate (CAGR 2024 to 2031) |
11.2% |
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Historical Growth Rate (CAGR 2018 to 2023) |
8.3% |
US Positions North America at the Top with Highest PET and SPECT Penetration
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Region |
Market Value Share 2023 |
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North America |
45% |
In 2023, the North America nuclear medicine market held a share of 45%. The region's continued supremacy is fueled by the swift implementation of cutting-edge imaging technology and the growing utilization of groundbreaking therapeutic radiopharmaceuticals.
Moreover, the increasing incidence of diverse cancers and chronic ailments is anticipated to substantially enhance market expansion in North America over the projected timeframe.
The US nuclear medicine market held the largest share in the North America market in 2023 due to the rising number of individuals with heart conditions, and the extensive use of advanced imaging technologies facilitated by diagnostic equipment like PET, and SPECT. Nevertheless, the growth of the market is impeded by constraints in the supply chain, logistical difficulties, and a scarcity of proficient medical staff.
Europe Gains from Growing Preference for Enhanced Diagnostic Capabilities
Europe’s nuclear medicine sector has been recognized as a highly profitable location within this business. The market here has experienced expansion due to the proliferation of hospitals and clinics, resulting in a surge in demand for products. This increase in demand is primarily driven by a rise in patient visits for disease diagnosis and treatment.
The UK nuclear medicine market is projected to expand during the forecast period, primarily driven by technological advancements in nuclear imaging techniques such as PET, and SPECT. These advancements are enhancing the diagnostic capabilities and precision of procedures in the UK.
Diagnosis Accounts for over 3/4th Market Share
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Market Segment by Product |
Market Value Share 2023 |
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Diagnosis |
76% |
Based on product, the global nuclear medicine market is further divided into diagnosis, SPECT and PET, where the diagnosis segment dominates the market share.
The factors contributing to the presence of a substantial number of patients and the accessibility of sophisticated technologies like Single-Photon Emission Computed Tomography (SPECT) and Positron Emission Tomography (PET).
Based on the analysis conducted by the World Nuclear Association in 2024, around 50 million nuclear medicine treatments are carried out each year, and there is a yearly growth rate of approximately 5% in the need for radioisotopes.
The market is seeing expansion due to the utilization of a diverse array of radiotracers for tumor diagnostics, as well as advancements in technology.
Urology Remains the Prime Area of Application with over 1/4th Market Share
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Market Segment by Application |
Market Value Share 2023 |
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Urology |
25% |
Based on the application, the global nuclear medicine market is further classified into urology, cardiology and neurology, where the urology segment dominates the market share.
The urology segment held the largest market share and is expected to see the highest growth rate during the forecast period.
The rise in urological disorders such as prostate cancer and the need for new diagnostic and treatment options are the main factors contributing to this phenomenon.
It is the second most common cancer diagnosed in men. Internationally, countries such as the US, China, Japan, Brazil, Germany, France, the UK, Russia, Italy, and India have recorded the highest incidence of prostate cancer. This can be attributed to the increasing male population and changes in people's lifestyles.
The market is growing because more people are getting cancer and heart diseases, which requires more advanced diagnostics and therapies. The market is said to be witnessing significant growth owing to the increased income of people, where people are spending more money on healthcare infrastructure and services, and new radiopharmaceuticals and treatment methods are being created.
Nuclear medicine is a specific type of medical imaging that uses small amounts of radioactive material to identify, check the severity of, or treat various illnesses, such as heart disease, many types of cancer, and problems with the digestive system, the endocrine system, and the nervous system.
Nuclear medicine treatments show a lot more about the anatomy and physiology of organs and tissues than standard imaging methods, which only show the structure of the body. Chemicals called radiopharmaceuticals are used to do this., these chemicals give off gamma rays that can be picked up by certain cameras.
When these cameras are connected to computers, they make very detailed pictures that show where and how much nuclear material is in the body. Nuclear medicine is better for patients because it lets doctors see how their bodies work at the molecular level. This helps with early diagnosis and choosing the right treatment.
The market has experienced significant growth from 2019 to 2023, driven by various factors including advancements in technology, increased prevalence of chronic diseases, and growing awareness of the benefits of nuclear medicine in diagnosis and treatment.
In 2019, the nuclear medicine market witnessed steady growth, primarily due to the rising incidence of cancer and cardiovascular diseases. Technological advancements in imaging techniques and the development of novel radiopharmaceuticals played a crucial role.
Additionally, the increasing adoption of Positron Emission Tomography (PET), and Single Photon Emission Computed Tomography (SPECT) scans for accurate diagnosis contributed to market expansion.
By 2023, the global market share had grown to an estimated 31 billion. The year saw significant advancements in personalized medicine, with nuclear medicine playing a pivotal role in tailored therapeutic approaches.
The continued rise in cancer and cardiovascular diseases, along with an aging global population, sustained the demand. Additionally, collaborations between pharmaceutical companies and research institutions led to the development of innovative radiopharmaceuticals, further driving market growth.
Technological Advancements
Technological advancements have been one of the primary drivers of the nuclear medicine market. Innovations in imaging technologies, such as Positron Emission Tomography (PET) and Single Photon Emission Computed Tomography (SPECT), have significantly improved the accuracy, efficiency, and reliability of diagnostic procedures.
The integration of artificial intelligence (AI) and machine learning algorithms in imaging has further enhanced the ability to detect and monitor diseases at early stages. These technologies provide high-resolution images and precise functional information, leading to better disease management and treatment outcomes.
In addition to imaging advancements, the development of novel radiopharmaceuticals has revolutionized the field of nuclear medicine.
Theranostics, which combines therapeutic and diagnostic capabilities, has emerged as a ground breaking approach. These innovative radiopharmaceuticals enable targeted therapies, minimizing damage to healthy tissues and improving patient outcomes.
The continuous research and development in this area have expanded the application of nuclear medicine beyond oncology to include cardiology, neurology, and orthopaedics.
Increasing Prevalence of Chronic Diseases
The rising prevalence of chronic diseases, particularly cancer and cardiovascular diseases, is a significant driver for the nuclear medicine market.
According to the World Health Organization (WHO), cancer is one of the leading causes of death globally. Nuclear medicine plays a crucial role in the early detection, diagnosis, and treatment of cancers, offering non-invasive and highly accurate diagnostic tools.
Similarly, cardiovascular diseases, which are the leading cause of death worldwide, benefit from nuclear medicine techniques that provide detailed imaging of the heart and blood vessels, aiding in the diagnosis and management of conditions such as coronary artery disease and heart failure.
High Costs
One of the most substantial restraints on the growth of the market is the high cost associated with nuclear medicine procedures and equipment.
Nuclear medicine relies heavily on advanced imaging technologies such as PET and SPECT scanners, which are significantly more expensive than conventional imaging equipment.
The cost of purchasing and maintaining these machines can be prohibitive for many healthcare facilities, particularly those in developing regions. High initial investment and ongoing maintenance costs can deter smaller hospitals and clinics from adopting nuclear medicine technologies.
Radiopharmaceuticals, essential for both diagnostic and therapeutic applications , are costly to produce. The production process involves complex synthesis, stringent quality control, and regulatory compliance, all of which contribute to high production costs.
Additionally, the short half-life of many radiopharmaceuticals requires sophisticated logistics and infrastructure to ensure timely delivery and administration, further driving up costs.
Operating nuclear medicine departments requires highly specialized staff, including physicians, radio pharmacists, and technologists. The training and salaries of these professionals add to the overall operational costs.
Moreover, adherence to safety regulations to protect patients and staff from radiation exposure entails additional expenses in terms of facility design, protective equipment, and regular monitoring.
Although there are favourable reimbursement policies in some regions, in others, the reimbursement for nuclear medicine procedures is insufficient to cover the high costs, making these procedures less financially viable for healthcare providers. This disparity in reimbursement rates can limit the accessibility of nuclear medicine services to patients.
Advancement in Imaging Technology
The development of hybrid imaging systems, such as PET/CT, SPECT/CT, and PET/MRI, represents a significant opportunity for industry participants. These systems combine anatomical and functional imaging, providing more comprehensive and accurate diagnostic information.
The integration of AI and machine learning algorithms can further enhance image analysis, leading to earlier and more precise disease detection. The market trend toward miniaturization and portability of imaging devices opens new possibilities.
Portable nuclear imaging devices can be used in a variety of settings, including outpatient clinics, emergency rooms, and remote locations. This can significantly improve access to nuclear medicine services, especially in underserved areas.
Expansion of Radiopharmaceuticals
The continuous research and development of novel radiopharmaceuticals present vast opportunities. Targeted radiopharmaceuticals for specific diseases, such as neuroendocrine tumors and prostate cancer, can improve treatment outcomes and expand the use of nuclear medicine.
Theranostics, combining therapeutic and diagnostic properties, offer a personalized approach to treatment, which is highly promising.
Expanding the use of radiopharmaceuticals beyond oncology into areas such as cardiology, neurology, and infectious diseases can broaden the market. For example, new radiopharmaceuticals for imaging neurodegenerative diseases like Alzheimer’s can provide early diagnosis and better disease management.
In Mar 2024, The Ministry of Health of the Republic of Serbia and Rosatom State Corporation entered into a Memorandum of Understanding (MoU) to collaborate on nuclear medicine. This collaboration is anticipated to enhance market expansion throughout the projected timeframe.
In Jan 2024, Lantheus Holdings, Inc. (Lantheus) strengthened its position in the US nuclear medicine industry by entering into strategic partnerships with Perspective Therapeutics, Inc.
The major competitors in the market are primarily evaluated based on their product or service offerings, their financial statements, developments and the approaches implemented, the company's position in the global market scenario and its geographical reach.
Apart from this, the key competitors studied have also been accessed through the SWOT analysis to understand their strengths, weaknesses, opportunities and threats.
Apart from this, the key competitors in the industry employ crucial strategies like partnership deals, mergers and acquisitions, and business expansion deals to strengthen their hold on a particular region or a particular service offering.
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Attributes |
Details |
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Forecast Period |
2024 - 2031 |
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Historical Data Available for |
2018 - 2023 |
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Market Analysis |
US$ Billion for Value |
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Key Regions Covered |
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Key Companies Profiled |
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Pricing |
Available upon request |
By Product
By Application
By End Use
By Region
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Nuclear medicine is used for diagnostic imaging and therapeutic purposes, including detecting and treating conditions like cancer and heart disease.
Nuclear medicine is applied in various fields such as oncology, cardiology, and neurology for both diagnosis and treatment purposes.
The nuclear medicine market is projected to grow at a CAGR of 11.2% from 2024 to 2031.
Some of the key players include GE Healthcare, Jubilant Life Sciences Ltd, Nordion (Canada), Inc., Bracco Imaging S.P.A, and The Institute for Radioelements (IRE).
The major segments include diagnostics (e.g., PET and SPECT radiopharmaceuticals), and therapeutics (e.g., Ra-223, Lu-177).
