Global Nuclear Medicine Market By Type (Therapeutic Radiopharmaceuticals and Diagnostic Radiopharmaceuticals), By Application (Cardiology, Neurology, Oncology, and Other Applications), By End-User (Diagnostic Centers, Hospitals & Clinics, and Other End-Users), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

The Global Nuclear Medicine Market size is expected to be worth around USD 25 Billion by 2032 from USD 7 Billion in 2022, growing at a CAGR of 13.8% during the forecast period from 2023 to 2032.

The market is expanding due to initiatives undertaken by the government to expand access to nuclear medicine and a robust product pipeline. A few products currently undergoing clinical trials are omburtamab, betalain, PNT2003, and 177Lu-PNT2002. SARS-CoV-2 has had a moderate impact on the market size. Given its importance, reactor operation has significantly been regarded as a mandatory service. Therefore, the COVID-19 lockdown did not result in the shutdown of nuclear reactors. For instance, South Africa’s SAFARI-1 reactor remained operational during the pandemic, which will be in effect after March 2020, as stipulated by Section 71 of the Labour Act 66 of 1995.

It is anticipated that favorable reimbursement conditions for radiopharmaceuticals in the United States will aid the expansion of the market. Tc-99m derived from non-highly enriched uranium (HEU) is an add-on payment provided by the Center for Medical Services (CMS) to hospitals for outpatient imaging procedures. In turn, the initiatives made it easier for patients to get diagnostic nuclear medicines to treat diseases that can kill them.

Key Takeaways

• The Global Nuclear Medicine Market is projected to reach approximately USD 25.0 Billion by 2032, growing at a CAGR of 13.80%
• Therapeutic radiopharmaceuticals account for 55.4% of the market’s revenue share.
• The oncology sector holds 34% of the revenue share in the market.
  North America dominated the market with a 47.2% share in 2022.
• The APAC region is expected to be the fastest-growing market segment.
• Government initiatives to expand access to nuclear medicine and a robust product pipeline are driving market expansion.
• Favorable reimbursement conditions in the United States, particularly for radiopharmaceuticals, are aiding market growth.
• Advanced technologies in nuclear imaging modalities, such as PET/PET-CT and SPECT-CT systems, are propelling market growth.
• New product launches of therapeutic and diagnostic radiopharmaceuticals are driving demand, with diagnostic radiopharmaceuticals expected to dominate in the future.
• The oncology sector holds the highest revenue share due to the prevalence of cancer and early detection advantages.
• Hospitals and clinics are the primary end-users, with diagnostic centers showing significant growth potential.
• The cost of nuclear medicine treatments in India ranges from approximately USD 3,312 to USD 23,850.
• Key players in the market include Lantheus Medical Imaging, Cardinal Health, Curium, Bayer AG, and others.

Driving Factors

Advanced Technologies in Nuclear Imaging Modalities Lead to Propel the Market

The growing awareness of the potential benefits of timely and early diagnosis in managing and treating chronic disorders is one of the most important growth drivers for the nuclear medicine imaging market. In addition to oncology, neurology, cardiology, and infection detection have all benefited from developments in nuclear imaging technology, particularly PET/PET-CT.

Additionally, it is anticipated that the adoption of SPECT-CT systems will be driven by advancements such as the creation of detectors based on cadmium zinc telluride (CZT), which facilitates the simultaneous observation of physiological and anatomical structures.

New Item Launches of Therapeutic and Diagnostic Radiopharmaceuticals Results in Driving the Market.

The keen attention of various industry competitors to launch new goods in this market is one of the crucial driving forces. The development of strong diagnostic radiopharmaceutical pipelines and the introduction of new products result from the increasing demand for nuclear imaging. In addition, a huge population of people with chronic illnesses encourages companies to introduce innovative goods to the world market.

Restraining Factors

Alternatives Used for Diagnosis of MRI and CT Limits the Growth of the Market.

The implementation of nuclear imaging systems is limited because of elective choices from other clinical imaging modalities like CT scanners and MRIs accessible across the world. Nuclear imaging systems are less liked over CT scanners and MRIs because of the significant expense of the framework and its system and the presence of a less ideal repayment scene.

Furthermore, the MRIs and CTs likewise represent a gamble in developing PET-CT methodology volume because of the huge number of MRI and CT scans performed yearly. Thus, obstructions to the procedure and reimbursement volumes of demonstrative radiopharmaceuticals are supposed to restrict market development during the forecast period.

Trending Factors

Reliable Therapeutic Radiopharmaceutical Pipelines to Drive the Market’s Growth

The organizations working in the market continually center around improving nuclear medication treatments. The clinical effects related to this treatment choice, when contrasted with different treatments, are driving its interest across the globe. For Example, the expansion in the refinement of the therapeutic applications results in the therapy of cancer, and different disorders are expected to drive the interest for nuclear medication treatments in nations with a high weight of malignant growth. Also, many market players are growing new therapeutic items for treating different ailments, consequently driving market development.

Type Analysis

Therapeutic Radiopharmaceuticals Held the Highest Share

Therapeutic radiopharmaceuticals accounted for 55.4% of the revenue share of the market. The growth can be attributed to key factors like the treatment’s comparative effectiveness, the benefits of these treatment options, and market players’ growing interest in therapeutic radiopharmaceuticals through a strong focus on clinical trials. The Phase III clinical trials for diagnosing coronary artery disease (CAD) using Flurpiridaz 18F were announced by GE Healthcare and Lantheus Medical Imaging, Inc.

In the coming years, the diagnostic radiopharmaceutical sector is anticipated to hold most of the global market. Due to major factors such as effective imaging of patients with various types of cancer, increasing procedural volumes worldwide, and new product launches for diagnosing various disorders. The Gallium 68 PSMA-11, the first medication for prostate cancer diagnosis using PET imaging, was approved by the U.S. Food and Drug Administration.

Application Analysis

High Prevalence of Cancer Results in Growth of the Oncology Segment.

The market is segmented into cardiology, neurology, oncology, and others. The oncology sector held the highest revenue share of 34%. One of the most common imaging procedures worldwide is the diagnosis of cancer. There is a growing awareness of the importance and advantages of early detection in managing and treating various types of cancer. Oncology is the target of a significant number of nuclear medicine therapies’ pipeline products, which is anticipated to contribute to segmental expansion in the coming years.

End-User Analysis

High Procedural Volume in Hospitals & Clinics Will Drive the Segment’s Growth.

Diagnostic centers, hospitals, clinics, and others comprise the market’s segments. During the forecast period, the hospitals and clinics segment is anticipated to expand at a substantial CAGR. The higher efficiency of hospitals and clinics handling these sensitive products and the high procedural volume of nuclear imaging procedures account for the growth rate.

The diagnostic center segment will hold the second-largest share and is expected to grow at the highest CAGR during the forecast period. The high growth rate of this segment is due to the increasing number of diagnostic facilities and the huge volume of procedures in diagnostic centers across Europe.

Key Market Segments

Based on Type

• Therapeutic Radiopharmaceuticals
• Diagnostic Radiopharmaceuticals

Based on Application

• Cardiology
• Neurology
• Oncology
• Other Applications

Based on End-User

• Diagnostic Centers
• Hospitals & Clinics
• Other End-Users

Regional Analysis

North America Dominates the Global Nuclear Medicine Market During the Forecast Period.

North America dominated the market with a share of 47.2% in 2022 and is expected to develop at a critical rate in the forecast period. The large market share was due to the large volume of nuclear medication techniques, the expanded interest in Research and development exercises, and the solid medical services framework. For Example, in January 2021, Eckert and Ziegler declared the improvement plan of a cGMP office for contract assembling of radiopharmaceuticals in Boston, U.S. The office will be devoted to creating commercial-stage and late-investigational-stage radioisotopes utilized in nuclear meds. It can assist with tending to the rising interest in radionuclides in the market.

APAC area is expected to be the quickest developing region attributable to the rising interest in nuclear medication space and the expansion of nuclear medication treatments. For Example, Penang Adventist Clinic (PAH) reported the launch of a confidential nuclear medication community in northern Malaysia. The launch is expected to decidedly affect the local market. Nonetheless, the significant expense of these treatments might control market development as the less-pay gathering of the populace in emerging nations may not bear the cost of such treatment. For Example, the expense of treatment with Lutetium-177, Yttrium-90, and Iodine-131 may represent roughly USD 5,962, USD 3,312, and USD 23,850respectively in India.

Key Regions

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Players Analysis

Curium announced the acquisition of Austrian-based Pharmaceutical company IASON.

Driving market players are settling on essential coordinated efforts, geological extension, and partnerships through acquisitions and mergers in arising and economically ideal regions. For Example, in June 2021, Curium declared the acquisition of Austrian-based drugs organization IASON aiming to extend its impression in Europe. This obtaining is supposed to amplify its situation in the market.

A few key companies in the market are Bracco Imaging S.P.A, Bracco Diagnostic Inc., Cardinal Health, Inc., Eckert & Ziegler Group, Nordion, Inc., NTP Radioisotopes SOC LTD, Siemens Healthineers AG, Medtronic, Inc., and other company profiles lead to market growth.

Listed below are some of the most prominent global nuclear medicine market players.

Market Key Players

• Lantheus Medical Imaging, Inc.
• Cardinal Health
• Nordion Inc.
• Curium
• Bayer AG
• Norgine B.V.
• Medtronic, Inc.
• Jubilant Pharmova Limited
• Other Key Players.

Key Industry Developments

• July 2024: Cardinal Health announced a significant investment to establish a major research, development, and contract manufacturing hub for radiopharmaceuticals in Indiana. This initiative is part of a broader effort to expand the company’s capabilities in the theranostics and radiopharmaceuticals field, responding to growing demand within the nuclear medicine sector​.
• In June 2023: Lantheus announced the launch of PYLARIFY AI™, a deep learning-enabled FDA-cleared medical device software. This technology standardizes PSMA PET reporting with PYLARIFY AI on PSMA PET/CT images, aiding in precise disease burden quantification for prostate cancer management.
• In March 2023: Curium expanded its North America headquarters in St. Louis. This development reflects Curium’s ongoing efforts to strengthen its operations and infrastructure within the North American market. This expansion is part of Curium’s broader strategy to enhance its service delivery and operational capabilities across its global markets.
• In May 2022: Norgine B.V. announced a significant investment from Goldman Sachs Asset Management’s Private Equity business. This acquisition of a majority stake by Goldman Sachs aimed to accelerate Norgine’s growth plans, enhance its mission of developing and launching innovative medicines, and leverage business development initiatives to advance its existing brands and pipeline products. This strategic partnership marked a pivotal advancement in the company’s over 110-year history, focusing on expanding its pharmaceutical innovations and operational capabilities.

Report Scope