Nuclear Medicine Market: Growth, Size, Share, and Trends

Market Growth Outlook Summary

The global nuclear medicine market, valued at US$4.9 billion in 2021, is forecasted to grow at a robust CAGR of 11.3%, reaching US$5.5 billion in 2023 and an impressive US$9.4 billion by 2028. Market growth in this sector is driven by factors such as advancements in radioisotope production technology and the rising prevalence of cancer and cardiovascular diseases (CVD). However, the short half-life of radiopharmaceuticals limits their potential adoption, while hospital cost reductions and ongoing revelations that certain results may lead to further health problems are expected to restrain market growth to some extent.

Nuclear Medicine Market – Global Forecast and Growth Insights to 2028

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Nuclear Medicine Market – Global Forecast and Key Opportunities to 2028

Nuclear Medicine Market Dynamics to 2028

Driver: Increasing incidence and prevalence of target conditions

The increasing prevalence of cancer and cardiovascular disease is a key reason encouraging market growth. The majority cases can be prevented through quick detection and treatment; nuclear medicine plays a substantial role in these areas. According to American Heart Association 2022, approximately 19.1 million deaths were attributed to CVD globally in 2020. The age-adjusted death rate per 100,000 population was 239.8 and age-adjusted prevalence rate was 7354.1 per 100,000. As nuclear medicine shows a substantial role in disease diagnosis and treatment, the growing prevalence of these diseases is projected to drive the growth of the market during the forecast period.

Restraint: Short half-life of radiopharmaceuticals

The expiry of a radiopharmaceutical primarily varies on the half-life of the radioisotope and the substance of the radionuclide. For example, in SPECT diagnosis, the radioactivity of Tc-99m is decreased after 6 hours, while I-123 and In-111 isotopes should be used within 13 and 67 hours, respectively. The non-utilization of radioisotopes within the given shelf life causes radiation and chemical decomposition, lowering radiochemical purity to an unacceptable form, which may prove lethal during diagnosis and therapy. Additionally, the shorter half-life of radiopharmaceuticals creates a need for in-house radiopharmaceutical production in cyclotrons/generators within hospital premises, further increasing the capital expenditure for hospitals.

Opportunity: Use of radiopharmaceuticals in neurological applications

Nuclear medicine is mainly used to diagnose various neurological disorders like Alzheimer’s disease, Parkinson's disease (PD) as well as CVD and cancers. The increasing disease burden has prompted a number of companies and stakeholders to focus on expanding the overall applications of radiopharmaceuticals. In April 2022, Curium (France) announced that the US Food and Drug Administration (FDA) approved DaTscan (Ioflupane I 123 Injection) to assist in the evaluation of adult patients with suspected Parkinsonian Syndromes.  This shows an opportunity for players to raise their offerings and market shares by catering to the demand for radiopharmaceuticals in neurological applications.

Challenge: Hospital budget cuts and high equipment costs

The COVID-19 pandemic has made destruction globally; the outbreak has interrupted operations of healthcare systems worldwide. As a result, hospitals have ramped up testing efforts in an struggle to save lives and decrease the spread of the virus. The financial challenges caused by COVID-19 forced governments across the world to implement budget cuts.

The rising cost of prescription drugs and a sharp decline in the proposed budget allocations for Health and Human Services in the US have significantly reduced hospital budgets. A study by the American Hospital Association estimates that federal payment cuts to hospitals would amount to USD 218 billion by 2028, forcing hospitals to allocate smaller budgets annually.

Nuclear Medicine Market Map & Ecosystem Overview

By type, the diagnostic nuclear medicine segment is projected to lead the market of the nuclear medicine market.

By type, the market is divided into diagnostic and therapeutic nuclear medicine. The diagnostic nuclear medicine segment is further divided as SPECT and PET radiopharmaceuticals, while the therapeutic radiopharmaceuticals is divided into beta emitters, alpha emitters and brachytherapy isotopes. The diagnostic segment is projected to lead the global market in 2023 due to the increasing use of SPECT and PET imaging, and advances in radiotracers.

The hospitals segment of nuclear medicine market, is projected to grow at a highest CAGR during the forecast period, by end user

By end user, the market is divided into hospitals, imaging centers, academic & research centers and other end users, which comprise pharma/biotech companies and contract research organizations. In 2022, the hospital segment dominated the market, due to growing number of diagnostic imaging procedures performed in hospitals and increasing demand for early disease diagnosis.

North America region of nuclear medicine market, to witness significant growth from 2023 to 2028

On the basis of region, the market is divided into North America, Europe, Asia Pacific, and Rest of the World. In 2023, North America projected to lead market share of the market. This can be attributed to the advancement of novel technologies for radioisotope production, government funding, growing R&D expenditure and increasing company initiatives in the region.

Nuclear Medicine Market by Region – Forecast to 2028

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Prominent players operational in the nuclear medicine market include GE HealthCare (US),Cardinal Health (US), Curium (France), Bayer AG (Germany), Lantheus Holdings, Inc.(US), Bracco Imaging S.p.A. (Italy), PharmaLogic Holdings Corp. (US), Eczacibasi-Monrol Nuclear Products (Turkey), NTP Radioisotopes SOC Ltd (South Africa), Nordion Inc.(Canada), Advanced Accelerator Applications (France), NorthStar Medical Radioisotopes (US), Eckert & Ziegler (Germany), Isotope JSC (Russia), Siemens Healthineers (Germany), Jubilant DraxImage,Inc. (Canada).

Nuclear Medicine Market Report Scope and Insights

Nuclear Medicine Market Segmentation and Analysis

By Type

• Diagnostic Nuclear Medicine
  • SPECT Radiopharmaceuticals
    • Tc-99m
    • I-123
    • Tl-201
    • Ga-67
    • Other SPECT Isotopes
  • PET Radiopharmaceuticals
    • F-18
    • Rb-82
    • Other PET Isotopes
• Therapeutic Nuclear Medicine
  • Alpha Emitters
    • Ra-223
  • Beta Emitters
    • I-131
    • Y-90
    • Sm-153
    • Lu-177
    • Re-186
    • Other Beta Emitters
• Brachytherapy Isotopes
  • • I-125
    • Ir-192
    • Pd-103
    • Cs-131
    • Other Brachytherapy Isotopes

By Applications

• Diagnostic Applications
  • SPECT Applications
    • Cardiology
    • Bone Scans
    • Thyroid Applications
    • Pulmonary Scans
    • Other SPECT Applications
  • PET Applications
    • Oncology
    • Cardiology
    • Neurology
    • Other PET Applications
  • Therapeutic Applications
    • Thyroid Indications
    • Bone Metastasis
    • Lymphoma
    • Endocrine Tumors
    • Other Indications

By Procedural Volume Assessment

• Diagnostic Procedures
  • SPECT Procedures
  • PET Procedures
• Therapeutic Procedures

By End User

• Hospitals
• Imaging Centers
• Academic & Research Centers
• Other end users

By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe (RoE)
• Asia Pacific
  • Japan
  • China
  • Rest of APAC (RoAPAC)
• RoW

Nuclear Medicine Market Recent Developments and Insights

• In January 2023, NorthStar Medical Radioisotopes (US) achieved a major milestone in advancing its new technology for non-uranium-based production of the critical medical radioisotope, molybdenum-99 (Mo-99).
• In November 2022, Curium (France) announced that the US Food and Drug Administration (FDA) approved DaTscan (Ioflupane I 123 Injection) to assist in evaluating adult patients with suspected Parkinsonian Syndromes.
• In October 2022, Blue Earth Diagnostics (UK) signed a data-sharing agreement with Siemens Healthineers (Germany) and the University Hospital of the Technical University of Munich (TUM) for 18F-rhPSMA-7.3, an investigational PET imaging agent, to support AI-based algorithms development.
• In January 2021, Advanced Accelerator Applications (France) signed a multi-year exclusive supply agreement for lutetium-177 with the University of Missouri Research Reactor (MURR). Through this agreement, MURR will supply AAA with GMP-quality lutetium-177 chloride, the precursor for developing Lutathera and other Lu-177-based therapeutics.

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