Nuclear Medicine Market

Nuclear Medicine Market / Radiopharmaceuticals Market

The global nuclear medicine market in terms of revenue was estimated to be worth $5.5 billion in 2023 and is poised to reach $9.4 billion by 2030, growing at a CAGR of 11.3% from 2023 to 2030. The new research study is an examination of market industry trends. Industry trends, price analysis, patent analysis, conference and webinar materials, important players, and market buying behaviour are all included in the new research report. The growing elderly population, rising cancer incidence, and the necessity for nuclear medicine for early illness detection are driving market expansion.

Low hospital budgets, sluggish adoption of technologically updated systems, and uncertain/poor insurance coverage and reimbursement facilities, on the other hand, are issues limiting the market's growth.

Nuclear Medicine Market Dynamics

Driver: Increasing incidence and prevalence of target conditions

The rising prevalence of cancer and cardiovascular diseases is one of the major reasons encouraging the growth of the market. The majority of cases are preventable with early detection and treatment; nuclear medicine plays an important role in these areas. According to the American Heart Association 2022, approximately 19.1 million deaths were attributed to cardiovascular disease worldwide in 2020. The age-adjusted death rate per 100,000 population was 239.8 and the prevalence rate adjusted for age was 7354.1 per 100,000. As nuclear medicine plays an important role in the diagnosis and treatment of diseases, the rising prevalence of these diseases is expected to drive the market growth over the forecast period .

Restraint: Short half-life of radiopharmaceuticals

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

Opportunity: Use of radiopharmaceuticals in neurological applications

Nuclear medicine is usually used to diagnose neurological diseases including Alzheimer's and Parkinson's disease (PD), as well as cardiovascular diseases and cancer. The increased disease burden has prompted a number of companies and stakeholders to concentrate on expanding radiopharmaceutical applications internationally. Curium (France) announced in April 2022 that the US Food and Drug Administration (FDA) has approved DaTscan (Ioflupane I 123 Injection) to aid in the evaluation of adult patients suspected of having Parkinson's disease. This implies that producers have an opportunity to broaden their offerings and market share by meeting the need 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.

By type, the diagnostic nuclear medicine segment is projected to lead the market of the nuclear medicine market in 2023

By type, the market is split into diagnostic and therapeutic nuclear medicine. Diagnostic nuclear medicine segment is further divided into SPECT and PET radiopharmaceuticals while therapeutic radiopharmaceuticals are divided into beta emitters, alpha emitters and brachytherapy isotopes. The diagnostics segment is expected to dominate the global market in 2023 owing to the increasing use of SPECT and PET imaging and advancements 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 and research centers and other end users, which include pharmaceutical/biotechnology companies and contract research organizations. In 2022, the hospital segment dominated the market, owing to the increasing number of diagnostic imaging procedures performed in hospitals and the growing demand for early diagnosis of diseases.

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

North America, Europe, Asia-Pacific, and the Rest of the World make up the market's four regions. North America is expected to have the largest market share in 2023. This is because to the advent of new radioisotope generating technologies, government assistance, increased R&D investment, and increased company activity in the region.

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

This study categorizes the global nuclear medicine market to forecast revenue and analyze trends in each of the following submarkets:

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

Recent Developments

• In January 2023, NorthStar Medical Radioisotopes (USA) achieved an important milestone in advancing its new technology for the uranium-free production of the critical medical radioisotope, molybdenum-99 (Mo-99).
• In November 2022, Curium (France) announced that the US Food and Drug Administration (FDA) had approved DaTscan (Ioflupane I 123 Injection) to aid in the assessment of adult patients with suspected Parkinsonian syndrome.
• In October 2022, Blue Earth Diagnostics (UK) signed a data sharing agreement with Siemens Healthineers (Germany) and University Hospital of the Technical University of Munich (TUM) for 18F-rhPSMA-7.3, a experimental PET imaging agent, to support the development of AI-based algorithms.

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-grade lutetium-177 chloride, the precursor to the development of Lutathera and other Lu-177 therapeutic products.