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 2028, growing at a CAGR of 11.3% from 2023 to 2028 according to a new report by MarketsandMarkets™. The nuclear medicine market is mainly driven by factors such as rising incidence and prevalence of target disease and need for adoption of nuclear medicine for early diagnosis of diseases. However, hospital budget cuts and high equipment prices have made it difficult for a section of end users to opt for nuclear medicine are challenging the growth of this market.
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The diagnostic nuclear medicine segment is expected to hold the largest market share during the forecast period.
On the basis of type, the nuclear medicine market is segmented into diagnostic and therapeutic nuclear medicine. The diagnostic nuclear medicine segment is further categorized as SPECT and PET radiopharmaceuticals, while the therapeutic nuclear medicine segment is further divided into beta emitters, alpha emitters, and brachytherapy isotopes. The diagnostic nuclear medicine segment is expected to holds the largest share of the nuclear medicine market during forecast period. The rising prevalence of cancer and cardiovascular diseases, and advancements in radiotracers are some of the key factors driving the growth of this segment.
The diagnostic procedure segment is projected to hold the largest market share during the forecast period.
On the basis of procedural volume, the nuclear medicine market is segmented into diagnostic and therapeutic procedures. The diagnostic procedure segment is further categorized as SPECT and PET procedures. The diagnostic procedures accounted for the largest share, in the nuclear medicine market. The large share of this segment can be attributed to the diagnostic radioisotopes finding wider demand and use as compared to therapeutic radioisotopes.
The diagnostic application segment is expected to account for the largest share of the nuclear medicine application market in 2022.
On the basis of application, the nuclear medicine market is segmented into diagnostic and therapeutic applications. The diagnostic application segment is further categorized as SPECT and PET applications, while the therapeutic nuclear medicine segment is further divided into endocrine tumors, thyroid indications, bone metastasis, lymphoma, other therapeutic applications. The diagnostic application segment is expected to account for the largest share of the nuclear medicine market. The increasing demand for SPECT diagnosis owing to the rising demand for minimally invasive surgeries and targeted radiotherapy is the major factor driving the adoption of the diagnostic application using nuclear medicine.
North America accounted for the largest share for players operating in the nuclear medicine market in 2022
On the basis of region, the nuclear medicine market is bifurcated into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America holds the largest share of the nuclear medicine market in 2022. This can be attributed to the rising surge of geriatric population, growing requirement of nuclear medicine in the early diagnosis of diseases, technology advancement for radioisotope production, government funding, and key players in this region are also impelling the nuclear medicine market in the region.
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Nuclear Medicine Market Dynamics:
Drivers:
- Increasing incidence and prevalence of target conditions
- Development of alpha-radioimmunotherapy-based targeted cancer treatments
- Initiatives to reduce demand and supply gap of Mo-99
Restraints:
- Short half-life of radiopharmaceuticals
Opportunities:
- Use of radiopharmaceuticals in neurological applications
- Growth opportunities in emerging economies
Challenges:
- Hospital budget cuts and high equipment costs
Key Market Players:
The nuclear medicine market is highly consolidated. Some of the major players operating in this 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).
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