The global nuclear medicine market size was estimated at USD 8.1 billion in 2021 and is expected to expand at a compound annual growth rate of (CAGR) 13.0% from 2022 to 2030. The market is witnessing growth due to the presence of a robust product pipeline and favorable government initiatives to improve access to nuclear medicine. Currently, betalutin, omburtamab, yttrium-90 microspheres, PNT2003, 177Lu-PNT2002, are some of the products under clinical trials. The nuclear medicine market has been moderately impacted due to SARS-CoV-2. The operation of reactors has been largely classified as an essential service, given its criticality. Therefore, nuclear reactors were not shut down during the SARS-CoV-2 lockdown. For instance, under Section 71 of the Labour Act 66 of 1995 in South Africa, its SAFARI-1 reactor remained operational during the lockdown enforced in the country post-March 2020.
Moreover, in an article published by ANSTO in May 2020, it was reported that since its reactor provides critical medicines, it had maintained its operations during the COVID-19 crisis, with its staff returning to campus and following strict social distancing measures. According to the American Cancer Society, the estimated incidence of prostate cancer is 268,490, and around 34,500 deaths in 2022 in the U.S. In addition, around 6 out of 10 patients diagnosed are men aged 65 years and older, with a rare incidence in men under 40 years. Recently, in March 2022, the U.S. FDA approved Pluvicto (177Lu-PSMA-617) for the treatment of adults with metastatic prostate cancer. This approval is anticipated to drive market growth.
The presence of a favorable reimbursement scenario for radiopharmaceuticals in the U.S. is anticipated to boost market growth. In 2020, the Center for Medical Services (CMS) offered a USD 10 add-on payment for Tc-99m derived from non-highly enriched uranium (HEU) for hospital outpatient service in addition to payment for imaging procedures. The initiatives, in turn, led to greater patient access to much-needed diagnostic nuclear medicines used for life-threatening diseases.
Increasing advancements in the diagnosis and treatment of diseases, and approval of new nuclear-medicine-based devices help in addressing patients' treatment needs. For instance, in September 2021, GE Healthcare announced the launch of a novel scanner with a new automated workflow feature that offers an exceptional view of cardiac anatomy and pathology to help physicians to decide the right treatment for a patient.
The diagnostic product segment held the highest market share in 2021 owing to the presence of a large patient base and the availability of advanced technologies such as Single-Photon Emission Computed Tomography (SPECT) and Positron Emission Tomography (PET). According to the World Nuclear Association Analysis 2021, about 40 million nuclear medicine procedures are performed annually and the demand for radioisotopes increases by around 5% every year. The wide range of radiotracers that are currently employed in the diagnosis of tumors, coupled with technological advancements, are contributing to the growth of the nuclear medicines market.
The therapeutic segment is further divided into alpha emitters, beta emitters, and brachytherapy. The robust product pipeline coupled with the approval and commercialization of nuclear medicine therapeutics may fuel the segment growth. For instance, in October 2021, the U.S. FDA approved and granted breakthrough designation to diffusing alpha-emitters Radiation Therapy (DaRT) for the treatment of patients suffering from recurrent glioblastoma multiforme (GBM). It is a standalone therapy when other therapies have failed to work in patients with GBM. Currently, radium (Ra-223) is the most widely used alpha emitter in therapeutics. Development of potential radioisotopes, such as Terbium (Tb-149), Bismuth (Bi-212), and Actinium (Ac-225) is expected to augment market growth.
Based on application, global nuclear medicine is divided into oncology, thyroid, neurology, cardiology, lymphoma, bone metastasis, endocrine tumors, and other markets, wherein, the oncology segment dominated the market in 2021. Cancer is one of the leading causes of death worldwide. Factors such as unhealthy diet, smoking habits, and lack of exercise contribute to rising prevalence. Furthermore, rising investment in the R&D of novel nuclear medicines for the treatment of cancer may contribute to segment growth. For instance, in January 2022, ITM Isotope Technologies Munich SE initiated COMPOSE phase 3 trial of 177lu-edotreotide to evaluate the viability of the product for treating patients with neuroendocrine tumors.
The cardiology segment is expected to witness high growth over the forecast period due to the increasing demand for the diagnosis of CVD. In March 2021, Bracco Diagnostics Inc. entered into a partnership with CardioNavix, LLC aimed at improving the patient reach of the novel cardiac PET imaging system. This new initiative provides patients easy access to hospitals, physicians, and diagnostic centers, for cardiac PET imaging. This program may reduce the upfront cost and risk of business loss by encouraging clinical practitioners to prescribe & avail of this important diagnostic test.
North America dominated the market with a share of 45.2% in 2021 and is anticipated to grow at a significant rate over the forecast period. The high market share in the region can be attributed to the increased investment in R&D activities, high volume of nuclear medicine procedures, and strong healthcare infrastructure. For instance, in January 2021, Eckert & Ziegler announced the development plan of a cGMP facility for contract manufacturing of radiopharmaceuticals in Boston, U.S. The facility will be dedicated to the production of late-investigational-stage and commercial-stage radioisotopes used in nuclear medicines and can help address the increasing demand for radionuclides in the market.
Asia Pacific region is estimated to be the fastest-growing region owing to the increased awareness about nuclear medicine therapies and rising investment in nuclear medicine space. For instance, in March 2022, Penang Adventist Hospital (PAH) announced the launch of a private nuclear medicine center in the northern part of Malaysia. This launch is anticipated to have a positive impact on the regional market. However, the high cost associated with these therapies may restrain the market growth as the lower-income group of the population in developing countries may not afford such treatment. For instance, the cost of treatment with Yttrium-90, Lutetium-177, and Iodine-131 may account for approximately USD 23,850, USD 5,962, and USD 3,312 respectively in India.
Leading market players are opting for geographical expansion, strategic collaborations, and partnerships through mergers and acquisitions in emerging and economically favorable regions. For Instance, in June 2021, Curium announced the acquisition of Austrian-based pharmaceuticals company IASON intending to expand its footprint in Europe. This acquisition is expected to strengthen its position in the market. Some of the key players in the global nuclear medicine market include:
Jubilant Life Sciences Ltd
Nordion (Canada), Inc.
Bracco Imaging S.P.A
The institute for radioelements (IRE)
NTP Radioisotopes SOC Ltd.
The Australian Nuclear Science and Technology Organization
Lantheus Medical Imaging, Inc.
Eckert & Ziegler
Market size value in 2022
USD 8.9 billion
Revenue forecast in 2030
USD 24.4 billion
CAGR of 13.0% from 2021 to 2030
Base year for estimation
2018 - 2020
2022 - 2030
Revenue in USD million and CAGR from 2021 to 2030
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Product, application, end-use, region
North America; Europe; Asia Pacific; Latin America; MEA
U.S.; Canada; Germany; U.K.; France; Italy; Spain; Russia, Netherlands, China; Japan; India; Australia; South Korea; Singapore;New Zealand, Malaysia, Philippines, Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; Isreal, Turkey
Key companies profiled
Eckert & Ziegler; Mallinckrodt; GE Healthcare; Jubilant Life Sciences Ltd.; Nordion (Canada), Inc.; Bracco Imaging S.P.A.; IRE; the Australian Nuclear Science and Technology Organization; NTP Radioisotopes SOC Ltd.; EczacÄ±baÅŸÄ±-Monrol; Lantheus Medical Imaging, Inc.; Cardinal Health
Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.
Pricing and purchase options
Avail customized purchase options to meet your exact research needs. Explore purchase options
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this report, Grand View Research has segmented the global nuclear medicine market report based on product, application, end-use and region:
Product Outlook (Revenue, USD Million, 2018 - 2030)
Other SPECT products
Other PET products
Other beta emitters
Other brachytherapy products
Application Type Outlook (Revenue, USD Million, 2018 - 2030)
End-use Outlook (Revenue, USD Million, 2018 - 2030)
Hospitals & Clinics
Regional Outlook (Revenue, USD Million, 2018 - 2030)
Middle East and Africa (MEA)
b. The global nuclear medicine market size was estimated at USD 8.1 billion in 2021 and is expected to reach USD 8.9 billion in 2022.
b. The global nuclear medicine market is expected to witness a compound annual growth rate of 13% from 2021 to 2030 to reach USD 24.4 billion in 2030.
b. Based on product, the diagnostics segment held the largest share of 71.95% in 2021, owing to the high installed base of SPECT and PET devices, and increasing usage of nuclear medicine for diagnosis.
b. Some key players operating in the nuclear medicine market include Jubilant Life Sciences Ltd; GE Healthcare; Nordion, Inc.; Eckert & Ziegler; Lantheus Medical Imaging, Inc.; Bracco Imaging S.p.A.; Novartis AG; EczacÄ±baÅŸÄ±-Monrol; NTP Radioisotopes SOC Ltd; The Institute for Radioelements (IRE - IRE ELiT - BE); Curium Pharma.
b. The major factors driving the nuclear medicine market growth are the increasing prevalence of target diseases, increasing approval of radiotherapeutic drugs, and growing demand for accurate diagnostic methods.
GET A FREE SAMPLE
This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.
Contact us now to get our best pricing.
ESOMAR certified & member
Leading SME award by D&B
"The quality of research they have done for us has been excellent."
Multiple therapeutic regimens are being followed across the globe in attempts to come up with a reliable treatment for Covid-19. One line of treatment includes the use of hydroxychloroquine, while a second treatment line focuses to use antiviral drugs used in the disease management of HIV. Both these approaches have surged demand from advanced antivirals and antimalarial drugs. This impacts the drug manufacturers as an off label indication for these drug classes has to be worked upon. At the moment, the WHO has not prescribed any of these approaches, neither they have commented if one is better than the other. The report will account for COVID-19 as a key market contributor.
We value your investment and offer free customization with every report to fulfil your exact research needs.