Nuclear Medicine Market Size, Share & Trend Analysis Report By Product (Diagnostics, Therapeutics) By Application, By Region (North America, APAC, Europe), And Segment Forecasts, 2018 - 2024

Industry Insights

The global nuclear medicine market size was valued at USD 6.3 billion in 2016 and is expected grow at a CAGR of 10.2% during the forecast period Need for early and accurate diagnostic methods coupled with growing demand for better therapies are fueling the market growth. Additionally, increasing incidences of cancer and cardiovascular disorders is contributing towards the growth of the nuclear medicines market.

According to the information updated by the World Health Organization (WHO) in February 2015, the number of new cases of cancer is expected to grow by around 70% in the coming 2 decades. Globally, 8.8 million people died from cancer in 2015. Cancer accounts for 1 death out of every 6 deaths globally.

Similarly, increasing prevalence of cardiovascular diseases is pushing the market growth. The cardiovascular diseases accounted for more than 17.7 million deaths in 2015 globally. The number is anticipated to cross around 23 million by 2030. 31.0% of the global deaths can be attributed to cardiovascular diseases. The rapidly increasing number of new cancer and cardiovascular cases recorded are together propelling the demand for nuclear medicines in the world, since nuclear medicines are used as a diagnostic tool for these diseases.

Presently, these products are widely used in the field of oncology, and cardiovascular diseases. Ongoing research and studies demonstrating positive results is widening the scope of radioisotope applications for the diagnosis and treatment of bone diseases, respiratory diseases, thyroid-related diseases, and conditions of the digestive tract. Along with these applications, the radioisotopes are largely used in radiopharmacology to study drug movement in lab subjects.

PET utilizes radioisotopes for the diagnosis of the targeted organ. Adoption of PET as a diagnostic tool is rapidly increasing since it offers high accuracy over other diagnostic techniques. The accuracy in the diagnosis has a direct impact on decision-making and treatment monitoring process. PET is commonly integrated with X-ray and computed tomography to increase the accuracy. The growing demand for these diagnostic procedures is expected to fuel the market growth during the forecast period.

Product Insights

Ability to integrate with other diagnostic techniques such as x-ray is anticipated to boost the growth of diagnostic products. The nuclear medicine market based on product is segmented into diagnostic and therapeutic products. The diagnostic products include Single-Photon Emission Computed Tomography (SPECT) and Positron Emission Tomography (PET). While therapeutics products are Alpha Emitters, Beta Emitters, and Brachytherapy.

The diagnostic segment held the largest market share as of 2016, while the therapeutics segment is estimated to drive growth in the market during the forecast period. Introduction of advanced protective measures and growing awareness regarding the procedures are fostering the usage of therapeutic nuclear medicines.

SPECT was the largest market in 2016, while PET is estimated to drive growth in this market over the forecast period. The SPECT technology is relatively cheaper than PET. Although the imaging time obtained for a SPECT is longer due to the prolonged half-life of the tracer radioisotopes used in comparison to PET imaging time. The resolution offered by a PET scan is in the range of 5-7 mm while that of SPECT is 12-15 mm. Thus, a PET scan is more advantageous than a SPECT scan.

Beta Emitters was the largest market in 2016, while brachytherapy is estimated to drive growth in therapeutic nuclear medicine market over the forecast period. Alpha emitters have an advantage of having shorter span of radiation zone. This characteristic is very helpful in eradication of cancerous cells and minimizes the effect of the radiation on healthy cells.

Beta emitters have been gaining popularity in the radiotherapy in the past decade owing to various associated advantages, such as effective treatment, low side effects, and easy administration. Brachytherapy has been a good alternative for the chemotherapy and surgery in cancer treatment. The advantages such as high safety profile and reduced cost is expected to boost the growth of the market in emerging regions.

Advancements in scanning technology are increasing the efficiency of diagnosis using radioisotopes, and as a result, application areas of existing radioisotopes are swiftly increasing. Widening of applications of the existing products coupled with introduction of newer radioisotopes for the diagnosis of respiratory-, bones-, and thyroid-related diseases are spurring the growth of nuclear medicines in the diagnostics market.

High accuracy, ability to integrate with other diagnostic techniques such as x-ray, and growing awareness of this technique in the developing market are the major factors expected to fuel the market growth of the diagnostic nuclear medicines during the forecast period.

Application Insights

The applications of nuclear medicines are bifurcated into diagnostics and therapeutics. Diagnostic applications include cardiology, neurology, oncology, thyroid and lymphoma. Therapeutic applications are thyroid, bone metastasis, lymphoma, and endocrine tumor.

Nuclear medicine diagnostic techniques provide better insight of the disease than the traditionally used diagnostic devices, including x-ray, ultrasound, CT, and MRI.High image clarity enables physicians to accurately decide the course of treatments, minimizing complications in trial and error treatments.

SPECT and PET are the two widely used nuclear medicine diagnostic techniques that use radiotracers to study the targeted organ and tissues. Lowering prices of the scanning devices and government support for the inclusion of nuclear medicines are the factors driving the market growth.

The oncology segment is the largest market for diagnostic nuclear medicines with a market share of more than 51.0%. While the cardiology segment is expected to drive the market over the forecast period, with a CAGR of 10.8% over the forecast period.

The therapeutic usage of the nuclear medicines is currently in the initial phase. Usage of radioactive elements is effective and equally risky to the patient as well as the operator of the devices. With the introduction of advanced protective measures and growing awareness regarding the procedures are the factors anticipated to drive the growth of this market

The bone metastasis segment is the largest market for therapeutic nuclear medicines with a market share of more than 23.0%. While the thyroid segment is expected to drive the market over the forecast period, with a CAGR of 11.5% over the forecast period.

Regional Insights

North America spearheaded the market in 2015, however Asia Pacific is anticipated to grow at a lucrative rate. North America led the market with over 44.0% share in 2016. This can be attributed to the advanced healthcare infrastructure in this region especially in the U.S. In addition, rising burden of caner is one of the high impact rendering factor the growth.

On the other hand, the demand for nuclear medicine is increasing emerging markets such as China and India due to rising disposable income, improving healthcare standards and reforms in foreign policies. China is estimated to grow at a lucrative growth rate over the forecast period.

Nuclear Medicine Market Share Insights

The players in the nuclear medicine industry include Eckert & Ziegler Group,Mallinckrodt Pharmaceuticals, GE Healthcare, Jubilant Life Sciences, Bracco Imaging S.p.A, Nordion, Inc, The Institute of Radioelements, Australian Nuclear Science & Technology Organization (ANSTO), NTP Radioisotopes SOC Ltd and Eczacibasi-Monrol. New product launches, collaboration, mergers & acquisitions, and regional expansion are the key strategic initiatives undertaken by these industry players.

For instance, in August 2016, the Eckert & Ziegler Group acquired BR - 77 Comércio, Distribuidora e Transportes de Medicamentos Ltda based in Brazil. Through this acquisition, company aims to expand its geographic presence in South America.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the latest trends and opportunities in each of the sub segments from 2013 to 2024. For the purpose of this study, Grand View Research has segmented the global nuclear medicine market report on the basis of product, application, and region:

• Product Outlook (Revenue, USD Million; 2013 - 2024)

  • Diagnostics

    • SPECT

      • TC-99m

      • TL-201

      • GA-67

      • I-123

      • Others

    • PET

      • F-18

      • RB-82

      • Others

  • Therapeutics

    • Alpha Emitters

      • RA-223

      • Others

    • Beta Emitters

      • I-131

      • Y-90

      • SM-153

      • Re-186

      • Lu-117

      • Others

  • Brachytherapy

    • Cesium-131

    • Iodine-125

    • Palladium-103

    • Iridium-192

    • Others

• Application Outlook (Revenue, USD Million;2013 - 2024)

  • Diagnostics

    • Cardiology

    • Neurology

    • Oncology

    • Thyroid

    • Lymphoma

    • Others

  • Therapeutics

    • Thyroid

    • Bone Metastasis

    • Lymphoma

    • Endocrine Tumor

    • Others

• Regional Outlook (Revenue, USD Million; 2013 - 2024)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • UK

  • Asia Pacific

    • Japan

    • China

  • Latin America

    • Mexico

    • Brazil

  • MEA

    • South Africa