Nuclear Medicine Market Size, Share & Trends Analysis Report By Product (Diagnostics, Therapeutics), By Application, By Region (North America, APAC, Europe), And Segment Forecasts, 2018 - 2025

Industry Insights

The global nuclear medicine market size was valued at USD 6.4 billion in 2016 and is expected to exhibit a CAGR of 10.1% over the forecast period. Need for early and accurate diagnostic methods, coupled with growing demand for better therapies, is driving the market. Increasing incidence of cancer and cardiovascular disorders is also contributing toward market growth as nuclear medicine has proven rather accurate in the diagnosis and treatment of such conditions.

According to the World Health Organization (WHO) in February 2015, the number of new cases of cancer is expected to grow by around 70% over the next two decades. Globally, 8.8 million people died from cancer in 2015. Cancer accounts for one out of every six deaths globally.

Increasing prevalence of cardiovascular diseases is fueling market growth. These diseases accounted for more than 17.7 million deaths in 2015 globally. The number is anticipated to cross around 23 million by 2030. An estimated 31.0% of global deaths can be attributed to cardiovascular diseases.

Presently, radiopharmaceuticals 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 diagnosis and treatment of bone diseases, respiratory diseases, thyroid-related diseases, and conditions of the digestive tract. Along with these applications, radioisotopes are largely used in radiopharmacology to study drug movement in lab subjects.

Product Insights

Ability to integrate with other diagnostic techniques such as x-ray is anticipated to boost the growth of diagnostic products. Based on product, the biopharmaceuticals market is bifurcated into diagnostic and therapeutic. The diagnostic segment, which includes Single-Photon Emission Computed Tomography (SPECT) and Positron Emission Tomography (PET), held the dominant share in 2016. The therapeutics segment, which comprises alpha emitters, beta emitters, and brachytherapy, is poised to witness the fastest growth through 2025.

SPECT was the largest diagnostic sub-segment in 2016, while PET is estimated to register a strong growth rate over the forecast period. Even though a SPECT scan is relatively cheaper than a PET scan, the latter is more advantageous than the former. The resolution offered by a PET scan is in the range of 5-7 mm while that of SPECT is 12-15 mm. The imaging time for the former is relatively longer than the former due to the prolonged half-life of tracer radioisotopes used.

Beta emitters held the largest market share in 2016, while brachytherapy is estimated to exhibit the fastest growth over the forecast period. Alpha emitters enjoy the advantage of having a shorter span of radiation zone. This characteristic is very helpful in eradication of cancerous cells and minimizes the effect of radiation on healthy cells.

Beta emitters have been gaining popularity in radiotherapy in the past decade owing to various associated advantages, such as effective treatment, fewer side effects, and easy administration. Brachytherapy has proven to be a good alternative for chemotherapy and surgery in cancer treatment. Advantages such as high safety profile and reduced cost are expected to boost the segment 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 applications of existing products, coupled with introduction of newer radioisotopes for diagnosis of respiratory-, bones-, and thyroid-related diseases, are spurring the diagnostics market.

Application Insights

By application, the radiopharmaceuticals market is bifurcated into diagnostics and therapeutics. Diagnostic applications include cardiology, neurology, oncology, thyroid, and lymphoma; oncology is the largest segment by diagnostic application, while cardiology is expected to register strong growth over the forecast period.

Prominent therapeutic applications include thyroid, bone metastasis, lymphoma, and endocrine tumor. While bone metastasis forms the largest segment by therapeutic applications, the thyroid segment is slated to be highly lucrative over the coming years.

Nuclear medicine diagnostic techniques provide better insight of a disease compared to traditionally used diagnostic methods such as 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 two widely used diagnostic techniques that use radiotracers to study targeted organs and tissues. Reducing prices of scanning devices and government support for the inclusion of radiopharmaceuticals are factors driving the segment.

Therapeutic usage of nuclear medicines is currently in its initial phase. Usage of radioactive elements is effective but equally risky to patients as well as operators of these devices. With the introduction of advanced protective measures and growing awareness regarding the procedures, this segment is poised to gain traction over the coming years.

Regional Insights

North America spearheaded the market in 2016, accounting for a share of over 44.0% that year. This can be attributed to advanced healthcare infrastructure in the region, especially in U.S. Rising burden of cancer and various cardiovascular disorders is also a high impact rendering factor driving the market.

Asia Pacific is anticipated to register the highest CAGR of 10.7% during the forecast period. Demand for nuclear medicine is increasing in emerging markets such as China and India due to rising disposable income, improving healthcare standards, and favorable reforms in foreign policies. China is dominates the Asia Pacific market and is likely to hold on to its lead position through 2025.

Nuclear Medicine Market Share Insights

Key players in the market 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 launch, collaboration, mergers and acquisitions, and regional expansion are among prominent 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, the company aims to expand its presence in South America.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global radiopharmaceuticals/nuclear medicine market report on the basis of product, application, and region:

• Product Outlook (Revenue, USD Million, 2014 - 2025)

  • 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, 2014 - 2025)

  • Diagnostics

    • Cardiology

    • Neurology

    • Oncology

    • Thyroid

    • Lymphoma

    • Others

  • Therapeutics

    • Thyroid

    • Bone Metastasis

    • Lymphoma

    • Endocrine Tumor

    • Others

• Regional Outlook (Revenue, USD Million, 2014 - 2025)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Spain

    • Italy

    • Netherlands

    • Russia

  • Asia Pacific

    • Japan

    • China

    • India

    • Malaysia

    • Singapore

    • Korea

    • Philippines

    • Australia

    • New Zealand

  • Latin America

    • Mexico

    • Brazil

    • Argentina

  • MEA

    • South Africa

    • Saudi Arabia

    • Israel

    • Turkey