Nuclear Medicine Market Size, Share & Trends Analysis Report By Product (Diagnostics (SPECT, PET)), Therapeutics (Alpha Emitters, Beta Emitters, Brachytherapy), By Application, By End-use, By Region, And Segment Forecasts, 2022 - 2030

Report Overview

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.

Product Insights

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.

Application Insights

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.

Regional Insights

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.

Key Companies & Market Share Insights

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:

• GE Healthcare

• 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

• Eczacıbaşı-Monrol

• Lantheus Medical Imaging, Inc.

• Eckert & Ziegler

• Mallinckrodt

• Cardinal Health

Nuclear Medicine Market Report Scope

Segments Covered in the Report  

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)

  • Diagnostic products

    • SPECT

      • TC-99m

      • TL-201

      • GA-67

      • I-123

      • Other SPECT products

    • PET

      • F-18

      • SR-82/RB-82

      • Other PET products

  • Therapeutic Products

    • Alpha Emitters

      • RA-223

    • Beta Emitters

      • I-131

      • Y-90

      • SM-153

      • Re-186

      • Lu-117

      • Other beta emitters

    • Brachytherapy

      • Cesium-131

      • Iodine-125

      • Palladium-103

      • Iridium-192

      • Other brachytherapy products

• Application Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Cardiology

  • Neurology

  • Oncology

  • Thyroid

  • Lymphoma

  • Bone Metastasis

  • Endocrine Tumor

  • Others

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospitals & Clinics

  • Diagnostic Centers

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

    • Russia

    • Netherlands

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Singapore

    • New Zealand

    • Malaysia

    • Philippines

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East and Africa (MEA)

    • South Africa

    • Israel

    • Saudi Arabia

    • UAE

    • Turkey