Pune, India, Aug. 10, 2023 (GLOBE NEWSWIRE) -- The global nuclear medicine market size was valued at USD 7.53 billion in 2022. The market is projected to grow from USD 8.42 billion in 2023 to USD 29.35 billion by 2030, exhibiting a CAGR of 19.5% during the forecast period.
Nuclear medicine or radiopharmaceuticals is a group of pharmaceutical drugs containing radioactive isotopes, have gained prominence in clinical areas such as neurology, cardiology, and oncology for diagnosis and therapy. The market is driven by the rising prevalence of chronic diseases and advancements in technology that enable the effective use of radiopharmaceuticals for diagnosing and treating cancerous tumors. Fortune Business Insights presents this information in their report titled "Global Nuclear Medicine Market, 2023–2030."
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Key Industry Development
- September 2021: Advanced Accelerator Applications received grants Priority Review from FDA for investigational targeted radiology and therapy 177Lu-PSMA-617 for metastatic castration-resistant prostate cancer (mCRPC).
Key Takeaways:
- Technological advancements in nuclear imaging are expected to drive the market growth.
- Market players are developing new therapeutic products for the treatment of various medical conditions, thereby driving market growth.
- The segment is anticipated to grow at the highest growth rate.
- North America generated a revenue of USD 3.87 billion in 2022.
Discover the Leading Players Featured in the Report:
“Companies leading the global Nuclear Medicine Market are Lantheus Medical Imaging, Inc. (U.S.), Cardinal Health (U.S.), Norgine B.V. (Netherlands), Nordion (Canada) Inc. (Canada), Bayer AG (Germany), Curium (France), Advanced Accelerator Applications (Novartis AG) (France), Bracco Diagnostic Inc. (U.S.), Jubilant Pharmova Limited (India), GE Healthcare (General Electric Company) (U.S.)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 19.5% |
| 2030 Value Projection | USD 29.35 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 8.42 billion |
| Historical Data | 2019 to 2021 |
| No. of Pages | 169 |
| Segments covered | By Type, By Application, By End-user, and By Region |
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Segments:
Efficient Imaging Techniques and New Product Launches Boost Growth of Diagnostic Segment
By type, the market is split into diagnostic and therapeutic. The diagnostic segment dominated the global market in 2020 and is expected to experience substantial growth, driven by efficient imaging, new product launches, and increased procedural volumes. The therapeutic segment had the highest CAGR due to strong focus of market players on clinical trials.
Oncology Poised for Rapid Growth, Fueled by Rising Cancer Prevalence and Therapeutic Advancements
By application, the market is categorized into neurology, cardiology, oncology, and others. The oncology segment is projected to exhibit the highest CAGR in the market, driven by the increasing prevalence of cancer, growing awareness of early diagnosis, and the development of pipeline products for nuclear medicine therapies targeting oncology indications.
Hospitals and Clinics to Drive Significant, Fueled by Procedural Volume and Expertise
By end-user, the market is classified into hospitals & clinics, diagnostic centers, and others. Hospitals and clinics are projected to exhibit substantial growth in the market due to their high procedural volume and expertise in handling these sensitive products.
From the regional ground, the market for nuclear medicine is segmented into North America, Europe, Asia Pacific, and Rest of the World.
By Type
- Diagnostic
- PET Radiopharmaceuticals
- FDG-PET/18F
- 68Ga
- 68Cu
- 11C
- Others
- SPECT Radiopharmaceuticals
- Technetium-99m
- Iodine-123
- Xenon-133
- Thallium-201
- Others
- Therapeutic
By Application
- Neurology
- Cardiology
- Oncology
- Others
By End-user
- Hospitals & Clinics
- Diagnostic Centers
- Others
By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
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Drivers and Restraints
Expanding Applications of Nuclear Imaging Technology Propel Market Growth
Increased awareness of the benefits of early diagnosis and advancements in nuclear imaging technology, particularly PET/PET-CT, are driving the global market growth by expanding its applications beyond oncology to areas such as cardiology, neurology, and infection detection, in the management and treatment of chronic disorders.
However, the nuclear medicine market growth may be limited due to the availability and utilization of alternative diagnostic methods such as CT scans and MRI.
Regional Insights
North America Continues to Lead with Advanced Imaging Technologies and Therapeutic Radiopharmaceuticals
North America, with revenue of USD 3.87 billion in 2022, is projected to maintain its dominant position in the market. This is attributed to the widespread adoption of advanced nuclear imaging technologies and the growing utilization of efficient therapeutic radiopharmaceuticals in the region, which are expected to contribute to the overall market growth.
Europe is anticipated to be the second-largest market for nuclear medicine, driven by the adoption of advanced radiopharmaceuticals and strategic acquisitions by key players.
Competitive Landscape
New Product Launches, Acquisitions, and R&D Initiatives by Key Players Shape the Future of the Market
Around 60% of the global nuclear medicine market share is held by key players who employ strategies such as new product launches, acquisitions, and continuous R&D to gain strong regulatory approvals. Additionally, other companies with substantial market shares and robust therapeutic radiopharmaceutical pipelines are expected to drive market growth in the future.
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Table of Content:
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FAQ’s
What is the market for nuclear medicine?
The Nuclear Medicine Market size was USD 7.53 billion in 2022. It is expected to reach USD 29.35 billion by 2030.
How fast is the Nuclear Medicine Market growing?
The Nuclear Medicine Market will exhibit a CAGR of 19.5% during the forecast period, 2023-2030.
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