Nuclear Medicine Market Valuation To Reach USD 27.96 billion by 2032

The nuclear medicine market is projected to register a CAGR of 11.35% during the forecast period of 2024 to 2032.

MRFR recognizes the following companies as the key players in the global nuclear medicine market— Novartis AG (Switzerland), GE Healthcare (US), Cardinal Health (US), Eckert & Ziegler Group (Germany), Lantheus (US), Jubilant Radiopharma (Canada), Bayer AG (Germany), Siemens Healthineers (Germany), Curium Pharma (France), Bracco (Italy), and among others.

Global Nuclear Medicine Market Highlights

The global nuclear medicine market is accounted to register a CAGR of 11.35% during the forecast period and is estimated to reach USD 27.96 billion by 2032.

The growth of the global nuclear medicine market is attributed to the increasing applications of radioisotopes in the healthcare industry, the rising prevalence of cancer & other chronic diseases, and technological advancements in nuclear medicine. Furthermore, industry players are employing a variety of business strategies to increase their market presence. For instance, in September 2021, GE Healthcare (US) introduced MyoSPECT, a next-generation cardiac-dedicated nuclear medicine scanner with extended field-of-view processing and new automated workflow features to meet patients' demands. Additionally, according to the WHO, in 2019, an estimated 17.9 million individuals died from cardiovascular diseases, accounting for 32% of deaths globally, with heart attacks or strokes causing 85% of these deaths. Moreover, the use of radiopharmaceuticals in neurological applications is expected to provide new market growth opportunities in the future. However, the short half-life of radiopharmaceuticals and a shortage of trained medical personnel are anticipated to hamper the market growth.

Access full report @ https://www.marketresearchfuture.com/reports/nuclear-medicine-market-6674

Segment Analysis

The global nuclear medicine market has been segmented based on type, application, and end user.

On the basis of type, the global nuclear medicine market has been segmented into diagnosis and therapeutic. The diagnostic segment segmented into SPECT radiopharmaceuticals and PET radiopharmaceuticals and therapeutic segmented into alpha emitters, beta emitters, and brachytherapy isotopes. The SPECT radiopharmaceuticals further segmented into Tc99m, I-123, and others and PET radiopharmaceuticals into F18, C11 choline, and others. Further, alpha emitters is segmented into actinium-225 (Ac-225), radium-223 (Ra-223), and others, beta emitters is divided into yttrium-90 (Y-90), lutetium-177 (Lu-177), and others, and brachytherapy isotopes is bifurcated into iodine-125 (I-125) and others

The diagnosis segment accounted for the largest market share and the therapeutic segment is anticipated to be the fastest-growing for the forecast period of 2024–2032. The wide range of applications, such as these allow nuclear physicians to attain precise information about the patient’s organ condition through imaging and evaluate an individual’s tissue and organ functions are burgeoning the segment's growth. Moreover, factors that positively contributing to the segment growth are rise in prevalence of cancer and other diseases as well launch of innovative radiopharmaceutical. 

Based on application, the nuclear medicine market is segmented into neurology, cardiology, oncology, and others. The oncology segment is divided into prostate cancer, breast cancer, lung and bronchus cancer, thyroid cancer, colorectal cancer, and others. The oncology segment accounted for the largest share in 2023 and is the fastest-growing segment during the forecast period. The key factor that drives the growth of this segment is increasing incidences of cancer and rise in the adoption of key strategies by various key players across the world.  For instance, in June 2021, Bayer AG (Germany) acquired of Noria therapeutics Inc. (US) and PSMA Therapeutic Inc. (US), both are radiotherapy companies developing targeted therapeutic and imaging radiopharmaceuticals. Therefore, this acquisition assisted in broadening Bayers AG's existing oncology portfolio of nuclear medicine.

The nuclear medicine market, based on end user, is segmented into hospitals & diagnostic centers, research institutes, and others. The hospitals & diagnostic centers segment accounted for the largest market with a market share of over 67.23% in 2023. One of the major factors contributing to the growth of hospitals & diagnostic centers is that the companies are differentiating their product pipeline to address the challenges while diagnosing. Companies such as Cardinal Health (US), Novartis (Switzerland), and GE Healthcare (US) are among the leading firms that have diversified nuclear medicine product portfolios to cater to the medical needs of the consumers.

Regional Analysis

The global nuclear medicine market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. The North America further includes US and Canada. The Europe includes countries namely Germany, France, UK, Italy, Spain, and Rest of Europe. The nuclear medicine market in Asia-Pacific has been segmented into China, India, Japan, South Korea, Australia, and Rest of Asia-Pacific. Moreover, the Rest of the World comprises of Middle East & Africa, and South America.

North America dominated market in 2023 due to factors such as the increased procedural volume increases the use of nuclear medicine for a variety of therapeutic applications such as hyperthyroidism, thyroid cancer, lymphomas, and bone pain, as well as the rapid adoption of efficient nuclear imaging technologies combined with the increasing use of technologically advanced are driving the market growth. The need for imaging modalities and contrast media is being driven by the increased prevalence of cancers and hospitalized cases related to oncological disorders. For instance, according to GLOBOCAN, there were an anticipated 19.3 million new cancer cases and about 10.0 million cancer-related deaths in the region in 2020. Therefore, rising utilization of nuclear medicine procedures and the rapid adoption of technology-based imaging are burgeoning the market.

The Europe nuclear medicine market is growing due to the adoption of improved radiopharmaceuticals, new launches, and acquisitions and mergers. For instance, in March 2020, Norgine B.V. (Netherlands) purchased Azanta A/S (Denmark) product portfolio, which included a hypoxia radiosensitizer to treat patients with head and neck cancer who are undergoing initial radiotherapy. Hence, Norgine B.V. (Netherlands) has a presence in 12 European countries, contributing to the value and growth of the nuclear medicine business by delivering goods and meeting patient demand.

Asia Pacific region is fastest growing region in market in 2023 owing to factors such as the rise in cancer prevalence that necessitates early diagnosis for appropriate treatment is fueling the growth of the Asia-Pacific nuclear medicine market within the region. According to the GLOBOCAN report 2020, the total number of new cases were anticipated to be 1,324,413, the death ratio was 851,678, and the prevalence cases in the next 5 years is predicted to be 2,720,251. This has resulted in a rise in the procurement of nuclear medical products and, as a result, a major boost in market growth. India and China are two of the top countries in the Asia-Pacific contributing to market growth by growing private and governmental sector investments in hospitals and diagnostic centers. Hence, high demand for nuclear medicine for early diagnosis and a surge in cancer cases are fostering the region’s growth.

The rest of the world nuclear medicine market is segmented into major regions, namely the Middle East & Africa, and South America. The growing elderly population, rising cancer prevalence, and the proliferation of chronic neurological disorders such as alzheimer's disease, parkinson's disease, dystonia, ALS (Lou Gehrig's disease), huntington's disease, neuromuscular disease, multiple sclerosis, and epilepsy are all driving the growth of the nuclear medicine market in the Middle East and Africa.

Key Findings of the Study

• The global nuclear medicine market is expected to reach USD 27.96 billion by 2032 at a CAGR of 11.35% during the forecast period.


• The Europe region held the second largest market share of the global market, owing to a growing adoption of technological advancements in nuclear medicine and formation of strategic alliances.


• Based on type, the diagnostic held the largest market in 2023, with a market share of over 79%.


• Novartis AG (Switzerland), GE Healthcare (US), Cardinal Health (US), Eckert & Ziegler Group (Germany), Lantheus (US), Jubilant Radiopharma (Canada), Bayer AG (Germany), Siemens Healthineers (Germany), Curium Pharma (France), Bracco (Italy), and among others are the key players in the market.