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The changing landscape of diagnostic options available today is largely influenced by the interplay between advanced medical imaging technology & therapeutic applications called nuclear medicine market dynamics. A major factor driving the Nuclear Medicine market is the growing demand for more accurate personalized diagnostics tests. PET & SPECT techniques offer insight into molecular processes & physiological functions, enabling the detection of early disease stages & planning individualized treatments. Advancements in medical research and technology shape the ever-changing dynamics within the Nuclear Medicine market. Pharmaceutical companies and imaging technology manufacturers also pour their investments into developing radiopharmaceuticals as well as imaging devices aimed at improving diagnostic accuracy and therapeutic efficacy. The changing nature of the market, however, is made possible through the introduction of novel radiotracers, hybrid imaging systems, and targeted therapeutics.
Regulatory factors play a major role in defining the dynamics of this market. Stringent regulations govern the approval, production, and use of medical isotopes & radiopharmaceuticals, as well as imaging devices, which must comply with safety, efficacy, and radiation protection standards. For pharmaceutical firms developing these drugs or investigating these diseases, for instance, they must follow set regulatory guidelines; whether such will hinder or allow them to gain entry into a country's market is considered before any strategy is commenced. Economic considerations greatly influence the accessibility of nuclear medicine procedures. Cost-effective early diagnostics remain critical given the economic burden associated with chronic diseases such as cancer and cardiovascular pathologies. Nevertheless, the availability and utilization of nuclear medicine imaging modalities will ultimately depend on affordability, insurance coverage policies, and reimbursement mechanisms that may differ from one health system to another within a country.
Among the dynamics that characterize the Nuclear Medicine industry, one can mention the competitive landscape among pharmaceutical companies, imaging technology manufacturers, and healthcare institutions. The development and marketing of state-of-the-art radiopharmaceuticals, imaging devices, and therapeutic applications are what firms vie for. Strategic alliances, partnerships, and research activities drive innovations in this industry. Also impacting the Nuclear Medicine market are global demographic trends such as aging populations and an increasing incidence of chronic diseases. Growing diagnostic needs from an aging population with complex medical conditions require more advanced imaging techniques. At the same time, a greater prevalence of chronic diseases necessitates better therapeutics using nuclear medicine, which remains relevant to prevailing health issues in modern times. Stakeholders within the Nuclear Medicine market must understand this shift in demographics so as to develop strategies that align with the evolving healthcare system.
Nuclear Medicine Market Highlights:
Global Nuclear Medicine Market Overview
Nuclear Medicine Market size was valued at USD 9.84 billion in 2023. The Nuclear Medicine Market industry is projected to grow from USD 10.63 billion in 2024 to USD 27.96 billion by 2032
The factors contributing to the growth of the market are increasing applications of radioisotopes in the healthcare industry and technological advancements in nuclear medicine.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Nuclear Medicine Market Trends
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Increasing applications of radioisotopes in the healthcare industry
The rising application of radioisotopes in healthcare for various medical applications, such as tracing, medical diagnosis & therapy, radiography, and sterilization drives the growth of the market. For instance, according to the World Nuclear Association (UK), radioisotopes are used in medicine at over 10,000 hospitals worldwide. In addition, radioisotopes are widely used in human healthcare for diagnostic and therapeutic purposes. The diagnostic techniques could be carried out in-vivo using radiopharmaceuticals or in-vitro with radioimmunoassay.
Furthermore, rising public-private funding for R&D of new techniques and growing R&D in the pharmaceutical and biotechnology industry to enhance radiotherapy for proper diagnosis of diseases such as thyroid-related diseases, respiratory diseases, bone diseases, neurological diseases, and others also drives the growth of the nuclear medicine market.
Moreover, rising prevalence of cancer and other chronic diseases further boosts the market growth. 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. Similarly, GLOBOCAN 2020 estimates of cancer incidence produced by the International Agency for Research on Cancer state worldwide, an estimated 19.3 million new cancer cases in 2020.
Therefore, rising prevalence of cancer and other chronic diseases and increasing applications of radioisotopes in the healthcare industry are fueling market growth.
Nuclear Medicine Market Segment Insights
Nuclear Medicine Type Insights
Based on type, the Nuclear Medicine Market has been segmented into diagnosis and therapeutic. The diagnostic segment segmented into SPECT radiopharmaceuticals and PET radiopharmaceuticals. The SPECT radiopharmaceuticals further segmented into Tc99m, I-123, and others and PET radiopharmaceuticals into F18, C11 choline, and others. Further, therapeutic segmented into alpha emitters, beta emitters, and brachytherapy isotopes. The alpha emitters is divided into actinium-225 (Ac-225), radium-223 (Ra-223), and others, beta emitters is segmented into yttrium-90 (Y-90), lutetium-177 (Lu-177), and others, and brachytherapy isotopes is bifurcated into iodine-125 (I-125) and others. Diagnostic segment held the largest market in 2023 with a market share 62.79%. The segment growth has been driven through factor includes favorable government support. The government agencies are keen on developing nuclear medicines related to cancer diagnosis and treatment. These authorities support the market players and research agencies by investing in R&D activities and easing the approval procedure. For instance, in December 2020, FDA approved the first prostate-specific membrane antigen (PSMA) imaging drug Ga 68 PSMA-11 for patients with suspected metastatic prostate cancer.
Nuclear Medicine Application Insights
Based on application, the Nuclear Medicine Market has been segmented into neurology, cardiology, oncology, and others. Further, the oncology segment is divided into prostate cancer, breast cancer, lung and bronchus cancer, thyroid cancer, colorectal cancer, and others. Oncology held the largest market share in 2023, and the fastest-growing segment during the forecast year i.e., 2023-2032. The factors positively contributing to the segment’s growth are increasing prevalence of cancer and formation of strategic alliances. According to the International Agency for Research on Cancer (IARC) the new estimates on the global cancer burden indicate that it has risen to 19.3 million cases and 10 million cancer deaths in 2020. Similarly, in June 2021, Bayer AG (Germany) acquired of Noria therapeutics Inc. (US) and PSMA Therapeutic Inc. (US), both specialized in developing targeted therapeutic and imaging radiopharmaceuticals.
FIGURE 2: NUCLEAR MEDICINE MARKET, BY APPLICATION, 2023 & 2032 (USD BILLION)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Nuclear Medicine End User Insights
Based on end user, the Nuclear Medicine Market has been classified as hospitals & diagnostic centers, research institutes, and others. Hospitals & diagnostic centers held the largest market share in 2023 and is anticipated to register the highest CAGR from 2024 to 2032. This is owing to factors such as the expansion of diagnosing facilities for effective imaging of patients with various types of cancer, increasing investment in product developments and launches for the convenience of patients and physicians, and the growing diagnosis of carcinogenic and non-carcinogenic disorders.
Nuclear Medicine Regional Insights
By region, the study segments the market into North America, Europe, Asia-Pacific, and Rest of the World. North America accounted for the largest market share of 42.42% in 2023 owing to the presence of active industry players in the region and the availability of the products propelling the market's growth in North America. Additionally, in June 2021, Cardinal Health (US), Nuclear & Precision Health Solutions received US Food and Drug Administration approval for a new LYMPHOSEEK pediatric indication. LYMPHOSEEK (technetium Tc 99m tilmanocept) injection is the first, and only radiopharmaceutical agent built specifically for targeted lymphatic mapping and instructing sentinel lymph node biopsies. Therefore, increasing product launches to meet the demand of physician and patients are fostering the region’s growth.
Further, the major countries studied are: The US, Canada, Brazil, Germany, France, the UK, Italy, Spain, China, India, Japan, South Korea, Australia.
FIGURE 3: NUCLEAR MEDICINE MARKET, BY REGION, 2023 & 2032 (USD MILLION)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe is anticipated to witness significant growth during the forecast period due to increasing number of people suffering from heart illness, Alzheimer's disease, and neurological problems, rising expenditure, and increased need for better diagnostic and treatment processes are all propelling the growth in the European market. Furthermore, the 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) strengthened its position as a prominent European specialist pharmaceutical firm by acquiring Azanta A/S (Denmark), a specialized biopharmaceutical company focused on women's healthcare addiction medicine and oncology. Furthermore, the Germany nuclear medicine market held the largest market share in 2023 and UK nuclear medicine market is the fastest growing market in the Europe region.
The growth of the market in Asia-Pacific is predicted to rise rapidly due to an increase in the number of cardiac patients and improved imaging techniques using diagnostic equipment such as PET and SPECT. Furthermore, getting multiple 2D and 3D images obtained by performing SPECT imaging techniques with the help of a gamma camera aids in better access for physicians is driving the region’s nuclear medicine market forward. Moreover, Japan nuclear medicine market held the largest market share in 2023 and India nuclear medicine market is the fastest growing market in the Asia-Pacific region.
Nuclear Medicine Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product, which will help the nuclear medicine market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the nuclear medicine industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
GE Healthcare (US) is a global manufacturer and distributor of healthcare products. The company offers a diverse product portfolio under the categories of equipment, pharmaceutical imaging agents, healthcare IT, and pharmaceutical IT. GE has a strong market presence in North America, Europe, Asia-Pacific, the Middle East, and Africa, with operations across more than 170 countries. Moreover, in September 2021, the company launched MyoSPECT, a next-generation cardiac-dedicated nuclear medicine scanner with extensive field-of-view processing as well as new automated workflow features for a quick and comfortable medical exam experience. This product launch expanded the company's product portfolio in the nuclear medicine market.
Key Companies in the Nuclear Medicine Market includes
- 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)
- Others
Nuclear Medicine Industry Developments
January 2023: Eckert & Ziegler Eurotope GmbH (Germany) entered into a service agreement with TRIMT GmbH (Germany) for the development Ga-68-Trivehexin. As per the agreement, TRIMT’s PET tracer Ga-68-Trivehexin used Eckert & Ziegler’s synthesis platforms and equipment as well as both companies jointly focused on the marketing of Ga-68-Trivehexin. This agreement strengthened the company’s business.
June 2021: Cardinal Health (US) received US FDA approval for its product LYMPHOSEEK (technetium Tc 99m tilmanocept) injection, the first and only radiopharmaceutical agent particularly used for targeted lymphatic mapping and guiding sentinel lymph node biopsies (SLNB). This product approval expanded the company’s product portfolio.
Nuclear Medicine Market Segmentation
Nuclear Medicine Type Outlook
- Diagnosis
- SPECT Radiopharmaceuticals
- Tc99m
- I-123
- Others
- PET Radiopharmaceuticals
- F18
- C11 Choline
- Others
- SPECT Radiopharmaceuticals
- Therapeutic
- Alpha Emitters
- Actinium-225 (Ac-225)
- Radium-223 (Ra-223)
- Others
- Beta Emitters
- Yttrium-90 (Y-90)
- Lutetium-177 (Lu-177)
- Others
- Brachytherapy Isotopes
- Iodine-125 (I-125)
- Others
- Alpha Emitters
Nuclear Medicine Application Outlook
- Neurology
- Cardiology
- Oncology
- Prostate Cancer
- Breast Cancer
- Lung and Bronchus Cancer
- Thyroid Cancer
- Colorectal Cancer
- Others
- Others
Nuclear Medicine End User Outlook
- Hospitals & Diagnostic Centers
- Research Institutes
- Others
Nuclear Medicine Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East & Africa
- South America
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