Nuclear Medicine Market Size, Share, Growth Analysis, By Diagnostics (SPECT, PET), By Therapeutics (Alpha Emitters, Beta Emitters), By Application, By End User, By Region - Industry Forecast 2024-2031

Global Nuclear Medicine Market size was valued at USD 9.1 billion in 2022 and is poised to grow from USD 10.17 billion in 2023 to USD 24.83 billion by 2031, growing at a CAGR of 11.8% during the forecast period (2024-2031).

The nuclear medicine market is experiencing growth, driven by a strong product pipeline and supportive government initiatives aimed at enhancing accessibility to advanced diagnostic and therapeutic options. This field combines multiple disciplines, utilizing radiopharmaceuticals to assess organ function and structure, crucial for early disease detection such as thyroid cancer. Key products, including betalutin, omburtamab, and yttrium-90 microspheres, are currently in clinical trials. Despite the challenges posed by the COVID-19 pandemic, nuclear reactors, classified as essential services, continued operations to provide critical medicines. The American Cancer Society highlights the urgency of nuclear medicine, as evidenced by the significant incidence of prostate cancer and the recent FDA approval of Pluvicto for metastatic cases, underscoring the growing importance of this medical specialty.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Nuclear Medicine market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Nuclear Medicine Market Segmental Analysis

Global Nuclear Medicine Market is segmented by diagnostics, therapeutics, application, end user and region. Based on diagnostics, the market is segmented into SPECT (single photon emission computed tomography) (technetium-99m, thallium-201, iodine-123, others) and PET (positron emission tomography) (fluorine-18, rubidium-82, others). Based on therapeutics, the market is segmented into alpha emitters (radium-223, actinium-225), beta emitters (iodine-131, yttrium-90, lutetium-177) and brachytherapy isotopes (iodine-125, palladium-103, cesium-131). Based on application, the market is segmented into oncology (thyroid cancer, bone metastasis, lymphoma), cardiology (myocardial perfusion imaging, ventricular function imaging), neurology (brain imaging, alzheimer's disease) and others (gastroenterology, nephrology). Based on end user, the market is segmented into hospitals, diagnostic centers and research institutes. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Driver of the Global Nuclear Medicine Market

The Global Nuclear Medicine market is significantly driven by the increasing incidence and prevalence of cancer and cardiovascular disease (CVD). The World Health Organization reported that cancer was the leading cause of death in 2020, resulting in nearly 10 million fatalities, with projections indicating that 19.3 million new cancer cases will be diagnosed annually by 2025. Furthermore, in 2019, CVD was responsible for 17.9 million deaths, making up 32% of global mortality, and this figure is anticipated to climb to 23.3 million by 2030. The critical role of nuclear medicine in early diagnosis and treatment of these diseases is poised to propel market growth as demand for effective medical interventions rises.

Restraints in the Global Nuclear Medicine Market

The global nuclear medicine market faces several constraints, primarily due to the rising adoption of alternative diagnostic methods for various illnesses. While nuclear medicine techniques like PET scans are commonly used for cancer detection and cardiovascular imaging, technologies such as MRI and CT scans are increasingly favored, especially in developing countries. These alternatives are often more cost-effective, leading to greater utilization as they benefit from supportive reimbursement policies. Consequently, the shift towards these imaging modalities is likely to hinder the growth of the nuclear medicine market in the coming years, as healthcare providers opt for these less expensive diagnostic options.

Market Trends of the Global Nuclear Medicine Market

The global nuclear medicine market is witnessing a significant upward trend, driven by ongoing advancements in nuclear medicine therapies. Companies are increasingly focused on developing innovative therapies that showcase superior clinical efficacy compared to traditional treatment options, particularly in oncology and other high-burden diseases. This surge in demand is bolstered by regulatory endorsements, such as the US FDA's approval for Curium's Phase-III trial of lutetium Lu 177 PSMA I&T, a promising radiopharmaceutical targeting prostate cancer. Additionally, the emergence of new therapeutic agents by various market players is further stimulating growth, reflecting a robust pipeline geared toward addressing diverse medical conditions and enhancing patient care.