PUBLISHER: The Business Research Company | PRODUCT CODE: 1705347
PUBLISHER: The Business Research Company | PRODUCT CODE: 1705347
Medical isotopes are radioisotopes utilized in medicine, emitting positrons or gamma rays for diagnostic purposes. These isotopes aid in visualizing and targeting specific tissues or abnormalities within the body, facilitating tasks such as evaluating heart function, assessing blood flow to the heart muscle, and diagnosing coronary artery disease.
The main product types of medical isotopes comprise stable isotopes and radioisotopes. Stable isotopes are versions of chemical elements that do not decay over time, retaining their atomic structure indefinitely. Production methods for medical isotopes include neutron activation, cyclotrons, nuclear reactors, and others. These isotopes find applications in nuclear therapy, equipment radioactive sources, and diagnostic procedures. End users of medical isotopes include hospitals, diagnostic centers, and research institutes.
The medical isotopes market research report is one of a series of new reports from The Business Research Company that provides medical isotopes market statistics, including the medical isotopes industry global market size, regional shares, competitors with the medical isotopes market share, detailed medical isotopes market segments, market trends, and opportunities, and any further data you may need to thrive in the medical isotopes industry. These medical isotopes market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The medical isotopes market size has grown strongly in recent years. It will grow from $6.8 billion in 2024 to $7.35 billion in 2025 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to the rising incidence of chronic diseases, expansion of the pharmaceutical industry, advancements in cancer treatment, demand for diagnostic imaging, and advancements in nuclear medicine.
The medical isotopes market size is expected to see strong growth in the next few years. It will grow to $9.92 billion in 2029 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to public health initiatives, partnerships and collaborations, investment in infrastructure, a shift towards personalized medicine, a growing geriatric population, regulatory changes, and standards. Major trends in the forecast period include growth in radiopharmaceuticals, adoption of cyclotron and generator technologies, focus on supply chain resilience, integration of artificial intelligence (AI), and advancements in positron emission tomography (PET) imaging.
The increasing rates of cancer and heart disease are expected to drive the growth of the medical isotope market in the coming years. These rates refer to the frequency of new cases and the prevalence of these diseases within a population over a specific period, offering insights into public health trends and the effectiveness of preventive measures. The growing prevalence of cancer and heart disease is linked to the widespread sedentary lifestyle promoted by modern technology and desk-based occupations, which result in lower physical activity levels. Medical isotopes are crucial in diagnosing and treating cancer and heart disease, utilizing imaging techniques such as positron emission tomography (PET) and single photon emission computed tomography (SPECT) scans, as well as therapies like radiation therapy and radioactive stents. For instance, according to the World Health Organization (WHO), a Switzerland-based intergovernmental organization, by 2050, the number of new cancer cases is projected to exceed 35 million, representing a 77% increase compared to the estimated 20 million cases in 2022. Additionally, data from the British Heart Foundation, a UK-based cardiovascular research charity, indicated that as of September 2024, approximately 7.6 million people in the UK are affected by heart and circulatory diseases, with around 4 million men and 3.6 million women living with these conditions. These diseases account for about 27% of all deaths in the UK, resulting in over 170,000 deaths annually, or roughly 480 deaths per day, equivalent to one death every three minutes. Thus, the rising incidence of cancer and heart disease is fueling the growth of the medical isotope market.
Leading companies in the medical isotope market are increasingly focusing on strategic collaborations to enhance their competitive positioning. A strategic collaboration is a formal agreement between two or more parties to jointly pursue specific, mutually beneficial objectives. For example, in September 2023, International Isotopes Inc., a U.S.-based medical technology company, partnered with Phantech Medical, a U.S.-based biomedical hardware company, to integrate their solutions for customers. This partnership aims to transform the calibration and reference sources market for pre-clinical imaging by developing, producing, and distributing innovative sealed sources tailored for the medical imaging and theranostics sectors.
In April 2024, Telix Pharmaceuticals Limited, an Australia-based biopharmaceutical company, acquired ARTMS Inc. for an undisclosed sum. This acquisition equips Telix with enhanced access to ARTMS' innovative radiopharmaceutical production technologies, fortifying its position in the development and commercialization of targeted radiopharmaceuticals for cancer imaging and therapy. ARTMS Inc., headquartered in Canada, specializes in the development of technology that revolutionizes the production of diagnostic imaging isotopes.
Major companies operating in the medical isotopes market are Rosatom State Atomic Energy Corporation, Bayer AG, Siemens Healthineers AG, GE HealthCare, Urenco Ltd., Lantheus Holdings Inc., Curium Pharma, Canadian Nuclear Laboratories, Eckert & Ziegler Strahlen- und Medizintechnik AG., Advanced Accelerator Applications a Novartis company, Nordion Inc., NTP Radioisotopes SOC Ltd., The Institute for Radioelements (IRE), NorthStar Medical Radioisotopes LLC, Isotopen Technologien Munchen AG (ITM), EczacIbasI-Monrol Nuclear Products Co., SHINE Medical Technologies LLC, Blue Earth Diagnostics Limited, Isologic Innovative Radiopharmaceuticals, IBA Radiopharma Solutions, Izotop, Coqui RadioPharmaceuticals Corp., Jubilant DraxImage Inc., Positron Corporation
North America was the largest region in the medical isotopes market in 2024. The regions covered in the medical isotopes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the medical isotopes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The medical isotopes market consists of sales of technetium-99m, carbon-11, and gallium-68 which serve specific purposes in medical diagnosis and therapy. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Medical Isotopes Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on medical isotopes market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for medical isotopes ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The medical isotopes market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.