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The Global Nuclear Medicine Market size is estimated to grow by USD 8,057.89 million at a CAGR of 16.48% between 2022 and 2027.
The global increase in cancer cases has led to a rise in investment in diagnosis and treatment. Cancer is a major cause of mortality, especially in low- and middle-income countries. Predictions show 22 million new cancer cases in the next two decades. Preventable factors include alcohol, tobacco, obesity, and inactivity. The disease's economic impact is substantial due to premature deaths. Developed countries like the US invest heavily in oncology, reducing mortality rates. Developing countries like China and India seek more oncology investment. Nuclear medicines like Americium 241, Californium 252, Cobalt 60, etc., are used for cancer treatment, with demand expected to grow due to increased cancer cases and investments.
Technavio has segmented the market into Product, Application, and Geography.
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
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The market share growth by the radiotherapeutics segment will be significant during the forecast period. Radiopharmaceuticals are pharmaceuticals drugs having radioactive properties. These are made up of a radioisotope that bonds to an organic molecule. Radiopharmaceutical drugs can be used for therapeutic and diagnostic purposes. These are also used to treat multiple disease sites, such as cancer and cardiac diseases. Such factors will increase segment growth during the forecast period.
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The radiotherapeutics segment was valued at USD 1,880.57 million in 2017 and continue to grow by 2021. Radiopharmaceuticals have been known for their therapeutic uses for decades. Nuclear medicine research and development are rapidly growing, introducing new radiopharmaceuticals for treating neuroendocrine, metastatic bone pain, and tumors. The radiopharmaceutical segment is poised for significant growth during the forecast period due to increasing disease prevalence, like cancer and thyroid conditions, driving demand for new treatments.
The oncology segment dominates the market due to the increasing prevalence of cancer globally. In 2022, about 1.80 million new cancer cases were diagnosed globally. Nuclear medicine, including SPECT and PET equipment, is extensively used for timely cancer diagnosis. The demand for early detection and treatment to reduce mortality rates is driving the adoption of advanced diagnostic imaging methods like SPECT and PET in oncology.
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North America is estimated to contribute 45% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers will shape the market during the forecast period.
North America dominates the global nuclear medicine market, led by the US and Canada as top revenue generators. Market growth is fueled by changes in healthcare policies and hospital infrastructure, along with trends like hybrid operating rooms and cloud computing. The region's adoption of SPECT scanning systems is accelerated by lower costs and technological advancements. Vendors focus on product launches to offer new and advanced nuclear medicine options. The rise in cancer, neurological disorders, and heart diseases in North America boosts the demand for SPECT scanners. However, the closure of nuclear reactors has caused a shortage of radioisotopes, impacting nuclear medicine production. The US leads the North American market due to significant R&D investments and high cancer prevalence. Key vendors include Bayer, Cardinal Health, and GE Healthcare.
The COVID-19 outbreak had a slightly negative impact on the nuclear medicine market in North America, particularly the US. Lockdowns and restrictions in 2020 and early 2021 led to limited or halted non-urgent treatments and clinical visits, disrupting surgery schedules and lowering sales for nuclear medicine providers. Delays in cardiac and cancer disease procedures hindered market growth. Vendors responded with new strategies like product launches and collaborations. As vaccination drives reduced COVID-19 cases, pharmaceutical industry operations resumed, and the nuclear medicine market is expected to grow in the region due to increasing cancer cases and established vendors.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Philips- The company offers nuclear medicine such as Spectral Computed Tomography 7500 system.
Bayer AG, Bracco Spa, Cardinal Health Inc., Eckert and Ziegler AG, ECZACIBASI MONROL NUCLEAR PRODUCTS CO., GE Healthcare Technologies Inc., IBA Radiopharma Solutions, Jubilant Pharmova Ltd., Koninklijke Philips NV, Lantheus Holdings Inc., Mallinckrodt Plc, Medi-Radiopharma , Mirion Technologies Inc., Necsa, Novartis AG, Siemens Healthineers AG, Sirtex Medical Pty Ltd., Telix Pharmaceuticals Ltd., Tema Sinergie SpA, and TTG Imaging Solutions LLC
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
Increased use of nuclear medicine for detecting diseases at an early stage is a key factor driving the market growth. Nuclear imaging techniques play a crucial role in various medical applications, such as diagnosing central nervous system conditions, treating intracranial tumors and arteriovenous malformations, and aiding in cardiac and breast disease diagnoses. These techniques accurately detect molecular activity, enabling early disease detection and treatment assessment. Therapeutic and diagnostic procedures utilize nuclear medicine for detecting various diseases, particularly heart diseases through SPECT scanning systems and PET scanners. The increasing utilization of nuclear medicine for early disease detection is expected to drive the global nuclear medicine market's growth during the forecast period.
Growing research activities to widen the applications of hybrid imaging is a key trend shaping the market growth. The global nuclear medicine market is poised for growth due to increasing research and development (R&D) efforts to expand hybrid imaging applications. SPECT and PET/CT systems are widely utilized in oncology, particularly in the US, driving R&D activities to broaden hybrid imaging's scope.
Researchers focus on extending the application of dual optical and PET/CT probes to detect atherosclerotic plaque inflammation non-invasively. SPECT hybrid imaging is valuable in identifying individuals at high risk of premature atherosclerosis. Additionally, there is a rise in studies on hybrid systems for treating complex neurological disorders, like using hybrid imaging to understand brain connectivity in neuropsychiatric disorders. Such initiatives are expected to positively impact the global nuclear medicine market during the forecast period.
The high cost of hybrid imaging devices coupled with limited reimbursements is a key challenge hindering the growth of the nuclear medicine market. The high expenses associated with hybrid imaging devices not only impede their adoption but also lead physicians to consider more affordable conventional imaging systems. For example, SPECT gamma cameras cost around USD 0.4 million to USD 0.6 million, and PET/CT scanners are priced at approximately USD 2 million.
The expensive SPECT/CT hybrid imaging systems also face limited adoption, especially in emerging economies. Moreover, the lack of CMS reimbursements further hampers the uptake of SPECT/CT. As a result, physicians may turn to lower-cost standalone systems, with standalone PET/CT scanners ranging from USD 225,000 to USD 750,000. The high cost of PET/CT scanners could further reduce their adoption, adversely affecting the growth of the global nuclear medicine market during the forecast period.
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The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Nuclear Medicine Market Customer Landscape
The nuclear medicine market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Nuclear Medicine Market Scope |
|
Report Coverage |
Details |
Page number |
169 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 16.48% |
Market growth 2023-2027 |
USD 8,057.89 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
14.03 |
Regional analysis |
North America, Asia, Europe, and Rest of World (ROW) |
Performing market contribution |
North America at 45% |
Key countries |
US, Germany, UK, Japan, and China |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Bayer AG, Bracco Spa, Cardinal Health Inc., Eckert and Ziegler AG, ECZACIBASI MONROL NUCLEAR PRODUCTS CO., GE Healthcare Technologies Inc., IBA Radiopharma Solutions, Jubilant Pharmova Ltd., Koninklijke Philips NV, Lantheus Holdings Inc., Mallinckrodt Plc, Medi-Radiopharma , Mirion Technologies Inc., Necsa, Novartis AG, Siemens Healthineers AG, Sirtex Medical Pty Ltd., Telix Pharmaceuticals Ltd., Tema Sinergie SpA, and TTG Imaging Solutions LLC |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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