Nuclear Medicine Market Analysis North America, Asia, Europe, Rest of World (ROW) - US, Germany, UK, Japan, China - Size and Forecast 2023-2027

Nuclear Medicine Market Size 2023-2027

The Global Nuclear Medicine Market size is estimated to grow by USD 8.06 billion at a CAGR of 16.48% between 2022 and 2027. The market for SPECT/CT hybrid imaging systems is experiencing growth driven by their increasing adoption and the expanding use for early disease detection. The rising prevalence of cancer and increased investments in oncology further propel market expansion. However, regulatory obstacles related to radiopharmaceutical preparation and the high cost of hybrid imaging devices, compounded by limited reimbursements, pose challenges. Additionally, a shortage of skilled physicians, along with demanding training requirements, presents hurdles to market growth. Despite these challenges, the demand for advanced imaging technologies remains strong, fueled by the pressing need for accurate disease diagnosis and treatment monitoring. Overcoming regulatory and cost barriers while addressing workforce shortages through enhanced training programs will be crucial for sustaining the momentum of growth in the hybrid imaging market.

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.

What will be the Size of the Nuclear Medicine Market During the Forecast Period?

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Market Segmentation by Product, Application, and Geography Analysis

Technavio has segmented the market into  Product, Application, and Geography.

• The product segment is categorized into radiotherapeutics and equipment spect and pet
• The application segment is fragmented into oncology, cardiology, neurology, and others
• The geography segment includes key regions such as North America, Asia, Europe, and Rest of World (ROW)

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.

Product Analysis 

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 1.88 billion 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.

Application Analysis

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.

Regional Analysis

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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 that will shape the market during the forecast period.

North America dominates the global 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 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 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.

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Key Nuclear Medicine Market Players 

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:

Koninklijke Philips NV- The company offers nuclear medicine, such as the 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.

Market Dynamics and Customer Landscape

The market is witnessing a surge in innovation and treatment options, with advancements like Pluvicto, Betalutin, and Omburtamab offering new avenues for diagnosis and therapy. Key players like GE Healthcare are driving progress with technologies such as Yttrium-90 microspheres and PNT2003. Essential isotopes like Tc-99m and therapeutic agents like Radium and Terbium play crucial roles in combating various diseases, including prostate cancer and lymphoma. Facilities like the SAFARI-1 reactor and organizations like ANSTO ensure the supply of vital nuclear materials while adhering to stringent regulatory standards set by bodies like the Nuclear Regulatory Commission. With applications spanning oncology, neurology, and cardiology, nuclear medicine continues to revolutionize healthcare, offering targeted solutions for conditions like bone metastasis and endocrine tumors.

Key Market Drivers

Increased use 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 for early disease detection is expected to drive the global market's growth during the forecast period.

Significant Market Trends

Growing research activities to widen the applications of hybrid imaging is a key trend shaping the market growth. The global 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 market during the forecast period.

Major Market Challenges

The high cost of hybrid imaging devices coupled with limited reimbursements is a key challenge hindering the growth of the 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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Key Market Customer Landscape

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 Market Customer Landscape

Segment Overview

The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments.

• Product Outlook
  • Radiotherapeutics
  • Equipment SPECT and PET
• Application Outlook 
  • Oncology
  • Cardiology
  • Neurology
  • Others
• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia
    • China
    • India
  • ROW
    • Australia
    • Argentina
    • Rest of the world

Market Analyst Overview

The market is witnessing significant advancements driven by innovative products such as Betalutin, Omburtamab, and Yttrium-90 microspheres. Key players like NorthStar Medical Radioisotopes and Advanced Accelerator Applications are pioneering new diagnostic and therapeutic solutions, including lutetium Lu 177 PSMA I&T and 177Lu-PSMA-617, targeting medical conditions like prostate cancer and lymphoma. Nuclear imaging modalities like PET/PET-CT, MRI, and CT scanners play a crucial role in diagnosis, while brachytherapy and alpha/beta emitters offer effective therapeutic options for bone metastasis and endocrine tumors. The reimbursement landscape, including Medicare, impacts the adoption of PET radiopharmaceuticals and influences market dynamics. As hospitals, clinics, and diagnostic centers embrace nuclear medicine, new product launches and evolving technologies are reshaping the diagnostic and therapeutic segments of the industry.

The market is rapidly evolving with the introduction of cutting-edge technologies and innovative products such as PNT2003 and 177Lu-PNT2002. Facilities like the SAFARI-1 reactor and organizations like ANSTO play crucial roles in the production and development of nuclear medicine. Leading institutions like the American Cancer Society and companies like NorthStar Medical Radioisotopes are driving advancements in diagnostic and therapeutic products, including alpha and beta emitters like Radium and Terbium. Technological breakthroughs such as DaRT are revolutionizing treatment options. Regulatory bodies like the Nuclear Regulatory Commission ensure compliance with Title 21 and the Code of Federal Regulations. Diagnostic tools like CT and MRI scans are essential in the diagnostic segment, while therapeutic options like SPECT radiopharmaceuticals offer promising solutions. As the market expands globally, companies like Life Healthcare and TheraMed Nuclear are contributing to the growth of nuclear medicine in regions like Gauteng, South Africa.

Moreover, the market witnesses significant contributions from key players like NorthStar Medical Radioisotopes, LLC, and Noria Therapeutics Inc, advancing therapeutic options with alpha emitters such as Radium and Terbium. Diagnostic capabilities are enhanced by cutting-edge technologies like FDG-PET/18F and imaging agents like Iodine-123 capsules. Facilities such as the Milburn facility and organizations like the Center for Medical Services (CMS) facilitate the production and distribution of essential isotopes like Technetium-99m. Advanced imaging techniques like CT scans play a pivotal role in diagnosing and monitoring medical conditions, while therapeutic segments benefit from innovations like StarGuide and IRE-ELiT S. As the market evolves, partnerships between companies like PSMA Therapeutics Inc and Curium drive advancements in nuclear medicine, shaping the future of healthcare.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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