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The nuclear medicine market is estimated to grow at a CAGR of 16.48% between 2022 and 2027. The size of the market is forecast to increase by USD 8,057.89 million. The growth of the market depends on several factors, including the growing adoption of SPECT/CT hybrid imaging systems, the increased use of nuclear medicine for detecting diseases at an early stage, and the growing cancer cases and rising investment in the oncology market.
This report extensively covers market segmentation by product (radiotherapeutics, equipment SPECT and PET), application (oncology, cardiology, neurology, and others.), and geography (North America, Asia, Europe, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The growing adoption of SPECT/CT hybrid imaging systems is notably driving the market growth, although factors such as the regulatory hurdles regarding the preparation of radiopharmaceuticals may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing adoption of SPECT/CT hybrid imaging systems is the key factor driving the growth of the global nuclear medicine market. The market is increasingly adopting SPECT/CT hybrid imaging technology due to the following advantages, such as early diagnosis, accurate disease staging, and effective response to the treatment of chronic conditions such as diabetes. The growing demand for hybrid SPECT/CT imaging systems is also due to technological advances, falling prices, increased end-user awareness, and better reimbursement policies. Additionally, combined SPECT/CT scans provide /images that identify the anatomical location of an individual's metabolic activity.
Moreover, vendors are improving their technological capabilities of SPECT/CT hybrid imaging systems. This will further increase the adoption of SPECT/CT hybrid imaging across the globe. Some new technological capabilities include more precise measurement of tumors for better differentiation, increased data storage capabilities for oncologists to track tumor developments, and less patient movement. Vendors are also providing low-cost SPECT/CT hybrid imaging systems. Thus, the growing adoption of SPECT/CT hybrid imaging systems will positively impact the growth of the market during the forecast period.
Minimal side effects of radiopharmaceuticals as compared with their potential benefits are the primary trend in the global nuclear medicine market growth. Radiopharmaceuticals have fewer side effects than their potential benefits. This is one of the main reasons why nuclear medicine is recommended for various diagnostic and therapeutic purposes. There are currently no known long-term side effects from low-dose exposure to radiopharmaceuticals. Some health hazards may be caused owing to radiopharmaceuticals, such as soreness, bleeding, and swelling at the site of injection, but these are quite rarely observed. The National Institutes of Health (NIH) states that approximately 1 to 6 reactions have been observed for every 100,000 injections.
Also, the NIH stated that the rate of adverse effects was 1 in 400 cases for the lung visualization agent macro aggregated albumin and 1 in 800 cases for bone-seeking radiopharmaceutical methylene diphosphonate. The low rates of adverse effects of radiopharmaceuticals are mainly owing to the use of a small amount of the drug during various processes such as cancer treatment. Also, radiopharmaceuticals are used for their specific localized action produced owing to the physiologic mechanism and not for any pharmacological action, and hence pharmacologic action is not anticipated from it.
Regulatory hurdles regarding the preparation of radiopharmaceuticals are a major challenge to the growth of the global nuclear medicine market. In the United States, the FDA and the American College of Radiology Imaging Network have developed an approach for the approval of new radiopharmaceuticals by comparing them to standard molecules. When the US FDA is convinced regarding the safety and efficacy of the molecule, the product is approved for marketing. Owing to extensive toxicology testing, the radiopharmaceutical compound undergoes additional scrutiny and approval pathway. If unsatisfied, the US FDA may request additional clinical trials from the vendor, which imposes a financial burden on the vendor.
Hence, there are very few nuclear medicines approved by the US FDA. In addition, radio-pharmacy regulations vary in European countries. Vendors need to submit their clinical research data separately, which then go through different regulatory policies in Europe. In addition to the approval of nuclear medicines, regulatory agencies are strict regarding the handling of radioactive materials. The transportation of radioactive materials is also expensive, which has restricted the distribution of PET in Japan. Strict regulations and expensive transportation of nuclear medicines may inhibit the entry of new vendors into the market, thereby will pose a threat to the growth of the market during the forecast period.
The 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
Vendors 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.
ECZACIBASI MONROL NUCLEAR PRODUCTS CO.: The company offers nuclear medicine such as Lutetium Chloride nca. Also, the company develops nuclear medicines with high-quality radiopharmaceuticals.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
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. Recently, the rapid growth of nuclear medicine research and development activities has contributed to the growth of this field with the introduction of new radiopharmaceuticals and radionucleotides for the treatment of neuroendocrine and metastatic bone pain and tumors (both malignant and non-malignant). The radiopharmaceutical segment has a high growth rate and is poised for greater growth and development during the forecast period. The increasing prevalence of various diseases such as cancer and thyroid will increase the demand for new treatments. Such factors are expected to have a positive impact on the growth of the radiopharmaceutical segment of the global nuclear medicine market during the forecast period.
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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 shape the market during the forecast period. North America is the dominant region in the global nuclear medicine market, with the United States and Canada being the major revenue-generating countries. Moreover, the changes in hospital infrastructure and healthcare policies are boosting the growth of the market. The trend towards hybrid operating rooms and healthcare cloud computing are some of the influencing factors underpinning the revenue growth of the market. Factors such as the low cost of SPECT scanners and technological developments are influencing the rapid adoption of SPECT scanning systems, increasing the demand for nuclear medicine in the region. The standalone SPECT system is one of the oldest and most widely used medical imaging devices on the market and is widely used throughout the region. Such factors will increase the market growth in this region during the forecast period.
In 2020, the outbreak of COVID-19 adversely affected all countries in North America, especially the US. However, with the initiation of vaccination drives in 2021, the number of COVID-19 cases decreased in the region, which led to the resumption of pharmaceutical industry operations. The rising number of cancer cases and the presence of well-established vendors for such products in this region will boost the growth of the nuclear medicine market in the region during the forecast period.
The 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.
Technavio categorizes the global nuclear medicine market as a part of the pharmaceutical market within the overall healthcare industry. The parent pharmaceuticals market covers products and companies engaged in the R&D or production of generic drugs, non-generic drugs, and veterinary drugs. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
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Nuclear Medicine Market Scope |
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Report Coverage |
Details |
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Page number |
169 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 16.48% |
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Market growth 2023-2027 |
USD 8,057.89 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
14.03 |
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Regional analysis |
North America, Asia, Europe, and Rest of World (ROW) |
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Performing market contribution |
North America at 45% |
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Key countries |
US, Germany, UK, Japan, and China |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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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 |
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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. |
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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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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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