Nuclear Medicine Market to Hit USD 25 Mn | Innovations and Insights into Diagnostic Advancements (2023-2032)

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Reliable therapeutic radiopharmaceutical pipelines should drive market expansion due to advancements in disease treatment and diagnosis.

New York, Sept. 15, 2023 (GLOBE NEWSWIRE) — According to a recent report by Market.us, the Global Nuclear Medicine Market size is expected to be worth around USD 25 Million by 2032 from USD 7.0 Million in 2022, growing at a CAGR of 13.8 % during the forecast period from 2023 to 2032. 

Nuclear medicine includes the observation of any functioning organ in the human body by using a very less quantity of radiology or different materials of a radioactive nature. It is mostly used for the various types of illnesses that need diagnosis and treatment. The treatment is done with the help of radiopharmaceuticals. The Growth of this market can be attributed to increasing demand for advanced diagnostics, the increased prevalence of cancers and other disorders, new product releases with robust pipelines and technological developments within nuclear imaging.

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Nuclear Medicine Market Size

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The major factor, such as initiatives undertaken by the government to expand access to nuclear medicine and a robust product pipeline, is likely to boost the growth of the market. A few products that are presently undergoing clinical trials are betalain, omburtamab, PNT2003, and 177Lu-PNT2002. SARS-CoV-2 has had an adequate impact on the market size.

Key Takeaway

  • By Type, the therapeutic radiopharmaceuticals segment generated the highest revenue share in 2022.
  • By Application, the oncology segment has held the maximum market share, and it is growing at the highest CAGR over the forecast period 2023 to 2032.
  • By End-User, the hospitals and clinics segment was accounted for the highest share of the market for biopsy devices.
  • In 2022, North America acquired the highest revenue share of 47.2% of the market.
  • Asia-Pacific will grow at a significant CAGR from 2023-2032.

Factors affecting the growth of the nuclear medicine market

There are several factors that can affect the growth of the Nuclear Medicine Market. Some of these factors include:

  • High Prevalence of Cancer: The increasing incidence of cancer will likely facilitate the growth of the global biopsy device market.
  • Advanced Technologies in Nuclear Imaging Modalities: The main factor driving the growth of the market is advanced technology in nuclear imaging modalities.
  • New Product Launches: The new product launches leads to boost market growth.
  • Reliable Therapeutic Radiopharmaceutical Pipelines: Reliable therapeutic radiopharmaceutical pipelines are expected to further boost the growth of the market.
  • Growing Advances in Disease Treatment and Diagnosis: The growing advances in disease treatment and diagnosis result in the growth of the market.

Top Trends in Global Nuclear Medicine Market

Numerous organizations are continuously working in the market for the improvement of nuclear medication treatments. The clinical effects related to this treatment choice, when contrasted with different treatments, are driving its interest worldwide. For instance, the growth in the modification of the therapeutic applications results in the therapy of cancer as well as different disorders. This will likely drive the interest in nuclear medication treatments in nations with a high amount of malignant growth. Also, numerous market players are developing new therapeutic items for the therapy of different ailments, and this consequently driving the development of the market.

Regional Analysis

In 2022, North America held the largest share of the market 47.2% and is likely to develop at a fastest rate in the forecast period. The factor which was responsible for the growth of the market was due to the expanded interest in Research and development exercises, the large volume of nuclear medication techniques, and the solid medical services framework. For example, in January 2021, in Boston, U.S., Eckert and Ziegler declared the improvement plan of a cGMP office for contract assembling of radiopharmaceuticals. Asia Pacific area is estimated to be the quickest developing region because of the rising interest in nuclear medication space and the expansion in the nuclear medication treatments.

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Competitive Landscape

The market was significantly damaged by the COVID-19 pandemic. The risk of COVID-19 transmission, a drop in imaging procedures like PET-CT SPECT procedures, and a labor shortage, are a few difficulties for the expansion of the market. The reduction in procedures was due to the disruption of supply chains, the adoption of safety measures, and logistical difficulties that are hard for the centers to sustain.

Market Key Players

  • Lantheus Medical Imaging, Inc.
  • Cardinal Health
  • Nordion Inc.
  • Curium
  • Bayer AG
  • Norgine B.V.
  • Medtronic, Inc.
  • Jubilant Pharmova Limited
  • Other Key Players

Scope of the Report

Report Attributes Details
Market Value (2022) USD 7 Billion
Market Size in 2032 USD 25 Billion
CAGR (2023 to 2032) 13.8%
North America Revenue Share 47.2%
Historic Period 2016 to 2022
Base Year 2022
Forecast Year 2023 to 2032

Market Drivers

The most important growth drivers for the nuclear medicine imaging market the developing awareness of the potential benefits of timely and early diagnosis in the management and treatment of chronic disorders. In addition to neurology, cardiology, oncology, and infection detection have all benefited from developments in nuclear imaging technology, particularly PET/PET-CT.

Market Restraints

The implementation of nuclear imaging systems is limited. The reason is the elective choices from other clinical imaging modalities like CT scanners and MRIs accessible globally. People prefer CT scanners and MRIs over nuclear imaging systems because of the significant expense of the framework and its system along with the presence of a less ideal repayment scene.

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Market Opportunities

The attention of various industry competitors for introducing the new goods in this market is one of the crucial driving forces. Moreover, the growth of robust diagnostic radiopharmaceutical pipelines & the introduction of new products are the results of the rising demand for nuclear imaging. Also, a majority of people with chronic illnesses inspires companies to launch innovative goods to market around the globe.

Report Segmentation of the Nuclear Medicine Market

Type Insight

Therapeutic radiopharmaceuticals will grow at the highest rate during the forecast period. The growth can be attributed to key factors like the benefits of these treatment options, the treatment’s comparative effectiveness, and increasing interest of market players in therapeutic radiopharmaceuticals through a strong focus on clinical trials.

Application Insight

The oncology sector held the highest CAGR. Around the globe, the diagnosis of cancer is one of the most common imaging procedures owing to the increasing rate of cancer. There is a rising awareness of the importance of early detection along with the management and treatment of various types of cancer. Oncology is the target of a significant number of pipeline products of nuclear medicine therapies, which will likely anticipate to increase the growth of the segment during the forecast period.

End-User Insight

During the forecast period, it is anticipated that the hospitals and clinics segment will likely account the fastest CAGR. The higher efficiency with which hospitals and clinics handle these sensitive products and the high procedural volume of nuclear imaging procedures was responsible for the growth of the segment. The diagnostic center segment will hold the second-largest share and continue to grow during the forecast period.

Market.us has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. – View a PDF sample report @ https://market.us/report/nuclear-medicine-market/request-sample/

Market Segmentation

By Type

  • Therapeutic Radiopharmaceuticals
  • Diagnostic Radiopharmaceuticals

By Application

  • Cardiology
  • Neurology
  • Oncology
  • Other Applications

By End-User

  • Diagnostic Centers
  • Hospitals & Clinics
  • Other End-Users

By Geography

  • North America
    • The US
    • Canada
    • Mexico
  • Western Europe
    • Germany
    • France
    • The UK
    • Spain
    • Italy
    • Portugal
    • Ireland
    • Austria
    • Switzerland
    • Benelux
    • Nordic
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • The Czech Republic
    • Greece
    • Rest of Eastern Europe
  • APAC
    • China
    • Japan
    • South Korea
    • India
    • Australia & New Zealand
    • Indonesia
    • Malaysia
    • Philippines
    • Singapore
    • Thailand
    • Vietnam
    • Rest of APAC
  • Latin America
    • Brazil
    • Colombia
    • Chile
    • Argentina
    • Costa Rica
    • Rest of Latin America
  • Middle East & Africa
    • Algeria
    • Egypt
    • Israel
    • Kuwait
    • Nigeria
    • Saudi Arabia
    • South Africa
    • Turkey
    • United Arab Emirates
    • Rest of MEA

Recent Development of the Nuclear Medicine Market

  • In June 2021- Bayer AG announced the acquisition of PSMA Therapeutics Inc. & Noria Therapeutics Inc. These companies are augmenting targeted imaging & therapeutic radiopharmaceuticals. The procurement is supposed to cover current oncology arrangement of nuclear medication of Bayer.
  • In August 2021- GE Medical Care and NorthStar Clinical Radioisotopes, LLC, a universal innovative of radiopharmaceuticals, reported a select consent to produce and convey iodine-123 (I-123) capsules in the U.S. The item will assist with extending GE Healthcare’s item portfolio and strengthen its presence in the market.

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