Nuclear Medicine Industry Overview
The global Nuclear Medicine Market size is expected to reach USD 24.4 billion by 2030, expanding at a CAGR of 13.0% from 2022 to 2030, according to a new report by Grand View Research, Inc. The increasing prevalence of chronic diseases such as cancer thyroid is anticipated to drive market growth. The impending approval of multiple radiopharmaceutical therapeutics during the forecast period will be a major driver for the market. For instance, in March 2022, Novartis AG received approval for Pluvicto (Lu 177) for the treatment of adult patients with prostate cancer.
According to the Pan American Health Organization (PAHO), in 2022, globally around 20 million new cases of cancer are estimated to be diagnosed, and around 10 million deaths occurred due to this disease. Factors like changing lifestyle, unhealthy diet, and less awareness about oral hygiene in low and middle-income countries is the most common cause of the prevalence of cancer.
Increasing adoption of nuclear medicine products in diagnosis and the approval of new generators to help increase the supply of radionuclides is expected to drive growth. For instance, in November 2021, EZAG received the Brazilian Health Authority Regulatory Agency’s (ANVISA) approval for GalliaPharm in Brazil. It is a gallium-68 generator used to extract the positron-emitting isotope of gallium from a source of decaying germanium-68 for making G68 dotatate injection. This is the first and only gallium generator approved for pharmaceutical use in Brazil. The approval of such products contributes to the market growth in developing markets.
In light of the COVID-19 pandemic, the market was moderately impacted. A survey was conducted for reactor-based medical isotopes by International Atomic Energy Agency (IAEA) during the second quarter of 2020 to assess the continuity of the supply chain during the COVID-19 crisis. It was revealed that major producers continued with production in line with IAEA safety standards, as their operations were categorized as essential by their respective governments.
Nuclear Medicine Market Segmentation
Grand View Research has segmented the global nuclear medicine market based on product type, application, end-use and region:
Based on the Product Type Insights, the market is segmented into Diagnostic products and Therapeutic Products.
- The diagnostic product segment held the highest market share in 2021 owing to the presence of a large patient base and the availability of advanced technologies such as Single-Photon Emission Computed Tomography (SPECT) and Positron Emission Tomography (PET).
- The therapeutic segment is further divided into alpha emitters, beta emitters, and brachytherapy. The robust product pipeline coupled with the approval and commercialization of nuclear medicine therapeutics may fuel the segment growth.
Based on the Application Insights, the market is segmented into Cardiology, Neurology, Oncology, Thyroid, Lymphoma, Bone Metastasis, Endocrine Tumor and Others.
- Cancer is one of the leading causes of death worldwide. Factors such as unhealthy diet, smoking habits, and lack of exercise contribute to rising prevalence. Furthermore, rising investment in the RD of novel nuclear medicines for the treatment of cancer may contribute to segment growth.
- The cardiology segment is expected to witness high growth over the forecast period due to the increasing demand for the diagnosis of CVD.
Based on the End-Use Insights, the market is segmented into Hospitals Clinics, Diagnostic Centers and Others
Nuclear Medicine Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East Africa (MEA)
Key Companies Profile
Leading market players are opting for geographical expansion, strategic collaborations, and partnerships through mergers and acquisitions in emerging and economically favorable regions.
Some prominent players in the global Nuclear Medicine market include
- GE Healthcare
- Jubilant Life Sciences Ltd
- Nordion (Canada), Inc.
- Bracco Imaging S.P.A
- The institute for radioelements (IRE)
- NTP Radioisotopes SOC Ltd.
- The Australian Nuclear Science and Technology Organization
- Eczacıbaşı-Monrol
- Lantheus Medical Imaging, Inc.
- Eckert Ziegler
- Mallinckrodt
Order a free sample PDF of the Nuclear Medicine Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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