Nuclear Medicine Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Nuclear Medicine Market
The nuclear medicine market size was valued at USD 7.53 billion in 2022, and the market is now projected to grow from USD 8.42 billion in 2023 to USD 29.35 billion by 2030, exhibiting a CAGR of 19.5% during the forecast period of 2023-2030.
The COVID-19 pandemic hindered marketplace revenue in 2020 due to a decline in diagnostic strategies like PET-CT and SPECT. Challenges blanketed staff shortages, transmission risks, and disruptions in supply chains and logistics, complicating the renovation of protection precautions at diagnostic facilities.
Technological improvements in nuclear imaging, particularly PET/PET-CT, are driving market boom via expanding applications past oncology to cardiology, neurology, and infection detection. Increased focus of the advantages of early prognosis and its effect on dealing with persistent issues in addition propels market improvement.
Robust pipelines in nuclear medicine therapies are boosting marketplace boom, pushed by their superior medical effects in comparison to different remedies. The increasing sophistication of therapeutic packages and successful effects in treating cancer and different issues are predicted to decorate call for, particularly in countries with high cancer fees.
Comprehensive Analysis of Nuclear Medicine Market
The nuclear medicine market growth is rising at an exponential rate due to its market segmentation. This marketplace enlargement successfully affords an in-depth local exam thinking about the dominant deliver and demand forces that effect the enterprise. These segmentations are methodically segregated by type analysis, by application analysis, by end-user analysis. By type analysis include, PET radiopharmaceuticals and SPECT radiopharmaceuticals. Further, the PET is segmented into FDG-PET/18F, 68Ga, 68Cu, 11C, and others. By application analysis include, neurology, cardiology, oncology, and others. By end-user analysis include, hospitals & clinics, diagnostic centers, and others.
The North America region lead the nuclear medicine market share by benefitting a market size of USD 3.87 billion in 2022 due to increasing usage of technologically advanced and efficient therapeutic radiopharmaceuticals across the region.
The pinnacle players inside the market play a critical function in the enterprise assuring market growth and placing marketplace requirements. These players include, Lantheus Medical Imaging (U.S.), Cardinal Health (U.S.), Norgine B.V. (Netherlands), Nordion (Canada), Bayer AG (Germany), Curium (France), Advanced Accelerator Applications (Novartis AG) (France), Bracco Diagnostic Inc. (U.S.), Jubilant Pharmova Limited (India), and GE Healthcare (U.S.) these market players provide a level-playing competitive landscape.
In February 2023, Telix Pharmaceuticals Limited, in collaboration with Heidelberg University Hospital, successfully completed a research project in February 2021 to develop a generator-based theranostic compound targeting PSMA for urologic oncology using the beta-emitting isotope rhenium-188 (188Re).
Segmentation Table
Attribute Details
Study Period 2019-2030
Base Year 2022
Estimated Year 2023
Forecast Period 2023-2030
Historical Period 2019-2021
Growth Rate CAGR of 19.5% from 2023-2030
Unit Value (USD billion)
Segmentation By Type, By Application, By End-user, and By Region
By Type Diagnostic
- PET Radiopharmaceuticals
FDG-PET/18F
68Ga
68Cu
11C
Others
- SPECT Radiopharmaceuticals
Technetium-99m
Iodine-123
Xenon-133
Thallium-201
Others
Therapeutic
By Application Neurology
Cardiology
Oncology
Others
By End-user Hospitals & Clinics
Diagnostic Centers
Others
By Region North America (By Type, By Application, By End-user, By Country/ Sub-Region)
- U.S.
- Canada
Europe (By Type, By Application, By End-user, By Country/ Sub-Region)
- U.K.
- Germany
- France
- Italy
- Spain
- Rest of Europe
Asia Pacific (By Type, By Application, By End-user, By Country/ Sub-Region)
- Japan
- China
- India
- Australia
- Rest of Asia Pacific
Rest of the World (By Type, By Application, By End-user, By Country/ Sub-Region)