Global Nuclear Medicine & Radiopharmaceuticals Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Nuclear Medicine & Radiopharmaceuticals Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Nuclear medicine / radiopharmaceuticals are used in nuclear imaging to diagnose, treat diseases and provide diagnostic information about specific organ functions. Therapeutic radioisotopes are used to treat medical diseases, especially cancer, and they use radiation to destroy or weaken specific target cells. It includes therapeutic and diagnostic technologies that use radioisotopes for applications such as cardiovascular, neurological diseases, and oncology to provide information at the cellular and molecular level to track tissue function, study disease progression, and detect and evaluate treatment responses.

Market Overview:

The latest research study on the global Nuclear Medicine & Radiopharmaceuticals market finds that the global Nuclear Medicine & Radiopharmaceuticals market reached a value of USD 7332.4 million in 2022. It’s expected that the market will achieve USD 15263.0 million by 2028, exhibiting a CAGR of 13.0% during the forecast period.

Increasing incidence of cancer and heart disease worldwide

Conventional chemotherapy has been replaced by more convenient radiotherapy drugs for oncology and cancer treatment, which opens up new avenues for the radiopharmaceutical market. In addition, compared with X-rays and other external radiation imaging equipment, it can not only help doctors diagnose, but also provide patients with a convenient and safe alternative. The market is currently in a growth phase due to the increase in the number of cancer cases and awareness of nuclear medicine.

the Development of nuclear medicine imaging procedures

Nuclear medicine imaging procedures are non-invasive and can be used to treat a variety of diseases, such as cancer, cardiovascular disease and neurological diseases. Compared with chemotherapy, the convenience of using minimally invasive technology for treatment has attracted more patients to adopt radiopharmaceutical treatment models. In addition, single-photon computed tomography (SPECT) and positron emission tomography (PET) scanning are increasingly used, technological advancements in equipment, improved utilization of fusion imaging, and the application of new radiopharmaceuticals in oncology. Will promote the development of the Nuclear Medicine & Radiopharmaceuticals industry.

Constraints such as short-lived radiopharmaceuticals and availability of radiopharmaceutical alternatives may affect market growth over the forecast period

The shelf life or shelf life of a radiopharmaceutical preparation depends mainly on the half-life of the radioisotope in the preparation under consideration, the radiochemical stability and the content of radionuclide impurities with a longer life. Most radiopharmaceutical preparations contain radioisotopes with a very short half-life, and such preparations have a very short shelf life. These preparations need to indicate the validity period and time. For example, tech-based formulations and positron emission tomography (PET) formulations are often intended to be used in less than 12 hours, and sometimes even in minutes. Therefore, the short shelf life of radiopharmaceuticals is expected to hinder market growth in the coming years. In addition, hospital budget constraints, high equipment prices, inability to obtain reimbursement policies, and strict policies and regulations are some of the factors that hinder global market growth. The main side effects of radiation are male infertility, skin irritation, vomiting, fatigue and nausea. Therefore, radiation exposure side effects are also one of the important factors that have a negative impact on demand.

Region Overview:

Geographically, North America held the largest market share – 46.38% in 2022.

Company Overview:

Cardinal Health is one of the major players operating in the Nuclear Medicine & Radiopharmaceuticals market, holding a share of 18.36% in 2023.

Cardinal Health

Cardinal Health, Inc. provides complementary products and services to healthcare providers and manufacturers. The Company's services include pharmaceutical distribution, health-care product manufacturing, distribution and consulting services, drug delivery systems development, pharmaceutical packaging, automated dispensing systems manufacturing, and retail pharmacy franchising.

GE Healthcare

GE Healthcare Inc. produces medical equipment. The Company offers scanners, monitors, dispensers, imagers, displays, recorders, analyzers, separators, and other laboratory and medical equipment for medical and medical research industries worldwide.

Segmentation Overview:

As for product types, the SPECT Radiopharmaceuticals (Diagnostics) segment held the largest market share in 2022.

Application Overview:

By application, the Oncology segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Nuclear Medicine & Radiopharmaceuticals market covered in Chapter 3:

Lantheus Medical Imaging
China Isotope & Radiation Corporation
Nihon Medi-Physics Co. Ltd.
Jubilant Life Sciences
GE Healthcare
Cardinal Health
Curium Pharma
Advanced Accelerator Applications

In Chapter 4 and Chapter 14.2, on the basis of types, the Nuclear Medicine & Radiopharmaceuticals market from 2018 to 2029 is primarily split into:

SPECT Radiopharmaceuticals (Diagnostics)
PET Radiopharmaceuticals (Diagnostics)
Beta Emitters (Therapeutics)
Alpha Emitters (Therapeutics)
Brachytherapy Isotopes (Therapeutics)

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Nuclear Medicine & Radiopharmaceuticals market from 2018 to 2029 covers:

Oncology
Thyroid
Cardiology
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)