The Nuclear Medicine Market Size was valued at USD 9.24 billion in 2022 and is expected to reach USD 24.20 billion by 2030 and grow at a CAGR of 12.8% over the forecast period 2023-2030.
A medical specialty known as nuclear medicine makes use of radioactive substances or radiopharmaceuticals to diagnose and treat a wide range of illnesses, including cancer, heart disease, and neurological disorders in addition to assessing how well the body is functioning. Doctors can follow the radioactive tracers' progress using cameras with advanced technology. Additionally, positron emission tomography (PET) and single-photon emission computed tomography (SPECT) scans rank among the most important imaging techniques in the field of nuclear medicine.
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DRIVERS
Rising incidence and prevalence of the target diseases
Creation of tailored cancer therapies based on alpha-radioimmunotherapy
Efforts to close the Mo-99 supply and demand gap
RESTRAINTS
Radiopharmaceuticals' short half-lives
OPPORTUNITIES
Radiopharmaceuticals are used in sensory processing
CHALLENGES
Reduction to hospital spending and hefty equipment expenses
Acute Respiratory Syndrome coronavirus 2 (SARS-CoV2) is the cause of acute respiratory infections known as coronavirus disease 2019 (COVID19). COVID-19, which had never been heard of before the epidemic, which began in Wuhan, China, in December 2019, moved from a domestic issue to a global epidemic within weeks. On March 11, 2020, COVID-19 was classified as epidemic by the World Health Organization (WHO). Globally, clinical procedures for radiology departments have undergone significant changes due to the COVID-19 epidemic. In order to increase community outreach and reduce the spread of the disease to research staff and others they may come in contact with, medical educational institutions and universities are rushing to close the scientific research work in line with clinical readiness efforts.
VALUE CHAIN ANALYSIS
The worldwide nuclear medicine market is segmented based on type, modality, application, and geography, the reports claim. Markets for treatment and prophylaxis are divided based on kind. The diagnostics segment makes up the majority of the nuclear medicine market. Because of its greater accuracy compared to other techniques, PET is being utilised increasingly frequently as a diagnostic tool. Most frequently, it is used with X-rays and CT scans (CT). The market for radiopharmaceuticals is growing as a result of the demand for early and accurate diagnosis and the expanding market for high-end medical solutions.
According to the mode used, the nuclear medicine market is divided into beta-emitters, brachytherapy, SPECT, and PET. SPECT was the most common type of nuclear drug in 2019 due to the combination of low cost and wide use. To improve the diagnosis, it was also introduced by key nuclear pharmaceutical companies. Improved image editing and the 360-degree multidetector architecture of high-quality facts have been made possible by the November 2018 FDA approval of the Spectrum Dynamics' Veriton-CT 64 SPECT / CT gadget.
Based on the app, the market is divided into Thyroid, Cardiology, Oncology, Neurology, and others. The market value of nuclear drugs is dominated by the cardiovascular sector, which is also expected to grow in a very fast CAGR. Cardiology is expected to be the fastest growing phase during the forecast period due to the low cost of procedures and increased marketing potential.
By Product Type
Diagnostic and Therapeutic segments of the market are divided. The diagnostic market category makes up the majority of the nuclear medicine market, and the use of PET as a diagnostic tool is steadily growing due to its higher accuracy compared to other diagnostic methods. In general, it is used in conjunction with computed tomography and X-rays to increase accuracy (CT). The radiopharmaceuticals market is being driven by an increase in the demand for timely and accurate diagnoses as well as for high-quality medical solutions.
By Application Type
The oncology, neurology, cardiology, thyroid, and other segments of the market are divided. The nuclear medicine market was dominated by the cardiology segment, which is anticipated to expand at the greatest CAGR over the course of the projected period. Given the low cost of procedures and strong promotion rate, cardiology is predicted to develop at the fastest rate during the projection period.
By Modality type
Alpha-emitters, Beta-emitters, Brachytherapy, SPECT, and PET are the different segments of the market. Due to its low price and widespread usage across numerous market areas, SPECT has dominated the nuclear medicine sector. Additionally, major industry participants in nuclear medicine are launching digital SPECT scanners to enhance diagnostics.
By Product Type
Diagnostic products
Therapeutic Products
By Application Type
Cardiology
Neurology
Oncology
Thyroid
Lymphoma
Bone Metastasis
Endocrine Tumor
By Modality Type
SPECT
PET
Alpha-emitters
Beta-emitters
Brachytherapy
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The nuclear medicine industry is anticipated to be dominated by North America, thanks in large part to regional initiatives from businesses, government support, the development of novel radioisotope production methods, and rising R&D spending.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
Some of the major key players are Advanced Accelerators Applications, Bayer, Curium, Bracco Imaging, Cardinal Health, Jubliant Lifesciences, GE Healthcare, Medtronic plc, Lantheus Medical Imaging, Mallinckrodt Pharmaceuticals, and Nordion Inc. and other players.
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 9.24 Billion |
| Market Size by 2030 | US$ 24.20 Billion |
| CAGR | CAGR of 12.8% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product Type (Diagnostic products, Therapeutic Products) • By Application Type (Cardiology, Neurology, Oncology, Thyroid, Lymphoma, Bone Metastasis, Endocrine Tumor) • By Modality Type (SPECT, PET, Alpha-emitters, Beta-emitters, Brachytherapy) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Advanced Accelerators Applications, Bayer, Curium, Bracco Imaging, Cardinal Health, Jubliant Lifesciences, GE Healthcare, Medtronic plc, Lantheus Medical Imaging, Mallinckrodt Pharmaceuticals, and Nordion Inc. |
| Key Drivers | • Rising incidence and prevalence of the target diseases • Creation of tailored cancer therapies based on alpha-radioimmunotherapy • Efforts to close the Mo-99 supply and demand gap |
| Restraints | • Radiopharmaceuticals' short half-lives |
Ans: The Nuclear Medicine Market size was valued at USD 9.24 billion in 2022.
Ans: Reduction to hospital spending and hefty equipment expenses
Ans: The Nuclear Medicine Market size is to grow at a CAGR of 12.8% over the forecast period 2023-2030.
Ans: North America region dominate the Nuclear Medicine Market.
Ans: Radiopharmaceuticals are used in sensory processing
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Nuclear Medicine Market Segmentation, By Product Type
8.1 Diagnostic products
8.2 Therapeutic Products
9. Nuclear Medicine Market Segmentation, By Application Type
9.1 Cardiology
9.2 Neurology
9.3 Oncology
9.4 Thyroid
9.5 Lymphoma
9.6 Bone Metastasis
9.7 Endocrine Tumor
10. Nuclear Medicine Market Segmentation, By Modality Type
10.1 SPECT
10.2 PET
10.3 Alpha-emitters
10.4 Beta-emitters
10.5 Brachytherapy
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Advanced Accelerators Applications
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Bayer
12.3 Curium
12.4 Bracco Imaging
12.5 Cardinal Health
12.6 Jubliant Lifesciences
12.7 GE Healthcare
12.8 Medtronic plc
12.9 Lantheus Medical Imaging
12.10 Mallinckrodt Pharmaceuticals
13. Competitive Landscape
13.1 Competitive Benchmark
13.2 Market Share Analysis
13.3 Recent Developments
14. Conclusion
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