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Northbrook, IL 60062 -- (SBWire) -- 05/19/2023 --The nuclear medicine industry is poised for significant growth in the near future, driven by the increasing incidence of cancer and chronic diseases that require advanced diagnostic and treatment options. Advancements in imaging technology, such as hybrid imaging and PET-CT scans, are also fueling demand for nuclear medicine. Additionally, there is a focus on developing radiopharmaceuticals and theragnostic that can target specific diseases and deliver treatments directly to affected areas. Despite potential challenges such as the high cost of equipment and the shortage of trained professionals, the outlook for the nuclear medicine industry is positive, and it is expected to continue to innovate and improve patient care in the coming years.

Nuclear Medicine Market in terms of revenue was estimated to be worth $5.5 billion in 2023 and is poised to reach $9.4 billion by 2028, growing at a CAGR of 11.3% from 2023 to 2028 according to a new report by MarketsandMarkets™. The nuclear medicine market is mainly driven by factors such as rising incidence and prevalence of target disease and need for adoption of nuclear medicine for early diagnosis of diseases.

However, hospital budget cuts and high equipment prices have made it difficult for a section of end users to opt for nuclear medicine are challenging the growth of this market.

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Browse in-depth TOC on "Nuclear Medicine Market"
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The diagnostic nuclear medicine segment is expected to hold the largest market share during the forecast period.
On the basis of type, the nuclear medicine market is segmented into diagnostic and therapeutic nuclear medicine. The diagnostic nuclear medicine segment is further categorized as SPECT and PET radiopharmaceuticals, while the therapeutic nuclear medicine segment is further divided into beta emitters, alpha emitters, and brachytherapy isotopes. The diagnostic nuclear medicine segment is expected to holds the largest share of the nuclear medicine market during forecast period. The rising prevalence of cancer and cardiovascular diseases, and advancements in radiotracers are some of the key factors driving the growth of this segment.

The diagnostic procedure segment is projected to hold the largest market share during the forecast period.
On the basis of procedural volume, the nuclear medicine market is segmented into diagnostic and therapeutic procedures. The diagnostic procedure segment is further categorized as SPECT and PET procedures. The diagnostic procedures accounted for the largest share, in the nuclear medicine market. The large share of this segment can be attributed to the diagnostic radioisotopes finding wider demand and use as compared to therapeutic radioisotopes.

The diagnostic application segment is expected to account for the largest share of the nuclear medicine application market in 2022.

On the basis of application, the nuclear medicine market is segmented into diagnostic and therapeutic applications. The diagnostic application segment is further categorized as SPECT and PET applications, while the therapeutic nuclear medicine segment is further divided into endocrine tumors, thyroid indications, bone metastasis, lymphoma, other therapeutic applications. The diagnostic application segment is expected to account for the largest share of the nuclear medicine market. The increasing demand for SPECT diagnosis owing to the rising demand for minimally invasive surgeries and targeted radiotherapy is the major factor driving the adoption of the diagnostic application using nuclear medicine.

North America accounted for the largest share for players operating in the nuclear medicine market in 2022
On the basis of region, the nuclear medicine market is bifurcated into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America holds the largest share of the nuclear medicine market in 2022. This can be attributed to the rising surge of geriatric population, growing requirement of nuclear medicine in the early diagnosis of diseases, technology advancement for radioisotope production, government funding, and key players in this region are also impelling the nuclear medicine market in the region.

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Nuclear Medicine Market Dynamics:

Drivers:

1. Increasing incidence and prevalence of target conditions
2. Development of alpha-radioimmunotherapy-based targeted cancer treatments
3. Initiatives to reduce demand and supply gap of Mo-99

Restraints:

1. Short half-life of radiopharmaceuticals

Opportunities:

1. Use of radiopharmaceuticals in neurological applications
2. Growth opportunities in emerging economies

Challenges:

1. Hospital budget cuts and high equipment costs

Key Market Players:

The nuclear medicine market is highly consolidated. Some of the major players operating in this market include GE HealthCare (US), Cardinal Health (US), Curium (France),Bayer AG (Germany), Lantheus Holdings, Inc.(US), Bracco Imaging S.p.A. (Italy), PharmaLogic Holdings Corp. (US), Eczacibasi-Monrol Nuclear Products (Turkey), NTP Radioisotopes SOC Ltd (South Africa), Nordion Inc.(Canada), Advanced Accelerator Applications (France), NorthStar Medical Radioisotopes (US), Eckert & Ziegler (Germany), Isotope JSC (Russia), Siemens Healthineers (Germany), Jubilant DraxImage,Inc. (Canada).

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Recent Developments:

- In January 2023, NorthStar Medical Radioisotopes (US) achieved a major milestone in advancing its new technology for non-uranium-based production of the critical medical radioisotope, molybdenum-99 (Mo-99).

- In November 2022, Curium (France) announced that the US Food and Drug Administration (FDA) approved DaTscan (Ioflupane I 123 Injection) to assist in evaluating adult patients with suspected Parkinsonian Syndromes.

- In October 2022, Blue Earth Diagnostics (UK) signed a data-sharing agreement with Siemens Healthineers (Germany) and the University Hospital of the Technical University of Munich (TUM) for 18F-rhPSMA-7.3, an investigational PET imaging agent, to support AI-based algorithms development.

- In January 2021, Advanced Accelerator Applications (France) signed a multi-year exclusive supply agreement for lutetium-177 with the University of Missouri Research Reactor (MURR). Through this agreement, MURR will supply AAA with GMP-quality lutetium-177 chloride, the precursor for developing Lutathera and other Lu-177-based therapeutics.

Nuclear Medicine Market Advantages:

- Accurate diagnosis: nuclear medicine allows for highly accurate diagnosis of various diseases and conditions, including cancer, heart disease, and neurological disorders. This is because it enables imaging and functional assessment at a molecular level, providing more precise information about the disease.

- Personalized treatment: Radiopharmaceuticals used in nuclear medicine can be customized to target specific tissues or cells, enabling personalized treatment for patients. This approach can improve treatment outcomes and reduce side effects.

- Minimally invasive: nuclear medicine procedures are minimally invasive and require only small amounts of radioactive materials. This means that they are generally safer and less invasive than surgical procedures.

- Early detection: nuclear medicine can detect diseases and conditions at an early stage, before symptoms appear. This can lead to earlier treatment and better outcomes.

- Non-invasive: Nuclear medicine procedures are generally non-invasive, which means they do not require incisions or other invasive techniques. This can lead to faster recovery times and lower risk of complications.

Nuclear Medicine Market - Report Highlights:
The updated version of the report covers the historical market for the nuclear medicine market for the years 2021 and 2022, the estimated market for 2023, and the forecast for 2028, along with CAGR from 2023 to 2028.

UPDATED MARKET OVERVIEW:

- The current edition of the report covers regulatory bodies, government agencies, and other organizations, industry trends, pricing analysis, key conferences & events, pipeline analysis, and key stakeholders & buying criteria in the market overview chapter.