Nuclear Medicine Global Market Report 2024

Nuclear medicine is a specialized field of radiology that utilizes radioactive materials inside the body to examine and assess the overall health condition of a patient.

The main types of nuclear medicine procedures can be categorized as diagnostic and therapeutic. Diagnostic nuclear medicine involves examinations to identify specific areas of strength and weakness, helping in the diagnosis of conditions, diseases, or illnesses. Applications of nuclear medicine include cardiology, lymphoma, thyroid disorders, neurology, oncology, and various other medical fields. The end-users of nuclear medicine services typically include hospitals and clinics, diagnostic centers, and other medical facilities.

The nuclear medicine market research report is one of a series of new reports that provides nuclear medicine market statistics, including nuclear medicine industry global market size, regional shares, competitors with a nuclear medicine market share, detailed nuclear medicine market segments, market trends and opportunities, and any further data you may need to thrive in the nuclear medicine industry. This nuclear medicine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The nuclear medicine market size has grown rapidly in recent years. It will grow from $7.75 billion in 2023 to $8.88 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. The growth observed in the historical period in the field of nuclear medicine can be attributed to several factors, including the aging population, increased use of nuclear medicine in cancer diagnosis and staging, applications in cardiology, management of neurological disorders, and regulatory approvals for various nuclear medicine procedures.

The nuclear medicine market size is expected to see rapid growth in the next few years. It will grow to $14.1 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. The anticipated growth in the forecast period in the field of nuclear medicine can be attributed to various factors, including the advancement of personalized medicine, increased research in oncology and neurology, a focus on sustainable practices, ongoing research and development activities, and the expansion of telemedicine services. Major trends expected in this forecast period encompass the development of radioimmunotherapy, the integration of hybrid imaging technologies, the application of artificial intelligence (AI) in nuclear medicine, the emergence of new radiopharmaceuticals, and advancements in diagnostic imaging technologies.

The growth of the nuclear medicine market is anticipated to be propelled by the increasing frequency and prevalence of cardiovascular diseases (CVD) and cancer. Cardiovascular diseases encompass various heart and blood vessel disorders, while cancer involves uncontrolled cell growth and spread to other body parts. Nuclear medicine, particularly nuclear cardiac imaging and therapy, plays a crucial role in the prompt diagnosis of CVDs and the treatment of cancer, often used in conjunction with other therapeutic options like surgery and chemotherapy. As indicated by the American Cancer Society Inc. in January 2023, the expected rise in new cancer cases in the US to 1,958,310 from 1,918,030 in 2022 underscores the growing demand for nuclear medicine.

The anticipated growth of the nuclear medicine market is further driven by the increasing prevalence of chronic diseases. Chronic diseases, lasting three months or more, necessitate accurate diagnostics, personalized treatment, and effective monitoring. Nuclear medicine, with its advanced imaging techniques and therapeutic applications, emerges as a crucial component in managing chronic diseases. According to the National Center for Biotechnology Information (NCBI) in January 2023, the global number of people with chronic diseases is projected to reach 142.66 million by 2050, compared to 71.522 million in 2020, contributing significantly to the expansion of the nuclear medicine market.

A prominent trend in the nuclear medicine market is the focus on product innovation, with major companies striving to develop innovative products to solidify their market position. GE Healthcare, a US-based company in the nuclear medicine sector, introduced Star Guide in March 2021, utilizing cutting-edge Cadmium Zinc Telluride (CZT) technology to enhance precision health and theranostics. This system incorporates features like digital focus detectors and 360-degree imaging, contributing to improved theranostic capabilities in nuclear medicine.

Leading companies in the nuclear medicine market are investing in the development of new medical imaging devices and scanners to gain a competitive advantage. Siemens Healthineers, a Germany-based healthcare company, launched the Symbia Pro.specta SPECT/CT scanner in June 2022, featuring advanced single photon emission computed tomography and computed tomography (SPECT/CT) imaging capabilities. This system, equipped with low-dose CT with up to 64 slices, automated SPECT motion correction, and an intuitive workflow, enhances the quality and accessibility of SPECT/CT imaging.

In April 2022, Mediso Ltd., a Hungary-based nuclear medicine imaging equipment manufacturer, acquired Bartec Technologies Ltd. to bolster its market position in the UK and Ireland. The acquisition leverages Bartec Technologies' resources in nuclear medicine and molecular imaging equipment and accessories, contributing to Mediso's enhanced presence in the region.

Major companies operating in the nuclear medicine market include Bracco Imaging S.P.A., Lantheus Medical Imaging Inc., NTP Radioisotopes SOC Ltd., Eckert & Ziegler Group, Jubilant Pharma LLC, Australian Nuclear Science & Technology Organisation, Cardinal Health Inc., GE Healthcare Technologies Inc., Curium Pharma, Advanced Accelerator Applications USA Inc., Nordion Inc., The Institute for Radioelements, Eczacibasi-Monrol Nuclear Products Co., Siemens Healthineers AG, Cambridge Isotope Laboratories Inc., Bayer AG, Medtronic PLC, Triad Isotopes Inc., FUJIFILM Holdings Corporation, Mallinckrodt Pharmaceuticals PLC, PharmaLogic Holdings Corp., Institute of Isotopes Co. Ltd., Sinotau Pharmaceuticals Limited, Isotopia Molecular Imaging Limited, SHINE Medical Technologies Inc., Global Medical Solutions LLC, Charles River Analytics Inc., Touchlight Genetics Ltd., Numares B.V., Tech-X Corporation, Karyopharm Therapeutics Inc., JSC Isotope Inc., NorthStar Medical Radioisotopes LLC

North America was the largest region in the nuclear medicine market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this nuclear medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the nuclear medicine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The nuclear medicine market consists of sales of bone density scanning, cardiac PET perfusion, cardiac PET sarcoid. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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