Nuclear Medicine Market Size, Share, Growth & Industry Analysis, By Product (Diagnostic, Therapeutic), By Application (Cardiology, Neurology, Oncology, Thyroid, Lymphoma, Bone Metastasis, Endocrine Tumor, Others), By End-user (Hospitals & Clinics, Diagnostics Centers, Others) and Regional Analysis, 2024-2031

Nuclear Medicine Market Size

The Global Nuclear Medicine Market size was valued at USD 8,586.5 million in 2023 and is projected to reach USD 19,840.0 million by 2031, growing at a CAGR of 11.16% from 2024 to 2031. The rising incidence of cardiovascular disease, neurological disorders, and cancer, among others is expected to drive market growth. Growing trend of personalized healthcare using artificial intelligence is creating a demand for innovative products, thus propelling market development in the coming years. In the scope of work, the report includes products offered by companies such as Siemens Healthineers AG, Novartis AG, Curium Pharma, Cambridge Isotope Laboratories Inc., Cardinal Health Inc, GE Healthcare, Nordion Inc, Merck KGaA, Lantheus Holdings, Inc, Bracco S.p.A. and Others.

The global nuclear medicine market is experiencing significant growth, driven by factors such as the rising prevalence of cancer and cardiovascular diseases, advancements in imaging technologies, and increasing investments in research and development. Nuclear medicine plays a crucial role in diagnosing and treating various medical conditions, including cancer, heart disease, neurological disorders, and endocrine diseases.

The expansion of the market is further bolstered by the presence of leading players who are actively focusing on expanding their product portfolios, enhancing distribution networks, and investing in technological innovations. Additionally, government initiatives aiming to improve healthcare infrastructure and increasing awareness regarding the benefits of nuclear medicine are fueling market growth. However, with the ongoing advancements in radiopharmaceuticals and imaging technologies, the nuclear medicine market is projected to experience growth in the near future.

Nuclear medicine is a specialized branch of medical imaging and treatment that utilizes small amounts of radioactive substances, known as radiopharmaceuticals, to diagnose and treat a variety of diseases and conditions within the body. The nuclear medicine market involves the use of radioactive substances for diagnostic, therapeutic, and research purposes within the medical field. This market includes various components such as radiopharmaceuticals, imaging equipment (such as PET, SPECT, and gamma cameras), radiation therapy devices, and associated accessories and consumables.

Additionally, it involves services related to nuclear imaging procedures, including interpretation and reporting of results, as well as maintenance and support for imaging equipment. The market serves a wide range of healthcare facilities including hospitals, diagnostic centers, and research institutions, catering to the needs of patients across diverse medical specialties such as oncology, cardiology, neurology, and endocrinology. As the field continues to advance, the market is estimated to experience continuous growth in the forthcoming years.

Analyst’s Review 

The growth of the market is majorly attributed to substantial investment in research and development, which are fueling innovation in the market. Key players are prioritizing geographic expansion to penetrate into new markets and strengthen their global presence through strategic partnerships and distribution agreements. With the help of continuous innovation and customization, industry players are developing tailored solutions that address specific clinical challenges. This includes the development of novel radiopharmaceuticals with unique properties and the enhancement of imaging modalities for specific applications, such as theranostics. By actively navigating market trends, innovation, and engaging with customers, key players are poised to sustain their leading positions in the market and capitalize on the increasing demand for nuclear medicine.

Nuclear Medicine Market Growth Factors

The primary factor augmenting the growth of the nuclear medicine market is the rising incidence of cancer. As cancer rates continue to increase globally, there is a growing need for advanced diagnosis and treatment. Nuclear medicine imaging provides valuable data into tumor biology, heterogeneity, and receptor expression patterns. By utilizing radiotracers and radiopharmaceuticals, nuclear medicine techniques enable healthcare professionals to detect, stage, and monitor various types of cancer with high precision and accuracy. This ability to visualize and characterize tumors helps oncologists develop personalized treatment strategies tailored to individual patient needs, thereby improving patient outcomes and survival rates.

Additionally, the increasing prevalence of cardiovascular disease is another significant factor contributing to the progress of the nuclear medicine market. Cardiovascular diseases, including ischemic heart disease and coronary artery disease, are among the leading causes of death worldwide.  As these conditions drive the demand for nuclear medicine, the market is anticipated to experience significant growth over the forecast period. The nuclear medicine market faces several challenges that are expected to impact its accessibility and growth. The high costs associated with nuclear medicine equipment, such as PET/CT scanners and cyclotrons, along with the substantial cost of radiopharmaceuticals used in nuclear medicine procedures, are projected to hinder market growth.

Moreover, stringent regulatory requirements and safety standards governing the use of radioactive materials and ionizing radiation in nuclear medicine procedures increase the complexity and administrative burden for healthcare facilities. Compliance with these regulations, licensing procedures, and quality assurance measures are time-consuming, thereby affecting market development. However, several key players are taking initiatives with a major focus on the development of new technologies and the enhancement of radioisotope options. These initiatives are aimed at advancing the capabilities and applications of nuclear medicine for both diagnostic imaging and therapeutic treatments, thus expected to stimulate market progress in the upcoming years.

Nuclear Medicine Market Trends

The growing trend of personalized treatment is gaining significant traction in the field of molecular imaging and therapy. The trend is on the rise, as it enables tailored treatment that minimizes adverse side effects. Personalized cancer treatment offers several benefits over traditional approaches, including improved treatment outcomes, reduced toxicity, and enhanced patient satisfaction. By tailoring therapy to the individual needs of each patient, personalized treatment strategies are increasingly preffered by both individuals and healthcare profession, thus supporting market growth.

Moreover, advancements in technologies such as molecular profiling, genetic sequencing, and molecular imaging are creating opportunities for healthcare professionals to better understand the underlying mechanisms driving cancer progression. By analyzing these factors, oncologists are able to identify specific molecular targets within a patient's tumor and select treatments that effectively combat the disease while minimizing potential side effects. 

The utilization of AI in healthcare is emerging as a major trend, which is evolving the medical industry rapidly. The use of AI is improving the quality of life for individuals and fostering the development of innovative products and services, providing benefits to  medical professionals. One of the key areas where AI is making a significant impact is in medical imaging. AI-powered algorithms are analyzing medical imaging such as MRIs, X-rays, and CT scans with remarkable accuracy, thereby aiding radiologists in detecting abnormalities and making diagnoses faster and more reliable.

Furthermore, AI-powered predictive analytics techniques are being increasingly employed to forecast patient outcomes, identify high-risk individuals, and optimize resource allocation within healthcare systems. By leveraging machine learning algorithms, healthcare providers are able to anticipate patient needs, prevent adverse events, and improve patient outcomes. The growing trend of precision treatment and innovation with the help of AI is expected to boost market growth.

Segmentation Analysis

The global nuclear medicine market is segmented based on product, application, end-user, and region.

By Product

Based on product, the market is bifurcated into diagnostic and therapeutic. The diagnostic segment led the market in 2023, reaching a valuation of USD 5546.1 million. This dominance is attributed to several factors, including the large patient population requiring diagnostic procedures and the availability of advanced technologies such as Single-Photon Emission Computed Tomography (SPECT) and Positron Emission Tomography (PET).

According to an analysis by the World Nuclear Association, approximately 50 million nuclear medicine procedures are conducted annually worldwide. This growing demand is fueled by the expanding utilization of a wide range of radiotracers used in tumor diagnosis, coupled with continuous technological advancements in the field. These factors are likely to contribute to the growth of the segment in the foresseable future.

By Application

Based on application, the market is segmented into cardiology, neurology, oncology, thyroid, lymphoma, bone metastasis, endocrine tumor, and others. The oncology segment secured the largest revenue share of 34.46% in 2023. This considerable expansion is propelled by a significant number of deaths due to cancer globally. One of the key advantages of nuclear medicine in oncology lies in its ability to enhance the effectiveness of radiation therapy. By delivering radiation directly to cancer cells through radiopharmaceuticals, this approach minimizes damage to surrounding healthy tissue, thus reducing the risk of side effects.

Additionally, nuclear medicine is often used in combination with other cancer treatments, such as chemotherapy or surgery, to maximize therapeutic impact. Ongoing research and innovation in nuclear medicine oncology aim to enhance radiopharmaceuticals, develop advanced imaging techniques for treatment planning, and explore new therapeutic applications. These factors are leading to the increased demand for the development of novel cancer treatments, thereby contributing to segmental growth.

By End-User

Based on end-user, the market is classified into hospitals & clinics, diagnostics centers and others. The hospitals & clinics segment is set to witness significant growth, depicting a CAGR of 10.68% through the forecast period. Hospitals play a crucial role in delivering comprehensive healthcare services, including diagnostic imaging, and are increasingly integrating nuclear medicine techniques into their diagnostic protocols. With the surge in chronic diseases and the increasing demand for precise and early disease detection, hospitals are leveraging advanced nuclear medicine imaging modalities such as PET, SPECT, and hybrid imaging (PET/CT, SPECT/CT). This strategic integration of nuclear medicine imaging within hospital settings is resulting in the surging demand for associated technologies, including nuclear medicine equipment and radiopharmaceuticals, thus propelling the growth of the segment.

Furthermore, the rising collaborations between hospitals, academic institutions, research organizations, and industry stakeholders support the segmental expansion.  Furthermore, hospitals are increasingly focusing on meeting the growing demand for imaging and therapy services, thereby enhancing their infrastructure. By expanding their nuclear medicine infrastructure, hospitals are actively contributing to the enhanciement of the quality of patient care delivery, facilitating the growth of the segment.

Nuclear Medicine Market Regional Analysis

Based on region, the global nuclear medicine market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America.

The North America Nuclear Medicine Market share stood around 45.08% in 2023 in the global market, with a valuation of USD 3871.0 million. Increased investment in research and development (R&D) initiatives in the region is driving innovation within the field of nuclear medicine. These investments facilitate the development of advanced imaging systems, radiopharmaceuticals, and therapeutic techniques, thereby enhancing the precision and effectiveness of nuclear medicine procedures. Due to this, the rising clinical utilization of nuclear medicine technologies propels regional market growth. The region offers advanced nuclear medicine procedures through hospitals, diagnostic imaging centers, and specialized clinics.

Moreover, North America's well-established regulatory framework overseen by regulatory bodies such as the U.S. Food and Drug Administration (FDA) further contributes to domestic market expansion. By ensuring compliance with rigorous regulatory requirements, North America's regulatory environment creates a favorable environment for the introduction and commercialization of new nuclear medicine technologies, thus solidifying the region's position in the global market.

Asia-Pacific is estimated to experience significant growth at a CAGR of 13.79% over the forecast period. The region is witnessing a notable rise in disposable incomes, which is resulting in increased access to healthcare services, including advanced imaging diagnostics such as nuclear medicine. As the region continues to grow economically and technologically, there is a growing demand for advanced imaging technologies, including nuclear medicine.

Moreover, ongoing technological advancements in nuclear imaging systems, radiopharmaceuticals, and data analysis tools are enhancing the accuracy, efficiency, and safety of nuclear medicine procedures in the Asia-Pacific region. These advancements are anticipated to improve patient care by expanding the clinical applications of nuclear medicine and fostering investment in the region's healthcare infrastructure.

Competitive Landscape

The global nuclear medicine market report will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions. Strategic initiatives, including investments in R&D activities, the establishment of new manufacturing facilities, and supply chain optimization, could create new opportunities for market growth.

List of Key Companies in Nuclear Medicine Market

• Siemens Healthineers AG
• Novartis AG
• Curium Pharma
• Cambridge Isotope Laboratories Inc.
• Cardinal Health Inc
• GE Healthcare
• Nordion Inc
• Merck KGaA
• Lantheus Holdings, Inc
• Bracco S.p.A.

Key Industry Developments 

• April 2024 (Agreement): Novartis Innovative Therapies AG announced the finalization of an amended and restated licensing agreement with 3B Pharmaceuticals GmbH (3BP) due to their innovative fibroblast activation protein (FAP)-targeting peptide technology. The key focus of this agreement was on FAP-2286, a clinical candidate specifically designed to target FAP, a promising therapeutic target exhibiting widespread expression across various cancer types. 3B Pharmaceutical stated that FAP-2286 was currently undergoing evaluation in a Phase I clinical trial and was regarded as the most advanced radioligand therapy within its class. This innovation is expected to further enhance the cancer therapy.
• April 2023 (Clinical Trial): Curium, a global leader in nuclear medicine, announced the successful enrollment and scanning of patients in its SOLAR clinical trials. Curium successfully conducted two Phase 3 clinical trials, namely SOLAR-STAGE and SOLAR-RECUR. SOLAR-STAGE evaluated the diagnostic performance of copper Cu 64 PSMA I&T PET/CT in staging prostate cancer, while SOLAR-RECUR assessed its performance in detecting recurrence. Both trials enrolled patients in the U.S. and are planned to expand to Europe later in the year of 2024. 

The Global Nuclear Medicine Market is Segmented as:

By Product

• Diagnostic
• Therapeutic

By Application

• Cardiology
• Neurology
• Oncology
• Thyroid
• Lymphoma
• Bone Metastasis
• Endocrine Tumor
• Others

By End-user

• Hospitals & Clinics
• Diagnostics Centers
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • U.K.
  • Spain
  • Germany
  • Italy
  • Russia
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• Middle East & Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America