Nuclear Medicine Market Overview
The global nuclear medicine market size was worth USD 8 billion in 2021 and is estimated to grow to USD 18.24 billion by 2028, with a CAGR of approximately 12.50 percent over the forecast period.
Nuclear medicine is a branch that uses tiny quantities of radioactive substances, known as radiopharmaceuticals, to examine organ architecture and functioning. Increasing government funding for innovative procedures and increasing public awareness of healthcare issues will contribute to industry growth. There has been an increase in cardiovascular disorders due to the growing geriatric global burden in both developing and established nations. Nuclear medicine has become extremely popular because of the rise in cardiovascular problems among the elderly population. Additionally, there has been an increase in cancer patients worldwide, a serious condition requiring nuclear medications. This kind of therapy is crucial in detecting and treating cancer. The amount invested in research and development projects employing radioactive materials to treat various ailments has increased. Research is being done to increase the usage of radiopharmaceuticals in new ways, which is expected to stimulate the market.
COVID-19 Impact
Nuclear medical technology saw significant expansion during the current coronavirus crisis, driven by increased penetration to lower the frequency of late-stage failures. Techniques like single-photon emission computer tomography (SPECT) and positron emission tomography (PET) were in high demand to prevent viruses’ spread. Rising radionuclide-based treatment techniques encouraged the pandemic’s economic growth.
Nuclear Medicine Market Drivers
The usage of nuclear medications has benefited the market due to the rising incidence of cardiac and cancer ailments. The market will develop because of various diagnostic and therapeutic procedures that employ radiopharmaceuticals. The market for radioisotopes has seen a rise in the importance of research partnerships and collaborations in recent years. This is another significant reason fueling market expansion. In addition, the opening of nuclear medicine centers, which will make nuclear medicine treatments available to people worldwide, is anticipated to impact the market positively. Nuclear Medicine Market Forecast to 2028: Request for Free Sample Report
Nuclear Medicine Market: Restraints
The acceptance of MRI and CT scans, which are readily available worldwide, has also occurred in the numerous imaging modalities that use nuclear medicines to diagnose and treat cardiovascular disorders. The future expansion of the market for nuclear medicines will be constrained by the use of these alternatives for diagnosing various ailments. Since these choices are more affordable than nuclear medicine, there has been a surge in the use of MRI and CT scans in developing countries to detect or diagnose numerous ailments. Several reimbursement policies on the market can be utilized to use these alternative methods, which are expected to hinder the market growth.
Nuclear Medicine Market Segmentation
The global nuclear medicine market has been segmented into type, modality, and applications.
Based on components, the diagnostic and therapeutic are segments of the global nuclear medicine market. In 2021, the diagnostic category dominated the global market. Due to the development of numerous cutting-edge technologies that will aid in diagnosing ailments, the diagnostic market is predicted to expand. The market for diagnostics is anticipated to expand in the next years as more people are predicted to suffer from various forms of cancer and cardiovascular illnesses. Advancements in the utilization of various technologies have been made to detect various tumor kinds. Radiotracers, which aid in diagnostics and significantly contribute to the expansion of this market, are currently being used more frequently. Besides, the therapeutic segment is estimated to hold the highest share of the market. The use of photon therapy in treating this type of disease has increased. The therapies employ a variety of alpha emitters. The various radioisotopes employed in the future to treat these disorders are actinium and yttrium because of enhanced research and development efforts.
Based on application, the market is segmented into cardiology, neurology, oncology, thyroid, and others. The oncology segment dominated the market in 2021. Adopting poor diets and various lifestyle changes have led to an increase in cancer fatalities worldwide. Rapid population growth has increased the number of people who regularly smoke, and beard smoking has been linked to cancer development. Most people who work in various companies enjoy sedentary lifestyles, which is another major risk factor for cancer. The oncology sector will rule the market in the coming years because of decreased physical activity and increased junk food consumption. There has been an increase in funding for developing new cancer treatments. Additionally, the cardiology segment is anticipated to grow at a significant rate over the forecast period. The availability of imaging tests that aid in the detection of cardiovascular problems has contributed to the market’s improved growth. This technology is being used more frequently in various healthcare settings, which will fuel market expansion in the years to come.
Nuclear Medicine Market Regional Landscape
North America dominated the market for nuclear medicine in 2021. The North American region will have healthy growth in the years to come because of significant technological advancement and the presence of the greatest healthcare infrastructure in the region. It is anticipated that this area will hold the greatest market share in the upcoming years. In the upcoming years, the market will expand because of the presence of numerous radioisotope production businesses in this area. The quantity of money spent on research and development activities in the North American region has not increased, so there will be solid growth in the upcoming years. Large manufacturing companies are taking better steps to increase their market share.
Nuclear Medicine Market Competitive Landscape
Some of the main competitors dominating the global nuclear medicine market include- General Electric Co., Bayer AG, Lathes Medical Imaging, Inc., Medtronic, Inc., Cardinal Health Inc., Triad Isotopes, Siemens Healthiness AG, Advanced Accelerator Applications, Curium, and Cambridge Isotope Laboratories Inc.
Recent Developments
- January 2021: Bayer purchases Noria Therapeutics to provide a larger oncology portfolio for nuclear medicine. These businesses produce radiopharmaceuticals used in the treatment and diagnosis of illnesses.
- May 2022: Penang Adventist Hospital (PAH), on the Malaysian island of Pulao Pinang, opened a full-fledged private nuclear medicine department there. For specific ailments and diseases like hyperthyroidism, thyroid cancer, lymphomas, and bone pain brought on by various cancers, the new center offers diagnostic and therapeutic methods
Global Nuclear Medicine Market is segmented as follows:
Nuclear Medicine Market by Type
Nuclear Medicine Market by Modality
- SPECT
- PET
- Alpha-emitters
- Beta-emitters
- Brachytherapy
Nuclear Medicine Market by Application
- Oncology
- Cardiology
- Neurology
- Thyroid
- Others
Nuclear Medicine Market by Region
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
Table of Content
Nuclear Medicine Market Size, Share, Growth, and Forecast Report
1. Introduction
1.1. Report Description
1.1.1. Aim of the Report
1.1.2. Prospective Audience
1.1.3. Unique Selling Prepositions and Key Takeaways from the Report
1.2. Scope of the Research Study
1.3. Approach/Research Methodology
1.3.1. Secondary Research
1.3.2. Primary Research
1.3.3. Expert Panel Review
1.3.4. Market Data Breakdown and Data Triangulation
1.3.5. Research Approach for Market Size Estimation
1.3.5.1. Top-Down Approach
1.3.5.2. Bottom-Up Approach
1.3.6. Key Assumptions
1.4. Market Segmentation
1.4.1. Type
1.4.2. Modality
1.4.3. Application
2. Market Overview
2.1. Introduction
2.2. Analysis by Type, 2016-2028 (US$ Million)
2.3. Analysis by Modality, 2016-2028 (US$ Million)
2.4. Analysis by Application, 2016-2028 (US$ Million)
2.5. Market Analysis by Region, 2016-2028 (US$ Million)
3. Nuclear Medicine Market Dynamics
3.1. Introduction
3.2. Growth Drivers
3.3. Growth Restraints
3.4. Growth Opportunities
3.5. Porter’s Five Forces Analysis
3.5.1. Threat of New Entrants
3.5.2. Bargaining Power of Buyers/Consumers
3.5.3. Bargaining Power of Suppliers
3.5.4. Threat of Substitute Types
3.5.5. Intensity of Competitive Rivalry
3.6. Attractiveness Analysis
3.6.1. Type
3.6.2. Modality
3.6.3. Application
3.6.4. Region
3.7. Value Chain Analysis
4. Nuclear Medicine Market Competition Analysis
4.1. Nuclear Medicine Market Share Analysis by Company, 2019 – 2021
4.1.1. Top 3 Players, 2019 – 2021
4.1.2. Top 6 Players, 2019 – 2021
4.2. Strategic Initiatives
4.2.1. New Products Launch
4.2.2. Mergers/Acquisitions
4.2.3. Agreement and Collaborations
4.2.4. Partnerships, Joint Ventures, Expansion and Distribution
5. Global Nuclear Medicine Market Analysis by Type and Application, 2016-2028 (US$ Million)
5.1. Type
5.1.1. Global Nuclear Medicine Market Share, by Type, 2021 and 2028
5.1.2. Global Nuclear Medicine Market Revenue, by Type, 2016-2028 (US$ Million)
5.1.3. By Diagnostic Market Analysis 2016-2028 (US$ Million)
5.1.4. By Therapeutic Market Analysis 2016-2028 (US$ Million)
5.1.5. Other Types Market Analysis 2016-2028 (US$ Million)
5.2. Modality
5.2.1. Global Modality Market Share, by Type, 2021 and 2028
5.2.2. Global Modality Market Revenue, by Type, 2016-2028 (US$ Million)
5.2.3. By SPECT Market Analysis 2016-2028 (US$ Million)
5.2.4. By PET Market Analysis 2016-2028 (US$ Million)
5.2.5. By Alpha-emitters Market Analysis 2016-2028 (US$ Million)
5.2.6. By Beta-emitters Market Analysis 2016-2028 (US$ Million)
5.2.7. By Brachytherapy Market Analysis 2016-2028 (US$ Million)
5.3. Application
5.3.1. Market Share, by Application, 2021 and 2028
5.3.2. Market Revenue, by Application, 2016-2028 (US$ Million)
5.3.3. By Oncology Market Analysis 2016-2028 (US$ Million)
5.3.4. By Cardiology Market Analysis 2016-2028 (US$ Million)
5.3.5. By Neurology Market Analysis 2016-2028 (US$ Million)
5.3.6. By Thyroid Market Analysis 2016-2028 (US$ Million)
6. Global Nuclear Medicine Market Type Analysis by Region, 2016-2028 (US$ Million)
6.1. Diagnostic Market Analysis 2016-2028 (US$ Million)
6.1.1. North America
6.1.2. Europe
6.1.3. Asia Pacific
6.1.4. Latin America
6.1.5. Middle East & Africa
6.2. Therapeutic Market Analysis 2016-2028 (US$ Million)
7. Global Nuclear Medicine Market Modality Analysis by Region, 2016-2028 (US$ Million)
7.1. SPECT Market Analysis 2016-2028 (US$ Million)
7.1.1. North America
7.1.2. Europe
7.1.3. Asia Pacific
7.1.4. Latin America
7.1.5. Middle East & Africa
7.2. PET Market Analysis 2016-2028 (US$ Million)
7.3. Alpha-emitters Market Analysis 2016-2028 (US$ Million)
7.4. Beta-emitters Market Analysis 2016-2028 (US$ Million)
7.5. Brachytherapy Market Analysis 2016-2028 (US$ Million)
8. Global Nuclear Medicine Market Application Analysis by Region, 2016-2028 (US$ Million)
8.1. Oncology Market Analysis 2016-2028 (US$ Million)
8.1.1. North America
8.1.2. Europe
8.1.3. Asia Pacific
8.1.4. Latin America
8.1.5. Middle East & Africa
8.2. Cardiology Market Analysis 2016-2028 (US$ Million)
8.3. Neurology Market Analysis 2016-2028 (US$ Million)
8.4. Thyroid Market Analysis 2016-2028 (US$ Million)
9. Nuclear Medicine Market Analysis by Geography, 2016-2028 (US$ Million)
9.1. North America Nuclear Medicine Market Analysis 2016-2028 (US$ Million)
9.1.1. U.S. Nuclear Medicine Market Analysis 2016-2028 (US$ Million)
9.1.1.1. Type
9.1.1.2. Modality
9.1.1.3. Application
9.1.2. Canada Nuclear Medicine Market Analysis 2016-2028 (US$ Million)
9.1.3. Mexico Nuclear Medicine Market Analysis 2016-2028 (US$ Million)
9.2. Europe Nuclear Medicine Market Analysis 2016-2028 (US$ Million)
9.2.1. UK Nuclear Medicine Market Analysis 2016-2028 (US$ Million)
9.2.1.1. Type
9.2.1.2. Modality
9.2.1.3. Application
9.2.2. France Nuclear Medicine Market Analysis 2016-2028 (US$ Million)
9.2.3. Germany Nuclear Medicine Market Analysis 2016-2028 (US$ Million)
9.2.4. Spain Nuclear Medicine Market Analysis 2016-2028 (US$ Million)
9.2.5. Russia Nuclear Medicine Market Analysis 2016-2028 (US$ Million)
9.2.6. Italy Nuclear Medicine Market Analysis 2016-2028 (US$ Million)
9.2.7. Rest of Europe Nuclear Medicine Market Analysis 2016-2028 (US$ Million)
9.3. Asia Pacific Nuclear Medicine Market Analysis 2016-2028 (US$ Million)
9.3.1. China Nuclear Medicine Market Analysis 2016-2028 (US$ Million)
9.3.1.1. Type
9.3.1.2. Modality
9.3.1.3. Application
9.3.2. Japan Nuclear Medicine Market Analysis 2016-2028 (US$ Million)
9.3.3. South Korea Nuclear Medicine Market Analysis 2016-2028 (US$ Million)
9.3.4. India Nuclear Medicine Market Analysis 2016-2028 (US$ Million)
9.3.5. Australia Nuclear Medicine Market Analysis 2016-2028 (US$ Million)
9.3.6. Southeast Asia Nuclear Medicine Market Analysis 2016-2028 (US$ Million)
9.3.7. Taiwan Nuclear Medicine Market Analysis 2016-2028 (US$ Million)
9.3.8. Rest of Asia Pacific Nuclear Medicine Market Analysis 2016-2028 (US$ Million)
9.4. Latin America Nuclear Medicine Market Analysis 2016-2028 (US$ Million)
9.4.1. Brazil Nuclear Medicine Market Analysis 2016-2028 (US$ Million)
9.4.1.1. Type
9.4.1.2. Modality
9.4.1.3. Application
9.4.2. Argentina Nuclear Medicine Market Analysis 2016-2028 (US$ Million)
9.4.3. Rest of Latin America Nuclear Medicine Market Analysis 2016-2028 (US$ Million)
9.5. Middle East Nuclear Medicine Market Analysis 2016-2028 (US$ Million)
9.5.1. Israel Nuclear Medicine Market Analysis 2016-2028 (US$ Million)
9.5.2. Turkey Nuclear Medicine Market Analysis 2016-2028 (US$ Million)
9.5.3. Saudi Arabia Nuclear Medicine Market Analysis 2016-2028 (US$ Million)
9.5.4. UAE Nuclear Medicine Market Analysis 2016-2028 (US$ Million)
9.5.5. Rest of Middle East Nuclear Medicine Market Analysis 2016-2028 (US$ Million)
9.6. Africa Nuclear Medicine Market Analysis 2016-2028 (US$ Million)
9.6.1. Egypt Nuclear Medicine Market Analysis 2016-2028 (US$ Million)
9.6.1.1. Type
9.6.1.2. Modality
9.6.1.3. Application
9.6.2. South Africa Nuclear Medicine Market Analysis 2016-2028 (US$ Million)
9.6.3. Rest of Africa Nuclear Medicine Market Analysis 2016-2028 (US$ Million)
10. Company Profiles
10.1. General Electric Co
10.1.1. Company Overview
10.1.2. Financial Performance
10.1.3. Product Benchmarking
10.1.4. Strategic Initiatives
10.2. Bayer AG
10.3. Lathes Medical Imaging, Inc.
10.4. Medtronic, Inc.
10.5. Cardinal Health Inc.
10.6. Triad Isotopes
10.7. Siemens Healthiness AG
10.8. Advanced Accelerator Applications
10.9. Curium
10.10. Cambridge Isotope Laboratories Inc.
11. COVID-19 Impact Analysis
11.1. Global Nuclear Medicine Market, 2020 – 2028, Pre-V/S Post COVID 19
11.2. Estimated Impact of The Coronavirus (Covid-19) Epidemic on the Nuclear Medicine Market Size In 2022, By Scenario
11.3. Impact on Supply Chain and Production in Nuclear Medicine Market
11.4. Impact on Import and Export
12. Import-Export Analysis
12.1. North America Nuclear Medicine Import-Export, 2016 – 2021
12.2. Europe Nuclear Medicine Import-Export, 2016 – 2021
12.3. Asia Pacific Nuclear Medicine Import-Export, 2016 – 2021
12.4. Latin America Nuclear Medicine Import-Export, 2016 – 2021
12.5. Middle East America Nuclear Medicine Import-Export, 2016 – 2021
12.6. Africa Nuclear Medicine Import-Export, 2016 – 2021
13. Nuclear Medicine Marketing Channel Analysis
13.1. Marketing Channel
13.1.1. Direct Marketing
13.1.2. Indirect Marketing
13.1.3. Development Trend
13.2. Market Positioning
14. Nuclear Medicine Manufacturing Cost Analysis
14.1. Key Raw Materials
14.2. Key Raw Material Suppliers
14.3. Market Concentration Rate
14.4. Manufacturing Cost Structure
14.5. Process Analysis
15. Conclusion
Nuclear Medicine Market by Type
Nuclear Medicine Market by Modality
- SPECT
- PET
- Alpha-emitters
- Beta-emitters
- Brachytherapy
Nuclear Medicine Market by Application
- Oncology
- Cardiology
- Neurology
- Thyroid
- Others
