Nuclear Medicine Market Analysis | 2023-2028

Market Insights

The Nuclear Medicine Market was estimated at US$ 4.72 billion in 2022 and is expected to grow at a healthy CAGR of 11.2% during 2023-2028 to reach US$ 8.98 billion by 2028.

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What is Nuclear Medicine?

Nuclear medicine is a medical discipline that employs the use of small quantities of radioactive substances, known as radiopharmaceuticals, to diagnose and treat a wide range of diseases. It combines the fields of nuclear physics, chemistry, and medicine. In nuclear medicine procedures, patients are administered radiopharmaceuticals either orally, intravenously, or by inhalation. These substances emit gamma rays or positrons, which can be detected by specialized cameras or scanners.

The emitted radiation provides detailed information about the structure and function of organs and tissues within the body. Nuclear medicine techniques, such as single-photon emission computed tomography (SPECT) and positron emission tomography (PET), allow physicians to obtain images of internal organs, detect abnormalities, and evaluate their function. This helps in the diagnosis, staging, and monitoring of various conditions, including cancer, cardiovascular diseases, neurological disorders, and thyroid disorders.

Market Dynamics

The nuclear medicine market has experienced various changes in recent years, many of which have been catalyzed by factors that have driven its development and progress to higher levels.

• Hybrid Imaging Advances: The growth of hybrid imaging (PET/CT, SPECT/CT) has accomplished a significant market share in nuclear medicine, which, in turn, allows for better diagnostics and the expansion of the spectrum of clinical applications.

• Innovative Radiopharmaceuticals: The invention of new radiopharmaceuticals with higher targeting coefficients allows nuclear medicine to look forward to highly accurate diagnostics and minimal side effects.

• Rising Chronic Disease Prevalence: Imaging and scans with nuclear technology are increasingly used to diagnose and manage chronic health conditions such as cancer and cardiovascular diseases. These techniques not only offer a "functional" aspect alongside "anatomy" visualization, but they are vital for diagnostic and monitoring purposes.

• Impact of Aging Population: As a result of the rising number of elderly patients as well as people who are diagnosed because of their lifestyle habits, the market is growing. Using nuclear medicines, the field of non-invasive organ evaluation gains the specificity needed for an elderly patient’s imaging to be tailored to the condition at hand.

• Personalized Medicine Boost: Soaring attention towards personalized medicine methodologies has therefore stimulated the market for nuclear medicine. Personalized medicine provides physicians with the opportunity to target treatment according to the specific characteristics of each patient which in turn leads to improved and more effective medical care.

Segments Analysis

By Type

The market is segmented into diagnostic nuclear medicine and therapeutic nuclear medicine. The therapeutic nuclear medicine segment is expected to be the dominant segment during the forecast period. The North American market for Ra-223 is expected to hold the largest share driven by its targeted properties over beta emitters and being the only alpha-emitter product available in the market.

By Application Type

The nuclear medicine market is segmented into diagnostic applications and therapeutic applications. The therapeutic applications segment holds the major share of the market. The high growth of this segment is due to the growing incidence and prevalence of thyroid disorders.

Regional Analysis

In terms of regions, North America is estimated to hold the largest share of the market for nuclear medicine, owing to the development of sophisticated technologies for radioisotope production, funds from the government, and various initiatives taken by the companies present in the region. Asia-Pacific and Europe are also expected to offer substantial growth opportunities during the forecast period.

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Key Players

The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc.  

The following are the key players in the nuclear medicine market (arranged alphabetically).

• Advanced Accelerator Applications
• Bayer AG
• Bracco Imaging S.P.A.
• Cardinal Health
• Curium Pharma
• Eczacibasi-Monrol Nuclear Products
• GE Healthcare
• Lantheus Medical Imaging, Inc.
• Nordion, Inc.
• NTP Radioisotopes Soc, LTD.

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence most comprehensively. The report structure has been kept so that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Customization Option

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players).
• SWOT analysis of key players (up to three players).

Competitive Benchmarking

• Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances.

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