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The nuclear medicine market size was valued at USD 9.15 billion in 2023, driven by the rise in the geriatric population across the globe. The market is anticipated to grow at a CAGR of 11.7% during the forecast period of 2024-2032 to achieve a value of USD 24.81 billion by 2032.
Nuclear medicine radioactive tracers (radiopharmaceuticals) are used to examine regular body functions. Nuclear medicine is used to diagnose and treat diseases after the diagnosis. Healthcare professionals use especially designed cameras with which they track the path of these radioactive tracers.
In nuclear medicine, there are two most common modalities that are being used, which are Single Photon Emission Computed Tomography or SPECT and Positron Emission Tomography or PET scans. To perform diagnostic studies or experiments, a radioactive tracer is put in the human body by intravenous injection and then this radioactive tracer is tracked to check the path in which it is moving. There are multiple ways in which a radioactive tracer may be administered by a human body. A radioactive tracer could be administered by injections, by inhalation, by oral ingestion, or it could also be injected into an organ directly.
It depends on the disease which is to be studied that in which mode the tracer would be ingested. The tracer that would be most appropriate for a particular condition in order to provide specific and reliable information on a patient’s medical condition being is chosen by the nuclear medicine physician. It depends on the tracer that is used to identify whether the patient receives a SPECT or PET scan.
The increasing advancements in the technologies that are being used to diagnose and treat the disease are aiding the growth of the market. The rising adoption of new nuclear-medicine-based devices is also used to address treatment needs of patients.
Additionally, new nuclear medicine centres getting launched and providing accessibility to nuclear medicine treatments worldwide are further expected to aid the global nuclear medicine market growth. Some other key factors propelling market growth include increasing collaborations and research partnerships to further study the role and potential of nuclear medicine in treatment of diseases. Factors like application of positron emission tomography (PET), single-photon emission computerized tomography (SPECT), along with the rising awareness of healthcare amongst people, are likely to propel the global nuclear medicine market expansion. A revolution has occurred in the market at a large spectrum, including patient care applications, hardware, software, and novel radiopharmaceuticals.
Some clinical trials for novel diagnostic and therapeutic radiopharmaceuticals are also under the process across the world, including the shared industry and industry-academic ventures. International societies including the European Association of Nuclear Medicine (EANM) have come up with a framework for high quality nuclear medicine services in future.
Market Breakup by Type
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There are several major factors that are driving the market growth, including the availability of a strong product pipeline and the increasing initiatives being taken by government to improve the access to nuclear medicine.
Additionally, the increasing rate of SPECT/PET scanners being installed in hospital facilities is a key factor for the escalating numbers of nuclear medicine procedures being conducted in hospitals. Some other factors supporting the nuclear medicine market expansion include the increasing prevalence of cancer and cardiovascular disease, where majority cases can be prevented through early detection and treatment; nuclear medicine plays an evident and prominent role in this area.
The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2017-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
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| Breakup by Type |
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| Breakup by Application |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The market attained a value of about USD 9.15 billion in 2023 driven the rising prevalence of cancer and cardiovascular diseases.
The market is likely to grow at a CAGR of 11.7% during the forecast period of 2024-2032 to achieve a value of USD 24.81 billion by 2032.
The increasing prevalence of cancer and cardiovascular disease, along with the rising initiatives by the governments to improve the access to nuclear medicines, are among the major drivers for the market.
The adoption of new nuclear-medicine-based devices and clinical trials being under process for future innovative services in the diagnosis and treatment of disease are among the key trends driving the market growth.
The major regions of the market include North America, Europe, Asia Pacific, Latin America, Middle East and Africa. North America is currently leading the global market.
The different types of nuclear medicine in the market include diagnostic nuclear medicine and therapeutic nuclear medicine.
They find wide application in oncology, cardiology, and neurology, among others.
The different types of end users in the market include hospitals and clinics, diagnostic centres, and academic research institutions, among others.
Key players involved in the market are GE HealthCare, Bayer AG, Lantheus, Cardinal Health, Inc., Bracco, Curium, Advanced Accelerator Applications (A Novartis Company), Nordion (Canada) Inc., Northstar Medical Radioisotopes, and Isotopia Molecular Imaging Limited.
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