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Global Nuclear Medicine Radioisotopes Market Size, Trends: By Radioisotope Type: Technetium-99m (Tc-99m), Thallium-201 (Tl-201), Iodine (I-123), Fluorine-18, Rubidium-82 (Rb-82), Iodine-131 (I-131), Lutetium-177 (Lu-177), Radium-223 (Ra-223), Alpharadin, Others; By Application; By End User; Regional Analysis; Supplier Landscape; 2024-2032
Global Nuclear Medicine Radioisotopes Market Outlook
The global nuclear medicine radioisotopes market size was valued at USD 8.9 billion in 2023, driven by rising incidence of thyroid disorders across the globe. The market is expected to grow at a CAGR of 8.0% during the forecast period of 2024-2032, with the values likely to rise from USD 9.7 billion in 2024 to USD 17.9 billion by 2032.
Global Nuclear Medicine Radioisotopes Market Overview
Nuclear medicine radioisotopes are used as a diagnostic method to facilitate better visualization of internal structures and assessment of organ function. It is introduced either orally or intravenously and contains an unstable form of elements the emit radiation. In therapeutics, it helps in targeting and destroying diseased tissues. It is commonly employed in treating thyroid disorders which includes thyroid cancer as well as hyperthyroidism.
The nuclear medicine radioisotopes market demand is continuously increasing by 5% annually owing to its growing application in disease diagnosis and thyroid cancer treatment. As per the data recorded by the World Nuclear Association, approximately 40 million nuclear medicine procedures are performed each year. Around one quarter of the world population (1 in 50 people) used diagnostic nuclear medicine with one-tenth of the procedures using radioisotopes. The application of radiopharmaceuticals is increasing by 10% annually.
Technical Advancements to Facilitate Isotope Production on a Bigger Magnitude
The nuclear medicine radioisotopes market growth is driven by the growing technical advancements that help in large scale isotope production. In June 2023, Westinghouse Electric Company developed a new approach to produce Actinium-225 (Ac-225) radioisotopes in commercial nuclear reactors, enabling its application in advanced cancer treatments. This facilitates a vast improvement from the existing method that limits the availability of the compound.
The increasing convergence of artificial intelligence and biotechnology has also led to optimized operations in the field of research. The arrival of artificial intelligence into nuclear medicine is expected to streamline multiple tasks such as management of radiopharmaceutical preparation and report generation.
Technetium-99m (Tc-99m) to Dominate the Nuclear Medicine Radioisotopes Market Share
Technetium-99 (Tc-99m) is the most common and widely used radioisotope with around 40 million procedures conducted annually, out of which 80% are nuclear medicine procedures and 85% diagnostic scans worldwide. With a short half life of 6 hours, the ideal for imaging body organs and helps in disease detection without delivering a substantial amount of radiation dosage to the patients.
Surge in Investments to Develop Infrastructure
Several key companies stepping forward to offer therapeutic radioisotopes on a commercial level is a significant nuclear medicine radioisotopes market trend. United States based NorthStar Medical Radioisotopes, LLC is emerging as a key player, with several programs in pipeline. In a new agreement with IBA (Ion Beam Applications S.A., EURONEXT), the company bought Rhodotron TT300 HE electron beam accelerators, and the associated beamlines, from IBA and successfully executed non-uranium-based Mo-99 to be used in diagnostic imaging.
In September 2023, a United States based biotech company RayzeBio, Inc., underwent multiple infrastructure developments to integrate latest technologies aimed at developing Actinium 225 for targeted cancer therapy. RYZ101, the company’s latest isotope, is in late-stage clinical trials. They have invested around USD 45 million in the new building which includes a back-up power system, along with modular cleanrooms and mechanical systems.
Increased Merger and Acquisition Activity Amongst Emerging Companies
Mergers and collaborations significantly contribute to the rising nuclear medicine radioisotopes market size. In March 2023, Radiopharm Theranostics , a nuclear medicine developer, acquired Pharma15 Corporation a private venture for USD 4 million. The acquisition was aimed at leveraging Pharma15’s therapies prostate specific membrane antigen or PSMA. RAD101, Radiopharm’s advanced program is already focused at developing an imaging tool for brain metastases and the device has received an orphan device status from the FDA as well.
Global Nuclear Medicine Radioisotopes Market Segmentation
Market Breakup by Radioisotope Type
- Technetium-99m (Tc-99m)
- Thallium-201 (Tl-201)
- Iodine (I-123)
- Fluorine-18, Rubidium-82 (Rb-82)
- Iodine-131 (I-131)
- Lutetium-177 (Lu-177)
- Radium-223 (Ra-223)
- Alpharadin
- Actinium-225 (Ac-225)
- Others
Market Breakup by Application
- Oncology
- Cardiology
- Thyroid
- Neurology
- Other Applications
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Global Nuclear Medicine Radioisotopes Market Regional Analysis
In the forecast period, the United States is projected to lead the nuclear medicine radioisotopes market share with around 20 million nuclear medicine procedures are conducted per year. With a robust medical research infrastructure and continuous investments from governments as well private companies into developing improved patient solutions is one of the key factors for the market size.
Europe is another major player of the market that is witnessing growth due to increasing collaborations between influential healthcare companies. The region witnesses approximately 10 million procedures with 2 million therapeutic cases. Several companies are rapidly expanding their product portfolios as well with an aim to devise new drugs using latest technologies.
The Asia Pacific nuclear medicine radioisotopes market value is expected to witness an expediated boost, which can be accredited to rising fundings to set up latest infrastructure in the region. In October 2023, the Australian Nuclear Science and Technology Organization (Ansto) received a government funding of USD 12.8 million to set up a new nuclear medicine facility in Sydney. The region witnesses approximately 560,000 nuclear medicine procedures each year.
Global Nuclear Medicine Radioisotopes Market: Competitor Landscape
In December 2023, Bristol Myers Squibb and RayzeBio, Inc. announced their merger agreement valued at USD 4.1 billion. As per the terms of the deal, Bristol is expected to acquire RayzeBio’s differentiated actinium-based radiopharmaceutical platform and diversify their oncology portfolio to offer targeted treatment to patients with solid tumours. The collaboration is key indicator of the ongoing market trend, wherein the companies are continuously undergoing changes to expand their product lines and develop novel therapeutics.
The key features of the nuclear medicine radioisotopes 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:
- GE HealthCare
- Cardinal Health
- Curium
- Bayer AG
- Lantheus Holdings, Inc.
- Bracco Imaging S.p.A.
- PharmaLogic Holdings Corp.
- Eczacibasi-Monrol Nuclear Products
- Nordion Inc.
- NorthStar Medical Radioisotopes
- NTP Radioisotopes SOC Ltd
- Aenorasis
- Positron Corporation
- Nordion Inc. (Sotera Health Company)
- Siemens Healthineers
Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2017-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Radioisotope Type |
|
| Breakup by Application |
|
| Breakup by End User |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
1.1 Objectives of the Study
1.2 Key Assumptions
1.3 Report Coverage – Key Segmentation and Scope
1.4 Research Methodology
2 Executive Summary
3 Global Nuclear Medicine Radioisotopes Market Overview
3.1 Global Nuclear Medicine Radioisotopes Market Historical Value (2017-2023)
3.2 Global Nuclear Medicine Radioisotopes Market Forecast Value (2024-20312)
4 Global Nuclear Medicine Radioisotopes Market Landscape
4.1 Global Nuclear Medicine Radioisotopes Developers Landscape
4.1.1 Analysis by Year of Establishment
4.1.2 Analysis by Company Size
4.1.3 Analysis by Region
4.2 Global Nuclear Medicine Radioisotopes Product Landscape
4.2.1 Analysis by Type
4.2.2 Analysis by Technology
4.2.3 Analysis by Applications
5 Global Nuclear Medicine Radioisotopes Market Dynamics
5.1 Market Drivers and Constraints
5.2 SWOT Analysis
5.3 Porter’s Five Forces Model
5.4 Key Demand Indicators
5.5 Key Price Indicators
5.6 Industry Events, Initiatives, and Trends
5.7 Value Chain Analysis`
6 Global Nuclear Medicine Radioisotopes Market Segmentation
6.1 Global Nuclear Medicine Radioisotopes Market by Radioisotope Type
6.1.1 Market Overview
6.1.2 Technetium-99m (Tc-99m)
6.1.3 Thallium-201 (Tl-201)
6.1.4 Iodine (I-123)
6.1.5 Fluorine-18, Rubidium-82 (Rb-82)
6.1.6 Iodine-131 (I-131)
6.1.7 Lutetium-177 (Lu-177)
6.1.8 Radium-223 (Ra-223)
6.1.9 Alpharadin
6.1.10 Actinium-225 (Ac-225)
6.1.11 Others
6.2 Global Nuclear Medicine Radioisotopes Market by Application
6.2.1 Market Overview
6.2.2 Oncology
6.2.3 Cardiology
6.2.4 Thyroid
6.2.5 Neurology
6.2.6 Other Applications
6.3 Global Nuclear Medicine Radioisotopes Market by End User
6.3.1 Market Overview
6.3.2 Hospital
6.3.3 Diagnostic labs
6.3.4 Others
6.4 Global Nuclear Medicine Radioisotopes Market by Region
6.4.1 Market Overview
6.4.2 North America
6.4.3 Europe
6.4.4 Asia Pacific
6.4.5 Latin America
6.4.6 Middle East and Africa
7 North America Nuclear Medicine Radioisotopes Market
7.1 Market Share by Country
7.2 United States of America
7.3 Canada
8 Europe Nuclear Medicine Radioisotopes Market
8.1 Market Share by Country
8.2 United Kingdom
8.3 Germany
8.4 France
8.5 Italy
8.6 Others
9 Asia Pacific Nuclear Medicine Radioisotopes Market
9.1 Market Share by Country
9.2 China
9.3 Japan
9.4 India
9.5 ASEAN
9.6 Australia
9.7 Others
10 Latin America Nuclear Medicine Radioisotopes Market
10.1 Market Share by Country
10.2 Brazil
10.3 Argentina
10.4 Mexico
10.5 Others
11 Middle East and Africa Nuclear Medicine Radioisotopes Market
11.1 Market Share by Country
11.2 Saudi Arabia
11.3 United Arab Emirates
11.4 Nigeria
11.5 South Africa
11.6 Others
12 Patent Analysis
12.1 Analysis by Type of Patent
12.2 Analysis by Publication year
12.3 Analysis by Issuing Authority
12.4 Analysis by Patent Age
12.5 Analysis by CPC Analysis
12.6 Analysis by Patent Valuation
12.7 Analysis by Key Players
13 Grants Analysis
13.1 Analysis by year
13.2 Analysis by Amount Awarded
13.3 Analysis by Issuing Authority
13.4 Analysis by Grant Application
13.5 Analysis by Funding Institute
13.6 Analysis by NIH Departments
13.7 Analysis by Recipient Organization
14 Clinical Trials Analysis
14.1 Analysis by Trial Registration Year
14.2 Analysis by Trial Status
14.3 Analysis by Trial Phase
14.4 Analysis by Therapeutic Area
14.5 Analysis by Geography
15 Funding Analysis
15.1 Analysis by Funding Instances
15.2 Analysis by Type of Funding
15.3 Analysis by Funding Amount
15.4 Analysis by Leading Players
15.5 Analysis by Leading Investors
15.6 Analysis by Geography
16 Partnership and Collaborations Analysis
16.1 Analysis by Partnership Instances
16.2 Analysis by Type of Partnership
16.3 Analysis by Leading Players
16.4 Analysis by Geography
17 Supplier Landscape
17.1 GE HealthCare
17.1.1 Financial Analysis
17.1.2 Product Portfolio
17.1.3 Demographic Reach and Achievements
17.1.4 Mergers and Acquisition
17.1.5 Certifications
17.2 Cardinal Health
17.2.1 Financial Analysis
17.2.2 Product Portfolio
17.2.3 Demographic Reach and Achievements
17.2.4 Mergers and Acquisition
17.2.5 Certifications
17.3 Curium
17.3.1 Financial Analysis
17.3.2 Product Portfolio
17.3.3 Demographic Reach and Achievements
17.3.4 Mergers and Acquisition
17.3.5 Certifications
17.4 Bayer AG
17.4.1 Financial Analysis
17.4.2 Product Portfolio
17.4.3 Demographic Reach and Achievements
17.4.4 Mergers and Acquisition
17.4.5 Certifications
17.5 Lantheus Holdings, Inc.
17.5.1 Financial Analysis
17.5.2 Product Portfolio
17.5.3 Demographic Reach and Achievements
17.5.4 Mergers and Acquisition
17.5.5 Certifications
17.6 Bracco Imaging S.p.A.
17.6.1 Financial Analysis
17.6.2 Product Portfolio
17.6.3 Demographic Reach and Achievements
17.6.4 Mergers and Acquisition
17.6.5 Certifications
17.7 PharmaLogic Holdings Corp.
17.7.1 Financial Analysis
17.7.2 Product Portfolio
17.7.3 Demographic Reach and Achievements
17.7.4 Mergers and Acquisition
17.7.5 Certifications
17.8 Eczacibasi-Monrol Nuclear Products
17.8.1 Financial Analysis
17.8.2 Product Portfolio
17.8.3 Demographic Reach and Achievements
17.8.4 Mergers and Acquisition
17.8.5 Certifications
17.9 Nordion Inc.
17.9.1 Financial Analysis
17.9.2 Product Portfolio
17.9.3 Demographic Reach and Achievements
17.9.4 Mergers and Acquisition
17.9.5 Certifications
17.10 NorthStar Medical Radioisotopes
17.10.1 Financial Analysis
17.10.2 Product Portfolio
17.10.3 Demographic Reach and Achievements
17.10.4 Mergers and Acquisition
17.10.5 Certifications
17.11 NTP Radioisotopes SOC Ltd
17.11.1 Financial Analysis
17.11.2 Product Portfolio
17.11.3 Demographic Reach and Achievements
17.11.4 Mergers and Acquisition
17.11.5 Certifications
17.12 Aenorasis
17.12.1 Financial Analysis
17.12.2 Product Portfolio
17.12.3 Demographic Reach and Achievements
17.12.4 Mergers and Acquisition
17.12.5 Certifications
17.13 Positron Corporation
17.13.1 Financial Analysis
17.13.2 Product Portfolio
17.13.3 Demographic Reach and Achievements
17.13.4 Mergers and Acquisition
17.13.5 Certifications
17.14 Nordion Inc. (Sotera Health Company)
17.14.1 Financial Analysis
17.14.2 Product Portfolio
17.14.3 Demographic Reach and Achievements
17.14.4 Mergers and Acquisition
17.14.5 Certifications
17.15 Siemens Healthineers
17.15.1 Financial Analysis
17.15.2 Product Portfolio
17.15.3 Demographic Reach and Achievements
17.15.4 Mergers and Acquisition
17.15.5 Certifications
18 Global Nuclear Medicine Radioisotopes Market - Distribution Model (Additional Insight)
18.1 Overview
18.2 Potential Distributors
18.3 Key Parameters for Distribution Partner Assessment
19 Key Opinion Leaders (KOL) Insights (Additional Insight)
20 Company Competitiveness Analysis (Additional Insight)
20.1 Very Small Companies
20.2 Small Companies
20.3 Mid-Sized Companies
20.4 Large Companies
20.5 Very Large Companies
21 Payment Methods (Additional Insight)
21.1 Government Funded
21.2 Private Insurance
21.3 Out-of-Pocket
*Additional insights provided are customisable as per client requirements.
Key Questions Answered in the Report
The market attained a value of about USD 8.9 billion in 2023, driven by the increasing incidence of thyroid disorders across the globe.
The market is anticipated to grow at a CAGR of 8.0% during the forecast period of 2024-2032, likely to reach a market value of USD 17.9 billion by 2032.
The market demand is driven by the growing application of radioisotopes in cancer diagnostics and treatments, along with growth in investments and technical developments in the existing equipment.
The current market trend includes an emphasis on offering large scale radiopharmaceutical production. In June 2023, Westinghouse Electric Company developed a new approach to produce Actinium-225 (Ac-225) radioisotopes in commercial nuclear reactors, enabling its utility in advanced cancer treatments.
Based on radioisotope types, the market is divided into Technetium-99m (Tc-99m), Thallium-201 (Tl-201), Iodine (I-123), Fluorine-18, Rubidium-82 (Rb-82), Iodine-131 (I-131), Lutetium-177 (Lu-177), Radium-223 (Ra-223), Alpharadin, and Actinium-225 (Ac-225), among others.
Common application areas include oncology, cardiology, thyroid, and neurology, among others.
The key end-users in the market include hospitals and diagnostic labs, among others.
What are the major regional markets for nuclear medicine radioisotopes, according to the EMR report?
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.
Key players involved in the market are GE HealthCare, Cardinal Health, Curium, Bayer AG, Lantheus Holdings, Inc., Bracco Imaging S.p.A., PharmaLogic Holdings Corp., Eczacibasi-Monrol Nuclear Products, Nordion Inc., NorthStar Medical Radioisotopes, NTP Radioisotopes SOC Ltd., Aenorasis, Positron Corporation, Nordion Inc. (Sotera Health Company) and Siemens Healthineers.
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