Nuclear Medicine Or Radiopharmaceuticals Market To Reach USD 11.0 Billion by Year 2030

Market Overview:

Nuclear Medicine or Radiopharmaceuticals Market Size Was Valued at USD 6.13 Billion in 2022, and is Projected to Reach USD 11.0 Billion by 2030, Growing at a CAGR of 7.6% From 2023-2030.

Nuclear medicine involves the use of radioactive substances for diagnostic and therapeutic purposes, especially in cancer treatment. Diagnostic procedures utilize radiotracers, small amounts of radioactive substances that are injected, inhaled, or swallowed by the patient. These radiotracers localize in specific organs and emit gamma rays, which are detected by a camera and computer to generate internal images of the body. Nuclear medicine imaging provides unique and detailed information that is challenging to obtain with other methods, aiding in early disease detection. Additionally, radiopharmaceuticals containing radioisotopes can be administered as medicinal solutions to destroy cancer cells by emitting radiation. The availability of cyclotrons and nuclear reactors has facilitated the synthesis of radioisotopes, contributing to the therapeutic usage of radiopharmaceuticals.

Top Key Players Covered in The Nuclear Medicine or Radiopharmaceuticals Market:

  • Actinium Pharmaceuticals Inc. (US)
  • Alliance Medical (UK)
  • Avid Bioservices Inc (US)
  • Bayer HealthCare Pharmaceuticals (Germany)
  • Bracco Diagnostics Inc. (Italy)
  • Cardinal Health Inc. (US)
  • GE Healthcare (US)
  • Ion Beam Applications S.A (Belgium)
  • Jubilant Pharma (India)
  • Lantheus Medical Imaging Inc. (US)
  • Medi-Radiopharma Ltd (Hungary)
  • Nordion Inc. (Canada)
  • Novartis/Advanced Accelerator Applications (France)
  • Positron Corporation (US)
  • Radiopharm Theranostics Ltd. (US) And Other Major Players

Market Dynamics and Factors:      

The global Nuclear Medicine or Radiopharmaceuticals Market is driven by the increasing prevalence of cancer, advancements in imaging technology, and the growing geriatric population. The rising incidence of cancer worldwide fuels the demand for radiopharmaceuticals in cancer diagnosis, staging, and treatment. Technological advancements in imaging modalities like PET, SPECT, and hybrid imaging systems enhance the accuracy and sensitivity of diagnostic imaging, expanding the applications of nuclear medicine. Additionally, the aging population, more prone to chronic diseases including cancer and cardiovascular disorders, requires nuclear medicine for accurate diagnosis and treatment. These drivers contribute to the growing demand for nuclear medicine procedures and propel the market's expansion.

The global Nuclear Medicine or Radiopharmaceuticals Market presents opportunities in various areas. Therapeutic applications, particularly targeted therapy for cancer and other diseases, offer potential for personalized and effective treatment options. The development of novel radiotracers with improved diagnostic accuracy and therapeutic efficacy is a focus of research and development, aiming to enhance disease detection and patient outcomes. The increasing adoption of hybrid imaging systems, combining PET and SPECT with other modalities like CT and MRI, provides comprehensive and precise diagnostic capabilities. Moreover, emerging markets with improving healthcare infrastructure and rising awareness offer untapped opportunities for market expansion and meeting the growing demand for nuclear medicine procedures.

The Nuclear Medicine or Radiopharmaceuticals Market Report Highlight:

  • By Type, the diagnostic segment is expected to dominate the market, nuclear medicine plays a critical role in diagnosing various medical conditions, including cancer, cardiovascular diseases, and neurological disorders.
  • By Modality, the PET radioisotopes segment is anticipated to dominate the market, PET (Positron Emission Tomography) imaging is a widely used diagnostic technique that provides detailed information about the body's metabolic processes and functional characteristics.
  • By Application, the oncology segment is expected to dominate the market, The increasing prevalence of cancer worldwide and the rising demand for accurate cancer diagnosis and effective treatment options have led to significant growth in the oncology segment of the medicine or radiopharmaceuticals market
  • By End User, the hospitals and diagnostic centers segment is expected to dominate the market, hospitals and diagnostic centers are the primary facilities where medical imaging and nuclear medicine procedures are conducted. These institutions have advanced imaging equipment, including PET and SPECT scanners, which require the use of radiopharmaceuticals for diagnostic purposes.
  • North America is expected to dominate the market, the region has a well-established healthcare infrastructure with advanced medical facilities and a high adoption rate of innovative medical technologies. This infrastructure includes a wide network of hospitals, diagnostic centers, and research institutions.

Key Industry Developments in the Nuclear Medicine or Radiopharmaceuticals Market:

  • In March 2023, the International Atomic Energy Agency (IAEA) inked a pact with an 11-member consortium comprising Japanese universities and scientific institutions. This collaboration falls under the Rays of Hope initiative, aimed at fortifying the nuclear medicine workforce across Asia and the Pacific region.
  • In January 2023, NorthStar Medical Radioisotopes, a notable American pharmaceutical company, embarked on a strategic alliance with Inhibrx, Inc. The primary aim of this collaboration is the co-development and production of innovative radiopharmaceuticals meticulously crafted to combat cancer. Radiopharmaceuticals assume a pivotal role within the domain of medical imaging, serving the dual purpose of diagnosing and treating cancer, making this partnership a significant step in advancing cancer care.
  • In December 2022, Polarean Imaging Plc, a distinguished player in the medical imaging technology sector, achieved a momentous milestone by securing approval from the U.S. Food and Drug Administration (FDA) for Xenoview. This groundbreaking diagnostic radiopharmaceutical, intended for utilization alongside magnetic resonance imaging, is specifically tailored for evaluating lung ventilation in a broad spectrum of patients, encompassing both pediatric and adult populations.
  • In March 2022, pharmaceutical giant Novartis announced a momentous achievement ? FDA's approval of Pluvicto. This groundbreaking drug is slated for treating adults grappling with an advanced form of cancer known as prostate-specific membrane antigen?positive metastatic castration-resistant prostate cancer (PSMA-positive mCRPC).

Nuclear Medicine Or Radiopharmaceuticals Market Segmentation:

By Type

  • Diagnostic
  • Therapeutic
  • Research

By Modality

  • Single-Photon Emission Computed Tomography (SPECT) Radioisotopes
  • Positron Emission Tomography (Pet) Radioisotopes
  • Beta Emitters
  • Alpha Emitters
  • Others

By Application

  • Oncology
  • Thyroid
  • Cardiology
  • Neurology
  • Others

By End User

  • Hospitals & Diagnostic Centers
  • Research Institutes

 

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Posted by  Saurabh Sali

As a Research Associate, I am passionate about analyzing market trends, consumer behavior, and competition to deliver actionable insights. I transform data into strategic intelligence that supports decision-making and innovation. With strong analytical skills and clear communication, I collaborate across teams to identify opportunities, mitigate risks, and drive business growth in dynamic market environments.