Global Nuclear Medicine Radioisotopes Market - 2022-2029

Market Overview

The global nuclear medicine radioisotopes market size was worth US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX % during the forecast period (2022-2029).

Medical radioisotopes are defined as safe radioactive substances that are primarily used to diagnose medical conditions. These radioisotopes, used in a diagnosis, emit gamma rays of energy that are sufficient to escape from the body. The rays also have a short half-life, which is apt since the rays can decay as soon as the imaging is completed.

Market Dynamics

The global nuclear medicine radioisotopes market growth is driven by the rising nuclear medicine market can primarily be attributed to factors such as the increasing incidence and prevalence of cancer and cardiac ailments and initiatives to lessen the demand-supply gap of Mo-99.

Increasing SPECT and PET applications is expected to hold the largest share in this market segment

The increase in the global incidence of cancer and modern healthcare facilities have been major drivers for the market's growth. For instance, according to GLOBOCAN 2020, globally, there were 1,92,92,789 new cancer cases in 2020, and it is projected to increase to 2,88,87,940 cases by 2040. Moreover, the increasing SPECT and PET applications contribute to the market's growth. For instance, in February 2022, Blue Earth Diagnostics, a Bracco company and recognized leader in the development and commercialization of innovative PET radiopharmaceuticals, revealed the upcoming oral presentation of key results from its Phase 3 SPOTLIGHT trial of 18F-rhPSMA-7.3 in recurrent prostate cancer at the upcoming ASCO 2022 Genitourinary Cancers Symposium (ASCO GU). Furthermore, in December 2021, GE Healthcare launched its most advanced SPECT/CT, a nuclear medicine system, at RSNA21. Such developments are anticipated to boost the development of radioisotopes, thereby contributing to market growth.

Short half-life of radiopharmaceuticals is likely to restrain the market growth

The expiry of a radiopharmaceutical majorly depends on the half-life of the radioisotope and the content of the radionuclide. For example, the radioactivity of F-18 in PET scans decreases if not used within 110 minutes, while the radioactivity of C-11 decreases within 20 minutes. In SPECT diagnosis, the radioactivity of Tc-99m is reduced after six hours, while I-123 and In-111 isotopes should be utilized within 13 and 67 hours, respectively. The non-utilization of radioisotopes within the prescribed shelf life causes radiation and chemical decomposition, reducing radiochemical purity to an unacceptable form, which may prove fatal during diagnosis and therapy.

COVID-19 Impact Analysis

The COVID-19 pandemic has placed significant challenges on healthcare systems, whether in the preparation, response, or recovery phase of the pandemic. This has been primarily managed by dramatically reducing in-and outpatient services for diseases and implementing infection prevention and control measures. For instance, as per a September 2020 published article, titled, "Global Impact of COVID-19 on Nuclear Medicine Departments: An International Survey in April 2020," both diagnostic and therapeutic nuclear medicine procedures declined precipitously to a similar degree, within countries worldwide being affected by the pandemic. As per the same source, countries such as South Korea and Singapore reported a less pronounced impact on nuclear medicine services. However, the overall study results showed that nuclear medicine services worldwide have had an adverse impact on the procedures. In relation to staff health, 15% of respondents experienced COVID-19 infections within their departments. According to an article titled "The Impact of COVID-19 on Nuclear Medicine Operations Including Cardiovascular Manifestations in the USA" published in ScienceDirect Journal, in June 2021, the number of nuclear studies, nuclear cardiac imaging, and oncology PET/CT decreased in March and April 2020 due to the rise of COVID-19 cases and deaths as reported by the Centers for Disease Control and Prevention (CDC). The study further stated that procedures increased from June 2020 to February 2021 as the COVID-19 cases observed a decline.

Segment Analysis

The cardiology segment is expected to hold the largest share in this market segment

The cardiology segment is expected to hold a major market share over the forecast period by application. The major factors attributing to the growth of this segment include the rise in the prevalence of cardiovascular disorders and the surge in applications of SPECT in diagnosing cardiac issues. Cardiovascular disorders include coronary artery disease (CAD), strokes, and atrial fibrillation, necessitating an efficient diagnosis through SPECT.

For instance, according to a study published by the British Heart Foundation in July 2020, approximately 7.5 million people with heart disease in the United Kingdom and nearly 170,000 deaths each year, an average of 460 people each day, or one death every three minutes. Thus, diagnosing CVD at the earlier stages is predicted to bolster the demand for nuclear medicine, ultimately boosting radioisotopes among the patient population.

In addition, several market players are engaged in implementing strategic initiatives, thereby contributing to market growth. For instance, in September 2020, Siemens Healthineers introduced a new version of its c.cam dedicated cardiac nuclear medicine system to the United States market. Such developments are anticipated to fuel the development of radioisotopes in cardiac nuclear medicine, thereby contributing to segment growth.

Geographical Analysis

North America region holds the largest market share of global nuclear medicine radioisotopes market

Within North America, the United States has held the major share of the market. Nuclear medicine in the United States is considered to be gaining pace due to the advancements in technology, including hybrid imaging, the introduction of new radioisotopes for diagnosis, the development of imaging techniques, and the presence of key market players.

The increasing burden of chronic diseases is further contributing to market growth. For instance, as per 2021 Alzheimer's Disease Facts and Figures, an estimated 6.2 million Americans age 65 and older will be living with Alzheimer's dementia in 2021 in the United States. As nuclear medicine techniques play an essential role in the clinical diagnosis of individuals with cognitive impairment, the demand for nuclear medicine radioisotopes is expected to increase with the growing burden of chronic diseases.

The market players adopt various product launches, collaborations, partnerships, mergers, and acquisitions to increase market share. For instance, in August 2021, Curium submitted an investigational new drug application to the United States Food and Drug Administration for a radiopharmaceutical Cu-64 PSMA I&T. It is used in PET in localizing and detecting metastatic prostate cancer. Such developments are expected to fuel the market growth within the region.

Competitive Landscape

The global nuclear medicine radioisotopes market is highly competitive with presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include NTP Radioisotopes SOC Ltd, Nordion Inc., (Sotera Health company), Cardinal Health, Inc, Bayer AG, GE Company (GE Healthcare) and NorthStar Medical Radioisotopes, LLC. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the market. For instance, in October 2021, the NorthStar Medical Radioisotopes expansion event unveiled advanced radioisotope production equipment and breaks ground on the first-in-kind therapeutic radioisotope production facility.

Global Nuclear Medicine Radioisotopes Market - Key Companies to Watch

Cardinal Health, Inc

Overview: Cardinal Health, Inc. is an American multinational health care services company, and the 14th highest revenue generating company in the United States. Its headquarters are in Dublin, Ohio and Dublin, Ireland.

Product Portfolio: It offers an extensive portfolio of PET radiopharmaceuticals dispensed from more than 100 nuclear pharmacies across the country. Some includes Fluorine F 18 flutemetamol (VIZAMYL), Fluorine F 18 fludeoxyglucose, Fluorine F 18 sodium fluoride, Gallium Ga 68 dotatate (Netspot), Nitrogen N 13 ammonia, Copper Cu 64 dotatate (Detectnet).

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Target Audience

Service Providers/ Buyers

Industry Investors/Investment Bankers

Education & Research Institutes

Research Professionals

Emerging Companies

Manufacturers

Market Segmentation

Global Nuclear Medicine Radioisotopes Market - By Type of Radioisotopes

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) and Alpharadin

Actinium-225 (Ac-225)

Other Types of Radioisotopes

Global Nuclear Medicine Radioisotopes Market - By Application

Oncology

Cardiology

Thyroid

Neurology

Other Applications

Global Nuclear Medicine Radioisotopes Market - By End-User

Hospitals

Diagnostic centers

Specialty Clinics

Education and Research institutes

Others

Global Nuclear Medicine Radioisotopes Market - By Region

North America

Europe

Asia-Pacific

Middle East & Africa

South America