PUBLISHER: SkyQuest | PRODUCT CODE: 1321932
PUBLISHER: SkyQuest | PRODUCT CODE: 1321932
Global Nuclear Medicine Market size was valued at USD 8.1 billion in 2021 and is poised to grow from USD 8.9 billion in 2022 to USD 24.4 billion by 2030, growing at a CAGR of 13% in the forecast period (2023-2030).
Nuclear medicine is a specialized field within radiology that utilizes small amounts of radioactive materials to examine organ structure and function. It combines various disciplines such as chemistry, physics, mathematics, computer technology, and medicine. This branch of radiology is particularly valuable in diagnosing and treating diseases at early stages, such as thyroid cancer. While standard X-rays have limitations in visualizing soft tissues, nuclear medicine imaging enables clearer visualization of organs and tissues. The market for nuclear medicine is experiencing growth due to a robust product pipeline and supportive government initiatives aimed at enhancing access to these technologies. Despite the impact of the COVID-19 pandemic, nuclear reactors, which play a critical role in producing essential medicines, have continued operations with stringent safety measures. Prostate cancer is a significant concern, with high incidence rates, particularly among older men. The recent approval of Pluvicto (177Lu-PSMA-617) by the U.S. FDA for the treatment of metastatic prostate cancer further underscores the advancements in nuclear medicine.
Segments covered in this report:
Global nuclear medicine market has been segmented based on product type, application, end use, procedure, and region. Based on product type, global nuclear medicine market are further sub-segmented into diagnostic (SPECT and PET), therapeutic (alpha emitters and beta emitters), and brachytherapy. On the basis of application, global nuclear medicine market is segmented into cardiology neurology, oncology, thyroid, lymphoma, bone metastasis, endocrine tumour, and others. According to end use, global nuclear medicine market is segmented into hospitals & clinics, diagnostic centers and others. By procedure, the market is segmented into central nervous system, endocrine, skeletal, gastrointestinal, genito-urinary, pulmonary. By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA.
The increasing incidence and prevalence of cancer and cardiovascular disease are key factors driving the expansion of the nuclear medicine market. These diseases can often be prevented through early detection and treatment, where nuclear medicine plays a crucial role. According to the World Health Organization (WHO), cancer was the leading cause of death in 2020, with an expected rise in new cases worldwide by 2025. Similarly, cardiovascular disease accounted for a significant number of global deaths in 2019, with projections indicating a further increase by 2030. The utilization of nuclear medicine in diagnosing and treating these conditions positions it for significant market growth. Technological advancements in nuclear imaging modalities, particularly PET/PET-CT, have expanded its applications beyond oncology to areas like cardiology, neurology, and infection detection. The increased awareness of the positive impact of early diagnosis and improved disease management further drives market growth, resulting in a rise in PET and SPECT procedures.
The growth of the nuclear medicine imaging market is expected to be restrained in the coming years due to the increasing adoption of alternative diagnostic options such as MRI and CT scans. These alternatives are more cost-effective compared to nuclear medicines, leading to their greater use, especially in developing nations. Moreover, reimbursement policies favor the utilization of MRI and CT scans, further hindering the market for nuclear medicine. Additionally, the high cost associated with nuclear imaging systems and procedures, along with the extensive use of CT and MRI scans annually, pose a risk to the volume of PET-CT procedures.
Key Market Trend
The market for nuclear medicine therapies is witnessing a focus on development by companies, driven by the clinical benefits of this treatment option compared to others. The demand for nuclear medicine therapies is expected to rise globally, supported by the positive outcomes observed in the treatment of cancer and other disorders. This is particularly significant in countries with a high cancer burden. For instance, Curium received FDA approval to initiate a Phase-III trial for lutetium Lu 177 PSMA I&T, a radiopharmaceutical targeting Prostate-Specific Membrane Antigen (PSMA). Many market participants are also actively developing new therapeutic products for various medical conditions, contributing to the growth of the market.