The size of the nuclear medicine market worth $24.4 billion by 2030 owing to the presence of a robust product pipeline and favorable government initiatives to improve access to nuclear medicine | Grand View Research, Inc.

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Presence of favorable reimbursement scenario for radiopharmaceuticals in the United States is expected to boost the growth of nuclear medicine industry, according to a new report released by Grand View Research.

Nuclear medicine Industry overview

The global nuclear medicine market size was estimated to be worth USD 8.1 billion in 2021 and is projected to reach USD 24.4 billion by 2030, growing at a CAGR of 13.0% during the forecast period. forecast.

The market is witnessing growth owing to the presence of a robust product pipeline and favorable government initiatives to improve access to nuclear medicine. Currently betalutin, omburtamab, yttrium-90 microspheres, PNT2003, 177Lu‑PNT2002 are among the products in clinical trials.

Gather more insights into the market drivers, restraints, and growth of the Global nuclear medicine market

The nuclear medicine market was moderately impacted by SARS-CoV-2. Reactor operation has been widely classified as an essential service, given its criticality. Therefore, nuclear reactors were not shut down during the SARS-CoV-2 lockdown. For example, under Section 71 of Labor Act 66 of 1995 in South Africa, its SAFARI-1 reactor remained operational during the lockdown imposed in the country after March 2020. Additionally, in a published article by ANSTO in May 2020, it was reported that since its reactor is supplying essential medicines, it had maintained operations during the COVID-19 crisis, with its staff returning to campus and following strict social distancing measures.

US nuclear medicine market size, by product, 2020-2030 (USD billion)

According to the American Cancer Society, the estimated incidence of prostate cancer is 268,490 and about 34,500 deaths in 2022 in the United States. In addition, approximately 6 out of 10 diagnosed patients are men aged 65 and over, with a rare incidence in men under 40. Recently, in March 2022, the US FDA approved Pluvicto (177Lu-PSMA-617) for the treatment of adults with metastatic prostate cancer. This approval is expected to drive the market growth.

The presence of a favorable reimbursement scenario for radiopharmaceuticals in the United States is expected to drive the market growth. In 2020, the Center for Medical Services (CMS) offered an additional $10 payment for Tc-99m derived from non-highly enriched uranium (HEU) for outpatient hospital services in addition to payment for imaging procedures. The initiatives, in turn, have led to improved patient access to much-needed diagnostic nuclear drugs used for life-threatening diseases.

Growing advances in the diagnosis and treatment of disease and the approval of new devices based on nuclear medicine are helping to meet the treatment needs of patients. For example, in September 2021, GE Healthcare announced the launch of a new scanner with new automated workflow functionality that provides an exceptional view of cardiac anatomy and pathology to help doctors decide on the right treatment. for a patient.

Segmentation of the nuclear medicine market

Based on Product Insights, the market is segmented into diagnostics and therapeutics

  • The diagnostic products segment held the highest market share in 2021 owing to the presence of a large patient base and the availability of advanced technologies such as Single Photon Emission Computed Tomography (SPECT) and Emission Computed Tomography of positrons (PET).
  • The wide range of radiotracers currently used in the diagnosis of tumors, coupled with technological advancements, is contributing to the growth of the nuclear drug market.
  • Therapeutic segment is further divided into alpha emitters, beta emitters and brachytherapy. The strong product pipeline, coupled with the approval and commercialization of nuclear medicine therapies, could fuel the growth of the segment.
  • Currently, radium (Ra-223) is the most widely used alpha emitter in therapy. The development of potential radioisotopes, such as terbium (Tb-149), bismuth (Bi-212) and actinium (Ac-225) is expected to augment the market growth.

Based on Application Insights, the market is segmented into Cardiology, Neurology, Oncology, Thyroid, Lymphoma, Bone Metastasis, Endocrine Tumor and Others

  • The oncology segment dominated the market in 2021. Cancer is one of the leading causes of death globally. Factors such as poor diet, smoking and lack of exercise contribute to the increased prevalence. In addition, increasing investment in R&D of new nuclear drugs for the treatment of cancer may contribute to the growth of the segment.
  • The cardiology segment is expected to witness high growth over the forecast period owing to the increasing demand for the diagnosis of cardiovascular diseases. In March 2021, Bracco Diagnostics Inc. entered into a partnership with CardioNavix, LLC aimed at improving the reach of the new cardiac PET imaging system for patients. This new initiative provides patients with easy access to hospitals, physicians and diagnostic centers for cardiac PET imaging. This program can reduce the initial cost and risk of lost business by encouraging clinical practitioners to order and use this important diagnostic test.

Based on the regional information, the market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa

  • North America led the market with a share of 45.2% in 2021 and is expected to grow at a significant rate over the forecast period. The high market share in the region can be attributed to increased investment in R&D activities, high volume of nuclear medicine procedures, and strong healthcare infrastructure.
  • The Asia-Pacific region is estimated to be the fastest growing region due to increased awareness of nuclear medicine therapies and increased investment in the nuclear medicine space. For example, in March 2022, Penang Adventist Hospital (PAH) announced the launch of a private nuclear medicine center in northern Malaysia. This launch should have a positive impact on the regional market.

Browse research reports on the pharmaceutical industry from Grand View Research.

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Market share overview:

  • March 2022: Penang Adventist Hospital (PAH) has announced the launch of a private nuclear medicine center in northern Malaysia.
  • June 2021: Curium has announced the acquisition of Austrian pharmaceutical company IASON with the aim of expanding its presence in Europe. This acquisition should strengthen its market position.

Profile of key companies:

Major market players are opting for geographic expansion, strategic collaborations, and partnerships through mergers and acquisitions in emerging and economically favorable regions.

Some of the key players in the global nuclear medicine market include:

  • GE Healthcare
  • Jubilant Life Sciences Ltd.
  • Nordion (Canada), Inc.
  • Bracco Imaging Spa
  • Institute of Radioelements (IRE)
  • NTP Radioisotopes SOC Ltd.
  • Australian Nuclear Science and Technology Organization
  • Eczacıbaşı-Monrol
  • Lantheus Medical Imaging, Inc.
  • Eckert & Ziegler
  • Mallinckrodt

Order a free sample PDF of the Nuclear Medicine Market Intelligence Study, published by Search Grand View.

About Grand View Research

Grand View Research is a full-time market research and consulting firm registered in San Francisco, California. The company offers comprehensive, customized and syndicated market reports based on in-depth data analysis. It also offers consultancy services to business communities and academic institutions and helps them understand the global and business scenario to a great extent. The company operates in a multitude of areas such as chemicals, materials, food and beverage, consumer goods, healthcare and information technology to offer consultancy services.

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