Nuclear Medicine Market Size, Share & COVID-19 Impact Analysis, By Type (Diagnostic and Therapeutic), By Application (Neurology, Cardiology, Oncology, and Others), By End-user (Hospitals & Clinics, Diagnostic Centers, and Others), and Regional Forecast, 2023-2030

The nuclear medicine market size was valued at USD 7.53 billion in 2022 and is projected to grow from USD 8.42 billion in 2023 to USD 29.35 billion by 2030, exhibiting a CAGR of 19.5% during the forecast period (2023-2030). North America dominated the global market with a value of USD 3.87 billion in 2022. Nuclear medicines are a group of pharmaceutical drugs that contain radioactive isotopes. They are exclusive medicinal formulations with radioisotopes and are used in major clinical areas for diagnosis or therapy.  Over the past few years, these therapies have emerged as one of the most efficient techniques in various areas, such as neurology, cardiology, oncology, and others.

The market growth is mainly attributed to the growing prevalence of chronic diseases. Moreover, technological advancements enabling the use of radiopharmaceuticals to diagnose and treat cancerous tumors contribute to market growth.  Furthermore, the market players focus on various strategies, such as new product launches and acquisitions, which are expected to increase nuclear medicine market revenue in the coming years.

• For instance, in March 2023, Life Healthcare acquired TheraMed Nuclear’s non-clinical imaging operations in Gauteng with an aim to expand its geographical presence in South Africa.


• For instance, in June 2021, Bayer AG announced the acquisition of Noria Therapeutics Inc. and PSMA Therapeutics Inc. Both radiotherapy companies are developing targeted therapeutic and imaging radiopharmaceuticals. The acquisition is expected to expand Bayer’s existing oncology portfolio of nuclear medicine.


• In August 2021, GE Healthcare and NorthStar Medical Radioisotopes, LLC, announced an exclusive agreement to manufacture and distribute iodine-123 (I-123) capsules in the U.S. The product will help expand GE Healthcare's product portfolio and strengthen its presence in the market.

COVID-19 IMPACT

COVID-19 Pandemic Hampered Market Revenue Due to Declining Diagnosis Procedures 

The COVID-19 pandemic negatively impacted the market in 2020. The issues such as lack of workforce & staff, risk of transmission of COVID-19, and the decline in the imaging procedures such as PET-CT SPECT procedures posed a challenge for the market growth in 2020. The decrease in the procedures can be attributable to disruption of supply chains, logistical challenges, safety precautions adoption, which is not easy to maintain by the centers.

• For instance, according to the survey published by the Journal of Nuclear Medicine, in April 2020, there was a mean reduction of therapies by 45.0%. Centers reported decreases in radioiodine therapy for thyroid cancer and benign diseases by an average of 47% and 63%, respectively.

Complete and partial lockdowns in most countries, major restrictions on air travel, transportation of radionuclides were the main bottlenecks to the distribution of products to hospitals.

However, in 2021, market players witnessed a slow growth in revenue generated as patient volumes started increasing due to the ease of regulations imposed by the government of various countries. For instance, radiopharmaceuticals revenue of Jubilant Pharmova Limited witnessed a slow growth of 10.9% from USD 243.6 million in 2020 to USD 370.1 million in 2021.

Whereas, in 2022, the radiopharmaceuticals revenue witnessed a rapid growth of 20.2% from USD 270.1 million in 2021 to USD 324.6 million in 2022. Therefore, resumption of services had a positive impact on the market in 2021 and 2022 due to high demand.

LATEST TRENDS

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Robust and Strong Pipelines to Boost Market Growth

The companies operating in the market constantly focus on the development of nuclear medicine therapies. The clinical effects associated with this treatment option, as compared to other therapies are driving its demand globally.  

Moreover, factors such as the increase in the sophistication of the therapeutic applications, outcomes in the treatment of cancer, and other disorders are anticipated to drive the demand for market therapies in countries with a high burden of cancer.

• For instance, in October 2021, the U.S. FDA issued a Study May Proceed letter to Curium to begin its Phase-III trial with lutetium Lu 177 PSMA I&T, its investigational product. It is a therapeutic radiopharmaceutical that binds to the Prostate-Specific Membrane Antigen (PSMA) protein.


• In June 2021, Advanced Accelerator Applications received FDA Therapy designation for investigational 177Lu-PSMA-617 in patients with metastatic castration-resistant prostate cancer (mCRPC).

Similarly, many market players are developing new therapeutic products for the treatment of various medical conditions, thereby driving market growth.  

DRIVING FACTORS

Technological Advancements in Nuclear Imaging Modalities to Propel Market Development

One of the crucial drivers for global market growth is the increased awareness regarding the potential impact of early and timely diagnosis and the corresponding positive impact in the management and treatment of chronic disorders. Advancements in nuclear imaging technology, specifically PET/PET-CT, have aided in the expansion of applications of this modality beyond oncology to cardiology, neurology, and detection of infections.

There has been a substantial increase in the volume of PET and SPECT procedures due to these technological advancements.

• For instance, according to the OECD, in 2020, PET procedure volume increased in the U.S., with 2,220,300 as compared to 2019, when the PET procedures were 2,200,800. The increased procedure volume was due to the rising adoption of PET scanners.

Additionally, improvements such as the development of cadmium zinc telluride (CZT)-based detectors, which helps in the simultaneous viewing of physiological and anatomical structures, are expected to drive SPECT-CT adoption systems.

New Product Launches of Diagnostic and Therapeutic Products to Drive Market Growth

One of the critical driving factors is the strong focus of several market players to introduce new products in this market. Rising demand for nuclear imaging has led to new product launches and the development of robust pipelines for diagnostic products. Furthermore, a large number of patients suffering from chronic diseases stimulates manufacturers to launch new products in the radiopharmaceuticals market.

• For instance, in March 2021, GE Healthcare introduced StarGuide, a nuclear medicine system to improve patient outcomes in bone procedures, neurology, cardiology, oncology, and other medical specialties.

Moreover, several key market leaders have entered into agreements and partnerships for the development and commercial launches of diagnostic products.

• For instance, in August 2021, Cardinal Health entered into a distribution agreement with IRE-ELiT S.A., a company specializing in radiopharmaceutical production. They are expanding patient access to new products for Positron Emission Tomography (PET) imaging as demand in the U.S. continues to grow.

Furthermore, increasing government funding for research and development in nuclear medicine is projected to drive market growth in the near future.

• In June 2022, the Society of Nuclear Medicine and Molecular Imaging (SNMMI) raised USD 100 million for research activities in nuclear medicine.

RESTRAINING FACTORS

Alternatives Used for Diagnosis of CT and MRI to Limit Market Growth

The adoption of nuclear imaging systems is restricted due to alternative options from other medical imaging modalities, such as MRI and CT scanners available globally.

Nuclear imaging systems are less preferred over MRI and CT scanners due to the high cost of the system and its procedure and the presence of a less favorable reimbursement landscape.

• For instance, PET radiopharmaceuticals face growth restraints as all the PET drugs are not covered in terms of reimbursement by Medicare. Also, these are not paid for separately from the procedure in the Medicare hospital outpatient setting in the U.S.

 Additionally, the CTs and MRIs also pose a risk to the growth of PET-CT procedure volume due to the large number of CT scans and MRI scans performed annually.

• For instance, according to the OECD, in 2021, Japan had the highest number of CT scanners and MRI units as compared to PET scanners per capita.

Hence, such barriers to the reimbursement and procedure volumes of diagnostic radiopharmaceuticals are expected to limit the market growth during the forecast period.

SEGMENTATION

By Type Analysis

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Therapeutic Segment to Register Highest Growth Rate Due to Increasing Product Launches

Based on type, the market is segmented into diagnostic and therapeutic.

The diagnostic segment is further classified into PET radiopharmaceuticals and SPECT radiopharmaceuticals. Further, the PET is segmented into FDG-PET/18F, 68Ga, 68Cu, 11C, and others. The SPECT is sub-segmented into Technetium-99m, Iodine-123, Xenon-133, Thallium-201, and others.

The therapeutic segment is anticipated to grow at the highest growth rate. The growth can be attributed to factors such as comparative effectiveness of the treatment, advantages associated with these treatment options, and increasing interest in therapeutic products by market players by having a strong focus on clinical trials. 

• For instance, in August 2021, FUJIFILM Toyama Chemical Co., Ltd. launched Lutathera injection, a therapeutic product, targeting neuroendocrine tumors in Japan. Such new launches are expected to drive the segmental growth during the forecast period.

The diagnostic segment is estimated to hold the dominant share of the global market in 2020. This segment is also anticipated to grow at a substantial CAGR due to the factors such as efficient imaging of patients with various types of cancer, new product launches to the diagnosis of various disorders, and increasing procedural volumes globally.

• For instance, in December 2020, the U.S. Food and Drug Administration approved Gallium 68 PSMA-11 (Ga 68 PSMA-11), the first drug for PET imaging to diagnose prostate cancer.

By Application Analysis

High Prevalence of Cancer to Contribute to the Growth of Oncology Segment

Based on application, the market is segmented into neurology, cardiology, oncology, and others.

In terms of application, the oncology segment is anticipated to grow at the highest CAGR. Diagnosis of cancers is one of the most commonly performed imaging procedures globally. This is due to increasing awareness of early diagnosis, high prevalence of cancer, and benefits of diagnosis in the treatment and management of various types of cancer. A large number of pipeline products of nuclear medicine therapies are directed toward the indication of oncology, which is expected to contribute to the segmental growth in the coming years.

• For instance, according to WHO, more than 19.3 million new cancer cases were diagnosed globally in 2020.  

The cardiology segment is projected to expand at a substantial CAGR during the forecast period. The growth of the segment is attributed to the increasing use of nuclear medicines for the diagnosis and treatment of cardiovascular diseases.

• For instance, in September 2021, GE Healthcare introduced the next-generation cardiac-dedicated nuclear medicine scanner MyoSPECT. It offers an exceptional view of cardiac anatomy and pathology to help clinicians determine the right course of treatment for patients.

By End-User Analysis

High Procedural Volume in Hospitals & Clinics to Boost Segment Growth

Based on end-user, the market is segmented into hospitals & clinics, diagnostic centers, and others.

The hospitals & clinics segment is anticipated to expand at the substantial CAGR during the forecast period, 2023-2030. The growth rate is attributed to the high procedural volume of nuclear imaging procedures and the higher efficiency of handling these sensitive products at hospitals & clinics.

• For instance, according to data published by World Nuclear Association, in February 2023, around 10,000 hospitals used nuclear imaging procedures globally, and nearly 90% of the procedures are for diagnosis.

The diagnostic center’s segment accounted for the second-highest market share in 2022 and is expected to expand at the highest CAGR during the forecast period.  This segment’s high growth rate is attributed to the increasing number of diagnostic institutions and huge procedural volumes in diagnostic centers across Europe.  

REGIONAL INSIGHTS

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North America dominated the global market with a share of 51.39% in 2022 and is anticipated to continue its dominance in nuclear medicine market share during the forecast period. The rapid adoption of efficient nuclear imaging technologies coupled with the increasing usage of technologically advanced and efficient therapeutic radiopharmaceuticals across the region are expected to drive market growth. Besides this, the increasing prevalence of various cancers and other chronic disorders is expected to fuel the growth of this market in North America during the forecast period.

Europe is projected to witness the second-highest growth in the market due to the adoption of advanced radiopharmaceuticals and recent product launches by key players. Besides, the acquisition and mergers by market players in this region are also fueling regional growth.

• For instance, in March 2020, Norgine B.V. acquired a specialty biopharmaceutical company, Azanta A/S. As a result of the transaction, the company acquired Azanta’s portfolio of products, including Angusta for labor induction and Nimorazole, a hypoxic radiosensitizer for cancer treatment.

On the other hand, the Asia Pacific is expected to expand at a substantial CAGR during the forecast period. Due to increasing disposable incomes across the region, there is a greater awareness concerning imaging diagnostics and their usage in the effective diagnosis and management of various diseases. Increasing procedural volumes of nuclear imaging due to the increased prevalence of chronic disorders in major countries such as India, China, and Japan are further propelling the nuclear medicine market growth in Asia Pacific.

• For instance, in August 2020, Jubilant Radiopharma and Navidea Biopharmaceuticals, Inc. signed a memorandum of understanding (MOU). The MOU outlines an Exclusive License and Distribution Agreement (“ELDA”) for Navidea’s diagnostic imaging agent Tilmanocept (technetium Tc 99m tilmanocept injection) in the US., Canada, Mexico, and Latin America.

The Rest of the World, which includes Latin American and the Middle East and Africa, is expected to witness moderate growth due to increasing healthcare expenditures and rising awareness of efficient diagnostics and therapeutics for the management of critical care disorders.

KEY INDUSTRY PLAYERS 

Companies with the Diversified and Strong Products Portfolio to Hold Key Market Share   

Several market players, such as Cardinal Health, Advanced Accelerator Applications (Novartis AG), Bayer AG, GE Healthcare, Curium, and Jubilant Pharmova Limited, account for the major chunk of the market. These companies together hold around 60% share of the global market. Moreover, they focus on various strategies, such as new product launches, acquisitions, mergers, and continuous R&D resulting in strong regulatory approvals.

• For instance, in June 2021, Bayer AG announced to acquire Noria Therapeutics Inc. and PSMA Therapeutics Inc. Both are radiotherapy companies developing targeted therapeutic and imaging radiopharmaceuticals. The acquisition will broaden Bayer’s existing oncology portfolio of nuclear medicine.

Other companies such as Nordion Inc., Bracco Diagnostic Inc., and Lantheus Medical Imaging, Inc. have substantial market shares in the global market. The strong and robust therapeutic pipelines of these companies are expected to contribute to the market growth in the upcoming years.

• For instance, in June 2020, Lantheus Medical Imaging, Inc. acquired Progenics to develop innovative medicines and artificial intelligence to fight cancer. Lantheus Medical Imaging, Inc. previously announced the acquisition in October 2019 which was completed in June 2020.

LIST OF KEY COMPANIES PROFILED:

• Lantheus Medical Imaging, Inc. (U.S.)


• Cardinal Health (U.S.)


• Norgine B.V. (Netherlands)


• Nordion (Canada) Inc. (Canada)


• Bayer AG (Germany)


• Curium (France)


• Advanced Accelerator Applications (Novartis AG) (France)


• Bracco Diagnostic Inc. (U.S.)


• Jubilant Pharmova Limited (India)


• GE Healthcare (General Electric Company) (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• February 2023 - Telix Pharmaceuticals Limited announced the successful completion of its joint research project conducted with Heidelberg University Hospital (UKHD) in February 2021. This project aims to create and validate a generator-based theranostic compound for urologic oncology targeting PSMA and utilising the beta-emitting isotope rhenium-188 (188Re).


• May 2022 - Mediso Ltd. announced the acquisition of Bartec Technologies Ltd., U.K., a company involved in installation, support and supply of nuclear medicine and molecular imaging equipment and accessories. The acquisition strengthens Mediso Ltd.'s market position in the U.K. and Ireland.


• August 2021 - GE Healthcare and NorthStar Medical Radioisotopes, LLC, a global innovator of radiopharmaceuticals, announced an exclusive agreement to manufacture and distribute iodine-123 (I-123) capsules in the U.S.


• March 2021 - Bracco Diagnostics Inc. partnered with CardioNavix, LLC to improve patient access to cardiac PET imaging. This new program, the Bracco Mobile Isotope Service, will enable more patient care sites to provide cardiac PET imaging.


• March 2021 - Global Medical Solutions, Ltd. (GMS) and BWXT Medical Ltd. have entered into a joint venture (JV) to manufacture and distribute radioisotopes in the Asia-Pacific.

REPORT COVERAGE

An Infographic Representation of Nuclear Medicine/ Radiopharmaceuticals Market

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The market report covers a detailed analysis and overview. It focuses on key aspects such as competitive landscape, type, end-user, and region. Besides this, it offers insights into the market drivers, market trends, market dynamics, COVID-19 impact on the market, and other key insights. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the growth of the market over recent years.

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