Nuclear Medicine Market to Exhibit a CAGR of 19.4% from 2024 to 2032; Blue Earth Diagnostics and PETNET Solutions Inc. Unveiled the Commercial Availability of POSLUMA, Which Enhanced Their Positions
The global nuclear medicine market size stood at USD 8.94 billion in 2023. The market value is slated to rise from USD 10.19 billion in 2024 to USD 42.03 billion by 2032 at a CAGR of 19.4% during 2024-2032. Fortune Business Insights™ presents this information in its report titled
“Nuclear Medicine Market Size, Share & Industry Analysis, By Type (Diagnostics {PET Radiopharmaceuticals [FDG-PET/18F, 68Ga, 68Cu, 11C, and Others] and SPECT Radiopharmaceuticals [Technetium-99m, Iodine-123, Xenon-133, Thallium-201, and Others]} and Therapeutics {Ra-223, Sm-153, Lu-177, I-131, Y-90, and Others}), By Application (Neurology, Cardiology, Oncology, and Others), By End User (Hospitals & Clinics, Diagnostic Centers, and Others), and Regional Forecast, 2024-2032”
Nuclear medicine is a pharmaceutical drug group that features radioactive formulations of chemical elements named nuclear medicine radioisotopes in terms of ingredients. These drugs are used for different diagnostic and therapeutic procedures depending on the type of radiation generated by these radioisotopes. The emphasis of many companies on various strategies, such as the launches of new products coupled with strategic collaborations, is poised to surge market expansion in the coming years.
Moreover, there was a negative influence of the COVID-19 pandemic on the market in 2020. The imposition of restrictions such as lockdown measures led to a significant decrease in the number of diagnostic and therapeutic procedures, resulting in a decline in the adoption of these products. The market is anticipated to observe constant and steady growth during the forecast period.
Blue Earth Diagnostics and PETNET Solutions Inc. Announced Commercial Availability of POSLUMA, Which Boosted their Positions
In June 2023, Blue Earth Diagnostics, a prominent name in the development of innovative PET radiopharmaceuticals and PETNET Solutions Inc., A Siemens Healthineers Company, unveiled the commercial availability of POSLUMA in the U.S. POSLUMA is meant for positron emission tomography (PET) of prostate-specific membrane antigen (PSMA) positive lesions in males diagnosed with prostate cancer with suspected metastasis.
Market Value to Rise Owing to New Releases of Diagnostic Products
Instead of the growing and higher interest toward therapeutic applications of the product, the launch of new products in the diagnostic segment is a vital factor behind the nuclear medicine market growth. The diagnostic products are being massively deployed in many imaging application areas, including single-photon emission computed tomography (SPECT) and positron emission tomography (PET) procedures.
Despite such growth opportunities, the problems in the diagnostic radiopharmaceuticals and procedure volumes may impede the market expansion.
Top Players Emphasize Collaborations to Strengthen Their Position
Leading companies are involved in research and development activities, strategic agreements, and new product releases to boost their revenue share. A wide array of strategic moves, including mergers & acquisitions, capacity expansions, and joint ventures are being implemented by leading companies to outshine the competition. Collaboration strategies are also being opted for by top players to enhance their position.
Key Players
- GE HealthCare (U.S.)
- Lantheus Holdings, Inc. (U.S.)
- Nordion (Canada) Inc. (Sotera Health) (Canada)
- Bracco (Italy)
- Curium (France)
- Bayer AG (Germany)
- Siemens Healthineers AG (Germany)
- Novartis AG (Switzerland)
- Jubilant Pharmova Limited (India)
- Cardinal Health (U.S.)
- Norgine (Netherlands)
- DuchemBio, Co., Ltd. (South Korea)
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Key Industry Development
- February 2024 - Lantheus Holdings, Inc. announced a collaboration with a National Institute on Aging-sponsored study named the Consortium for Clarity in ADRD Research through Imaging (CLARiTI). The consortium can deploy MK-6240, Lantheus’ clinical-stage F18-labeled PET imaging agent, in its Alzheimer’s disease investigation through this agreement.
Further Report Findings
- North America, valued at USD 4.63 billion, obtained the largest nuclear medicine market share in 2023. This is on the back of a consistently growing incidence of chronic disorders, including cancers, coupled with robust reimbursement trends for these products. For instance, in September 2022, the University of Texas MD Anderson Cancer Center and Radiopharm Theranostics inked a joint venture for the development of novel radiopharmaceutical therapeutic products for cancer treatment.
- The Asia Pacific is slated to observe the highest CAGR during the forecast period. This is due to the growing presence of many key companies, which has resulted in a rise in the accessibility of innovative products.
- By application, the oncology segment held the largest share in 2023 with the rising cases of cancers globally.
Table of Segmentation
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ATTRIBUTE |
DETAILS |
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Study Period |
2019-2032 |
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Base Year |
2023 |
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Estimated Year |
2024 |
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Forecast Period |
2024-2032 |
|
Historical Period |
2019-2022 |
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Growth Rate |
CAGR of 19.4% from 2024-2032 |
|
Unit |
Value (USD billion) |
|
Segmentation |
By Type
|
|
By Application
|
|
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By End User
|
|
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By Region
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