U.S. Nuclear Medicine Market Size, Share & COVID-19 Impact Analysis, By Type (Diagnostic Radiopharmaceuticals {PET Radiopharmaceuticals [FDG-PET/18F, 68Ga, 68Cu, 11C, and Others] and SPECT Radiopharmaceuticals [Technetium-99m, Iodine-123, Xenon-133, Thallium-201, and Others]}, and Therapeutic Radiopharmaceuticals), By Application (Neurology, Cardiology, Oncology, and Others), By End-user (Hospitals & Clinics, Diagnostic Centers, and Others), and Country Forecast, 2023-2030

The U.S. nuclear medicine market size was worth USD 3.58 billion in 2022 and is projected to grow at a CAGR of 21.2% during the forecast period.

Nuclear medicine is the specialized area of radiology that uses radioactive materials to examine organ function and structure. The market is witnessing massive growth due to favorable government initiatives to create awareness regarding healthcare issues and increase product approvals.

• For instance, in May 2021, FDA approved a second prostate-specific membrane antigen (PSMA)-targeted PET imaging drug for men with prostate cancer.

The outbreak of COVID-19 had a negative impact on the U.S. nuclear medicine market growth in 2020. The lockdown restrictions during the pandemic led to a decline in the number of diagnostic procedures performed.

U.S. Nuclear Medicine Market Trends

Technological Advancements in Nuclear Imaging Modalities is a Key Trend

Key players are constantly focusing on advancements in nuclear imaging technology, specifically PET/PET-CT, which have expanded the indication of this modality beyond cardiology from oncology, neurology, and infection detection. PET-CT combines the benefits of a PET scan (that produces metabolic images) and a CT scan (that produces anatomic images). It has seen rapid adoption and has replaced most PET-only scanners. In addition, manufacturers are also focused on improving image quality and patient outcomes.

• For instance, in May 2023, GE HealthCare received FDA clearance for enhanced image quality in PET/CT, a new deep-learning solution.

Some other advancements, including cadmium zinc telluride (CZT)-based detectors that assist in the simultaneous viewing of anatomical and physiological structures, are also leading to the adoption of SPECT-CT systems.

U.S. Nuclear Medicine Market Growth Factors

Growing Prevalence of Chronic Diseases to Augment Market Growth

Factors, such as the ageing population, poor nutrition, and a sedentary lifestyle drive significant growth in chronic disease prevalence. The burden of chronic diseases has increased rapidly with non-communicable diseases, such as cancer, cardiovascular diseases, respiratory diseases, diabetes, and others.

As per the data reported in the International Journal of Environmental Research and Public Health (IJEPH), in 2021, around 25% of adults in the U.S. suffer from two or more chronic conditions. However, the greater usage of these medicines in the diagnosis and treatment of these diseases is expected to drive the U.S. nuclear medicine market share.

RESTRAINING FACTORS

Lack of Reimbursement for Diagnostic Radiopharmaceuticals May Hamper Market Growth 

The reimbursement scenario is one of the biggest roadblocks to the growth of diagnostic radiopharmaceuticals in the U.S. PET radiopharmaceuticals are not covered under Medicare except for specific covered uses of particular radioactive tracers (ammonia N-13, FDG, Rb-82 and NaF-18. Another key disadvantage to the reimbursement process is that radiopharmaceuticals are not paid separately from the procedure in the Medicare hospital outpatient setting.

These diagnostic radiopharmaceuticals are treated as supplies under the current CMS hospital Outpatient Prospective Payment System (OPPS). Therefore, a lack of proper reimbursement policies might impede market growth to a certain extent.

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California accounted for the highest number of prostate cancer cases in 2022, and the number is projected to grow over the forecast period.

U.S. Nuclear Medicine Market Segmentation Analysis

By Type Analysis

Based on type, the U.S. nuclear medicine market is segmented into diagnostic radiopharmaceuticals and therapeutic radiopharmaceuticals.

The diagnostic radiopharmaceuticals segment dominated the market in 2022. The growth was mainly attributed to the growing prevalence of cancer, the increasing geriatric population, and the growing number of product launches coupled with greater investments and initiatives toward advanced healthcare solutions.

• For instance, in June 2023, Mediso Ltd. received FDA approval for InterView FUSION and InterView XP nuclear medicine image processing software.

On the other hand, the therapeutic radiopharmaceuticals segment is projected to grow at the fastest CAGR over the forecast period, owing to the benefits of these treatment options, the comparative effectiveness of the treatment, and the growing interest of market players in therapeutic radiopharmaceuticals by focusing on clinical trials.

By Application Analysis

By application, the U.S. nuclear medicine market is segmented into neurology, cardiology, oncology, and others.

In 2022, the oncology segment dominated the market in terms of revenue in 2022. The high prevalence of cancer, increasing awareness of early diagnosis benefits, and advantages associated with the diagnosis and treatment of various types of cancer are projected to drive segment growth during the forecast period. In addition, the growth is mainly attributed to the robust products in the pipeline directed toward the indication of oncology.

• For instance, according to the data published by the American Cancer Society in 2023, there is a high prevalence of cancers in the U.S., and the country had an estimated 1.9 million new cancer patients in 2022. Such instances are projected to drive the market growth in the near future.

Moreover, the cardiology segment is expected to grow at a significant CAGR during the projected period, owing to the growing applications of nuclear medicines for the diagnosis and treatment of cardiovascular diseases.

By End-user Analysis

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

The hospitals & clinics segment accounted for the highest market share in 2022, owing to the high number of treatment options for nuclear imaging procedures and the higher efficiency of handling these sensitive products at hospitals & clinics.

The diagnostic centers segment held the second-highest market share in 2022 and is projected to grow at a rapid CAGR during the forecast period, owing to the growing number of diagnostic institutions and huge procedural volumes in diagnostic centers.

List of Key Companies in U.S. Nuclear Medicine Market

Prominent market players, such as Cardinal Health, Advanced Accelerator Applications (Novartis AG), Bayer AG, GE Healthcare, and Curium, opt for strategic collaborations, geographical expansion, and product launches to expand their brand presence. For instance, in May 2023, Curasight A/S collaborated with Curium Inc., a global leader in radiopharmaceuticals, to develop and commercialize uTRACE for use in prostate cancer.

Other key players, such as Bracco Diagnostic Inc., Nordion (Canada) Inc., and Lantheus Medical Imaging, Inc., have significant market shares. These companies are committed toward improving patient outcomes through diagnostics, radiotherapeutics, and artificial intelligence solutions, which will help clinicians to diagnose and treat diseases.

• For instance, in June 2023, Lantheus announced a presentation featuring PYLARIFY AI at the 2023 Society for Nuclear Medicine and Molecular Imaging (SNMMI) Annual Meeting. The presentation represented a significant milestone in prostate cancer management through cutting-edge technology and innovations.

LIST OF KEY COMPANIES PROFILED:

• Lantheus (U.S.)


• Cardinal Health (U.S.)


• Bracco (U.S.)


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


• CURIUM (France)


• Bayer AG (Germany)


• RLS, Inc. (U.S.)


• Advanced Accelerator Applications (Novartis AG) (France)


• Nordion (Canada) Inc. (Canada)


• Jubilant Pharma Limited (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• June 2023 – SpectronRx and RLS (USA), Inc. (Radioisotope Life Sciences), the third-largest nuclear medicine pharmacy network in the U.S., announced an agreement to significantly enhance the supply and availability of diagnostic and therapeutic radiopharmaceuticals.


• May 2023 – TG Imaging Solutions (TTG) acquired Digirad Health from Star Equity for USD 40 million. Digirad Health is a U.S.-based operator providing fixed and mobile solid-state nuclear medicine camera services.


• September 2021 – Gurnick Academy of Medical Arts, LLC launched a new nuclear medicine technologist program across California, intending to develop professional nuclear medicine technologists.

REPORT COVERAGE

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The U.S. nuclear medicine market report provides a detailed analysis of the market. It focuses on key aspects such as an overview of the prevalence of major chronic disease, regulatory scenario, and new product launches.  Additionally, it includes key industry developments such as mergers, partnerships, & acquisitions and the impact of COVID-19 on the market. Besides this, the research report also offers insights into the market trends and highlights key industry dynamics. In addition to the aforementioned factors, it encompasses several factors that have contributed to the growth of the market over recent years.

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