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Nuclear Medicine Market Size to Register a Growth of 13.2% CAGR Anticipated to Top USD 24.03 Billion by 2032

Oct 17, 2023 10:00 PM ET

Nuclear Medicine Market Size to Register a Growth of 13.2% CAGR Anticipated to Top USD 24.03 Billion by 2032


Nuclear Medicine Market Research Report Information By Product Type ( Diagnostic Nuclear Medicine (SPECT Radiopharmaceuticals [ Tc-99m, TI-201, Ga-67, I-123, and Others], Pet Radiopharmaceuticals [Tc-99m, TI-201, Ga-67, I-123, and Others]), Therapeutic Nuclear Medicine (Alpha Emitters[ Ra-223], Beta Emitters[I-131, Y-90, Sm-153, Lu-177, Re-186, and Others]), Brachytherapy Isoptopes [Ir-192, I-125, Pd-103, Cs-131, and Others]), By Application (Diagnostic Applications SPECT Applications.

Nuclear Medicine Market Size was valued at USD 6.24 billion in 2021 and is projected to grow from USD 7.06 billion in 2022 to USD 24.03 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 13.2% during the forecast period (2023 – 2032).

The nuclear medicine market refers to the healthcare sector dedicated to the use of radioactive substances, known as radiopharmaceuticals, for diagnostic and therapeutic purposes. Nuclear medicine techniques involve the use of small amounts of radioactive materials to diagnose and treat various medical conditions. This field combines the disciplines of nuclear physics, medicine, and computer technology to provide valuable information about the functioning of organs and tissues within the body.

A class of pharmacological pharmaceuticals known as “nuclear medicines” contains radioactive isotopes. They are unique radioisotope-infused pharmaceutical formulations for diagnosis or treatment in key clinical settings. These treatments have become one of the most effective in various fields over the past several years, including neurology, heart disease, oncology, and others. The market is expanding because of increased cancer cases and growing public knowledge of nuclear medicine. Radiopharmaceuticals are drug formulations containing radioactive isotopes used for medicinal and diagnostic purposes. They are small, straightforward chemicals with a radioactive component used to treat cancer and cardiac and neurological diseases. The increasing prevalence of chronic diseases is primarily blamed for the market expansion. Most issues may typically be avoided with swift identification and treatment; nuclear medicine is extremely important. Medical imaging and radiation therapy intersect with epidemiologic objectives, such as infectious illnesses like tuberculosis or non-communicable diseases.

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Market Segmentation

The nuclear medicine industry is segmented into diagnostic and therapeutic nuclear drugs based on product type. Application-based segmentation of the nuclear medicine market comprises both diagnostic and therapeutic applications. The market data for nuclear medicine has been divided into healthcare facilities and diagnostic facilities, research institutes, and other entities.

Market Competitive Landscape:

  • Medtronic Plc (Ireland)
  • Lantheus Medical Imaging (US)
  • Nordion, Inc. (Canada)
  • Advanced Accelerators Applications (France)
  • Cardinal Health (US)
  • GE Healthcare (US)
  • Bayer AG (Germany)
  • Bracco Imaging (Italy)
  • Mallinckrodt Pharmaceuticals (UK)
  • Jubilant Lifesciences (India)

Regional Insights

North America is expected to maintain its market share leadership in nuclear medicine throughout the projected period. The region is likely to see quick acceptance of newly developed and effective medicinal radiopharmaceuticals and an increase in the use of nuclear imaging technology. On the contrary, the Asia-Pacific is anticipated to grow at a significant CAGR during the projection period. Greater knowledge of diagnostic imaging techniques and their application in the accurate diagnosis and management of multiple illnesses has emerged in the region due to rising disposable incomes.

Browse In-depth Market Research Report (100 Pages) on Nuclear Medicine:

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