Enjoy complimentary customisation on priority with our Enterprise License!
The nuclear medicine market size is forecast to increase by USD 10.75 million at a CAGR of 18.52% between 2023 and 2028. The market is experiencing significant growth, driven by the increasing adoption of SPECT/CT hybrid imaging systems. These systems offer superior diagnostic accuracy by combining the functional information provided by single-photon emission computed tomography (SPECT) with the anatomical detail of computed tomography (CT). Another growth factor is the minimal side effects of radiopharmaceuticals as compared to their potential benefits. However, regulatory hurdles regarding the preparation and distribution of radiopharmaceuticals pose challenges to market expansion. Compliance with stringent regulations, such as the U.S. Food and Drug Administration (FDA) and European Medicines Agency (EMA), can increase production costs and limit market access. Despite these challenges, the market is expected to continue growing due to the increasing demand for accurate and non-invasive diagnostic tools in healthcare.
The market is witnessing significant growth due to the increasing prevalence of chronic diseases, particularly cancer and cardiovascular diseases, in the geriatric population. Technologically advanced systems, such as SPECT diagnosis and MRI, play a crucial role in the market's expansion. Radioisotopes and radiopharmaceuticals are essential components of nuclear medicine, used for diagnosis and cancer treatment. Hospital budgets and insurance coverage are key factors influencing the market's growth. Reimbursement facilities for nuclear medicine procedures are also driving demand, especially for therapeutic radiopharmaceuticals and chemotherapy methods. Neurology, cardiology, and oncology are the primary clinical areas where nuclear medicine finds application. Pharmaceutical drugs and X-ray crystallography are alternative diagnostic methods, but nuclear medicine offers advantages such as higher accuracy and minimally invasive techniques.
Moreover, radioisotopes are used for various diagnoses, including bone metastasis and lymphoma. Cancer treatment using nuclear medicine is gaining popularity due to its effectiveness and precision. Physicians are increasingly recognizing the benefits of nuclear medicine in the diagnosis and treatment of chronic diseases. CT scanners and MRI systems are alternative imaging techniques, but nuclear medicine offers unique advantages, such as providing functional information and enabling precise targeting of therapeutic agents. The market is expected to grow further due to ongoing research and development in the field.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The radiotherapeutics segment is estimated to witness significant growth during the forecast period. Nuclear medicine is a medical specialty that utilizes radiotherapeutics, which are pharmaceutical drugs containing radioactive properties. These drugs consist of a radioisotope bonded to an organic molecule, suitable for both therapeutic and diagnostic applications. In medical diagnostics, nuclear medicine plays a significant role in treating various conditions, including neuroendocrine tumors, cardiovascular diseases, and lymphoma. Radiotherapeutics can be administered orally or intravenously, and the radiations emitted are captured by external detectors like gamma cameras to produce clear imaging techniques, such as Xenon 133 and Thallium 201 scans. Diagnostic centers, hospitals, and clinics rely on nuclear medicine for accurate diagnosis, especially in minimally invasive techniques like PET scans.
Moreover, these hybrid imaging technologies, such as PET-CT and PET-MRI, offer enhanced diagnostic capabilities. Lutathera injection, a therapeutic radiopharmaceutical, is an effective treatment for neuroendocrine tumors. Cardiac patients benefit from nuclear medicine in assessing bone metastasis and cardiovascular diseases. The radiopharmaceuticals industry continues to innovate, developing new radiotracers and imaging technology to improve therapeutic efficacy and targeting specificity. Trained medical personnel operate diagnostic equipment, including X Rays and diagnostic ultrasonography, to complement nuclear imaging techniques. Nuclear medicine's non-invasive nature and ability to provide precise diagnostic information make it an essential tool in cancer treatment and medical diagnostics.
Get a glance at the market share of various segments Request Free Sample
The Radiotherapeutics segment was valued at USD 2.09 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 46% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
For more insights on the market share of various regions Request Free Sample
Nuclear medicine plays a significant role in the diagnosis and treatment of various medical conditions, particularly in the fields of neuroendocrine tumors and cardiovascular diseases. Xenon 133 and Thallium 201 are commonly used radiotracers in nuclear medicine, providing clear imaging techniques for diagnosing neuroendocrine tumors and cardiac patients, respectively. Lutathera injection, a therapeutic radiopharmaceutical, is effective in treating neuroendocrine tumors using chemotherapy methods. Hospitals and clinics, diagnostic centers, and medical specialty practices utilize diagnostic equipment such as PET scans and X Rays to accurately diagnose lymphoma, bone metastasis, and other cancers. The radiopharmaceuticals industry offers a range of therapeutic modalities, including minimally invasive techniques, to enhance the therapeutic efficacy of chemotherapy.
Moreover, trained medical personnel administer these radiotracers and imaging technology to ensure precise targeting specificity and accurate diagnosis. Hybrid imaging technologies, such as PET-CT and MRI, further enhance diagnostic capabilities. Cardiac patients benefit from the non-invasive nature of nuclear imaging techniques, which provide valuable information on heart function and blood flow. The diagnostic sector continues to evolve, with ongoing research and development in radiotracer labeling and targeting specificity to improve therapeutic efficacy.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing adoption of SPECT/CT hybrid imaging systems is the key driver of the market. Hybrid imaging, which combines functional and anatomical imaging modalities, is increasingly being utilized in healthcare settings, particularly for conditions such as thyroid disorders and bone pain palliation. However, the high cost of hybrid imaging systems compared to standalone systems like Single Photon Emission Computed Tomography (SPECT) and Positron Emission Tomography (PET) may hinder its widespread adoption, especially in low and middle-income countries such as Tanzania, Ethiopia, South Korea, and Indonesia.
Further, physicians in these regions often rely on standalone systems for diagnostic imaging due to limited awareness and financial constraints. Despite this, SPECT and PET imaging remain popular diagnostic techniques in many countries, with SPECT imaging holding equal significance to PET imaging in some instances. The healthcare infrastructure in these regions needs improvement to accommodate the adoption of advanced imaging technologies like hybrid imaging systems.
The minimal side effects of radiopharmaceuticals as compared with its potential benefits is the upcoming trend in the market. Nuclear medicine, which utilizes radiopharmaceuticals for diagnostic and therapeutic purposes, has gained significant attention in healthcare due to its minimal side effects and potential benefits. Thyroid disorders and bone pain palliation are among the common indications for nuclear medicine. The National Institutes of Health (NIH) reported that adverse reactions to radiopharmaceuticals are rare, with approximately 1-6 reactions per 100,000 injections. The most common side effects include soreness, bleeding, and swelling at the injection site.
Further, the rate of adverse effects for specific radiopharmaceuticals, such as macro aggregated albumin for lung visualization and methylene diphosphonate for bone-seeking therapy, is 1 in 400 and 1 in 800 cases, respectively. Despite these infrequent side effects, the benefits of nuclear medicine outweigh the risks, making it an essential component of modern healthcare infrastructure.
The regulatory hurdles regarding preparation of radiopharmaceuticals is a key challenge affecting the market growth. The market in the US is subjected to stringent regulatory approval processes, particularly by the Food and Drug Administration (FDA), which can significantly impact market growth. For instance, radiopharmaceuticals intended for thyroid disorders and bone pain palliation undergo rigorous testing to ensure safety and efficacy. The FDA's approval process involves comparing the new drug with a standard molecule, and if convinced, grants marketing authorization.
However, extensive toxicology testing and additional clinical trials, which can be financially burdensome for companies, may be required if the FDA is not satisfied. Consequently, the number of nuclear medicines approved by the US FDA is limited. Despite these challenges, the healthcare infrastructure in the US continues to support the development and implementation of nuclear medicine technologies to improve patient care.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Koninklijke Philips NV- The company offers nuclear medicine, such as the Spectral Computed Tomography 7500 system.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Nuclear medicine is a specialized field of healthcare that utilizes radioactive isotopes for diagnosis and treatment of various medical conditions. The market is witnessing significant growth due to the increasing prevalence of chronic diseases such as cancer and cardiovascular disease among the geriatric population. Technologically advanced systems like SPECT (Single Photon Emission Computed Tomography) and PET (Positron Emission Tomography) scanners are driving the market growth. Hospital budgets and insurance coverage are key factors influencing the adoption of nuclear medicine. The availability of reimbursement facilities and the increasing acceptance of nuclear medicine as a cost-effective diagnostic tool are also boosting market growth.
In conclusion, the production of radiopharmaceuticals, including SPECT diagnosis agents like Technetium 99m and Iodine 123, and cyclotrons and generators for their production, is a significant market segment. Neurological disorders such as Alzheimer's disease and Parkinson's disease are major indications for diagnostic nuclear medicine. Therapeutic nuclear medicine using beta emitters, alpha emitters, and brachytherapy isotopes is gaining popularity in the treatment of cancer. Healthcare systems, imaging centers, contract research organizations, and pharmaceutical companies are the major end-users of nuclear medicine. Clinical areas like neurology, cardiology, and oncology are the primary application areas for nuclear medicine. MRI and CT scanners are complementary diagnostic tools used in conjunction with nuclear medicine.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
177 |
|
Base year |
2023 |
|
Historic period |
2018-2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 18.52% |
|
Market growth 2024-2028 |
USD 10.75 billion |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
15.18 |
|
Regional analysis |
North America, Asia, Europe, and Rest of World (ROW) |
|
Performing market contribution |
North America at 46% |
|
Key countries |
US, Japan, China, Germany, and UK |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Bayer AG, Bracco Spa, Cardinal Health Inc., Eckert and Ziegler AG, ECZACIBASI MONROL NUCLEAR PRODUCTS CO., GE Healthcare Technologies Inc., IBA Radiopharma Solutions, Jubilant Pharmova Ltd., Koninklijke Philips N.V., Lantheus Holdings Inc., Mallinckrodt Plc, Medi-Radiopharma, Mirion Technologies Inc., Necsa, Novartis AG, Siemens Healthineers AG, Sirtex Medical Pty Ltd., Telix Pharmaceuticals Ltd., Tema Sinergie SpA, and TTG Imaging Solutions LLC |
|
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
|
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
