Nuclear Medicine Market

Nuclear Medicine Market by Products (Diagnostic Products [SPECT {TC-99m, TL-201, GA-67, I-123, and Other SPECT Products} and PET {F-18, SR-82/RB-82, and Other PET Products}] and Therapeutic Products [Alpha Emitters {RA-223 and Other Alpha Emitters}, Beta Emitters {I-131, Y-90, SM-153, Re-186, Lu-117, and Other Beta Emitters}, and Brachytherapy {Cesium-131, Iodine-125, Palladium-103, Iridium-192, and Other Brachytherapy Products}]), Applications (Cardiology, Oncology, Thyroid, Lymphoma, Bone Metastasis, Endocrine Tumor, and Others), and Regions (Asia Pacific, North America, Latin America, Europe and Middle East & Africa)- Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: MC-713
  • Author: Growth Market Reports
  • Rating: 4.8
  • Total Reviews: 2
  • No. Of Pages: 186
  • Format:
  • Pub. Date: Upcoming
  • Share:

The global nuclear medicine market size was valued at USD 6.5 billion in 2020 and is anticipated to expand at a CAGR of 9.4% during the forecast period, 2021-2028. The growth of the market is attributed to the increasing occurrences of cancer to which the best treatment available to all patients is nuclear medicine sciences and diagnostics.

Nuclear medicine is the medical specialty that involves the application of multiple radioactive substances in the treatment and diagnostics of various complicated diseases and disorders. From nuclear medicine, a large variety of studies have been introduced such as the endoradiology where in the study of radiation emitting within the body over radiation from external sources such as X-rays are being identified from the patient’s body. Nuclear medicine is very similar to radiology, the only key difference being the focus of emphasis is on the function of the human body alone and not on their imaging anatomy. In other words, nuclear medicine studies the body functions with respect to any body, be it disabled or disfigured.
 

Nuclear Medicine Market Key Takeaways


Nuclear medicine has mainly found applications in diagnostic medical imaging and hybrid scanning techniques. According to the World Health Organization or the WHO, there has been 9.6 million deaths owing to irregular treatment of cancer. With nuclear medical diagnostics, the WHO believes that over 80% could have been saved and reported healthy. There has also been a significant rise in the cardiovascular diseases, as per the WHO report which states that more than 17.8 million have died and will increase north to 23 million by 2030.

The COVID-19 pandemic has reduced the growth of the global nuclear medicine market initially. Researchers and scientists were not able to recognize the co-relation between the coronavirus and nuclear medicine. However, upon further research, they were able to identify that nuclear medicine along with the latest radiopharmaceuticals can help produce a permanent cure for the coronavirus. This steered to hospitals, clinics, and healthcare laboratories to focus more on the development of nuclear medicine radiopharmaceuticals for the prevention and treatment of diseases and this led to its market growth in the later stages of the COVID-19 pandemic.

Market Trends, Drivers, Restraints, and Opportunities

  • Increase in occurrences of cardiovascular diseases which can be treated by nuclear medical diagnostics is the primary reason for the projection of boosting the global nuclear medicine market growth during the forecast period, 2021-2028.
  • There has been a significant increase in the research and development activities leading to technological advancement of nuclear medicine which can become a major factor boosting the market growth. The introduction of radiopharmaceuticals used in various techniques including molecular imaging, a method that involves to act a biomarkers for the specific molecular processes required for the determination of onset and progress of the disease.
  • High prices for the development of nuclear medicine and high cost of services from the company’s perspective is anticipated to hinder the global nuclear medicine market growth. This becomes extremely difficult to function in developing countries such as India, South Africa and Brazil where there is limited healthcare infrastructure.
  • Nuclear Medicine needs to be diagnosed on favorable environments and not all patients can be able to undergo this treatment. There could be the possibility of patients being allergic to radiotherapy methods at close range. This can hamper the nuclear medicine market growth.
  • R&D activities along with studies have shown that radiotherapy under the influence of nuclear medicine can be used for the treatment for complicated diseases including thyroid-related diseases, bone diseases, neurological diseases, and respiratory diseases. In July 2019, French investigators published their findings upon the demonstration of the hafnium oxide nanoparticle or the NBTXR3 to act as an enhancer for radio waves used for improving the response for soft-tissue sarcoma by using radiotherapy.

Scope of the Report

The report on the global nuclear medicine market size includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Nuclear Medicine Market Size - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Products (Diagnostic Products [SPECT {TC-99m, TL-201, GA-67, I-123, and Other SPECT Products} and PET {F-18, SR-82/RB-82, and Other PET Products}] and Therapeutic Products [Alpha Emitters {RA-223 and Other Alpha Emitters}, Beta Emitters {I-131, Y-90, SM-153, Re-186, Lu-117, and Other Beta Emitters}, and Brachytherapy {Cesium-131, Iodine-125, Palladium-103, Iridium-192, and Other Brachytherapy Products}]) and Applications (Cardiology, Oncology, Thyroid, Lymphoma, Bone Metastasis, Endocrine Tumor, and Others)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Trends, and Revenue Forecast

Key Players Covered in the Report

Nordion Inc; Eckert & Ziegler Group; GE Healthcare; Bracco Imaging S.p.A; Department of Atomic Energy; and Australian Nuclear Science and Technology Organization (ANSTO)

 

Global Nuclear Medicine Market Segment Insights

Therapeutic segment is estimated to signify the largest market share
Based on products, the global nuclear medicine market is bifurcated into diagnostic products and therapeutic products. The diagnostic products are further bifurcated into SPECT and PET. The SPECT is again divided into TC-99m, TL-201, GA-67, I-123, and other SPECT Products. The PET products are divided into F-18, SR-82/RB-82, and other PET products. The therapeutic products are divided into Alpha emitters, Beta emitters, and Brachytherapy. The Alpha emitters are further bifurcated into RA-223 and other Alpha emitters. The Beta emitters are divided into I-131, Y-90, SM-153, Re-186, Lu-117, and other Beta emitters. The Brachytherapy is divided into Cesium-131, Iodine-125, Palladium-103, Iridium-192, and other Brachytherapy products. The therapeutic segment is expected to constitute the major share of the market in 2019. Beta emitters in the therapeutic segment has the methodology involving the least damage to surrounding cells, travels long distances, and operate on low energy levels.

Meanwhile the diagnostic segment is anticipated to grow with a significant CAGR during the forecast period, 2021-2028. The major reason attributing to this market growth is the cost-effectivity, early diagnosis, high sensitivity, non-evasiveness, and easy to handle towards abnormalities in any structure or organ structure.

Cardiology segment is anticipated to register a huge market share
On the basis of applications, the global nuclear medicine market is divided into cardiology, oncology, thyroid, lymphoma, bone metastasis, endocrine tumor, and others. The cardiology segment is expected to constitute the major share of the market in 2019. The major reason attributing to this market growth is the low cost of procedures along with the high adoption rates.

Meanwhile the thyroid segment is anticipated to grow with a significant CAGR during the forecast period, 2021-2028. The latest techniques and technological advancements have been focused primarily upon the thyroid segment.
 

Nuclear Medicine Market By applications


 North America is anticipated to dominate the market
On the basis of regions, the global Nuclear Medicine market is categorized as Asia Pacific, North America, Latin America, Europe and Middle East & Africa. The market in North America is expected to constitute the largest share in 2019. This regional market growth can be attributed to the growing research & development expenditure along with the rising in adoption of the latest technology. The demand of nuclear medicine is increasing rapidly in this region due to the presence of the major market players in the market, an advantage other regions do not have. The cost of expenditure is significantly lower in North America than that of other economies. However, the market in Asia Pacific is anticipated to expand at a significant CAGR during the forecast period, 2021-2028, as they have prioritized the cost-efficiency perspective of nuclear medicine combined with their growing population.
 

Nuclear Medicine Market By Regions

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Nuclear Medicine Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Nuclear Medicine Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Nuclear Medicine Market - Supply Chain
  4.5. Global Nuclear Medicine Market Forecast
     4.5.1. Nuclear Medicine Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Nuclear Medicine Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Nuclear Medicine Market Absolute $ Opportunity
5. Global Nuclear Medicine Market Analysis and Forecast by Applications
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Applications
     5.2.2. Y-o-Y Growth Projections by Applications
  5.3. Nuclear Medicine Market Size and Volume Forecast by Applications
     5.3.1. Cardiology
     5.3.2. Oncology
     5.3.3. Thyroid
     5.3.4. Lymphoma
     5.3.5. Bone Metastasis
  5.4. Absolute $ Opportunity Assessment by Applications
  5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Nuclear Medicine Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Nuclear Medicine Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Nuclear Medicine Demand Share Forecast, 2019-2026
7. North America Nuclear Medicine Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Nuclear Medicine Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Nuclear Medicine Market Size and Volume Forecast by Applications
     7.4.1. Cardiology
     7.4.2. Oncology
     7.4.3. Thyroid
     7.4.4. Lymphoma
     7.4.5. Bone Metastasis
  7.5. Basis Point Share (BPS) Analysis by Applications
  7.6. Y-o-Y Growth Projections by Applications
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Nuclear Medicine Demand Share Forecast, 2019-2026
8. Latin America Nuclear Medicine Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Nuclear Medicine Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Nuclear Medicine Market Size and Volume Forecast by Applications
     8.4.1. Cardiology
     8.4.2. Oncology
     8.4.3. Thyroid
     8.4.4. Lymphoma
     8.4.5. Bone Metastasis
  8.5. Basis Point Share (BPS) Analysis by Applications
  8.6. Y-o-Y Growth Projections by Applications
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Nuclear Medicine Demand Share Forecast, 2019-2026
9. Europe Nuclear Medicine Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Nuclear Medicine Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Nuclear Medicine Market Size and Volume Forecast by Applications
     9.4.1. Cardiology
     9.4.2. Oncology
     9.4.3. Thyroid
     9.4.4. Lymphoma
     9.4.5. Bone Metastasis
  9.5. Basis Point Share (BPS) Analysis by Applications
  9.6. Y-o-Y Growth Projections by Applications
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Nuclear Medicine Demand Share Forecast, 2019-2026
10. Asia Pacific Nuclear Medicine Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Nuclear Medicine Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Nuclear Medicine Market Size and Volume Forecast by Applications
     10.4.1. Cardiology
     10.4.2. Oncology
     10.4.3. Thyroid
     10.4.4. Lymphoma
     10.4.5. Bone Metastasis
  10.5. Basis Point Share (BPS) Analysis by Applications
  10.6. Y-o-Y Growth Projections by Applications
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Nuclear Medicine Demand Share Forecast, 2019-2026
11. Middle East & Africa Nuclear Medicine Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Nuclear Medicine Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Nuclear Medicine Market Size and Volume Forecast by Applications
     11.4.1. Cardiology
     11.4.2. Oncology
     11.4.3. Thyroid
     11.4.4. Lymphoma
     11.4.5. Bone Metastasis
  11.5. Basis Point Share (BPS) Analysis by Applications
  11.6. Y-o-Y Growth Projections by Applications
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Nuclear Medicine Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Nuclear Medicine Market: Market Share Analysis
  12.2. Nuclear Medicine Distributors and Customers
  12.3. Nuclear Medicine Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Nordion Inc
     12.4.2. Eckert & Ziegler Group
     12.4.3. GE Healthcare
     12.4.4. Bracco Imaging S.p.A
     12.4.5. Department of Atomic Energy

Segments Covered in the Report
The global Nuclear Medicine market size has been segmented in terms of

Products

  • Diagnostic Products
    • SPECT
      • TC-99m
      • TL-201
      • GA-67
      • I-123
      • Other SPECT Products
    • PET
      • F-18
      • SR-82/RB-82
      • Other PET Products
  • Therapeutic Products
    • Alpha Emitters
      • RA-223
      • Other Alpha Emitters
    • Beta Emitters
      • I-131
      • Y-90
      • SM-153
      • Re-186
      • Lu-117
      • Other Beta Emitters
    • Brachytherapy
      • Cesium-131
      • Iodine-125
      • Palladium-103
      • Iridium-192
      • Other Brachytherapy Products

Applications

  • Cardiology
  • Oncology
  • Thyroid
  • Lymphoma
  • Bone Metastasis
  • Endocrine Tumor
  • Others

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • Nordion Inc
  • Eckert & Ziegler Group
  • GE Healthcare
  • Bracco Imaging S.p.A
  • Department of Atomic Energy
  • Australian Nuclear Science and Technology Organization (ANSTO)

Major players competing in the global nuclear medicine market are Nordion Inc; Eckert & Ziegler Group; GE Healthcare; Bracco Imaging S.p.A; Department of Atomic Energy; and Australian Nuclear Science and Technology Organization (ANSTO). These market players are involved in several business strategies such as mergers, acquisitions partnerships, collaborations, capacity expansion, and product launches to enhance their market shares. Nordion Inc purchased Cobalt-60 for their distribution unit in Europe from the Board of Radiation and Isotope Technology or the BRIT in April 2019.
 

Nuclear Medicine Market By Key Players

Buy Report