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
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 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.
Nuclear Medicine 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 Nuclear Medicine Market 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) |
Nuclear Medicine Market Segment Insights
Product Segment Analysis
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.
Application Segment Analysis
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.
Regional Analysis
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.
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