Nuclear Medicine Market
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The global nuclear medicine market was valued at around USD 13.6 billion in 2023 and is expected to exhibit growth at a CAGR of 16.3% from 2025 to 2034. Increase in growth can be attributed to the increasing prevalence of cancer and cardiovascular diseases, growing population, and the demand for non-invasive diagnostic techniques and development of new radiopharmaceuticals, among others.
Nuclear medicine has increased wider acceptance for use in therapeutic applications, and it’s extensively utilized in oncology. Theranostics is a developing field that involves the use of radiopharmaceuticals such as Lutetium-177 and Actinium-225, which are targeted at specific tumors to treat cancers. The application of these two drugs is increasing for personalized treatments of some types of prostate and neuroendocrine tumors.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Nuclear Medicine Market size in 2023: | USD 13.6 Billion |
| Forecast Period: | 2024 – 2032 |
| Forecast Period 2023 - 2032 CAGR: | 16.3 |
| 2023 Value Projection: | USD 54.7 Billion |
| Historical Data for: | 2021 – 2023 |
| No of Pages: | 130 |
| Tables, Charts & Figures: | 310 |
| Segments Covered: | Product, Application, End Use and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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In addition, investments by governments and other research organizations into the development of nuclear medicine are phenomenal for health infrastructure, increasing availability for advanced diagnostic procedures, and improving the general health of populations. One of the country’s programs, particularly in developed nations, allocates money to purchase advanced diagnostic equipment and build radiopharmacy facilities.
For example, the Society of Nuclear Medicine and Molecular Imaging (SNMMI) promotes nuclear medicine and radiopharmaceutical therapies through its value initiative, which is a comprehensive plan for the engagement of all industry stakeholders to promote use and accessibility for patients. In addition to that, there is a noted preference of patients and healthcare providers alike for non-intrusive methods of diagnostics as it poses minimal risk and discomfort. Even though PET and SPECT are modes of nuclear medicine, they are a bit less invasive when comparing them to some conventional forms of diagnosis. This variation in diagnosis supports the growth of the market.
Nuclear medicine is a branch of medicine concerned with the utilization of radioactive substances in diagnostic and therapeutic procedures. A small trace of radiopharmaceuticals is injected into the body, and a SYMPTOMATIC scan or an MRI is undertaken for imaging purposes to find out how the body is functioning in real-time. This enables early detection of diseases and provides treatment options that are best suited for the patient. It is especially effective in the treatment of cancer and heart ailments.
Key players in the industry include Actinium Pharmaceuticals, Boston Scientific, Bracco, Cardinal Health, Curium Pharma, GE Healthcare, Jubilant Pharma, Lantheus, Novartis, RadioMedix, RLS Radiopharmacies, Siemens Healthineers, and Sirtex.
The North America nuclear medicine market accounted for USD 7 billion in revenue in 2023 and is anticipated to grow at a CAGR of 15.6% between 2024 and 2032, supported by the region
The diagnostics segment dominated the market with a revenue of around USD 9.4 billion in 2023, fueled by rising healthcare expenditures and infrastructure improvements in emerging markets.
The global nuclear medicine industry was valued at around USD 13.6 billion in 2023 and is expected to exhibit growth at a CAGR of 16.3% from 2024 to 2032, driven by the increasing prevalence of cancer and cardiovascular diseases.