Nuclear Medicine Market to be Worth $22.3 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, May 16, 2023 /PRNewswire/ - The global nuclear medicine market size is expected to reach USD 22.3 billion by 2030, registering a CAGR of 11.8% over the forecast period, according to a new report by Grand View Research, Inc. The increasing prevalence of chronic diseases such as cancer & thyroid is anticipated to drive market growth. The impending approval of multiple radiopharmaceutical therapeutics during the forecast period will be a major driver for the market. For instance, in March 2022, Novartis AG received approval for Pluvicto (Lu 177) for the treatment of adult patients with prostate cancer.

Key Industry Insights & Findings from the report:

• By product type, the SPECT segment held the largest share of the diagnostics market due to low cost, high accuracy, and wide usage in different applications.
• The PET segment is expected to grow lucratively over the forecast period due to the approval & launch of new products such as PYLARIFY PET imaging agent for prostate cancer.
• By application, the oncology segment dominated the market in 2022 with a share of 41.99%.
• North America dominated the market with a share of 45.4% in 2022, owing to increased awareness about current treatment therapies, favorable reimbursement policies, and improved patient affordability.
• The Asia Pacific region is expected to be the fastest-growing region considerably in the future due to the rising prevalence of chronic diseases, rising geriatric population, and approval of new products during the forecast period.

Read 170 page market research report, "Nuclear Medicine Market Size, Share & Trends Analysis Report By Product (Diagnostics (SPECT, PET), Therapeutics (Alpha Emitters, Beta Emitters, Brachytherapy)), By Application, By End-use, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research. 

Nuclear Medicine Market Growth & Trends

According to the Pan American Health Organization (PAHO), in 2022, globally around 20 million new cases of cancer are estimated to be diagnosed, and around 10 million deaths occurred due to this disease. Factors like changing lifestyle, unhealthy diet, and less awareness about oral hygiene in low and middle-income countries is the most common cause of the prevalence of cancer. 

Increasing adoption of nuclear medicine products in diagnosis and the approval of new generators to help increase the supply of radionuclides is expected to drive growth. For instance, in November 2021, EZAG received the Brazilian Health Authority Regulatory Agency's (ANVISA) approval for GalliaPharm in Brazil. It is a gallium-68 generator used to extract the positron-emitting isotope of gallium from a source of decaying germanium-68 for making G68 dotatate injection. This is the first and only gallium generator approved for pharmaceutical use in Brazil. The approval of such products contributes to the market growth in developing markets. 

In light of the COVID-19 pandemic, the market was moderately impacted. A survey was conducted for reactor-based medical isotopes by International Atomic Energy Agency (IAEA) during the second quarter of 2020 to assess the continuity of the supply chain during the COVID-19 crisis. It was revealed that major producers continued with production in line with IAEA safety standards, as their operations were categorized as essential by their respective governments.

Nuclear Medicine Market Segmentation

Grand View Research has segmented the global nuclear medicine market on the basis of product, application, end-use, and region:

Nuclear Medicine Market - Product Outlook (Revenue, USD Million, 2018 - 2030)

• Diagnostic Products
• SPECT
• TC-99m
• TL-201
• GA-67
• I-123
• Other SPECT Products
• o PET
• F-18
• SR-82/RB-82
• Other PET products
• Therapeutic Products
• Alpha Emitters
• RA-223
• Others
• 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

Nuclear Medicine Market - Application Outlook (Revenue, USD Million, 2018 - 2030)

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

Nuclear Medicine Market - End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Hospitals & Clinics
• Diagnostic Centers
• Others

Nuclear Medicine Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands
• Denmark
• Sweden
• Norway
• Asia Pacific
• Japan
• China
• India
• Australia
• South Korea
• Singapore
• New Zealand
• Thailand
• Philippines
• Malaysia
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East and Africa (MEA)
• South Africa
• Israel
• Saudi Arabia
• UAE
• Turkey
• Kuwait

List of Key Players in the Nuclear Medicine Market

• GE Healthcare
• Jubilant Life Sciences Ltd
• Nordion (Canada), Inc.
• Bracco Imaging S.P.A
• The institute for radioelements (IRE)
• NTP Radioisotopes SOC Ltd.
• The Australian Nuclear Science and Technology Organization
• Eczac?ba??-Monrol
• Lantheus Medical Imaging, Inc
• Eckert & Ziegler
• Mallinckrodt
• Cardinal Health

Check out more market research studies published by Grand View Research:

• Nanomedicine Market - The global nanomedicine market size is expected to reach USD 410.15 billion by 2030, expanding at 11.57% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The advantages of nanomedicine in numerous healthcare applications, the emergence of novel drug delivery technologies, and the rise in demand for safe and affordable treatments are all contributing to the expansion of the nanomedicine industry.
• Complementary And Alternative Medicine Market - The global complementary and alternative medicine market size is expected to reach USD 694.22 billion by 2030 and is expected to expand at 25.1% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The rising prevalence of neurological illnesses and cancer is one of the major factors driving the growth of the global complementary & alternative medicine industry.
• Complementary And Alternative Medicine For Anti-Aging & Longevity Market - The global complementary and alternative medicine for anti-aging and longevity market size is expected to reach USD 182.9 billion by 2028, as per a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 22.2% from 2021 to 2028. Growing household income in developed countries, acceptance of herbal and ayurvedic medicine, and increasing age-related diseases have majorly the market for complementary and alternative medicine (CAM) for anti-aging and longevity.

Browse through Grand View Research's  Pharmaceuticals Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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