Global Nuclear Medicine Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Type (SPECT and PET), Application & Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) - Industry Forecast from 2024 to 2029

Updated On: June, 2024
ID: 98
Pages: 181

Nuclear Medicine Market Size (2024 To 2029)

The size of the global nuclear medicine market is estimated at USD 18.27 billion in 2024. It is expected to reach USD 33.96 billion by 2029, growing at a compound annual growth rate (CAGR) of 13.2% during the forecast period.

MARKET DRIVERS

The growing patient population suffering from chronic diseases worldwide primarily propels the growth of the nuclear medicine market.

The prevalence of chronic diseases such as cancer, CVDs, diabetes, and others is growing significantly worldwide. Patients suffering from these diseases require continuous health monitoring to identify the progression of the diseases, gain an understanding of treatment efficacy and find other potential risks. Nuclear medicine helps diagnose and manage chronic diseases as it provides valuable information on abnormalities at an early stage, which provides a way for healthcare providers to plan an appropriate intervention for disease management. Considering the same, healthcare providers and patients prefer nuclear medicine for effective disease management. The World Health Organization says one in six people dies of cancer worldwide, and around 10 million died in 2020. In addition, the growing aging population worldwide is expected to boost the nuclear medicine market growth. People who age are much more likely to diagnose with various chronic diseases and need diagnostic imaging, which is expected to promote the need for nuclear medicine and boost the market growth. WHO says one in six people will be more than 60 years by 2030 worldwide, and the total aging population is expected to reach 1.4 billion.

The growing adoption of technological developments to develop further advancements in nuclear medicine is expected to fuel the market’s growth rate.

Some notable developments in nuclear medicine are PET-CT and SPECT-CT, due to which healthcare providers can now take detailed, accurate, and precise images of the inside of the body. Using these imaging modalities, the early detection of diseases is possible and can also be delivered improved patient outcomes.

Furthermore, growing demand for non-invasive diagnostic procedures, increasing support from various governments in favor of nuclear medicine, and rising investments to conduct R&D and develop advanced nuclear medicine procedures are expected to promote the growth rate of the global market.

MARKET RESTRAINTS

Strict regulatory policies coupled with growing competition from conventional alternatives act as market restraints for nuclear medicine diagnostics' growth during the forecast period. In addition, the high cost of equipment and diagnostics will become the biggest challenge for market growth.

REPORT COVERAGE

REPORT METRIC

DETAILS

Market Size Available

2023 to 2029

Base Year

2023

Forecast Period

2024 To 2029

Segments Covered

By Type, Application, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges; PESTLE Analysis; Porter's Five Forces Analysis, Competitive Landscape; Analyst Overview of Investment Opportunities

Regions Covered

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

 

This research report on the global nuclear medicine market has been segmented and sub-segmented based on the type, application, and region.

Nuclear Medicine Market - By Type:

  • SPECT
    • Technetium-99m
    • Thallium-201
    • Gallium-67
    • Iodine-23
    • Others
  • PET
    • Fluorine-18
    • Rubidium-82
    • Others

Based on type, the Fluorine-18 segment accounted for the largest share of the PET radiopharmaceuticals nuclear medicine market in 2022. The segment's domination will likely continue during the forecast period owing to the growing adoption of F-18. The growing usage of Fluorine-18 in PET imaging to diagnose various chronic diseases further contributes to segmental growth. In addition, using Fluorine-18, rapid imaging is possible and can take high-quality inside images. The domination of F-18 is expected to continue during the forecast period owing to the growing prevalence of cancer worldwide.

Nuclear Medicine Market - By Application:

  • Cardiology
  • Lymphoma
  • Thyroid
  • Neurology
  • Oncology
  • Others

Based on the application, the oncology segment is expected to witness the highest CAGR over the forecast period. Although nuclear medicine can help cure many diseases, the usage of nuclear medicine is high in treating cancer, which is majorly propelling segmental growth. Healthcare providers need to find the type, location, and extent of cancer to develop an effective treatment plan for patients, in which nuclear medicine can be of great help. In addition, nuclear medicine further helps healthcare providers in the disease management of cancer by providing information on treatment effectiveness. Likewise, the growing usage of nuclear medicine in cancer treatment is driving the growth of the oncology segment. Therefore, this segment is expected to register promising growth during the forecast period.  

Nuclear Medicine Market - By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • The Middle East and Africa

North America accounted for the largest share of the worldwide market in 2022, and the region's domination is anticipated to continue during the forecast period. The U.S. held a significant share of the North American market in 2021 and is expected to maintain its dominance due to the increased number of procedures and use of nuclear medicine isotopes for different therapeutic applications. Canada is Technetium-99 m's largest manufacturer. The market will likely expand tremendously in Canada because of the use of Tc-99 m in radiopharmaceuticals. In various diagnostic procedures and treatments, 80% of the nuclear medicine market is driven by Tc-99 m. Therefore, the North American market will likely witness promising CAGR and dominance in the global market.

The European region occupied a considerable share of the worldwide market in 2022 and is expected to grow at a considerable CAGR during the forecast period. Cancer prevalence is growing significantly in the European region. An estimated 23.4% of the cancer cases populating worldwide are from Europe. The growing prevalence of cancer in Europe is anticipated to result in the increasing usage of nuclear medicine and boost regional market growth.

The APAC regional market is predicted to register the highest CAGR in the global market in the coming years. This is because of the growing patient volume suffering from chronic diseases, an increasing number of developments in the healthcare infrastructure, growing adoption of nuclear medicine, increasing awareness among healthcare providers regarding the benefits of nuclear medicine, rising aging population, increasing adoption of technological developments, and a growing number of initiatives from the governments to promote nuclear medicine are propelling the nuclear medicine market in APAC.

Latin America is projected to hold a considerable share of the global market during the forecast period. The Latin American region has been experiencing substantial R&D investments in developing the healthcare infrastructure, and the prevalence of chronic diseases in this region is growing rapidly; such factors are anticipated to boost the nuclear medicine market growth in Latin America.

KEY MARKET PARTICIPANTS:

Cardinal Health, Inc., Bracco Imaging S.p.A, GE Healthcare, Eczacibasi-Monrol Nuclear Products, Nordion, Inc., Bayer Healthcare, Lantheus Medical Imaging, Inc., Advanced Accelerator Applications S.A., IBA Molecular Imaging and Mallinckrodt PLC.

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Anil Kumar P is research manager at Market Data Forecast and responsible for Healthcare Domain.

Author

Anil Kumar P (Research Manager - Healthcare)

Anil Kumar P is the lead author of this report and the manager of the team responsible for authoring healthcare reports at Market Data Forecast. He holds a Bachelor’s degree in Pharmacy (Hons.) from BITS Pilani, one of India’s premier institutions. Over the past seven years, Anil has gained extensive experience working with multiple market research companies, where he has collaborated with a diverse range of clients—from innovative startups to Fortune 500 companies—delivering data-driven insights and strategic advice that drive business growth.

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Frequently Asked Questions

How much was the global nuclear medicine market worth in 2023?

The global nuclear medicine market size was valued at USD 16.14 billion in 2023.

Which segment by application is anticipated to dominate the market by 2029?

The oncology segment is anticipated to grow the fastest in the global nuclear medicine market during the forecast period.

Which region had the leading share in the global nuclear medicine market in 2023?

North America accounted for the dominating share in the global market in 2023.

What are some of the notable players in the global nuclear medicine market?

Cardinal Health, Inc., Bracco Imaging S.p.A, GE Healthcare, Eczacibasi-Monrol Nuclear Products, Nordion, Inc., Bayer Healthcare, Lantheus Medical Imaging, Inc., Advanced Accelerator Applications S.A., IBA Molecular Imaging and Mallinckrodt PLC are a few of the major companies in the nuclear medicine market.

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