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Pulished Date April, 2021
ID: 105
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Global Nuclear Medicine Market (Radiopharmaceuticals Market) Size, Share, Trends and Growth Analysis Report – Segmented By Diagnostics, Therapeutics, Application, and Region - Industry Forecast (2021 to 2026)

Pulished: April, 2021
ID: 105
Pages: 175

Nuclear Medicine Market Size (2021 to 2026)

The global nuclear medicine market (radiopharmaceuticals market) size has been estimated at USD 7.44 billion in 2021 and is expected to reach USD 13.95 billion by 2026, growing at a CAGR of 13.4%.

Nuclear medicine or radiopharmaceuticals is a branch of science that uses radiation to deliver specific information about a person’s organs and helps in organ treatment.

MARKET DRIVERS

The global radiopharmaceutical market growth is primarily driven by the increase in the prevalence and incidences of cancer worldwide. 

Nuclear medicine is being developed to work with our diagnostic imaging products like MRI, PET, and CT scans, and it helps us get full images of the same unit at the same time. The rising cases of cardiovascular diseases in almost all regions also boost the market as the diagnosis part becomes essential. The rising unhealthy habits among people cause a rise in cardiovascular diseases and thus indirectly hiking market growth. Research and studies are conducted to enhance radiotherapy for various diseases such as thyroid-related diseases, respiratory diseases, bone diseases, and neurological diseases. This will propel the growth of the market during the forecast period. Nuclear Medicine is also useful in molecular imaging in which biomarkers are used to determine the onset and/or progress of a disease. Government initiatives and funding for the development of new techniques are anticipated to drive the nuclear medicine market.

Growing disposable income in urban areas is ascribed to bolster the growth rate of the global nuclear medicine market. Also, the growing prevalence of effective diagnostics and treatment procedures makes the market demand moving forward. Nuclear medicine plays an essential role in the therapeutic applications of oncology, cardiology, neurology, and other applications, and this attribute is leveling up the market's demand. Besides, increasing expenditure on healthcare is driving the growth of the Nuclear Medicine Market. An increasing number of targeted therapeutic procedures are gearing up the development of the market.

Additionally, people's demand for early detection of diseases is likely to outshine the need for the Nuclear Medicine Market. 17.5 million people died from cardiovascular disease in 2012, according to WHO, and it is to reach 23.3 million by 2030. The attribute, as mentioned above, is significantly influencing the demand of the market. Increasing investments in the development of new medicines are expected to elevate the market growth during the forecast period. Furthermore, the market is fuelled by growing knowledge over the availability of various techniques to treat different kinds of cancers.

MARKET RESTRAINTS

However, the government's stringent rules and regulations in approving new products are slowly restraining the market demand. The shortage of skilled persons in utilizing various nuclear medicine products for significant results is hampering the market's growth. Some medicine requires enormous amounts due to complicated procedures is remained a challenging factor for the market. Lack of standardization is also slightly inhibiting the growth rate of the market.

Furthermore, the other significant factors that hinder the market's growth are the short half-life of radiopharmaceuticals, which reduces their potential adoption. The other reasons affecting the market growth rate are hospital cuts and expensive procedures that are unaffordable to many. The nuclear medicine market to survive needs advanced technology healthcare facilities to develop, and thus lack of these facilities is also a significant challenge for this market.

IMPACT OF COVID-19 ON THE GLOBAL NUCLEAR MEDICINE MARKET

The COVID-19 has positively impacted the market and will drive positive market growth. The coronavirus has affected the most with people suffering from cardiovascular diseases. It has led to an increase in nuclear medicine demands as nuclear medicine is very effective in diagnosing specific diseases. The growing demand for accurate diagnosis as the number of positive cases is rising has increased the usage of nuclear medicines. The effect of the coronavirus on the respiratory system is also very deadly, and thus nuclear medicines can be used to treat and diagnose the problems of the respiratory system.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2019 to 2025

Base Year

2019

Forecast Period

2020 to 2025

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 on Investment Opportunities

Regions Covered

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

 

This research report on the global nuclear medicine market has been segmented and sub-segmented into the following categories:

Nuclear Medicine Market - By Type:

  • Diagnostic Radioisotopes
    • SPECT   
      • Technetium-99m
      • Thallium-201
      • Gallium-67
      • Iodine-23
      • Others
    • PET     
      • Fluorine-18
      • Rubidium-82
      • Others
  • Therapeutic Radioisotopes                
    • Beta Emitters   
      • Iodine-131
      • Yttrium-90
      • Samarium-153
      • Rhenium-186
      • Lutetium-177
    • Alpha Emitters  
      • Radium-223
    • Brachytherapy  
      • Cesium-131
      • Iodine-125
      • Palladium-103
      • Iridium-192

Based on the type, the diagnostic radioisotopes segment is leading with the highest shares of the market. The emergence of the latest technologies in diagnostic centers is lavishing the growth of this segment to the extent and increasing the geriatric population and demand for quality diagnostic and treatment procedures at any cost boost the nuclear medicine market. PET radiopharmaceutical had the second largest market share in 2019 and is expected to grow reasonably during the forecast period. PET is subdivided into Fluorine-18 and Rubidium-82. The PET 18 had the largest market share due to its lower half-life of 110 mins. They are used in the PET diagnosis technique and had a 98% market share of the entire PET radiopharmaceutical.

SPECT dominated the market for nuclear medicine in 2019 and is expected to grow faster during the forecast period. SPECT is further subdivided into Techtenium-99m, Thallium-201, Gallium-67, Iodine-23, and others. The main factors that have helped SPECT grow are low cost and wide usage in different applications. Digital SPECT scanners are being introduced in the market for nuclear medicine by key players to improve diagnosis.

Nuclear Medicine Market - By Application:

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

Based on the application, the market is led by the Cardiology segment for the past few years, and the Oncology sector is projected to grow at a faster rate in the coming years. An increasing number of patients visiting hospitals is promoting the demand of the market. The cardiology segment had the largest market share in 2019 and is expected to grow at a promising rate during the forecast period. The main reason for the higher market share is high cardiovascular diseases, which are active, and increasing the cases will drive the growth further. The low cost of the technique and the high adoption rate has helped the market to grow.

The oncology segment is expected to gatwith the fastest rate during the forecast period. Radiotherapy can be used to treat diseases like cancer by targeting specific cells responsible for cancer. PET is used in oncology as a medical function with Fluorine-18 as a tracer and is the most useful and effective manner to treat cancer.

The Neurology segment is expected to grow with a reasonable growth rate as more and more research is being done learning about the advantages of nuclear medicine.

Nuclear Medicine Market - By Region:

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

Regionally, North America is the dominant market for diagnostic radioisotopes. Within North America, the US is the largest consumer market for radioisotopes, and Canada is the largest Tc-99m. North America dominated in sales as more procedures are being used for the therapeutic process and increased nuclear medicine usage. The presence of market leaders ensures that the region always stays ahead of other areas in terms of end products and the advanced technology used. The increased cases of diseases like cancer have ensured that the local demand is still present. Heightened awareness among people about the benefits of nuclear medicine will further boost the market.

The European market had the second largest market share, and the growth rate is expected to be positive during the forecast period. The increase in technological advancement in this region has helped people get medicines at a low cost. It has helped the market to grow at a good pace. The increase in the geriatric population in this region will further positively impact the market.

The Asia Pacific region is expected to grow with the highest growth rate among all the areas and is currently in third place in market share. India and China hold a potential market for radioisotope due to rising healthcare and increasing demand for different radioisotopes in various treatments and applications. The increasing geriatric population and awareness about nuclear medicines & molecular imaging have helped the market to grow at such a high rate. The governments are spending huge funds on Research and Development in nuclear medicine, and various governments are launching many such dedicated programs to support the development. The bilateral relations between countries have helped the market to grow at a healthy rate.

KEY MARKET PARTICIPANTS:

Companies playing a leading role in the Global Nuclear Medicine Market profiled in the report are GE HealthcareHologic Inc., Medix Inc., Segami CorporationPositron CorporationBracco Imaging S.p.ANaviscan Inc., Bayer Healthcare, Lantheus Medical Imaging, Inc., and BA Molecular Imaging.

RECENT HAPPENINGS IN THIS MARKET:

  • In 2013, the FDA approved the first and only alpha-emitter product on the market, launched by Bayer AG under Xofigo (Ra-223 dichloride molecule). The Ra-223 market in North America is expected to occupy the largest share. It is a beta emitter targeted property and is the only alpha emitter product available on the market.
  • Other imaging modalities, including PET and MRI, continue to emerge as dominant players with expanded capabilities in diagnosing various heart conditions. Molecular imaging with novel radiopharmaceuticals designed to target specific intracellular processes can improve diagnostic accuracy and provide enhanced prognostic information to change management. O. O. Sogbein et al. reviewed recent advances in radiotracers' development for SPECT and PET MPI, autonomic dysfunction, apoptosis, atherosclerotic plaque, metabolism, and viability. Related radiochemistry, preclinical and clinical development, and molecular imaging using cardiac MRI and PETmodalities -MR are also discussed.
  • Until recently, iodine-124 has not been considered an attractive isotope for medical applications due to an elaborate radioactive decay scheme involving several high-energy gamma rays. However, its unique chemistry and convenient half-life of 4.2 days indicate that it is only a matter of time before frequent use becomes a reality. Improvements in PET technology, including new medical imaging technologies, especially new detectors and signal processing electronics, have opened new perspectives for their applications.

1.Introduction                                                  

                1.1 Market Definition                                    

                1.2 Study Deliverables                                  

                1.3 Base Currency, Base Year and Forecast Periods                                           

                1.4 General Study Assumptions                                

2. Research Methodology                                                           

                2.1 Introduction                                              

                2.2 Analysis Design                                         

                2.3 Research Phases                                      

                                2.3.1 Secondary Research                            

                                2.3.2 Primary Research                 

                                2.3.3 Econometric Modelling                     

                                2.3.4 Expert Validation                  

                2.4 Study Timeline                                          

3. Overview                                                      

                3.1 Executive Summary                                

                3.2 Key Inferences                                         

                3.3 New Developments                                

4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)                                                      

                4.1 Market Drivers                                          

                4.2 Market Restraints                                    

                4.3 Key Challenges                                         

                4.4 Current Opportunities in the Market                               

5. Market Segmentation                                                              

                5.1 By Type                                        

                                5.1.1 Diagnostic Radioisotopes                 

                                                5.1.1.1 SPECT    

                                                                5.1.1.1.1 Technetium-99m

                                                                5.1.1.1.2 Thallium-201

                                                                5.1.1.1.3 Gallium-67

                                                                5.1.1.1.4 Iodine-23

                                                                5.1.1.1.5 Others

                                                5.1.1.2 PET         

                                                                5.1.1.2.1 Fluorine-18

                                                                5.1.1.2.2 Rubidium-82

                                                                5.1.1.2.3 Others

                                5.1.2 Therapeutic Radioisotopes                              

                                                5.1.2.1 Beta Emitters     

                                                                5.1.2.1.1 Iodine-131

                                                                5.1.2.1.2 Yttrium-90

                                                                5.1.2.1.3 Samarium-153

                                                                5.1.2.1.4 Rhenium-186

                                                                5.1.2.1.5 Lutetium-177

                                                5.1.2.2 Alpha Emitters   

                                                                5.1.2.2.1 Radium-223

                                                5.1.2.3 Brachytherapy   

                                                                5.1.2.3.1 Cesium-131

                                                                5.1.2.3.2 Iodine-125

                                                                5.1.2.3.3 Palladium-103

                                                                5.1.2.3.4 Iridium-192

                5.2 By Application                                           

                                5.2.1 Cardiology                               

                                5.2.2 Lymphoma                             

                                5.2.3 Thyroid                     

                                5.2.4 Neurology               

                                5.2.5 Oncology                 

                                5.2.6 Others                      

6. Geographical Analysis                                                              

                6.1 North America                                          

                                6.1.1 Introduction                           

                                6.1.2 United States                         

                                6.1.3 Canada                     

                6.2 Europe                                         

                                6.2.1 Introduction                           

                                6.2.2 U.K                             

                                6.2.3 Spain                         

                                6.2.4 Germany                 

                                6.2.5 Italy                           

                                6.2.6 France                      

                6.3 Asia-Pacific                                 

                                6.3.1 Introduction                           

                                6.3.2 China                         

                                6.3.3 India                          

                                6.3.4 Japan                        

                                6.3.5 South Korea                           

                6.4 Latin America                                            

                                6.4.1 Introduction                           

                                6.4.2 Brazil                         

                                6.4.3 Argentina                

                                6.4.4 Mexico                     

                6.5 Middle East & Africa                               

                                6.5.1 UAE                           

                                6.5.2 Saudi Arabia                           

                                6.5.3 Israel                         

                                6.5.4 South Africa                            

7.Strategic Analysis                                                        

                7.1 PESTLE analysis                                         

                                7.1.1 Political                     

                                7.1.2 Economic                 

                                7.1.3 Social                         

                                7.1.4 Technological                         

                                7.1.5 Legal                          

                                7.1.6 Environmental                      

                7.2 Porter’s Five analysis                                              

                                7.2.1 Bargaining Power of Suppliers                        

                                7.2.2 Bargaining Power of Consumers                    

                                7.2.3 Threat of New Entrants                     

                                7.2.4 Threat of Substitute Products and Services               

                                7.2.5 Competitive Rivalry within the Industry                      

8.Market Leaders' Analysis                                                          

                8.1 GE Healthcare                                           

                                8.1.1 Overview                

                                8.1.2 Product Analysis                   

                                8.1.3 Strategic Evaluation and Operations                            

                                8.1.4 Financial analysis                  

                                8.1.5 Legal issues                            

                                8.1.6 Recent Developments                       

                                8.1.7 SWOT analysis                       

                                8.1.8 Analyst View                          

                8.2 Hologic Inc.                                

                8.3 Segami Corporation                                

                8.4 Positron Corporation                                              

                8.5 Bracco Imaging S.P.A                                              

                8.6 Naviscan Inc.                                              

                8.7 Bayer Healthcare                                     

                8.8 Lantheus Medical Imaging Inc.                                           

                8.9 IBA Molecular Imaging                                           

                8.10 Medix Inc.                                

9.Competitive Landscape                                                            

                9.1 Market share analysis                                            

                9.2 Merger and Acquisition Analysis                                        

                9.3 Agreements, collaborations and Joint Ventures                                          

                9.4 New Product Launches                                          

10.Expert Opinions                                                         

                10.1 Market Outlook                                     

                10.2 Investment Opportunities                                 

Appendix                                                           

                a) List of Tables                                

                b) List of Figures                                              

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
  1. Global Nuclear Medicine Radiopharmaceuticals Market, By Region, From 2021 to 2026 (USD Billion)
  2. Global Nuclear Medicine Radiopharmaceuticals Market, By Type, From 2021 to 2026 (USD Billion)
  3. Global Diagnostic Radioisotopes Market, By Region, From 2021 to 2026 (USD Billion)
  4. Global Therapeutic Radioisotopes Market, By Region, From 2021 to 2026 (USD Billion)
  5. Global Nuclear Medicine Radiopharmaceuticals Market, By Application, From 2021 to 2026 (USD Billion)
  6. Global Cardiology Market, By Region, From 2021 to 2026 (USD Billion)
  7. Global Lymphoma Market, By Region, From 2021 to 2026 (USD Billion)
  8. Global Thyroid Market, By Region, From 2021 to 2026 (USD Billion)
  9. Global Neurology Market, By Region, From 2021 to 2026 (USD Billion)
  10. Global Oncology Market, By Region, From 2021 to 2026 (USD Billion)
  11. Global Other Applications Market, By Region, From 2021 to 2026 (USD Billion)
  12. Global Diagnostic Radioisotopes Market, By Type, From 2021 to 2026 (USD Billion)
  13. Global SPECT Diagnostic Radioisotopes Market, By Region, From 2021 to 2026 (USD Billion)
  14. Global PET Diagnostic Radioisotopes Market, By Region, From 2021 to 2026 (USD Billion)
  15. Global Other Diagnostic Radioisotopes Market, By Region, From 2021 to 2026 (USD Billion)
  16. Global SPECT Diagnostic Radioisotopes Market, By Type, From 2021 to 2026 (USD Billion)
  17. Global Technetium-99m Market, By Region, From 2021 to 2026 (USD Billion)
  18. Global Thallium-201 Market, By Region, From 2021 to 2026 (USD Billion)
  19. Global Gallium-67 Market, By Region, From 2021 to 2026 (USD Billion)
  20. Global Iodine-23 Market, By Region, From 2021 to 2026 (USD Billion)
  21. Global Other SPECT Diagnostic Radioisotopes Market, By Region, From 2021 to 2026 (USD Billion)
  22. Global PET Diagnostic Radioisotopes Market, By Type, From 2021 to 2026 (USD Billion)
  23. Global Fluorine-18 Market, By Region, From 2021 to 2026 (USD Billion)
  24. Global Rubidium-82 Market, By Region, From 2021 to 2026 (USD Billion)
  25. Global Other PET Diagnostic Radioisotopes Market, By Region, From 2021 to 2026 (USD Billion)
  26. Global Therapeutic Radioisotopes Market, By Type, From 2021 to 2026 (USD Billion)
  27. Global Beta Emitters Market, By Region, From 2021 to 2026 (USD Billion)
  28. Global Alpha Emitters Market, By Region, From 2021 to 2026 (USD Billion)
  29. Global Brachytherapy Market, By Region, From 2021 to 2026 (USD Billion)
  30. Global Beta Emitters Market, By Type, From 2021 to 2026 (USD Billion)
  31. Global Iodine-131 Market, By Region, From 2021 to 2026 (USD Billion)
  32. Global Yttrium-90 Market, By Region, From 2021 to 2026 (USD Billion)
  33. Global Samarium-153 Market, By Region, From 2021 to 2026 (USD Billion)
  34. Global Rhenium-186 Market, By Region, From 2021 to 2026 (USD Billion)
  35. Global Lutetium-177 Market, By Region, From 2021 to 2026 (USD Billion)
  36. Global Alpha Emitters Market, By Type, From 2021 to 2026 (USD Billion)
  37. Global Radium-223 Market, By Region, From 2021 to 2026 (USD Billion)
  38. Global Other Alpha Emitters Market, By Region, From 2021 to 2026 (USD Billion)
  39. Global Brachytherapy Market, By Type, From 2021 to 2026 (USD Billion)
  40. Global Cesium-131 Market, By Region, From 2021 to 2026 (USD Billion)
  41. Global Iodine-125 Market, By Region, From 2021 to 2026 (USD Billion)
  42. Global Palladium-103 Market, By Region, From 2021 to 2026 (USD Billion)
  43. Global Iridium-192 Market, By Region, From 2021 to 2026 (USD Billion)

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