Nuclear Medicine Industry Overview
The global nuclear medicine market size was estimated at USD 8.1 billion in 2021 and is expected to expand at a compound annual growth rate of (CAGR) 13.0% from 2022 to 2030.
The market is witnessing growth due to the presence of a robust product pipeline and favorable government initiatives to improve access to nuclear medicine. Currently, betalutin, omburtamab, yttrium-90 microspheres, PNT2003, 177Lu-PNT2002, are some of the products under clinical trials. The nuclear medicine market has been moderately impacted due to SARS-CoV-2. The operation of reactors has been largely classified as an essential service, given its criticality. Therefore, nuclear reactors were not shut down during the SARS-CoV-2 lockdown. For instance, under Section 71 of the Labour Act 66 of 1995 in South Africa, its SAFARI-1 reactor remained operational during the lockdown enforced in the country post-March 2020.
Gather more insights about the market drivers, restrains and growth of the Global Nuclear Medicine Market
Moreover, in an article published by ANSTO in May 2020, it was reported that since its reactor provides critical medicines, it had maintained its operations during the COVID-19 crisis, with its staff returning to campus and following strict social distancing measures. According to the American Cancer Society, the estimated incidence of prostate cancer is 268,490, and around 34,500 deaths in 2022 in the U.S. In addition, around 6 out of 10 patients diagnosed are men aged 65 years and older, with a rare incidence in men under 40 years. Recently, in March 2022, the U.S. FDA approved Pluvicto (177Lu-PSMA-617) for the treatment of adults with metastatic prostate cancer. This approval is anticipated to drive market growth.
The presence of a favorable reimbursement scenario for radiopharmaceuticals in the U.S. is anticipated to boost market growth. In 2020, the Center for Medical Services (CMS) offered a USD 10 add-on payment for Tc-99m derived from non-highly enriched uranium (HEU) for hospital outpatient service in addition to payment for imaging procedures. The initiatives, in turn, led to greater patient access to much-needed diagnostic nuclear medicines used for life-threatening diseases.
Increasing advancements in the diagnosis and treatment of diseases, and approval of new nuclear-medicine-based devices help in addressing patients' treatment needs. For instance, in September 2021, GE Healthcare announced the launch of a novel scanner with a new automated workflow feature that offers an exceptional view of cardiac anatomy and pathology to help physicians to decide the right treatment for a patient.
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- Active Pharmaceutical Ingredients Market – The global active pharmaceutical ingredients market size was valued at USD 209.7 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.0% from 2022 to 2030. The growth can be attributed to the advancements in active pharmaceutical ingredient (API) manufacturing and the rising prevalence of chronic diseases, such as cardiovascular diseases and cancer.
- Microspheres Market – The global microspheres market size was valued at USD 3.2 billion in 2015 and is expected to grow at a CAGR of 10.4% over the forecast period. Growing need for advanced drug delivery systems and drug carriers is expected to be a major factor for the growth of microspheres over the forecast period.
Nuclear Medicine Market Segmentation
Grand View Research has segmented the global nuclear medicine market based on product type, application, and region:
Nuclear Medicine Product Outlook (Revenue, USD Million, 2018 – 2030)
- Diagnostic products
- Other SPECT products
- Other PET products
- Therapeutic Products
- Alpha Emitters
- Beta Emitters
- Other beta emitters
- Other brachytherapy products
- Alpha Emitters
Nuclear Medicine Application Type Outlook (Revenue, USD Million, 2018 – 2030)
- Bone Metastasis
- Endocrine Tumor
Nuclear Medicine Regional Outlook (Revenue, USD Million, 2018 – 2030)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Market Share Insights
- March 2022: Penang Adventist Hospital (PAH) announced the launch of a private nuclear medicine center in the northern part of Malaysia.
- June 2021: Curium announced the acquisition of Austrian-based pharmaceuticals company IASON intending to expand its footprint in Europe.
Key Companies profiled:
Some prominent players in the global nuclear medicine market include
- 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
- Lantheus Medical Imaging, Inc.
- Eckert & Ziegler
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