Global Nuclear Medicine Market

 Market Outlook:

The Nuclear Medicine market size is poised to reach USD xx Million by 2024, with a projected escalation to USD xx Million by 2032, reflecting a compound annual growth rate (CAGR) of xx.xx% during the forecast period (2024-2032).

The market is expanding because companies have strong planned product development plus official actions that support nuclear medicine access. Apart from others in testing stages the market currently includes betalutin omburtamab yttrium-90 microspheres PNT2003 and 177Lu?PNT2002. SARS-CoV-2 had only created limited damage to this market sector. Activating reactors serves as an important basic task because it maintains vital operations. People kept using nuclear reactors throughout the SARS-CoV-2 restriction period. In South Africa the SAFARI-1 reactor kept functioning during the national health restrictions put in place starting March 2020 thanks to Section 71 guidelines of the Labour Act 66 of 1995. The strong range of new products needs to grow and government support helps patients get access to nuclear medicine treatments. Different experimental medicines include betalutin and yttrium-90 microspheres plus PNT2003 and 177Lu?PNT2002. The two companies Lantheus Holdings and POINT Biopharma Global Inc disclosed top-level trial results from the SPLASH Phase 3 investigation in December 2023. Experts evaluated how 177Lu-PNT2002 radioligand therapy works in patients with mCRPC who received an androgen receptor inhibitor treatment but saw results decline after that. Market expansion will depend on rising research investments.

Market Dynamics:

Driver:

The market performance grows due to higher rates of cancer and heart disease detection and treatment. Most medical conditions become preventable when people get proper and early diagnosis and treatment which nuclear medicine supports. In 2020 CVD accounted for 19.1 million fatalities worldwide which American Heart Association reported in 2022. Cancer and cardiovascular disease changes the number of deaths in a population to 239.8 per 100,000 people. At the same time healthcare providers report 7354.1 cancer and heart disease cases in every 100,000 patients. The market forecast shows continuous growth because nuclear medicine contributes strongly to medical diagnosis and treatment activities alongside the disease increase. The market will experience growth because of the positive payment conditions for radiopharmaceuticals in American healthcare. In 2020 CMS approved special financial compensation of USD 10 for Tc-99m produced from non-highly enriched uranium at hospital outpatient clinics during radiotherapy procedures. The new programs brought additional patient availability of life-saving nuclear medicine tests to detect serious health conditions. Development in medical diagnosis and disease treatment methods alongside new nuclear-medical device approvals better serves patient healthcare needs. GE Healthcare began September 2021 by introducing a special scanner with automated workflow functions that lets doctors see detailed heart structures and health issues to select proper care.

Restraint:

A radiopharmaceutical expires based upon the combination of its half-life and radionuclide substance properties. The SPECT test needs Tc-99m radioactivity to stop working after 6 hours but requires employees to use I-123 and In-111 isotopes before 13 and 67 hours. The radioisotope will lose its usefulness before its allowed shelf life because radiation and chemical reactions turn the product into harmful levels that are unsafe for medical tests. The quick decay of radiopharmaceutical materials forces medical facilities to establish production studios for these products directly on their sites to boost their financial commitments.

Opportunity:

Nuclear medicine helps specialists find these neurological disorders in their patients including Alzheimer's disease and Parkinson's disease plus heart diseases and cancer. Disease pressures make many businesses and partners more focused on developing new uses for radiopharmaceuticals. In April 2022 Curium obtained US FDA approval to use DaTscan (Ioflupane I123 Injection) for adult patient evaluation of Parkinsonian Syndromes suspected conditions. Medical companies can grow their business by adding products to serve patients who need radiopharmaceutical treatments in neurological indications. The market expands at a fast rate during its present high growing phase. The radiopharmaceuticals industry shows intense product development. The company takes this important action to reshape the market environment because of rising patient needs for better healthcare solutions. The space witnesses a notable M&A activities by the leading players. Major market companies team up with specific aims to develop their platforms while obtaining technology access through market consolidation and responding to the higher nuclear medicine significance.

Key Players:

GE HealthCare (US)

 Cardinal Health (US)

Curium (France)

Bayer AG (Germany)

Lantheus Holdings Inc.(US)

Bracco Imaging S.p.A. (Italy)

PharmaLogic Holdings Corp. (US)

Eczacibasi-Monrol Nuclear Products (Turkey)

NTP Radioisotopes SOC Ltd (South Africa)

Nordion Inc.(Canada)

Advanced Accelerator Applications (France)

NorthStar Medical Radioisotopes (US)

Eckert & Ziegler (Germany)

Isotope JSC (Russia)

Siemens Healthineers (Germany)

Jubilant DraxImage Inc. (Canada).

Recent Development:

·         In December 2023, Bristol Myers Squibb signed an agreement to buy RayzeBio for 4.1 billion US dollars. RayzeBio is now testing two possible cancer treatments that use actinium-255 in medical studies. Point as an associate of RayzeBio performs phase 3 trials with two lutetium-177 therapy medications. Our acquisition lets Bristol Myers Squibb reach its business growth goals.

·         In April 2023 Novartis won FDA permission to manufacture Pluvicto at its Milburn facility. The new facility will help the company produce more drugs.

·         In January 2023, NorthStar Medical Radioisotopes successfully advanced their technology during to manufacture molybdenum-99 without requiring uranium as an ingredient. The company takes this strategy to lead the nuclear medicine market while fixing supply chain problems..

Segment Insights:

By Type

In 2023 the diagnostics segment made up 76.33% of the nuclear medicine industry but will increase greatly through 2030. The presence of a large patient base and availability of advanced technologies such as Single-Photon Emission Computed Tomography (SPECT) and Positron Emission Tomography (PET). Every year the World Nuclear Association Analysis 2024 shows 50 million nuclear medicine procedures take place and radioisotope demands rise 5% annually. Technological progress combined with many available radiotracers used in detecting tumors drives segment growth today. The therapeutic segment has three parts known as alpha emitters, beta emitters, and brachytherapy. The growth of nuclear medicine therapeutics will drive segment success due to current product development pipeline approvals. In October 2021 the U.S. FDA granted breakthrough status to diffusing alpha-emitters Radiation Therapy (DaRT) so medical professionals could use this treatment on patients with recurrent glioblastoma multiforme (GBM). Doctors administer this treatment by itself after traditional treatments do not help patients with GBM. The most common use of alpha emitter radium (Ra-223) is seen today in medical treatments. The market growth will gain momentum thanks to new radioisotope advancements like Tb-149 Terbium, Bi-212 Bismuth, and Ac-225 Actinium.

By End-use

The hospitals part of the market controlled 55% share in 2023. Hospital environments perform almost all therapeutic nuclear medicine procedures. Each year in 2023 the Society of Nuclear Medicine & Nuclear Imaging reports healthcare facilities perform around 20 million nuclear medicine techniques throughout the United States. The new FDA approvals of Pluvicto, Lutathera and other medicine products will lead to more patients being treated which drives fast segment expansion. The hospitals sector will expand substantially at a predictable rate during the predicted period. Most hospitals perform all their therapeutic nuclear medicine procedures. The radioisotope approval of Pluvicto Lutathera and other products in development including Lu 177 PSMA I&T and Lu 177 edoteroids will stimulate segment expansion.

Regional Insights:

The North America nuclear medicine area covered 42.96% of total market share in 2023. The North America market keeps its lead because providers quickly adopt advanced image technology and start using new medical radiopharmaceutical treatments regularly. Patients suffering from cancers and ongoing health problems will drive North America market development through the projected period. Medical facilities across the United States maintained their North American leadership position due to increased cardiac patient counts and high acceptance of accurate imaging achieved with SPECT/PET scanners in 2023. Market development meets several problems including restricted supply networks and transportation difficulties combined with insufficient medical staff. Researchers discovered that Europe's nuclear medicine field offers great business potential. Hospitals and clinics are growing in the region which creates strong product demand because more patients come for medical tests and examinations.

Segmentation:

By Type

·         SPECT Radiopharmaceuticals

o   Tc-99m

o   I-123

o   Tl-201

o   Ga-67

o   Other SPECT Isotopes

·         PET Radiopharmaceuticals

o   F-18

o   Rb-82

o   Other PET Isotopes

·         Alpha Emitters

o   Ra-223

·         Beta Emitters

o   I-131

o   Y-90

o   Sm-153

o   Lu-177

o   Re-186

o   Other Beta Emitters

By Application                        

·         SPECT Applications

o   Cardiology

o   Bone Scans

o   Thyroid Applications

o   Pulmonary Scans

o   Other SPECT Applications

·         PET Applications

o   Oncology

o   Cardiology

o   Neurology

o   Other PET Applications

·         Therapeutic Applications

o   Thyroid Indications

o   Bone Metastasis

o   Lymphoma

o   Endocrine Tumors

o   Other Indications

By Procedural Volume Assessment

·         Diagnostic Procedures

o   SPECT Procedures

o   PET Procedures

·         Therapeutic Procedures

By End-use

·         Hospitals

·         Imaging Centers

·         Academic & Research Centers

·         Other end users

By Region

North America

·         USA

·         Canada

·         Mexico

Europe

·         France

·         UK

·         Spain

·         Germany

·         Italy

·         Rest of Europe

Asia Pacific

·         China

·         Japan

·         India

·         South Korea

·         Rest of Asia Pacific

Middle East & Africa

·         GCC

·         South Africa

·         Rest of the Middle East & Africa

South America

·         Brazil

·         Argentina

·         Rest of South America                                     

What to Expect from Industry Profile?

1.       Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the Nuclear Medicine market in the world.

2.       Use the PORTER’s Five Forces analysis to determine the competitive intensity and therefore market attractiveness of the Global Nuclear Medicine market.

3.       Leading company profiles reveal details of key Nuclear Medicine market players’ global operations, strategies, financial performance & recent developments.

4.       Add weight to presentations and pitches by understanding the future growth prospects of the Global Nuclear Medicine market with forecast for the decade by both market share (%) & revenue (USD Million).

FAQ’s

1) How does the growing incidence of cancer and cardiovascular diseases impact the nuclear medicine market?

·         The incidence of cancer and cardiovascular diseases is increasing, which is driving the demand for nuclear medicine in both diagnostic and therapeutic applications, enhancing market growth through the use of advanced imaging techniques like SPECT and PET for early detection and treatment planning.

2) What would be the CAGR of the Global Nuclear Medicine Market over the forecast period?

·         The Global Nuclear Medicine Market is poised to grow at a CAGR of XX% from 2025 to 2032.

3) What role do hospitals play in the nuclear medicine market?

·         Hospitals segment dominate the market due to the high volume of diagnostic imaging procedures performed. The increasing demand for early disease diagnosis and treatment planning is expected to further drive hospital-based nuclear medicine usage during the forecast period.

4) Who are the major players dominating the Global Nuclear Medicine Market?

·         GE HealthCare (US), Cardinal Health (US), Curium (France), Bayer AG (Germany), Lantheus Holdings, Inc.(US).

5) What are the segments in the Global Nuclear Medicine Market?

·         By Type, By Application, By End-use, By Process are the industry key segments considered for research study.

6) What is the estimated market revenue for the Global Nuclear Medicine Market in 2032?

·         The estimated revenue for the Global Nuclear Medicine Market in 2032 is USD XX million.