The global nuclear medicine market is anticipated to grow at a CAGR of around 9.8% during the forecast period 2020 to 2027 and to reach around US$ 12.8 Bn by 2027.

Market Dynamics

Rapid increase in number of patients suffering from chronic cancer, manufacturer approach towards development of patient specific medications, and high investment by major players for R&D activities are major factors expected to drive the growth of global nuclear medicine market.  According to U.S. Department of Health and Human Services, in 2020, an estimated 1,806,590 new cases of cancer were diagnosed in the United States and 606,520 people died from the disease. As of January 2019, there were an estimated 16.9 million cancer survivors in the United States. The number of cancer survivors is projected to increase to 22.2 million by 2030. In 2019, the research and development (R&D) expenditure of its member companies reached 83 billion U.S. dollars worldwide. Total cost to bring a single cancer drug to the healthcare market to be US$780 million. Increasing government spending on development of healthcare infrastructure and the establishment of new facilities are expected to augment the growth of target market. There are a total of 293 nuclear medicine departments in India as per the Atomic Energy Regulatory Board's (AERB) list of July 2018. Today, 22 of 29 states (76%) and 3 of 7 union territories (43%) in India have nuclear medicine facility. Increasing merger and acquisition activities by major players is expected to augment the nuclear medicine market growth.

In 2019, Curium Pharma, a nuclear medicine company acquired MAP Medical. The acquisition is expected to help the company to enhance the business presence in Europe market with direct access to Nordic and Baltic countries.

In 2019, Eczacibasi-Monrol and Telix Pharmaceuticals Limited signed a manufacturing and distribution agreement where Eczacibasi-Monrol will act as a radiopharmaceutical production partner and distributor in Turkey, the Middle East, and North Africa. This is expected to help the company to enhance the business and increase the revenue share.

In 2019, Curium Pharma, a nuclear medicine company signed a strategic agreement with NRGfor the production of Molybdenum-99. This is expected to help the company to cater the ongoing demand for Molybdenum-99 and enhance the revenue share.

Factors such as stringent product approval process by the government and short-life of the medications are expected to hamper the growth of global nuclear medicine market. In addition, high cost associated to R&D activities is expected to challenge the growth of target market. However, increasing investment by major players for product development and use of radiopharmaceuticals in neurological applications are factors expected to create new opportunities for players operating in nuclear medicine market over the forecast period. In addition, increasing strategic partnership between regional and international players is expected to support the revenue transaction of target market.

Segment Analysis by Region

The market in North America is expected to account for a major revenue share in the global nuclear medicine market due to the high patient pool suffering from cancer. Increasing drug R&D activities, the presence of a large number of players operating in the country, and the introduction of innovative solutions are factors expected to augment the growth of the nuclear medicine market. In addition, increasing merger & acquisition activities by major players in order to enhance the customer base and increase the product offerings are expected to impact the growth of the regional market.

Asia Pacific market is expected to witness faster growth in the nuclear medicine market due to rapid healthcare advancements in countries such as India and Australia. In addition, high government spending on the medical sector and focus of major players towards tracking the untapped market in developing countries are expected to support the target market growth in this region.

Competitive Landscape                                                                                 

The global nuclear medicine market is highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.

Nuclear Medicine Market Segment Analysis, 2019

The global nuclear medicine market is segmented into products and applications. The product segment is bifurcated into diagnostic nuclear medicine, therapeutic nuclear medicine, and brachytherapy isotopes. Among product types, the diagnostic nuclear medicine segment is expected to account for a major revenue share in the nuclear medicine market. The application segment is divided into cardiology, neurology, oncology, thyroid, lymphoma, bone metastasis, endocrine tumor, and others. Among applications, the cardiology segment is expected to account for a noticeable revenue share in the global market. Players operating in the global nuclear medicine market are Cardinal Health, GE Healthcare, Curium, Lantheus Medical Imaging, Bayer AG, Bracco Imaging, Eczacibasi-Monrol Nuclear Products, Nordion, Advanced Accelerator Applications, NTP Radioisotopes, and JSC Isotope.

Market Segmentation

Market By Product Type

Diagnostic products

• SPECT
  • TC-99m
  • TL-201
  • GA-67
  • I-123
  • Other SPECT products
• PET
  • F-18
  • SR-82/RB-82
  • Other PET products

Therapeutic Products

• Alpha Emitters
  • RA-223
  • Other alpha emitters
• 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

Market By Application

Cardiology

Neurology

Oncology

Thyroid

Lymphoma

Bone Metastasis

Endocrine Tumor

Others

Market By Geography

North America
•    U.S.
•    Canada

Europe
•    U.K.
•    Germany
•    France
•    Spain
•    Rest of Europe

Asia-Pacific
•    China
•    Japan
•    India
•    Australia
•    South Korea
•    Rest of Asia-Pacific

Latin America
•    Brazil 
•    Mexico
•    Rest of Latin America

Middle East & Africa
•    GCC
•    South Africa
•    Rest of Middle East & Africa

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