Nuclear Medicine Market Size & Share, by Product (Diagnostic Products, Therapeutic Products); Application (Cardiology, Neurology, Oncology); End-user (Hospitals & Clinics, Diagnostic Centers) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 4456
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

Nuclear Medicine Market size is anticipated to cross USD 20 Billion by the end of 2033, growing at a CAGR of 20% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of nuclear medicine was over USD 9 Billion. The growth of the market can be attributed to growing cases of cancer all around the globe. According to the World Health Organization, cancer is the largest cause of mortality in the globe, accounting for over 10 million deaths in 2020, or roughly one in every six.

Radiopharmaceuticals are formulations that are used in diagnosis and therapeutics. Beside, being beneficial in treating cancer, they are also used in treatment of cardiac and neurological disorders. Therefore, the growing prevalence of neurological disorders is also expected to boost the growth of the market. According to PAN American Health Organization, neurological illnesses are responsible for 8.2 million YLDs, 3.1 million YLLs in men, and 5.1 million YLLs in women in the region in 2019.

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Nuclear Medicine Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Prevalence of Cardiovascular Diseases- According to the World Health Organization, 17.9 million deaths worldwide in 2019 were attributable to CVDs, or 32% of all fatalities. Heart attack and stroke deaths accounted for 85% of these fatalities.
  • Globally, cardiovascular diseases (CVDs) are the leading cause of death. Nuclear imaging technology is becoming more and more important in the early detection of many disorders. It is utilised to enhance patient "outcomes," which entails that early and accurate disease diagnosis informs efficient treatment and results in a quicker, more thorough recovery from illness. Hence owing to this market is expected to grow in the forecast period.
  • Growing Geriatric Population- According to the World Health Organization, one in six individuals worldwide would be 60 or older by the year 2030.
  • New Product Launches by Key Players - GE Healthcare Launches StarGuide, a New Nuclear Medicine System to Aid in the Advancement of Precision Health and Theranostics.
  • Increasing Cancer Cases  - It is anticipated that by 2040, there would be 16.4 million cancer-related deaths and 29.5 million new instances of cancer annually.
  • Technology Advancement - According to a report published on March 7 in Science Translational Medicine, a new PET imaging agent is expected help patients with non-small cell lung cancer (NSCLC) choose the most beneficial course of treatment (who make up about 80 percent of lung cancer patients). The tracer looks for a mutation that is unique to NSCLC instances, possibly being able to show areas of the cancer that are vulnerable to certain treatment medications that could block the effects of the mutation.


  • Availability of Alternatives
  • Limited Number of Trained Medical Professional
  • Supply Shortage
  • There are various alternatives available for nuclear medicine such has MRI and CT scanner. They are less preferred because their price is high as compared to MRI and CT scanner. Hence this factor is expected to be the major hindrance for the growth of the market.

Nuclear Medicine Market: Key Insights

Base Year


Forecast Year




Base Year Market Size (2022)

USD 9 Billion

Forecast Year Market Size (2033)

USD 20 Billion

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Nuclear Medicine Segmentation

Application (Cardiology, Neurology, Oncology)

The global nuclear medicine market is segmented and analysed fir demand and supply by application into cardiology, neurology, and oncology. Out of which, the oncology segment is anticipated to garner the largest revenue by the end of 2033, backed by growing population who are prone to smoking. According to the World Health Organization, in 2020, 36.7% of all men and 7.8% of all women consumed cigarettes. This represents 22.3% of the world's population. Smoking is the main cause of growing prevalence of cancer all around the world which is further expected to boost the growth of the market. As per the World Health Organization, the use of tobacco, having a high body mass index, drinking alcohol, eating few fruits and vegetables, and not exercising account for about one-third of cancer-related fatalities.

Our in-depth analysis of the global nuclear medicine market includes the following segments:

       By Product

  • Diagnostic Products
  • Therapeutic Products

        By Application

  • Cardiology
  • Neurology
  • Oncology
  • Lymphoma
  • Bone Metastasis
  • Endocrine Tumor

         By End-User

  • Hospitals & Clinics
  • Diagnostic Centers

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Nuclear Medicine Industry - Regional Synopsis

Regionally, the global nuclear medicine market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2033, owing to increasing awareness about nuclear medicine and growing investment in nuclear medicine space. For instance, in March 2022, the first full-fledged private Nuclear Medicine Center in the Northern region was officially launched by Penang Adventist Hospital, who claimed to offer its patients improved diagnostic and therapeutic options.

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Companies Dominating the Nuclear Medicine Landscape

    • GE Healthcare
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Jubilant Pharmova Limited
    • Nordion (Canada), Inc.
    • Bracco Imaging S.P.A
    • The Institute for Radioelements (IRE)
    • NTP Radioisotopes SOC Ltd.
    • The Australian Nuclear Science and Technology Organization (ANSTO)
    • Mallinckrodt Pharmaceuticals
    • Lantheus
    • Eckert & Ziegler


In The News

  • A new generation nuclear medicine scanner for use in cardiac imaging has been unveiled by GE Healthcare. It has an expanded field-of-view processing capability and new automated workflow features for a quick, comfortable exam. MyoSPECT provides a remarkable picture of cardiac architecture and pathology to aid doctors in choosing the best course of treatment for patients. It was developed using the company's proprietary Alcyone technology and CZT module design.

  • The Institute for Radioelements (IRE), a pioneer in the manufacturing of Molybdenum-99 (Mo-99), the radioisotope that is most frequently used in nuclear medicine for diagnostics, announced that it has produced its first batch of Mo-99 Low Enriched Uranium (LEU) for the US market.

Author Credits:  Radhika Gupta, Shivam Bhutani

  • Report ID: 4456
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major factors driving the growth of the market are growing prevalence of cardiovascular diseases, growing geriatric population, new product launches by key players, and others.

The market is anticipated to attain a CAGR of 20% over the forecast period, i.e., 2023-2033.

Availability of alternatives, limited number of trained medical professional, and supply shortage are some of the major factors expected to hinder the growth of the market.

The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are GE Healthcare, Jubilant Pharmova Limited, Nordion (Canada), Inc., Bracco Imaging S.P.A, and more.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by product, application, end-user, and by region.

The oncology segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Nuclear Medicine Market Report Scope

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