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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
20% |
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Base Year Market Size (2022) |
USD 9 Billion |
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Forecast Year Market Size (2033) |
USD 20 Billion |
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:
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By Product |
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By Application |
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By End-User |
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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.
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
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