Market Highlights

The global nuclear medicine/radiopharmaceutical market was estimated around USD 5.70 billion in 2023 and expected to reach up to around USD 17.87 billion by 2033 at a significant CAGR of 12.10% during the forecast period.

Nuclear Medicine/Radiopharmaceutical Market CAGR

2023-2033

CAGR OF

12.10%

Nuclear Medicine/Radiopharmaceutical Market

Nuclear medicines/Radiopharmaceuticals are the pharmaceutical formulations that comprises of small and simple substances containing radioactive substances or radioactive isotopes which is used in diagnosis and therapeutics application. Nuclear medicine markets are doing great in treating cardiovascular and cancer ailments from past few years and it has future opportunities with fastest growth in neurological and thyroid application.
This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global nuclear medicine/ radiopharmaceutical market. The historic years considered for the study are 2018-2021, the base year is 2022, the estimated year is 2023, and the forecast period is 2023-2033.

Nuclear medicine/Radiopharmaceutical Market: Market Dynamics

Recently, the nuclear medicine/radiopharmaceuticals market is in its expansion stage which is driven by increasing prevalence of cancer and cardiovascular ailments, comfort of treatment with minimal invasion, target specificity, rising awareness among patients, usage of clear imaging technique with the help of advanced diagnostic equipment such as SPECT & PET.
The rising demand to reduce the gap between demand and supply of radioisotope MO-99 and also the initiatives by the government for the advancement in technology are anticipated to drive the nuclear medicine market. Recently, in January 2023 USD 7.6 million had been funded to NRG to FIELD-LAB by the European Fund for Regional Development (EFRO) and Knasen voor West organisation for developing new nuclear medicine to treat cancer. 
However, high equipment cost, short half-life of radiopharmaceutical, shortage of necessary isotopes, hospital budget, logistical barriers, lack of skilled professionals are the factors that restrain the growth of market.

Nuclear medicine/radiopharmaceuticals Market: Segmental Analysis

Nuclear Medicine/Radiopharmaceutical Market

By Application

Cardiology

Oncology

Thyroid

Neurology

The Market will Grow

At the CAGR of:

12.10%

The Forecast Market

Size for 2033 in USD:

$17.87B

The global nuclear medicine/radiopharmaceuticals market is classified by type, application, procedure, end-user, and region.
Based on type, the nuclear medicine/radiopharmaceuticals market has been segmented into diagnostics and therapeutics. The diagnostic segment accounted for the largest share in the year 2023 due to the growing population of patients, raising awareness of new radioactive isotopes. The diagnostic segment is further classified into SPECT radiopharmaceuticals and PET pharmaceuticals. The therapeutic segment consists of alpha emitters, beta emitters, and brachytherapy isotopes, which is anticipated to exhibit the fastest CAGR by 2033 due to various therapeutic launches.

Nuclear Medicine/Radiopharmaceutical Market

by End-user

XX%

Research Institutes

Hospitals

Diagnostic Centers

Others

5.70

Total Market Size

USD (Billion), 2023

12.10%

CAGR

2023 - 2033

Based on applications, the market is segregated into oncology, cardiology, thyroid, and others. Based on end-users, the market is classified into research institutes, hospitals, diagnostic centers, and others.

Nuclear medicine/Radiopharmaceuticals Market: Regional Analysis

Nuclear Medicine/Radiopharmaceutical Market

by Region

The Market will Grow

At the CAGR of:

12.10%

The Forecast Market

Size for 2033 in USD:

$17.87B

Geographically, the nuclear medicine/radiopharmaceuticals market is classified into North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
North America is the leading market for nuclear medicine followed by Europe due to knowledge of radio-isotopes, easy availability, skilled personnel, and prevalence in the rise of cancer patients and developed healthcare infrastructure.
However, Asia-Pacific is expected to witness the highest CAGR during the forecast period, due to the growing emerging economies such as China and India and also due to a rise in technological advancement in the healthcare sector and burgeoning cases of cancer and chronic diseases.

Nuclear medicine/Radiopharmaceuticals Market: Competition Scenario 

Key players of nuclear medicine/Radiopharmaceuticals market are Jubilant Life Sciences, GE Healthcare, Cardinal Health, Advanced Accelerator Applications, Curium, Lantheus Medical Imaging, and Bayer.

Critical Questions Answered in the report

•    What are the key trends in the market?
•    How the market (and its various sub segments) has grown in last four years and what would be the growth rate in next five years?
•    What are the key strategies adopted by the major vendors to lead in the market?
•    What is the market share of the top players?

Research Methodology

The research study extensively uses both secondary and primary research methodologies. More than 200 industry leaders from various phases of the value chain (demand side, supply side, resellers/distributors, and other independent consultants) were interviewed to gain crucial insights about this market and validate the research findings. Secondary sources referred for the research study include company websites, annual reports, paid database tools, investor presentations, webinars, blogs, news/journals, whitepapers, survey papers, associations, and government websites. All the collected data and insights were then processed using our proprietary data mining software that executes various algorithms to make projections for the forecast period.

Nuclear Medicine/Radiopharmaceutical Market Scope: