The nuclear medicine market is projected to reach USD 18.10 billion by 2025 growing with CAGR of 10.1% during the forecast period. The growing demand for radioisotopes in cancer imaging is a major driver for the nuclear medicine market.
The market research report on nuclear medicines evaluates the market demand, trends and opportunities for the period 2015 to 2025. The report highlights the historic trends from 2015 to 2017 with base estimates for 2018 and market forecast from 2019 to 2025. The report also studies the current status and future aspects the market at global as well as country level along with vendor landscape analysis and value chain analysis. The global nuclear medicine market has been segmented based on type, diagnostics and application. Furthermore, the report gives in-depth analysis of the market competitors along with company profiles of key manufacturers.
Cancer is the most dreaded and leading cause of death worldwide. With the development of various radioisotopes for diagnostics in oncology, nuclear medicines have found new source of growth. Nuclear medicines are widely used for tumor localization, tumor staging, identifying metastatic sites and judging response to therapy.
The most common isotope used for diagnosis is Technetium-99 with around 40 million procedures performed worldwide. Technetium-99 is so adaptive that when it is taken up by a biologically active substance, its traces settle accurately into the tissue or organ of interest.
In diagnostic procedures, nuclear imaging serves a vital purpose in patient care. PET is more precise and sophisticated technique used for nuclear imaging as compared to SPECT. Moreover, hybrid imaging techniques such as PET-CT and PET-MRI are gaining traction these days due to improved functional information and reduced radiation exposure.
North America will dominate the global nuclear medicine market in 2025 with more than 35% market share. Growth in this region is attributed to perpetual improvement and development of molecular imaging based diagnostics and treatment. However, Europe is expected to show lucrative growth in the foreseeable years as it is hub for isotope suppliers.
The major players operating in the global nuclear medicine market include Curium, Nordion Inc., Cardinal Health Inc., Bracco Imaging S.p.A, Eczacibasi-Monrol Nükleer Ürünler San. ve Tic. A.S., Lantheus Medical Imaging, Inc., Jubilant Pharma. LLC, Ire-Elit SA, GE Healthcare Company, NTP and others. Due to the growing demand of nuclear medicines in health sciences, the players are forming strategic alliances and outsourcing the production of few radioisotopes to gain momentum in the industry. In line with this, Curium was founded in 2017, when IBA Molecular and Mallinckrodt Nuclear Medicine underwent partnership. This alliance was specifically formed to fulfill the growing demand of Technetium-99.
Segment Overview of Global Nuclear Medicine Market
- Type Overview, 2015-2025 (USD Million)
- Technetium (Tc-99)
- Iodine (I-131)
- Fluorine (F-18)
- Lutetium (Lu-177)
- Yttrium (Y-90)
- Diagnostics Overview, 2015-2025 (USD Million)
- PET (Positron Emission Tomography)
- SPECT (Single Photon Emission Computed Tomography)
- Application Overview, 2015-2025 (USD Million)
- Regional Overview, 2015-2025 (USD Million)
- North America
- Asia Pacific
- Rest of the World
- North America