Nuclear Medicine Market by Type (Diagnostic, Therapeutic), Application (Oncology, Cardiology, Bone Scans, Thyroid Applications, Pulmonary Scans), Procedural Volume Assessment (Diagnostic, Therapeutic), and by Region - Forecast to 2029

The global nuclear medicine market is estimated to be USD 4,519.2 million in 2021 and is expected to witness a CAGR of 8.71% during the forecast period. Growing incidence of rare diseases, increasing alpha radioimmunotherapy-based targeted cancer treatment, and rising government initiatives to increase availability of mo-99 are the key drivers driving the global market growth. However, small half-life of radiopharmaceuticals, and hospital budget cuts coupled with high equipment prices are the factors hindering the market growth.

By Type

Based on type, the market is segmented into diagnostic and therapeutic nuclear medicine. The therapeutic nuclear medicine segment is further divided into alpha emitters, beta emitters, and brachytherapy isotopes. Technological advancements and investment by government in nuclear medicine is driving the global market.

By Application

On the basis of application, the market is segmented into diagnostic and therapeutic applications market. In 2021, the diagnostic segment accounted for the largest market share in the global nuclear medicine market. The diagnostic segment is further segmented into thyroid applications, cardiology, bone scans, pulmonary scans, and others. The thyroid applications segment is anticipated to grow with the fastest CAGR during the forecast period. This is attributed to the increasing chronic disease cases and prevalence of thyroid disorders.

By Procedural Volume Assessment

Based on procedural volume assessment, the market is segmented into diagnostic and therapeutic procedures. In 2021, the diagnostic procedures accounted for the largest share in the global market. This attributed to the broad application of diagnostic radioisotopes as compared to therapeutic radioisotopes. This segment is anticipated to grow at a lucrative CAGR during the forecast period owing to increasing research and development activities.

Regional Insights

North America dominated the nuclear medicine global market in 2021 and is projected to maintain its domination during the forecast period. The reason for this market share is the increase in development of new technologies for radioisotope production, government funding, and company initiatives in the region that is expected to reinforce market growth in the future. The Asia Pacific is estimated to grow at the fastest growth rate during the forecast period increasing senior population and awareness about nuclear medicines & molecular imaging are contributing to the growth of the market in this region in this region. Competitor Insights Some of the major companies in the market are Cardinal Health (U.S.), GE Healthcare (U.S.), Curium (France), Lantheus Medical Imaging (U.S.), Bayer AG (Germany), Bracco Imaging (Italy), Eczacýbaþý-Monrol Nuclear Products (Turkey), Nordion (Canada), Advanced Accelerator Applications (France), NTP Radioisotopes (South Africa), JSC Isotope (Russia), and NorthStar Medical Radioisotopes (U.S.). Investment in R&D, strategic collaborations, mergers & acquisitions are some of the major strategies adopted by the leading players operating in the industry.This exhaustive research report focuses on market size and forecast at global, segmental, regional and country level along with key market trends and dynamics from 2021 to 2029. The nuclear medicine market report is categorized into the following segments and subsegments:

Nuclear Medicine Market, By Type (Revenue, 2021-2029, USD Million)

Diagnostic Nuclear Medicine

• SPECT Radiopharmaceuticals
• TC-99m
• I-123
• Tl-201
• GA-67

Other SPECT Isotopes

• PET Radiopharmaceuticals
• F-18
• Rb-82
• Other PET Isotopes

Therapeutic Nuclear Medicine

• Alpha Emitters

RA-223

• Beta Emitters
• Iodine-131
• Y-90
• SM-153
• LU-177
• RE-186

Other Beta Emitters

• Brachytherapy Isotopes
• Iodine-125
• Iridium-192
• Palladium-103
• Cesium-131
• Other Brachytherapy Isotopes

Nuclear Medicine Market, By Application (Revenue, 2021-2029, USD Million)

Diagnostic Applications

• SPECT Applications
• Cardiology
• Bone Scans
• Thyroid Applications
• Pulmonary Scans

Other SPECT Applications

• PET Applications
• Oncology
• Cardiology

Neurology

• Other PET Applications

Therapeutic Applications

• Thyroid Indications
• Bone Metastasis
• Endocrine Tumors
• Lymphoma
• Other Indications

Nuclear Medicine Market, By Procedural Volume Assessment (Revenue, 2021-2029, USD Million)

Diagnostic Procedures

• SPECT Procedures
• PET Procedures

Therapeutic Procedures

• Beta Emitter Procedures
• Alpha Emitter Procedures
• Brachytherapy Procedures

Nuclear Medicine Market, By Region (Revenue, 2021-2029, USD Million)

North America

• U.S.
• Canada

Europe

• Germany
• France
• UK
• Spain
• Italy
• Russia
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of APAC

Latin America

• Brazil
• Mexico
• Argentina
• Rest of LATAM

Middle East & Africa

• South Africa
• Saudi Arabia
• Rest of MEA