The global nuclear medicine therapeutics market size was estimated to be USD 9.05 billion in 2023 and is expected to reach at USD 68.22 billion by 2034 with a CAGR of 20.16% during the forecast period 2024-2034. Surge in prevalence of cases of cancers, bone deformities, & neurological malignancies, growing awareness regarding nuclear medicine, increasing demand for early detection & treatment of such diseases, rising awareness & utility of radioisotopes in nuclear medicine therapeutics, surge in research & development activities for the formulation innovative nuclear medicine therapeutics, growing demand for radioisotopes, increasing advancements in technology, and rising approval of advanced nuclear medicine by regulatory bodies are some of the key factors boosting the market growth.
Rising approval of advanced nuclear medicine by regulatory bodies is predicted to boost the market growth during the forecast period. Nuclear medicines consist of specialized pharmaceutical compounds containing radioactive isotopes. These unique medication formulations, containing radioisotopes, play a significant role in diagnoses and treatments across several critical medical fields, including neurology, cardiology, oncology, and more, and have gained increased recognition for their efficiency in recent years. For instance, in March 2022, The US Food and Drug Administration (FDA) has granted approval for the usage of Pluvicto (177Lu-PSMA-617) in the treatment of metastatic prostate cancer among adult patients.
By type, diagnostic nuclear medicine was the highest revenue-grossing segment in the global nuclear medicine therapeutics market in 2023 owing to effective imaging of patients with diverse cancer types, procedure volume expansion, rising launch of advanced products for the diagnosis of several disorders, and growing number of clinical trial procedures. For instance, in August 2022, At the 35th Annual Congress of the European Association of Nuclear Medicine (EANM), Plus Therapeutics, Inc., shared promising findings from two ongoing clinical studies assessing the potential of the investigational targeted radiotherapeutic known as Rhenium-186 NanoLiposome (186RNL) in treating leptomeningeal metastases (LM) and recurrent glioblastoma (GBM). Additionally, therapeutic nuclear medicine is predicted to grow at fastest CAGR during the forecast period owing to the therapy's relative efficacy, the benefits of various treatment alternatives, growing interest in therapeutic items by market players, and increasing launch of advanced products.
By application, oncology was the highest revenue-grossing segment in the global nuclear medicine therapeutics market in 2023 owing to surge in incidences of cancer, rising focus on development of innovative nuclear medicine therapeutics for cancer treatment, increasing launch of new products, and growing approvals by regulatory bodies. For instance, in March 2022, The US FDA granted approval to Novartis for Locametz, a diagnostic imaging agent that utilizes gallium-68 radiolabeling to detect lesions that are positive for Prostate-specific membrane antigen (PSMA). Additionally, cardiology is predicted to grow at fastest CAGR during the forecast period owing to the rising usage of nuclear medicines for the diagnosis & treatment of cardiovascular diseases, growing prevalence of cardiovascular diseases, and increasing introduction of innovative products.
By end-user, hospitals was the highest revenue-grossing segment in the global nuclear medicine therapeutics market in 2023 owing to surge in number of diagnostic imaging procedures performed within hospitals, growing demand for early diagnosis of the disease, and increasing research & development activities. For instance, in February 2023, Telix Pharmaceuticals Limited has declared the effective conclusion of a collaborative research endeavor alongside Heidelberg University Hospital (UKHD) according to the terms of their Research Cooperation Agreement. The central aim of this initiative was to create and verify a theranostic compound through a generator-based approach. This compound is intended for addressing urologic oncology, focusing on PSMA targeting and employing the beta-emitting rhenium-188 (188Re) isotope. Additionally, diagnostic centres is predicted to grow at fastest CAGR during the forecast period owing to the enormous procedure volumes and an increase in the number of diagnostic institutes.
North America region is anticipated for the highest revenue share during the forecast period owing to the growing prevalence of cancer & cardiovascular disorders, rising healthcare infrastructure, increasing awareness regarding nuclear medicine therapeutics among population, surge in use of radiopharmaceuticals in diagnosis and therapeutics, growing research studies on the nuclear medicine therapeutics, and rising focus on development of advanced nuclear radioisotopes. For instance, in January 2023, NorthStar Medical Radioisotopes, located in the United States, has reached a significant achievement in the progression of its novel technology aimed at producing the crucial medical radioisotope molybdenum-99 (Mo-99) without relying on uranium. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the rising awareness regarding imaging diagnostics, surge in number of nuclear imaging procedures, growing prevalence of cardiovascular disorders, and increasing initiatives by market players. For instance, in March 2022, Penang Adventist Hospital (PAH) has revealed the opening of a private nuclear medicine center in the northern region of Thailand.
Rising approval of advanced nuclear medicine by regulatory bodies is predicted to boost the market growth during the forecast period. Nuclear medicines consist of specialized pharmaceutical compounds containing radioactive isotopes. These unique medication formulations, containing radioisotopes, play a significant role in diagnoses and treatments across several critical medical fields, including neurology, cardiology, oncology, and more, and have gained increased recognition for their efficiency in recent years. For instance, in March 2022, The US Food and Drug Administration (FDA) has granted approval for the usage of Pluvicto (177Lu-PSMA-617) in the treatment of metastatic prostate cancer among adult patients.
By type, diagnostic nuclear medicine was the highest revenue-grossing segment in the global nuclear medicine therapeutics market in 2023 owing to effective imaging of patients with diverse cancer types, procedure volume expansion, rising launch of advanced products for the diagnosis of several disorders, and growing number of clinical trial procedures. For instance, in August 2022, At the 35th Annual Congress of the European Association of Nuclear Medicine (EANM), Plus Therapeutics, Inc., shared promising findings from two ongoing clinical studies assessing the potential of the investigational targeted radiotherapeutic known as Rhenium-186 NanoLiposome (186RNL) in treating leptomeningeal metastases (LM) and recurrent glioblastoma (GBM). Additionally, therapeutic nuclear medicine is predicted to grow at fastest CAGR during the forecast period owing to the therapy's relative efficacy, the benefits of various treatment alternatives, growing interest in therapeutic items by market players, and increasing launch of advanced products.
By application, oncology was the highest revenue-grossing segment in the global nuclear medicine therapeutics market in 2023 owing to surge in incidences of cancer, rising focus on development of innovative nuclear medicine therapeutics for cancer treatment, increasing launch of new products, and growing approvals by regulatory bodies. For instance, in March 2022, The US FDA granted approval to Novartis for Locametz, a diagnostic imaging agent that utilizes gallium-68 radiolabeling to detect lesions that are positive for Prostate-specific membrane antigen (PSMA). Additionally, cardiology is predicted to grow at fastest CAGR during the forecast period owing to the rising usage of nuclear medicines for the diagnosis & treatment of cardiovascular diseases, growing prevalence of cardiovascular diseases, and increasing introduction of innovative products.
By end-user, hospitals was the highest revenue-grossing segment in the global nuclear medicine therapeutics market in 2023 owing to surge in number of diagnostic imaging procedures performed within hospitals, growing demand for early diagnosis of the disease, and increasing research & development activities. For instance, in February 2023, Telix Pharmaceuticals Limited has declared the effective conclusion of a collaborative research endeavor alongside Heidelberg University Hospital (UKHD) according to the terms of their Research Cooperation Agreement. The central aim of this initiative was to create and verify a theranostic compound through a generator-based approach. This compound is intended for addressing urologic oncology, focusing on PSMA targeting and employing the beta-emitting rhenium-188 (188Re) isotope. Additionally, diagnostic centres is predicted to grow at fastest CAGR during the forecast period owing to the enormous procedure volumes and an increase in the number of diagnostic institutes.
North America region is anticipated for the highest revenue share during the forecast period owing to the growing prevalence of cancer & cardiovascular disorders, rising healthcare infrastructure, increasing awareness regarding nuclear medicine therapeutics among population, surge in use of radiopharmaceuticals in diagnosis and therapeutics, growing research studies on the nuclear medicine therapeutics, and rising focus on development of advanced nuclear radioisotopes. For instance, in January 2023, NorthStar Medical Radioisotopes, located in the United States, has reached a significant achievement in the progression of its novel technology aimed at producing the crucial medical radioisotope molybdenum-99 (Mo-99) without relying on uranium. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the rising awareness regarding imaging diagnostics, surge in number of nuclear imaging procedures, growing prevalence of cardiovascular disorders, and increasing initiatives by market players. For instance, in March 2022, Penang Adventist Hospital (PAH) has revealed the opening of a private nuclear medicine center in the northern region of Thailand.
Segmentation: Nuclear Medicine Therapeutics Market Report 2022 - 2033
Nuclear Medicine Therapeutics Market Analysis & Forecast by Type 2023 - 2034 (Revenue USD Bn)
Diagnostic Nuclear Medicine
- SPECT Radiopharmaceuticals
- PET Radiopharmaceuticals
Therapeutic Nuclear Medicine
- Alpha Emitters
- Beta Emitters
- Brachytherapy Isotopes
Nuclear Medicine Therapeutics Market Analysis & Forecast by Application 2023 - 2034 (Revenue USD Bn)
- Oncology
- Cardiology
- Thyroid
- Others
Nuclear Medicine Therapeutics Market Analysis & Forecast by End-user 2023 - 2034 (Revenue USD Bn)
- Hospitals
- Imaging Centres
- Academic & Research Centre
- Others
Nuclear Medicine Therapeutics Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
North America
- U.S.
- Canada
Europe
- Germany
- France
- UK
- Spain
- Italy
- 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
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Nuclear Medicine Therapeutics Market: Type Estimates & Trend Analysis
8. Nuclear Medicine Therapeutics Market: Application Estimates & Trend Analysis
9. Nuclear Medicine Therapeutics Market: End-user Estimates & Trend Analysis
10. Regional Market Analysis
11. North America Nuclear Medicine Therapeutics Market
12. Europe Global Nuclear Medicine Therapeutics Market
13. Asia Pacific Global Nuclear Medicine Therapeutics Market
14. Latin America Global Nuclear Medicine Therapeutics Market
15. MEA Global Nuclear Medicine Therapeutics Market
16. Competitor Analysis
17. Company Profiles
Companies Mentioned
- Lantheus Medical Imaging Inc.
- IBA Group
- Advanced Accelerator Applications S.A.
- Medtronic Plc.
- General Electric Co.
- Bayer AG
- Bracco Imaging S.p.A
- Cardinal Health Inc.
- NTP Radioisotopes SOC Ltd.
- Mallinckrodt plc.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 145 |
| Published | October 2023 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value ( USD | $ 9.05 Billion |
| Forecasted Market Value ( USD | $ 68.22 Billion |
| Compound Annual Growth Rate | 20.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
