The global medical isotopes market is anticipated to reach $ 11.39 billion by 2032, growing from $ 5.14 billion in 2022 at a CAGR of 8.8% from 2023 to 2032.
Medical isotopes are used by medical professionals to diagnose and treat health conditions such as heart disease and cancer. The production of medical isotopes is achieved by using two overarching technologies: nuclear reactors and particle accelerators (linear accelerators, cyclotrons).
Nuclear medicine is being utilized to improve radiotherapy for a variety of ailments, including thyroid problems, lung diseases, bone diseases, and neurological disorders. The nuclear medicine (radio isotopes) industry is characterized by the use of radioactive materials for research, diagnosis, and therapy, as well as the rising use of SPECT and PET, as well as healthcare education and awareness about nuclear medicine. The increasing prevalence of diseases such as cancer, cardiovascular disease, and neurological issues has led to an increase in the demand for precise diagnostic tools such as nuclear medicine imaging. Nuclear medicine treatments have become more effective and safer as new radiopharmaceuticals and imaging instruments are being developed. These developments have broadened the applications of nuclear medicine and increased its use. These factors are expected to boost the growth of the medical isotopes market in the upcoming years.
Isotopes are chemical elemental varieties with the same number of protons but a variable number of neutrons. They are used in a variety of fields, including medicine, industry, and scientific study. However, the manufacturing and purchase of isotopes can be expensive, limiting their broad use. Isotope production frequently necessitates the use of specialist equipment such as nuclear reactors or particle accelerators. These facilities can be costly to construct and operate. Handling and manufacturing isotopes necessitate tight safety rules, which raises the cost of infrastructure and operations. These factors are expected to limit the growth of the medical isotopes market during the forecast period.
Ongoing advancements in diagnostic imaging technologies, such as Positron Emission Tomography (PET) and Single Photon Emission Computed Tomography (SPECT), create opportunities for the use of medical isotopes in accurate and non-invasive medical imaging. As these imaging techniques continue to evolve, the demand for suitable isotopes is likely to increase. The therapeutic applications of medical isotopes, particularly in cancer treatment (radiopharmaceutical therapy), offer substantial growth opportunities. R&D in targeted radionuclide therapies, such as alpha and beta emitters, contribute to expanding the range of isotopes used for cancer treatment. In addition, the demand for nuclear medicine radioisotopes is increasing as new SPECT and PET applications are developed. In addition, at RSNA21 in December 2021, GE Healthcare announced its most sophisticated SPECT/CT, a nuclear medicine system. These advances are expected to accelerate the development of radioisotopes in medicine and nuclear medicine techniques. All these factors are anticipated to drive the medical isotopes market expansion in the upcoming years.
The COVID-19 pandemic initially had a negative influence on the nuclear medicine radioisotopes industry by temporarily canceling or postponing non-COVID diagnosis and treatment, such as nuclear medicine. For example, according to a report published in ScienceDirect Journal in June 2021, the number of nuclear studies, nuclear cardiac imaging, and cancer PET/CT reduced throughout the pandemic while COVID-19 cases and deaths increased. According to the study, operations increased from June 2020 to February 2021 as COVID-19 instances decreased. However, with the drop of COVID-19 cases since early 2022, the market in terms of radiological procedures is approaching pre-pandemic levels, which is leading to an increase in demand for nuclear medicine radioisotopes.
The key players profiled in this report include Canadian Nuclear Laboratories (CNL), Curium, GE Healthcare, Jubilant Radiopharma, Nordion (Canada) Inc, IBA Radiopharma Solutions, Mallinckrodt Pharmaceuticals, NorthStar Medical Radioisotopes, Eczacibasi-Monrol Nuclear Products, and Isotopen Technologies München (ITM). The market players are continuously striving to achieve a dominant position in this competitive market using strategies such as collaborations and acquisitions.
Medical isotopes are used by medical professionals to diagnose and treat health conditions such as heart disease and cancer. The production of medical isotopes is achieved by using two overarching technologies: nuclear reactors and particle accelerators (linear accelerators, cyclotrons).
Nuclear medicine is being utilized to improve radiotherapy for a variety of ailments, including thyroid problems, lung diseases, bone diseases, and neurological disorders. The nuclear medicine (radio isotopes) industry is characterized by the use of radioactive materials for research, diagnosis, and therapy, as well as the rising use of SPECT and PET, as well as healthcare education and awareness about nuclear medicine. The increasing prevalence of diseases such as cancer, cardiovascular disease, and neurological issues has led to an increase in the demand for precise diagnostic tools such as nuclear medicine imaging. Nuclear medicine treatments have become more effective and safer as new radiopharmaceuticals and imaging instruments are being developed. These developments have broadened the applications of nuclear medicine and increased its use. These factors are expected to boost the growth of the medical isotopes market in the upcoming years.
Isotopes are chemical elemental varieties with the same number of protons but a variable number of neutrons. They are used in a variety of fields, including medicine, industry, and scientific study. However, the manufacturing and purchase of isotopes can be expensive, limiting their broad use. Isotope production frequently necessitates the use of specialist equipment such as nuclear reactors or particle accelerators. These facilities can be costly to construct and operate. Handling and manufacturing isotopes necessitate tight safety rules, which raises the cost of infrastructure and operations. These factors are expected to limit the growth of the medical isotopes market during the forecast period.
Ongoing advancements in diagnostic imaging technologies, such as Positron Emission Tomography (PET) and Single Photon Emission Computed Tomography (SPECT), create opportunities for the use of medical isotopes in accurate and non-invasive medical imaging. As these imaging techniques continue to evolve, the demand for suitable isotopes is likely to increase. The therapeutic applications of medical isotopes, particularly in cancer treatment (radiopharmaceutical therapy), offer substantial growth opportunities. R&D in targeted radionuclide therapies, such as alpha and beta emitters, contribute to expanding the range of isotopes used for cancer treatment. In addition, the demand for nuclear medicine radioisotopes is increasing as new SPECT and PET applications are developed. In addition, at RSNA21 in December 2021, GE Healthcare announced its most sophisticated SPECT/CT, a nuclear medicine system. These advances are expected to accelerate the development of radioisotopes in medicine and nuclear medicine techniques. All these factors are anticipated to drive the medical isotopes market expansion in the upcoming years.
The COVID-19 pandemic initially had a negative influence on the nuclear medicine radioisotopes industry by temporarily canceling or postponing non-COVID diagnosis and treatment, such as nuclear medicine. For example, according to a report published in ScienceDirect Journal in June 2021, the number of nuclear studies, nuclear cardiac imaging, and cancer PET/CT reduced throughout the pandemic while COVID-19 cases and deaths increased. According to the study, operations increased from June 2020 to February 2021 as COVID-19 instances decreased. However, with the drop of COVID-19 cases since early 2022, the market in terms of radiological procedures is approaching pre-pandemic levels, which is leading to an increase in demand for nuclear medicine radioisotopes.
The key players profiled in this report include Canadian Nuclear Laboratories (CNL), Curium, GE Healthcare, Jubilant Radiopharma, Nordion (Canada) Inc, IBA Radiopharma Solutions, Mallinckrodt Pharmaceuticals, NorthStar Medical Radioisotopes, Eczacibasi-Monrol Nuclear Products, and Isotopen Technologies München (ITM). The market players are continuously striving to achieve a dominant position in this competitive market using strategies such as collaborations and acquisitions.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the medical isotope market analysis from 2022 to 2032 to identify the prevailing medical isotope market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the medical isotope market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global medical isotope market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Application
- Diagonestic
- Nuclear Therapy
By Type
- Stable Isotopes
- Radioisotopes
By End User
- Hospitals
- Diagnostic Centers
- Research Institutes
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- UAE
- South Africa
- Rest of LAMEA
Key Market Players
- Canadian Nuclear Laboratories (CNL)
- Curium
- GE Healthcare
- Jubilant Radiopharma
- Nordion Inc.
- IBA Radiopharma Solutions
- Mallinckrodt Pharmaceuticals
- northstar medical radioisotopes, llc
- Eczacibasi-Monrol Nuclear Products
- Isotopen Technologien München (ITM)
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: MEDICAL ISOTOPE MARKET, BY TYPE
CHAPTER 5: MEDICAL ISOTOPE MARKET, BY APPLICATION
CHAPTER 6: MEDICAL ISOTOPE MARKET, BY END USER
CHAPTER 7: MEDICAL ISOTOPE MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Companies Mentioned
- Canadian Nuclear Laboratories (CNL)
- Curium
- GE Healthcare
- Jubilant Radiopharma
- Nordion Inc.
- IBA Radiopharma Solutions
- Mallinckrodt Pharmaceuticals
- northstar medical radioisotopes, llc
- Eczacibasi-Monrol Nuclear Products
- Isotopen Technologien München (ITM)
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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