Global Nuclear Medicine Market is valued at approximately USD 8.94 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 19.4% over the forecast period 2024-2032. Nuclear medicine encompasses a range of pharmaceutical drugs containing radioactive formulations of chemical elements known as nuclear medicine radioisotopes. These drugs are vital for both diagnostic and therapeutic procedures, based on the radiation type these radioisotopes emit. Applications of these products span from imaging various organs, including the brain, heart, bones, and kidneys, to treating different cancer forms, which is poised to boost market growth.

The rising prevalence of cancers, and cardiovascular, and neurological diseases globally fuels the need for effective therapeutic and diagnostic products, enhancing patient treatment outcomes. This trend is expected to drive the adoption of nuclear medicine radioisotopes during the forecast period. Positive initiatives from governments and agencies, such as the International Atomic Energy Agency (IAEA), to improve radiopharmaceutical supply chains, along with strategic collaborations and new product launches by market players, are further anticipated to augment market growth. For example, Life Healthcare acquired TheraMed Nuclear's non-clinical imaging operations in Gauteng in March 2023 to expand its presence in the South African market. Similarly, Bayer AG acquired PSMA Therapeutics Inc. and Noria Therapeutics Inc. in June 2021 to enhance its oncology portfolio.

Moreover, the rising adoption of AI in radiopharmaceutical development, increasing investment in R&D, as well as strategic collaborations and product launches present various lucrative opportunities over the forecast years. However, competition from other medical imaging modalities such as MRI and CT scanners may restrict market growth. The availability of alternative imaging options with more features and greater application areas could limit the uptake of nuclear imaging systems. Additionally, reimbursement issues and the higher costs of PET scans compared to MRI scans may also impede market growth.

The key regions considered for the Global Nuclear Medicine Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is a dominating region in the Global Nuclear Medicine Market in terms of revenue. The market growth in the region is being attributed to factors including its strong innovation and adoption of therapeutic and diagnostic radiopharmaceuticals. The region's high prevalence of chronic diseases and favorable reimbursement trends contribute to this growth. Whereas, the market in Asia Pacific is anticipated to grow at the fastest rate over the forecast period fueled by improving healthcare infrastructures, increased adoption of advanced diagnostic and therapeutic products, and a growing patient population requiring superior treatments.

Major market players included in this report are:
GE HealthCare (U.S.)
Lantheus Holdings, Inc. (U.S.)
Nordion (Canada) Inc. (Sotera Health) (Canada)
Bracco (Italy)
Curium (France)
Bayer AG (Germany)
Siemens Healthineers AG (Germany)
Novartis AG (Switzerland)
Jubilant Pharmova Limited (India)
Cardinal Health (U.S.)
Norgine (Netherlands)
DuchemBio, Co., Ltd. (South Korea)
DraxImage,Inc. (Canada)
Eckert & Ziegler (Germany)
Isotope JSC (Russia)
The detailed segments and sub-segment of the market are explained below:
By Type:
Diagnostics
Therapeutics
By Application:
Neurology
Cardiology
Oncology
Others
By End User:
Hospitals & Clinics
Diagnostic Centers
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
Saudi Arabia
South Africa
RoMEA
Years considered for the study are as follows:
Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032
Key Takeaways:
Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.