Global Nuclear Medicine Market Outlook, 2029

The global nuclear medicine market has exhibited robust growth in recent years, driven by various factors contributing to its expansion Key drivers propelling this growth include the increasing incidence and prevalence of target conditions such as cancer and cardiovascular diseases. For instance, the American Heart Association reported approximately 19.1 million deaths attributed to cardiovascular diseases globally in 2020, highlighting the critical need for early diagnosis and treatment options provided by nuclear medicine. Technological advancements in nuclear medicine, particularly in diagnostic imaging modalities such as Single Photon Emission Computed Tomography (SPECT) and Positron Emission Tomography (PET), have significantly contributed to market expansion. These advancements have facilitated more accurate and precise diagnosis, leading to enhanced patient outcomes and driving the adoption of nuclear medicine procedures worldwide. The market also faces certain challenges that could impede its growth trajectory. One such challenge is the short half-life of radiopharmaceuticals, which necessitates in-house production within hospital premises.

According to the research report, “Global Nuclear medicine Market Overview, 2029” published by Bonafide Research, the market is anticipated to grow with 11.50% CAGR by 2024-29. This requirement not only increases capital expenditure for hospitals but also poses logistical challenges in ensuring timely availability of radiopharmaceuticals for diagnosis and therapy. Budgetary constraints in healthcare systems, exacerbated by factors such as the COVID-19 pandemic, have hindered market growth. Hospital budget cuts and high equipment costs have constrained the ability of healthcare facilities to invest in advanced nuclear medicine technologies, thereby limiting market expansion. Nevertheless, opportunities abound within the nuclear medicine market, particularly in neurological applications. The increasing prevalence of neurological disorders such as Alzheimer's disease and Parkinson's disease has spurred research and development efforts aimed at expanding the applications of radiopharmaceuticals in this domain. Regulatory approvals for radiopharmaceuticals used in neurological imaging, such as DaTscan for evaluating Parkinsonian Syndromes, underscore the potential for market growth in this segment. The global nuclear medicine market presents a promising landscape characterized by significant growth potential driven by technological advancements, increasing disease prevalence, and expanding applications across various medical specialties. However, addressing challenges such as supply chain disruptions and budgetary constraints will be crucial for sustaining this growth momentum.

Market Drivers

• Increasing Incidence and Prevalence of Target Conditions: The global nuclear medicine market is being primarily driven by the rising incidence and prevalence of target conditions such as cancer and cardiovascular diseases. As per the American Heart Association, cardiovascular diseases accounted for approximately 19.1 million deaths globally in 2020. This growing disease burden necessitates early diagnosis and treatment, wherein nuclear medicine plays a crucial role. The ability of nuclear medicine procedures to facilitate early detection and precise treatment options contributes significantly to market growth.
• Technological Advancements: Technological advancements in nuclear medicine, particularly in diagnostic imaging modalities such as Single Photon Emission Computed Tomography (SPECT) and Positron Emission Tomography (PET), are driving market expansion. These advancements have led to more accurate and precise diagnostic capabilities, thereby enhancing patient outcomes. Additionally, innovations in radiotracers and imaging systems have further propelled the adoption of nuclear medicine procedures, driving market growth globally.

Market Challenges



• Short Half-Life of Radiopharmaceuticals: A significant challenge facing the nuclear medicine market is the short half-life of radiopharmaceuticals, necessitating in-house production within hospital premises. This requirement not only increases capital expenditure for hospitals but also poses logistical challenges in ensuring timely availability of radiopharmaceuticals for diagnosis and therapy. Moreover, the shorter half-life of radiopharmaceuticals increases the risk of radiation and chemical decomposition, impacting diagnostic accuracy and patient safety.
• Budgetary Constraints in Healthcare Systems: Budgetary constraints within healthcare systems, exacerbated by factors such as the COVID-19 pandemic, pose challenges to market growth. Hospital budget cuts and high equipment costs have limited the ability of healthcare facilities to invest in advanced nuclear medicine technologies. The financial challenges caused by the pandemic have further strained hospital budgets, leading to reduced allocations for capital expenditures, including investments in nuclear medicine infrastructure.

Market Trends

• Expansion of Applications in Neurological Disorders: There is a growing trend towards expanding the applications of nuclear medicine in neurological disorders such as Alzheimer's disease and Parkinson's disease. Regulatory approvals for radiopharmaceuticals used in neurological imaging, such as DaTscan for evaluating Parkinsonian Syndromes, highlight the increasing focus on neurological applications within the market. This trend presents opportunities for market players to develop and commercialize innovative radiopharmaceuticals catering to the demand for neurological imaging.
• Advancements in Therapeutic Radiopharmaceuticals: Another notable trend in the nuclear medicine market is the advancements in therapeutic radiopharmaceuticals for the treatment of various diseases, including cancer. Companies are investing in research and development efforts to develop novel therapeutic radiopharmaceuticals targeting specific indications, thereby expanding the therapeutic options available to patients. This trend is expected to drive market growth as therapeutic radiopharmaceuticals gain regulatory approvals and market acceptance.

Diagnostic applications are leading in the nuclear medicine industry due to their ability to provide precise and non-invasive imaging for diagnosing various diseases and conditions through techniques like PET (Positron Emission Tomography) and SPECT (Single Photon Emission Computed Tomography).

In the evolving landscape of nuclear medicine, diagnostic applications have emerged as the cornerstone of the industry, driven by their pivotal role in delivering precise, non-invasive, and functional imaging for diagnosing a wide array of diseases and conditions. Nuclear medicine techniques such as PET (Positron Emission Tomography) and SPECT (Single Photon Emission Computed Tomography) utilize radiopharmaceuticals to visualize biological processes at the molecular level, offering unique insights into disease pathology and treatment response. The primary reason for the leadership of diagnostic applications in nuclear medicine lies in their unparalleled ability to provide comprehensive anatomical and functional information that complements traditional anatomical imaging modalities like CT (Computed Tomography) and MRI (Magnetic Resonance Imaging). PET and SPECT scans enable clinicians to detect biochemical and physiological changes within tissues and organs, facilitating early diagnosis, accurate staging of diseases, and monitoring of treatment efficacy over time. This capability is particularly valuable in oncology, where PET imaging is widely used for detecting and staging cancers, assessing tumor metabolism, and guiding targeted therapies based on molecular characteristics. Nuclear medicine diagnostic techniques play a critical role in cardiology, neurology, and other medical specialties by evaluating organ function and perfusion, detecting ischemic heart disease, assessing brain metabolism, and localizing epileptic foci, among other applications. The ability to assess physiological processes at the cellular and molecular levels provides clinicians with valuable information that cannot be obtained through structural imaging alone, thereby enhancing diagnostic accuracy and patient management strategies. Technological advancements in nuclear medicine continue to drive innovation in diagnostic applications. The development of hybrid imaging systems such as PET/CT and SPECT/CT has revolutionized clinical practice by combining functional nuclear medicine images with high-resolution anatomical CT images, offering a comprehensive assessment of both structure and function in a single examination. These integrated platforms improve localization of abnormalities, increase diagnostic confidence, and optimize treatment planning, resulting in enhanced patient care outcomes. The expanding repertoire of radiopharmaceuticals tailored for specific diagnostic purposes underscores the versatility and clinical utility of nuclear medicine in modern healthcare. Radiotracers targeting specific biomarkers and physiological processes allow for personalized medicine approaches, guiding therapeutic decisions and improving patient outcomes through precise disease characterization and monitoring. From a patient care perspective, diagnostic nuclear medicine techniques are characterized by their non-invasive nature and minimal risk to patients. Radiopharmaceuticals used in PET and SPECT imaging procedures are generally well-tolerated, with low radiation exposure compared to traditional diagnostic procedures like CT scans. This makes nuclear medicine particularly suitable for pediatric patients and individuals requiring repeated imaging studies for chronic conditions.

Oncology is leading in the nuclear medicine industry due to the critical role of nuclear imaging techniques like PET (Positron Emission Tomography) in detecting, staging, and monitoring cancer, as well as guiding personalized treatment strategies.

Oncology stands at the forefront of the nuclear medicine industry, driving significant advancements and applications in diagnostic and therapeutic nuclear imaging. The primary reason for oncology's leadership lies in the transformative impact of nuclear medicine techniques, particularly PET imaging, in revolutionizing cancer care. PET imaging utilizes radiopharmaceuticals that emit positrons to visualize metabolic processes within tissues, providing valuable insights into tumor biology, response to treatment, and overall prognosis. PET imaging plays a pivotal role in oncology by enabling early detection and accurate staging of various cancers. By detecting abnormal glucose metabolism characteristic of cancer cells, PET scans can identify small tumors or metastatic lesions that may not be visible on conventional imaging modalities like CT or MRI alone. This early detection capability allows for timely intervention and treatment planning, thereby improving patient outcomes and survival rates. PET imaging is indispensable in oncology for assessing treatment response and monitoring disease progression. By tracking changes in metabolic activity within tumors over time, PET scans provide clinicians with quantitative data to evaluate the effectiveness of chemotherapy, radiation therapy, or targeted therapies. This ability to assess treatment response early on helps in adapting treatment strategies, optimizing therapeutic regimens, and minimizing unnecessary interventions for patients. Another significant advantage of PET imaging in oncology is its role in guiding personalized treatment approaches. Molecular imaging with PET allows for the visualization of specific biomarkers and molecular targets associated with cancer cells. This enables clinicians to tailor treatment plans based on individual tumor characteristics, such as receptor status (e.g., HER2/neu in breast cancer) or expression of therapeutic targets (e.g., PD-L1 in immunotherapy). By selecting targeted therapies that are most likely to be effective, personalized medicine approaches maximize treatment efficacy while minimizing adverse effects. Technological advancements in PET imaging have further enhanced its clinical utility in oncology. The integration of PET/CT and PET/MRI hybrid imaging systems combines metabolic PET data with high-resolution anatomical images, providing comprehensive anatomical and functional information in a single examination. This integrated approach improves the localization and characterization of tumors, enhances diagnostic accuracy, and facilitates precise treatment planning in oncology. Nuclear medicine in oncology continues to evolve with the development of novel radiopharmaceuticals and theragnostic agents. Theragnostic, a rapidly growing field within nuclear medicine, utilizes radiopharmaceuticals for both diagnostic imaging (diagnostics) and targeted therapy (therapeutics) based on individual patient profiles. This approach holds promise for delivering personalized cancer treatment strategies that are more effective and less toxic than traditional approaches. From a broader perspective, the leadership of oncology in the nuclear medicine industry is underscored by collaborative efforts among healthcare providers, researchers, pharmaceutical companies, and regulatory bodies. These collaborations drive innovation, clinical trials, and the development of new radiotracers and imaging protocols aimed at advancing cancer diagnostics and therapeutics.

North America is leading in the nuclear medicine industry due to its robust healthcare infrastructure, significant research and development investments, advanced technological capabilities, and widespread adoption of nuclear medicine for both diagnostic imaging and therapeutic applications.

North America's prominent position in the nuclear medicine industry can be attributed to several key factors that collectively contribute to its leadership in advancing medical imaging technologies and applications. Firstly, the region boasts a sophisticated healthcare infrastructure characterized by a dense network of hospitals, imaging centers, and research institutions equipped with state-of-the-art medical imaging equipment. This infrastructure facilitates widespread access to nuclear medicine technologies such as PET (Positron Emission Tomography), SPECT (Single Photon Emission Computed Tomography), and hybrid imaging systems like PET/CT and PET/MRI, which are essential for both diagnostic imaging and therapeutic interventions. North America leads in nuclear medicine due to substantial investments in research and development (R&D) within the healthcare sector. Academic institutions, private industry, and government agencies allocate significant resources to advance nuclear imaging technologies, develop new radiopharmaceuticals, and conduct clinical trials to explore novel applications in oncology, neurology, cardiology, and other medical specialties. These investments foster innovation, drive technological advancements, and propel the translation of research findings into clinical practice, thereby enhancing diagnostic accuracy and patient care outcomes. Advanced technological capabilities also contribute to North America's leadership in nuclear medicine. The region is home to leading manufacturers of nuclear imaging equipment and radiopharmaceuticals, leveraging cutting-edge technologies to develop high-resolution imaging systems and targeted therapies. Innovations in detector technology, image reconstruction algorithms, and software solutions continuously improve the sensitivity, specificity, and clinical utility of nuclear medicine modalities, enabling clinicians to obtain detailed anatomical and functional information critical for accurate diagnosis and treatment planning. The regulatory environment in North America supports the advancement and adoption of nuclear medicine technologies. Regulatory agencies such as the Food and Drug Administration (FDA) in the United States and Health Canada prioritize rigorous evaluation of safety, efficacy, and quality standards for radiopharmaceuticals and medical devices used in nuclear imaging. Compliance with stringent regulatory requirements ensures patient safety and instills confidence among healthcare providers, driving the widespread adoption of nuclear medicine in clinical practice. North America's leadership in nuclear medicine is reinforced by a culture of collaboration among healthcare professionals, researchers, industry stakeholders, and patient advocacy groups. Multidisciplinary collaborations promote knowledge sharing, facilitate clinical research initiatives, and accelerate the development of innovative diagnostic and therapeutic approaches in nuclear medicine. These collaborative efforts are instrumental in advancing personalized medicine strategies, optimizing treatment outcomes, and improving patient outcomes across a spectrum of diseases and conditions. Demographic trends such as an aging population and increasing prevalence of chronic diseases further underscore the importance of nuclear medicine in North America's healthcare landscape. The demand for accurate and timely diagnostic imaging solutions continues to grow, driving innovation and investment in nuclear medicine technologies that address evolving clinical needs and enhance healthcare delivery.

• North Star Medical Radioisotopes (US) reached a significant milestone in January 2023 by advancing its novel technology for producing molybdenum-99 (Mo-99) without using uranium.
• In November 2022, Curium (France) received approval from the US Food and Drug Administration (FDA) for DaTscan (Ioflupane I 123 Injection) to assist in the evaluation of adult patients suspected of having Parkinsonian Syndromes.
• Blue Earth Diagnostics (UK) collaborated with Siemens Healthineers (Germany) and the University Hospital of the Technical University of Munich (TUM) in October 2022 to share data for 18F-rhPSMA-7.3, an investigational PET imaging agent, to facilitate the development of AI-based algorithms.
• Advanced Accelerator Applications (France) entered into a multi-year exclusive supply agreement in January 2021 with the University of Missouri Research Reactor (MURR) for lutetium-177. Under this agreement, MURR will supply AAA with GMP-quality lutetium-177 chloride, which serves as the precursor for developing Lutathera and other Lu-177-based therapeutics.

Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Nuclear Medicine market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Product Type
• Diagnostic
• Therapeutic

By Application
• Neurology
• Cardiology
• Oncology
• Others

By End user
• Hospitals
• Clinics
• Diagnostic Centers

The approach of the report:
This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Nuclear Medicine industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.