The global nuclear medicine/radiopharmaceuticals market was valued at USD 7.8 billion in 2022 and it is anticipated to grow up to USD 48.8 billion by 2032, at a CAGR of 20.1% during the forecast period.
Nuclear medicine is primarily a specialized area of radiology that employs very small amounts of radioactive materials, called radiopharmaceuticals for examining organ functions and structures. Radiopharmaceuticals are pharmaceutical formulations comprising radioactive isotopes that are used in diagnosis and therapeutics. They are simple and small substances that contain a radioactive substance that is used in the treatment of cancer and cardiac & neurological disorders.
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Market Trends and Drivers
Increasing incidence and prevalence of target conditions will boost the business progression. The rising incidence and prevalence of cancer and cardiovascular disease (CVD) is a key factor supporting market growth.
Most cases can be prevented through early detection and treatment; nuclear medicine plays a significant role in these areas. According to the WHO, cancer was the leading cause of death in 2020, accounting for nearly 10 million deaths.
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Annually, 19.3 million new cancer cases are expected to be reported worldwide by 2025. According to the WHO, globally, 17.9 million individuals died from CVD in 2019, accounting for 32% of the overall deaths globally. This figure is expected to reach 23.3 million by 2030. As nuclear medicine plays a significant role in disease diagnosis and treatment, the rising prevalence of these diseases is expected to drive the growth of the nuclear medicine market during the forecast period.
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Global Nuclear Medicine/Radiopharmaceuticals Market Segmentation
- Alpha Emitters
- Beta Emitters
Major Players in the Global Nuclear Medicine/Radiopharmaceuticals Market
The key players in the market are Cardinal Health (US), GE Healthcare (US), Curium (France), Lantheus Medical Imaging (US), Bayer AG (Germany), Bracco Imaging (Italy), Eczacýbaþý-Monrol Nuclear Products (Turkey), Nordion (Canada), Advanced Accelerator Applications (France), NTP Radioisotopes (South Africa), among others.
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