The global nuclear medicine market is projected to reach USD 9.4 billion by 2028, up from USD 5.5 billion in 2023, registering a compound annual growth rate (CAGR) of 11.3% during the forecast period. The market growth is largely driven by the development of alpha-radioimmunotherapy-based targeted cancer treatments and increasing initiatives to address the demand-supply gap of molybdenum-99 (Mo-99), a critical isotope used in diagnostic imaging.
Nuclear medicine, which leverages radioactive substances for diagnosis, monitoring, and treatment of diseases, has become a pivotal segment in modern healthcare. Its ability to provide functional information at the cellular and molecular levels enhances clinical decision-making, particularly in oncology, cardiology, and neurology. Rising adoption of advanced radiopharmaceuticals, coupled with technological advancements in imaging modalities, is fueling the market’s expansion.
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Market Drivers: Targeted Cancer Treatments and Mo-99 Supply Initiatives
The development of alpha-radioimmunotherapy (α-RIT) and other targeted cancer therapies has become a key growth driver. These treatments enable highly precise delivery of radioactive isotopes directly to tumor cells, minimizing damage to healthy tissues and improving patient outcomes. Alpha-emitters, such as those used in therapies like Xofigo, have shown remarkable efficacy in treating specific cancers, further driving adoption in clinical settings.
Additionally, the global healthcare community has focused on reducing the Mo-99 demand-supply gap. Mo-99, which decays to technetium-99m (Tc-99m), is widely used in single-photon emission computed tomography (SPECT) imaging. Efforts to ensure consistent Mo-99 production and distribution have accelerated market growth, especially in North America and Europe, where demand for diagnostic imaging is high.
Market Restraints: Equipment Costs and Hospital Budget Cuts
Despite promising growth, the nuclear medicine market faces certain challenges. High costs of imaging equipment and radiopharmaceuticals, combined with hospital budget constraints, can limit adoption, particularly in emerging markets. Hospitals and clinics must balance capital investments in PET and SPECT scanners with operational costs, affecting the rate at which new technologies are implemented.
Competitive Landscape and Key Players
The nuclear medicine market is highly competitive, with several multinational corporations dominating the space while regional players contribute to innovation and niche solutions. Key market participants include GE Healthcare (US), Cardinal Health (US), Curium (France), Bayer AG (Germany), Lantheus Holdings, Inc. (US), Bracco Imaging S.p.A. (Italy), PharmaLogic Holdings Corp. (US), Eczacibasi-Monrol Nuclear Products (Turkey), NTP Radioisotopes SOC Ltd (South Africa), Nordion Inc. (Canada), Advanced Accelerator Applications (France), NorthStar Medical Radioisotopes (US), Eckert & Ziegler (Germany), Isotope JSC (Russia), Siemens Healthineers (Germany), and Jubilant DraxImage, Inc. (Canada).
GE Healthcare (US)
GE Healthcare held the leading position in the nuclear medicine market in 2022. The company operates a vast network of nuclear pharmacies and serves customers in more than 160 countries across the Americas, Europe, the Pacific Basin, and the Middle East & Africa. Major subsidiaries include GE Healthcare USA Holdings, GE Healthcare (Japan), GE Healthcare Biosciences AB (US), and GE Healthcare AS (Norway).
GE Healthcare’s 30 nuclear pharmacies operate under stringent Aseptic Control Programs, adhering to industry standards for safety, cleanliness, and quality, including US Pharmacopeia requirements. The company’s extensive manufacturer and service network, coupled with a robust product portfolio, has cemented its leadership in the nuclear medicine market.
Cardinal Health (US)
Cardinal Health ranked second globally in 2022. Its Nuclear and Precision Health Solutions division manufactures and distributes radiopharmaceuticals, including Xofigo, an alpha-emitter therapy for prostate cancer, and Lymphoseek, a diagnostic imaging agent. Cardinal Health operates across the US, Canada, the British Virgin Islands, Malaysia, Singapore, the UK, Luxembourg, Thailand, Switzerland, Ireland, and Belgium through over 150 subsidiaries.
With the world’s largest network of nuclear pharmacies, Cardinal Health emphasizes expanding PET agent manufacturing capabilities to support new drug development activities. Its integrated logistics, distribution, and manufacturing facilities enhance its ability to serve the growing demands of the nuclear medicine market.
Curium (France)
Curium, the third-largest player in 2022, develops, manufactures, and distributes a wide range of SPECT, PET, and therapeutic radiopharmaceutical solutions, including Gallium (Ga-67) Citrate, Sodium Iodide I-123 Injection, Sodium Iodide I-131 Therapeutic Capsules, and Yttrium (Y-90). Serving over 6,000 customers in 60+ countries, Curium has a strong presence in North America, Europe, the Middle East & Africa, and Latin America.
Industry Trends and Future Outlook
The nuclear medicine market is expected to experience sustained growth driven by several key trends:
- Advancements in Radiopharmaceuticals: Development of novel alpha- and beta-emitter therapies is expanding treatment options in oncology.
- Expansion of Nuclear Pharmacy Networks: Companies are scaling nuclear pharmacy operations to ensure timely distribution and reduce the Mo-99 supply gap.
- Integration with Precision Medicine: Nuclear medicine increasingly complements targeted therapies and personalized treatment strategies.
- Emerging Market Opportunities: Rising healthcare infrastructure in Asia Pacific, Latin America, and the Middle East presents significant growth potential.
However, the industry must address high equipment costs, budgetary constraints, and regulatory requirements to fully capitalize on growth opportunities.
Conclusion
The global nuclear medicine market is set for robust expansion, driven by innovations in targeted cancer therapies, increased availability of critical isotopes, and growing adoption of advanced imaging solutions. Leading players such as GE Healthcare, Cardinal Health, and Curium continue to invest in R&D, manufacturing, and distribution networks, ensuring improved patient outcomes and strengthened market presence globally.
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