Nuclear Medicine Market – By Product, By Application, By End Use, Global Forecast, 2024 – 2032

Nuclear Medicine Market Size

The global nuclear medicine market was valued at around USD 13.6 billion in 2023 and is expected to exhibit growth at a CAGR of 16.3% from 2024 to 2032. The high growth is primarily attributed to increasing prevalence of cancer and cardiovascular diseases, growing demand for non-invasive diagnostic techniques, and development of new radiopharmaceuticals among other key factors.
 

Nuclear medicine is increasingly used in therapeutic applications, particularly in oncology. Theranostics, which combines therapy and diagnostics, is advancing with radiopharmaceuticals like Lutetium-177 and Actinium-225 for targeted cancer treatments. This dual-use is gaining popularity for personalized medicine approaches, especially for cancers like prostate and neuroendocrine tumors.
 

Furthermore, governments and research organizations are investing significantly in nuclear medicine research and development to strengthen healthcare infrastructure, expand diagnostic access, and improve public health outcomes. National initiatives, especially in developed countries, provide funding for advanced imaging systems and radiopharmacy infrastructure. For example, the Society of Nuclear Medicine and Molecular Imaging (SNMMI) promotes nuclear medicine and radiopharmaceutical therapies through its value initiative, a comprehensive roadmap engaging all industry stakeholders to increase awareness and accessibility for patients.
 

Moreover, patients and healthcare providers are increasingly favoring non-invasive diagnostics due to reduced risk and discomfort. Nuclear medicine, especially PET and SPECT, is less invasive compared to some traditional diagnostic methods, supporting market growth. This demand is especially strong in oncology, neurology, and cardiology where precise and non-invasive diagnosis is crucial. Hence, all the aforementioned parameters are anticipated to fuel industry growth over the analysis timeframe.
 

Nuclear medicine is a medical field that uses small amounts of radioactive materials (radiopharmaceuticals) for diagnosis and treatment. It provides functional insights into body processes through specialized imaging techniques like PET and SPECT, enabling early disease detection and targeted therapy, particularly for conditions like cancer and heart disease.
 

Nuclear Medicine Market Trends

Rising technological advancements are a key driver of growth in the market, especially in the areas of radiopharmaceuticals and isotopes. Innovations in radiopharmaceutical development have enhanced both efficacy and specificity, allowing for targeted delivery to tumors and improved therapeutic outcomes. For example, advancements in radioligand design have led to the creation of agents that selectively bind to cancer markers, optimizing treatment while minimizing side effects.
 

• Refinements in isotope production, including advanced cyclotron and generator technologies, have improved the availability and purity of essential isotopes such as Fluorine-18 and Lutetium-177.
   
• In addition, these isotopes are vital in both diagnostic imaging and targeted therapies, with hybrid radiopharmaceuticals that combine imaging and therapeutic properties expanding the scope of nuclear medicine. Personalized treatment strategies have gained traction, with over 20 million nuclear medicine procedures performed annually in the U.S., driven by innovations in the field. The integration of artificial intelligence (AI) and machine learning (ML) into imaging technology has also improved diagnostic accuracy by automating image analysis and enhancing image reconstruction.
   

Nuclear Medicine Market Analysis

Based on product, the market is categorized into diagnostics and therapeutics. The diagnostics segment dominated the market with a revenue of around USD 9.4 billion in 2023.
 

• Rising healthcare expenditures and infrastructure improvements in emerging markets are facilitating access to advanced diagnostics like nuclear imaging. These regions are also experiencing higher rates of chronic disease, further driving the demand.
   
• Additionally, nuclear diagnostics, specifically myocardial perfusion imaging (MPI), are essential in cardiology for evaluating blood flow and identifying heart diseases. This technique is valuable in assessing cardiac function and identifying areas with insufficient blood supply. The demand for cardiac imaging using nuclear diagnostics is increasing as the prevalence of heart disease rises globally, driven by lifestyle changes and an aging population.
   

Based on application, the nuclear medicine market is categorized into neurology, cardiology, oncology, thyroid, pulmonary, and other applications. The neurology segment dominated the market in 2023 with a market share of 30.3%.
 

• The increase in conditions like Alzheimer’s disease, Parkinson’s disease, and other dementias is a major driver contributing to industry growth. These diseases are especially prevalent in aging populations, creating a significant demand for accurate and precise diagnostic tools. Nuclear imaging with PET and SPECT helps in identifying early signs of these diseases by visualizing changes in brain activity and metabolic patterns, which traditional imaging methods often cannot detect as early.
   
• Further, the development of new radiotracers specifically targeting neurological markers has expanded the use of nuclear medicine in neurology. For example, amyloid and tau tracers in PET scans are valuable for diagnosing Alzheimer’s disease, even before symptoms become severe. Such tracers improve the specificity of imaging results, enabling more accurate differentiation between different types of neurodegenerative conditions.
   

Based on end use, the nuclear medicine market is categorized into hospitals, diagnostic centres, research institutes, and other end users. The hospitals segment dominated the market in 2023 and is anticipated to reach USD 33.3 billion by the end of forecast period.
 

• Hospitals are investing in advanced imaging technologies and employing trained nuclear medicine specialists, making them capable of handling a wide range of nuclear medicine applications, from diagnostics to theranostics.
   
• Further, hospitals are adopting hybrid imaging systems like PET/CT, SPECT/CT, and PET/MRI, which combine anatomical and functional imaging for enhanced diagnostic accuracy. These systems are often only available in well-resourced hospital settings, increasing patient volume. Hybrid imaging allows hospitals to provide comprehensive diagnostics that enable more accurate and tailored treatment, especially for patients with complex or multi-system diseases.
   
• Moreover, specialized departments in hospitals are equipped to perform complex nuclear medicine procedures, which smaller clinics often cannot support, drawing patients to hospital settings.
   

North America nuclear medicine market accounted for USD 7 billion market revenue in 2023 and is anticipated to grow at a CAGR of 15.6% between 2024 and 2032.
 

• The region’s advanced healthcare infrastructure enables high adoption rates of innovative nuclear imaging technologies, including hybrid imaging systems like PET/CT and SPECT/CT. Well-equipped healthcare facilities including hospitals, specialty clinics, and diagnostic centers in North America can integrate sophisticated nuclear imaging and therapeutic solutions more readily than in many other regions.
   
• Additionally, the region's aging population is more susceptible to chronic and age-related diseases, such as Alzheimer’s and certain types of cancers, driving demand for nuclear diagnostics to aid in early detection and personalized care. Elderly patients benefit from non-invasive nuclear imaging options that reduce procedural risks and support regular monitoring of conditions over time.
   

The U.S. nuclear medicine market was valued at USD 6.5 billion in 2023 and is projected to grow substantially in the coming years.
 

• The increasing prevalence of chronic diseases such as cancer and cardiovascular conditions are fuelling demand for advanced diagnostic and therapeutic solutions. With cancer rates continuing to rise, the need for effective radiopharmaceutical treatments is becoming more critical day by day.
   
• Moreover, the growing emphasis on personalized medicine is another important factor contributing to market growth. Clinicians are increasingly utilizing targeted radiopharmaceuticals for tailored treatment plans, particularly in oncology, where therapies like lutetium-177 (Lu-177) are being used to treat specific tumors. The adoption of such precision medicine approaches is reflected in the expanding number of nuclear medicine facilities across the country.
   

The UK nuclear medicine market is projected to grow remarkably in the coming years.
 

• The UK’s National Health Service (NHS) has shown strong support for nuclear medicine, with funding directed at improving diagnostic capabilities and expanding nuclear medicine departments in hospitals.
   
• Moreover, government initiatives to support early diagnosis and preventive healthcare have further driven demand for nuclear imaging, as early intervention has become a priority for healthcare services.
   
• Furthermore, clinical trials and research activities focusing on novel imaging agents and therapies are creating demand for nuclear imaging capabilities in UK hospitals and research centers.
   

China holds a dominant position in the Asia Pacific nuclear medicine market.
 

• China has seen a significant rise in cancer, cardiovascular diseases, and neurological disorders. Nuclear medicine, particularly PET and SPECT imaging, plays a critical role in diagnosing and monitoring these diseases, supporting the demand for nuclear diagnostics. Early detection and accurate staging of chronic diseases are increasingly prioritized in the country, as healthcare providers work to improve patient outcomes with timely and effective interventions.
   
• In addition, China’s expanding domestic production of radiopharmaceuticals, driven by government incentives and partnerships with international pharmaceutical companies, has increased the availability of nuclear imaging agents and therapies in the country.
   

Nuclear Medicine Market Share

The market is dominated by some of the major market players operating worldwide. The market is competitive in nature, with major organizations, local small players, and start-ups joining the industry competition. Key players are entering partnerships with hospitals, academic institutions, and smaller biotech firms to develop innovative radiopharmaceuticals and expand treatment capabilities. Leading companies, such as Jubilant Pharma, Cardinal Health, Inc., Novartis AG, Lantheus, GE Healthcare, and Boston Scientific Corporation among others are increasing their portfolios in therapeutic radiopharmaceuticals, especially for targeted cancer treatment.
 

Nuclear Medicine Market Companies

Some of the eminent market participants operating in the nuclear medicine industry include:

• Actinium Pharmaceuticals
• Boston Scientific
• Bracco
• Cardinal Health
• Curium Pharma
• GE Healthcare
• Jubilant Pharma
• Lantheus
• Novartis
• RadioMedix
• RLS Radiopharmacies
• Siemens Healthineers
• Sirtex
• Sun Pharma
• Theragenics
   

Nuclear Medicine Industry News:

• In October 2024, Curium announced it has entered into a strategic partnership with PDRadiopharma a wholly owned subsidiary of PeptiDream, for the clinical development, regulatory filing, and commercialization in Japan of 177Lu-PSMA-I&T and 64CuPSMA-I&T. This collaboration not only expands Curium's product portfolio in the rapidly evolving field of nuclear medicine but also strengthens its market presence in Japan, allowing for faster development and access to innovative therapies for prostate cancer patients.
   
• In March 2021, Boston Scientific Corporation announced it has received U.S. Food and Drug Administration (FDA) approval of the TheraSphere Y-90 Glass Microspheres, developed for the treatment of patients with hepatocellular carcinoma (HCC). This product launch helped the company to gain a competitive edge over its peers and enhance its business revenue.
   

The nuclear medicine market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2021 to 2032 for the following segments:

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Market, By Product

• Diagnostics
  • Single photon emission computed tomography (SPECT) isotopes
    • TC-99m
    • I-123
    • GA-67
    • TL-201
    • Other SPECT isotopes
  • Positron emission tomography (PET) isotopes
    • F-18
    • RB-82
    • Other PET isotopes
• Therapeutics 
  • Beta emitters
    • I-131
    • Lu-177
    • Y-90
    • SM-153
    • Re-186
    • Other beta emitters
  • Brachytherapy isotopes
    • Iridium-192
    • Iodine-125
    • Cesium-131
    • Palladium-103
    • Other brachytherapy isotopes
  • Alpha emitters
    • RA-223
    • Other alpha emitters

Market, By Application

• Neurology
• Cardiology
• Oncology
• Thyroid
• Pulmonary
• Other applications

Market, By End Use

• Hospitals
• Diagnostic centres
• Research institutes
• Other end users

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Netherlands
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE