Nuclear Medicine Market Size

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.

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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.