U.S. Nuclear Medicine Market – By Product, By Application, By End Use, & Forecast, 2024 – 2032

U.S. Nuclear Medicine Market Size

The U.S. nuclear medicine market size was valued at around USD 6.5 billion in 2023 and is expected to exhibit growth at a CAGR of 15.6% from 2024 to 2032. The radiopharmaceutical market in the U.S. is booming owing to several factors, which include technological progress, an increase in disease burden, and an emphasis on targeting medicine.
 

Also, the market for radiopharmaceuticals is witnessing growth due to the increasing application-based use in the field of oncology, cardiology, and neurology. There is a growing need for medical imaging and therapy techniques that are more robust in diagnosing and treating cancer, heart disease, and nervous system disorders due to the high prevalence of these diseases, which in turn is driving the demand and use of radiopharmaceuticals, which are used in nuclear imaging techniques including the PET and SPECT scans.

Furthermore, the introduction of theranostics is observed more traction, as it allows the synthesis of diagnostic imaging with targeted therapies for the treatment of patients, which enhances the outcomes of patients. This trend is particularly prominent with the Lutetium-177 and Radium-223, which are used to destroy cancerous cells while preserving surrounding non-cancerous cells. Also, giving epithalamus more importance may lead to improvement in the quality and quantum of isotopes needed for imaging. The chemistry involved in the synthesis and quality control of roentgen and gamma-directed interventional drugs is essential to be controlled to guarantee effectiveness and safety in clinical environments.
 

Nuclear medicine is a branch of medicine that makes use of radioactive substances (radioisotopes) for the treatment and diagnosis of diseases. For therapeutic purposes, higher dosages of radiopharmaceuticals such as iodine-131 are given to patients suffering from cancer and hyperthyroid by targeting cells to directly emit radiation.
 

U.S. Nuclear Medicine Market Trends

The growth of the market will be fueled by the surging demand for non-invasive diagnostic techniques and targeted therapies. A major contributing factor is the increasing burden of chronic diseases, especially cancer and cardiovascular diseases, that require the use of advanced diagnostic equipment such as PET and SPECT imaging.
 

• The market is also supported by the innovation of radiopharmaceuticals with an increase in the number of approved drugs by the FDA that allow for more accurate imaging and treatment of tumors. For instance, the FDA approval of Lutetium Lu 177 Dotatate (Lutathera) for the treatment of neuroendocrine tumors is indicative of the shift towards targeting radionuclide therapies, and this strategy will grow in the coming years.
   
• Furthermore, growing funds allocated for R&D are enhancing the development of hybrid imaging systems and innovative radiotracers. The aging population has also encouraged the growth since chronic diseases occur more frequently in the older population. From the regulatory perspective, government policies promoting nuclear medicine development along with pharmaceutical and diagnostic centers collaborations are all contributing to the market growth.
   

U.S. 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 4.5 billion in 2023.
 

• Rise in the prevalence of chronic diseases, innovation in imaging modalities, increased need for prompt and exact diagnosis, and a steady growth towards genetically tailored medications are some of the factors that are shaping the growth of the segment. Also, the increased incidence of cancer, heart disease, neurological conditions, and other similar diseases due to the increase in the geriatric population, specifically in the U.S., is resulting in high market demand.
   
• According to the National Cancer Institute, the number of new cancer cases per year is expected to rise to 29.9 million and the number of cancer-related deaths to 15.3 million worldwide by 2040. Similarly, in 2024, an estimated 2,001,140 new cases of cancer will be diagnosed in the U.S.  This emphasizes the need for effective diagnostic tools that nuclear medicine can provide.
   
• Also, it has been noted that imaging modalities have improved the diagnostic ability of doctors largely with the help of technological innovations such as SPECT and PET. These advanced imaging techniques offer higher resolution images, allowing for better localization and characterization of tumors and other abnormalities.
   

Based on application, the U.S. 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%.
 

• One of the key drivers of this segment is the growing prevalence of neurodegenerative diseases, especially Alzheimer’s disease. According to the Alzheimer’s Association, in 2023, an estimated 6.7 million Americans aged 65 and older were living with Alzheimer’s. There’s been a historic need for non-invasive imaging that could allow for the detection of people with mild forms of dementia and in particular. In 2022, improvements in PET imaging using tau-specific tracers also began to gather steam, giving a better understanding of Alzheimer’s pathology.
   
• Around 90,000 people are diagnosed with Parkinson’s disease every year in the U.S., a data shared during a study, by the Parkinson’s Foundation, in 2022.
• Therefore, increase in the number of patients suffering with neurological disorders along with the development and commercialization of new imaging systems and radiopharmaceuticals are likely to continue the rise in demand for nuclear medicine in neurology.

Based on end use, the U.S. 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 15 billion by the end of forecast period.
 

• Single Photon Emission Computed Tomography (SPECT), and Positron Emission Tomography (PET) scans seem to be in higher demand within the nuclear medicine market, since these sophisticated diagnostic tools can provide precise and early diagnosis of diseases like cancer and heart conditions.
   
• These tools are used in hospitals as part of their advanced infrastructure to offer cutting-edge medicine services. Increasing radiation adoption will also lead to an increase in the amount of nuclear imaging equipment within hospitals. Also, the rise in investment in radiopharmaceutical and nuclear medicine equipment in hospitals is driving the segment growth.

The East North Central nuclear medicine market accounted for USD 1 billion market revenue in 2023 and is anticipated to grow at a CAGR of 16% between 2024 – 2032 period.
 

• Illinois and Michigan are states that have recorded testaments of a steep increase in the prevalence of cancer and cardiovascular diseases. This has led to an increased demand for nuclear medicine, diagnostic and therapeutic procedures which in turn makes the East North Central zone of the market grow.
   
• The region itself is also home to a few of the universities like the Cleveland Clinic and University of Chicago Medical Center that make major innovations in nuclear medicine. Their collaboration boosts the use as well as the availability of these technologies.
   
• Furthermore, projects aimed at improving the nuclear medicine service provision in Indiana and Ohio are stimulating further growth of the market.
   

West South-Central nuclear medicine market is projected to grow remarkably in the coming years.
 

• A major factor influencing the market is the rising incidence of chronic ailments, predominantly cancer and cardiovascular diseases, which has subsequently led to an increased requirement and more advanced diagnostic imaging options such as PET and SPECT. For instance, Texas has witnessed a relatively high number of cancer patients resulting in an increased demand for nuclear medical services such as PET and SPECT.
   
• In Texas, an estimate of approximately 131,610 new cancer cases were identified in the year 2021 as reported by the Texas Department of State Health. Also, the region is characterized by a concentration of health care facilities and research institutions, which promotes progress and the introduction of new equipment, particularly nuclear imaging devices.
   
• In addition, measures that promote the use of telehealth services in remote areas also support the expansion of the target market.
   

U.S. Nuclear Medicine Market Share

A few of the prominent participants have a strong hold on the market. The competition in the market is fierce with close associations of big corporations, small local players and startups. The competitive landscape is amalgamated with local and international firms targeting the business opportunities in the healthcare sector. There is a presence of large bibliographies of nuclear medicine, diagnostics and therapeutics, technology innovation, and international offices, from companies like Jubilant Pharma, Cardinal Health, Inc, Novartis AG, Lantheus, GE Healthcare, and Boston Scientific Corporation.
 

U.S. Nuclear Medicine Market Companies

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

• Actinium Pharmaceuticals
• Best Medical International
• Boston Scientific Corporation
• Bracco
• Cardinal Health
• Curium Pharma
• GE Healthcare
• GT Medical Technologies
• Iso-Tex Diagnostics
• ITM Isotope Technologies
• Jubilant Pharma
• Lantheus
• Novartis
• RadioMedix
• RLS Radiopharmacies
• Siemens Healthineers
• Sirtex
• Sun Pharmaceutical Industries
• Theragenics Corporation
   

USPs for the Top Players:

• Technology for precision diagnostics through advanced imaging in nuclear medicine.
   
• Imaging devices, digital tools and radiopharmaceutical production as industrial integrated solutions.
   
• International network for isotopes and radiopharmaceuticals.
   

U.S. Nuclear Medicine Industry News:

• In September 2024, GE HealthCare announced that the U.S. Food and Drug Administration (FDA) has granted approval of Flyrcado (flurpiridaz F 18) injection, a positron emission tomography myocardial perfusion imaging (PET MPI) agent, for the detection of coronary artery disease (CAD). This strategic approval is expected to enhance GE HealthCare’s market position and drive growth by expanding their diagnostic imaging portfolio and addressing a critical need in cardiovascular health.
   
• In June 2023 Jubilant Draximage Inc. through its Radiopharmacy business division and Evergreen Theranostics, Inc. announced a new agreement for Jubilant's radiopharmacy business to prepare, sell, and distribute doses of OCTEVY (Kit for Preparation of Ga 68 DOTATOC Injection) to positron emission tomography (PET) customers across the U.S. This strategic partnership is expected to enhance Jubilant’s market reach and strengthen its position in the PET imaging market, driving growth and expanding its customer base.
   

The U.S. 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 zones:

• East North Central
• West South Central
• South Atlantic
• Northeast
• East South Central
• West North Central
• Pacific Central
• Mountain States