Nuclear Medicine Global Market – Forecast To 2030
Nuclear medicine is a highly
multi-disciplined medical specialty sector that uses small amounts of
radioactive material to diagnose and treat diseases related to the
gastrointestinal system, neurology, endocrine system, cardiology, inflammation,
pain and cancer, etc. Radiopharmaceuticals containing a radioactive tracer are
generally inhaled, swallowed, or injected into the patient, and the gamma-rays
emitted by these materials are used by the SPECT and PET imaging modalities to
display images. The nuclear medicine technique provides enhanced, early
detection, accurate diagnosis, rapid results, detailed description of various
diseases and helps in adopting additional treatment plans when compared to traditional
imaging methods. The adoption of nuclear medicine for effective usage in
integrated structure-function imaging has made it a preferred imaging technique
over traditional methods and increases its use in diagnostic radiology and
various therapeutic indications. Advancements in radioactive tracers are
providing practical methods for studying the limited metabolic activities and
in the development of next-generation therapeutic radiopharmaceuticals
conjugated with antibodies and peptides, which are expanding new areas of
research.
According to IQ4I
Research, the nuclear medicine global market is estimated to grow at a high
single-digit CAGR from 2021 to 2030 to reach $11,362.0 million by 2030.
Increasing radioisotopes application, rise in public awareness, use of SPECT/CT
and PET/CT imaging scans (hybrid imaging), and advancements in technology are
driving nuclear medicine market growth. In addition, increasing demand in
emerging markets, production of radiopharmaceuticals from cyclotrons, efficient
diagnosis and treatments, emerging radioisotopes, and replacement of
old/traditional equipment are the opportunities likely to propel the growth of
the nuclear medicine market. There has been a decline in the overall number of
nuclear medicine procedures performed in 2021 because the healthcare resources
were diverted to deal with the second and third wave of the COVID-19 pandemic
in the early months of the year, later there has been a recovery in the number
of radiopharmaceutical procedure and it will take one to two years to reach the
levels of 2019.
The nuclear medicine
market is segmented based on modality, end-users, and geography. Further, the
market based on modality is segmented into diagnostics (SPECT and PET) and
therapeutics market (alpha radiation therapy, beta radiation therapy, and
brachytherapy). The diagnostics market generated the largest market revenue in
2021 and is expected to grow at a mid-single-digit CAGR from 2021 to 2030 and
the therapeutics segment is expected to grow at a strong double-digit CAGR from
2021 to 2030. Among the diagnostics sub-segments, SPECT commanded the largest
revenue in 2021 and is expected to grow at low single-digit CAGR from 2021 to
2030. Among SPECT isotopes, Technetium (Tc-99m) accounted for the largest
revenue in 2021 and is expected to grow at a low single-digit CAGR from 2021 to 2030. The PET segment is
expected to grow at a mid-single-digit CAGR from 2021 to 2030 due to high
accuracy and better contrast of images. Among PET isotopes, Fluorodeoxyglucose
(18F-FDG) accounted for the largest revenue in 2021 and is expected to grow at
mid-single-digit CAGR from 2021 to 2030. Gallium (Ga-68) is expected to grow at
high double-digit CAGR from 2021 to 2030.
Among the therapeutic
nuclear medicine market segments, beta radiation accounted for the largest
share in 2021 and is projected to grow at a high double-digit CAGR from 2021 to
2030 due to the anticipated launch of many promising late-stage therapeutic
products based on Lu-177, Ac-225, At-211, and Y-90 isotopes. Among the
therapeutic nuclear medicine market based on application, GEP-NETs accounted for
the largest share in 2021 and is expected to grow at high teen CAGR from 2021
to 2030. Prostate cancer is expected to grow at a high teen CAGR from 2021 to
2030 due to the anticipated launch of Lu-177 PSMA-617 and rapid adoption across
regions.
Among the nuclear medicine
market based on end-users, the hospitals' segment accounted for the largest
share in 2021 and is expected to grow at a high single-digit CAGR from 2021 to
2030. Among the nuclear medicine global market based on geography, North
America commands the largest revenue in 2021 and is expected to grow at a high
single-digit CAGR from 2021 to 2030..
The market is moving
towards consolidation where large players are acquiring small innovative
companies to consolidate their competitive position and to integrate their
operations. For instance, In May 2021, GE Healthcare acquired Zionexa to
develop and bring to market its pipeline biomarkers, as well as the recently
FDA-approved PET imaging agent, Cerianna (fluoroestradiol F-18), this
acquisition enables GE to introduce more precise diagnosis tools, improved
treatment decision-making and clinical outcomes for patients.
Considering the
attractiveness of the nuclear medicine market, several venture capitalists are
investing in nurturing new applications or increasing market access for
advanced isotopes for several applications. According to IQ4I analysis, the
reported funding received by companies during the period 2020-2021 was worth
~$XX million.
According to IQ4I
analysis, the nuclear medicine market is consolidated and the major players are
Novartis, Curium Pharma, GE Healthcare, Cardinal Health, Bayer Group, Sumitomo
Chemicals, Fujifilm, and Jubilant which occupy XX% of the market, among these,
Novartis is recognized as the global leader with the largest share of XX% of
the overall market in 2021.
Currently, most of the
radiopharmaceuticals demand is met through the research reactors which are
cost-effective and very well suited for commercial, large-scale production,
however, as many of them are reaching the end of their lifespan, accelerators
or cyclotrons have emerged as an alternative by offering many advantages, such
as less radioactive waste and cheaper operating and decommissioning costs.
Also, many of the radioisotopes have a very short half-life which necessitates
constant production to meet demand and quick consumption and thus curtailing
its reach to remote medical facilities.
The emergence of
radioisotope targeted imaging and therapy (Theranostics) in managing cancers
through a personalized treatment approach and the approval of Lutathera (Lu-177
Dotatate) has revitalized the interest in nuclear medicine. Various isotopes
emitting alpha ((Ac-225), Radium (Ra-223, Ra-224)) and beta radiation (I-131,
Lu-177, and Y-90) are under different stages of clinical development. Some
isotopes such as Bismuth (Bi-213) and Rhenium (Re-188) are being explored to
cure chronic infectious diseases, in the form of Radio-immunotherapy (RIT).
Cryptococcus neoformans, HIV, and Bacillus anthracis have been tested in animal
models with promising results.
Major players in the
nuclear medicine global market are Novartis International AG (Advanced
accelerator) (Switzerland), Curium Pharma (France), GE Healthcare (U.S.),
Cardinal Health (U.S.), Bayer Group (Germany), Jubilant Pharmova (India),
Lantheus Medical Imaging (U.S.), Bracco S.p.A (Italy), Sumitomo Chemicals,
(Japan), CDH Investments/China Grand Pharma (Sirtex Medical) (China), and
Fujifilm Holding Corporation (Japan).
Contact:
Yashavanth BT
Business development executive
Phone : 0229-+918147030229
Email : yashavanth.b@iq4i.com