Nuclear Medicine Radioisotopes Market

Market Overview:

The global nuclear medicine radioisotopes market size reached US$ 7.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 14.2 Billion by 2032, exhibiting a growth rate (CAGR) of 7.51% during 2024-2032. The rising prevalence of cancer, the escalating demand for nuclear medicines, and various technological advancements represent some of the key factors driving the market.

Nuclear medicine radioisotopes are radioactive substances that are used in diagnostic and therapeutic procedures for various medical conditions. These radioisotopes emit radiation, which can be detected and measured to provide information about the structure and function of organs and tissues in the body. They are mainly utilized for diagnostic and therapeutic applications. In diagnostic applications, radioisotopes are employed to create images of the body's internal organs and systems. This allows healthcare professionals to identify abnormalities and diagnose conditions such as cancer, heart disease, and neurological disorders. On the other hand, in therapeutic applications, radioisotopes are used to deliver targeted radiation therapy to cancer cells or other abnormal tissues in the body. Moreover, nuclear medicine radioisotopes have several advantages over traditional diagnostic and therapeutic procedures as they are non-invasive, do not require surgical incisions or other invasive procedures, and have a lower risk of side effects and complications compared to treatments such as chemotherapy or radiation therapy. Owing to these benefits, nuclear medicine radioisotopes are widely utilized in hospitals across the globe.

Nuclear Medicine Radioisotopes Market Trends:

The market is primarily driven by the growing prevalence of cancer among individuals. Nuclear medicine radioisotopes are widely used in cancer diagnosis solutions such as PET scans and treatment therapies. In addition, the rising geriatric population that is more susceptible to chronic diseases such as cancer, heart disease, and neurological disorders, which require the use of nuclear medicine radioisotopes, represents another major growth-inducing factor. Besides this, various technological advancements have led to the development of new and improved diagnostic and therapeutic applications of nuclear medicine radioisotopes. This, coupled with the increasing investment and demand for nuclear medicines, is positively influencing market growth. Governments and private organizations are investing heavily in the research and development of nuclear medicine technologies, leading to the creation of new products and applications, which in turn is driving the market growth. Moreover, the market is also propelled by the growing patient awareness about radiation and radiation therapy. Furthermore, the rising healthcare expenditure, the launch of advanced product variants, and increasing research and development activities conducted by key players are other factors creating a favorable market outlook.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global nuclear medicine radioisotopes market, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on product, application, and end user.

Product Insights:

• Diagnostics 
  • Technetium-99m (Tc-99m)
  • Gallium-67
  • Thallium-201
  • Fluorine-18
  • Others
• Therapeutics
  • Rhenium-186
  • Iodine-131
  • Samarium-153
  • Yttrium-90
  • Others
     

The report has provided a detailed breakup and analysis of the nuclear medicine radioisotopes market based on the product. This includes diagnostics [technetium-99m (Tc-99m), gallium-67, thallium-201, fluorine-18, and others] and therapeutics (rhenium-186, iodine-131, samarium-153, yttrium-90, and others). According to the report, diagnostics (technetium-99m (Tc-99m) represented the largest segment.

Application Insights:

• Cardiology
• Oncology
• Thyroid
• Neurology
• Others
   

A detailed breakup and analysis of the nuclear medicine radioisotopes market based on the application has also been provided in the report. This includes cardiology, oncology, thyroid, neurology, and others. According to the report, cardiology accounted for the largest market share.

End User Insights:

• Hospitals
• Diagnostic Centers
• Specialty Clinics
• Education and Research Institutes
• Others
   

The report has provided a detailed breakup and analysis of the nuclear medicine radioisotopes market based on the end user. This includes hospitals, diagnostic centers, specialty clinics, education and research institutes, and others.

Regional Insights:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for nuclear medicine radioisotopes. Some of the factors driving the North America nuclear medicine radioisotopes market included aging population, technological advancements, rising prevalence of cancer.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global nuclear medicine radioisotopes market. Detailed profiles of all major companies have also been provided. Some of the companies covered include Bracco S.p.A., Bruce Power Inc., Cardinal Health Inc., China Isotope & Radiation Corporation (China National Nuclear Corporation), Curium Pharma, Eckert & Ziegler, Nordion (Canada) Inc (Sotera Health Company), NorthStar Medical Radioisotopes, LLC, NTP Radioisotopes SOC Ltd.,Shine Technologies LLC, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Questions Answered in This Report:

• How has the global nuclear medicine radioisotopes market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global nuclear medicine radioisotopes market?
• What is the impact of each driver, restraint, and opportunity on the global nuclear medicine radioisotopes market?
• What are the key regional markets?
• Which countries represent the most attractive nuclear medicine radioisotopes market?
• What is the breakup of the market based on the product?
• Which is the most attractive product in the nuclear medicine radioisotopes market?
• What is the breakup of the market based on the application?
• Which is the most attractive application in the nuclear medicine radioisotopes market?
• What is the breakup of the market based on end user?
• Which is the most attractive end user in the nuclear medicine radioisotopes market?
• What is the competitive structure of the global nuclear medicine radioisotopes market?
• Who are the key players/companies in the global nuclear medicine radioisotopes market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the nuclear medicine radioisotopes market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global nuclear medicine radioisotopes market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the nuclear medicine radioisotopes industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.