Nuclear Medicine Market Size, Growth, Market Research and Industry Forecast Report, 2027 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Nuclear Medicine Market


The global nuclear medicine market size was valued at USD 6.1 billion in 2019 and is estimated to witness a CAGR of 9.5%during the forecast period. Rising incidence of cancer is one of the major factors expected to boost the market for nuclear medicine. For instance, according to WHO, in 2018, globally there were an estimated 9.6 million deaths due to cancer.

Moreover, increasing prevalence of cardiovascular diseases is contributing to the growth of the market for nuclear medicine. For instance, according to WHO, cardiovascular diseases accounted for more than 17.9 million deaths worldwide every year. The number is expected to reach over 23.6 million by 2030.

Research and studies are conducted to enhance radiotherapy for various diseases such as thyroid-related diseases, respiratory diseases, bone diseases, and neurological diseases. For instance, in July 2019, a research was published by French investigator demonstrating the use of hafnium oxide nanoparticle NBTXR3 as a radio enhancer to improve response of radiotherapy for soft-tissue sarcoma.

In addition, radiopharmaceuticals are being extensively used in molecular imaging, a technique involving molecules as biomarkers for specific molecular processes that determine the onset and/or progress of a disease. This is expected to drive the market for nuclear medicine during the forecast period.

Positron Emission Tomography (PET) uses radioisotopes for the diagnosis of the targeted organs. Adoption of PET as a diagnostic tool is rapidly increasing as it offers higher accuracy over other diagnostic techniques. Generally, to increase accuracy it is integrated with X-ray and Computed Tomography (CT). Growing need for early and accurate diagnosis, along with the rising demand for better medical solutions, is fueling the radiopharmaceuticals market.

Government initiatives and funding for the development of new techniques are anticipated to drive the nuclear medicine market. For instance, in January 2019, European Fund for Regional Development (EFRO) and Kansen voor West organization had funded USD 7.67 million to NRG to FIELD-LAB that will develop new nuclear medicines to treat cancer.

In addition, a new bill named Medicare Diagnostic Radiopharmaceutical Payment Equity Act of 2019 is expected to get passed by the government of U.S. The new bill aims to extend access to high-targeted, and more precise diagnosis and treatment of severe neurological diseases, by changing the way of medicare payments for imaging services.

Product Insights of Nuclear Medicine Market

It is further segmented into diagnostic products and therapeutic products. Currently, Single-Photon Emission Computed Tomography (SPECT) and PET techniques are widely employed in radiopharmaceutical diagnostic procedures.

PET is a commonly used imaging technique in nuclear medicine. It allows a non-invasive and quantitative imaging of cellular and molecular events in patients giving functional information in contrast to morphological information obtained from conventional imaging techniques like computed tomography (CT) or magnetic resonance imaging (MRI).

For this imaging method so-called PET tracers, which are biological molecules or sometimes artificial building blocks for specific targets labeled with positron emitters (e.g., gallium-68, fluorine-18), are intravenously injected into the patient. These radioactive nuclides decay by positron emission. After a certain reach in tissue (depending on the nature of both the radionuclide and the tissue), the positron will interact with an electron and this interaction will result in an annihilation event.

PET systems use multiple detectors connected by a coincidence circuit that are distributed in opposite directions and encircle the patient. Only if two detectors opposite to each other detect a signal within a very short coincidence time (nanoseconds), a positron decay is registered. This imaging technique is ideal to monitor molecular events in early disease stages as well as treatment response.

An optimal PET tracer should be easy to produce and to radioactively label. Other important properties of such a PET tracer are demonstrated by a rapid uptake in targeted tissue (high specificity), a rapid clearance from non-targeted tissue, a high stability in vivo, and by an absence of host-immune response. These properties enable the imaging of the patient shortly after radiotracer administration and minimize the dose to the patient, who is free to go home right after the examination is finished. For proper diagnostics, the radiotracer should demonstrate high target-to-background ratios, whereas the absolute uptake into the targeted tissue does not necessarily have to be high

Factors such as noninvasiveness, cost-effectivity, easy to handle, early diagnosis, and high sensitivity towards abnormalities in an organ function or structure are driving the diagnostic nuclear medicine market.

SPECT dominated the market for nuclear medicine in 2019 owing to low cost and wide usage in different applications. Furthermore, digital SPECT scanners are being introduced in the market for nuclear medicine by key players to improve diagnosis. For instance, in November 2018, Spectrum Dynamics received U.S. FDA approval for VERITON-CT 64 SPECT/CT system offering more image detail and a 360 degree multi-detector geometry to yield high sensitivity.
PET is projected to be the fastest growing segment over the forecast period owing to use of high-energy waves to produce 3D image, whole body scan for high accuracy, and ability to diagnose chronic diseases such as Alzheimers diseases, cancer, and respiratory diseases.
The therapeutic segment includes alpha emitters, beta emitters, and brachytherapy. Beta emitters held the largest share of the market for nuclear medicine in 2019 owing to less damage to surrounding cells, low energy levels, and travel long distance.

Furthermore, the most commonly used beta emitting radioisotopes involves I-131, Y-90, SM-153, and Re-186. Whereas, brachytherapy is expected to witness the fastest growth over the forecast period. High accuracy and minimized risk of side effects are the factors attributed to the fastest growth of brachytherapy.

Application Insights of Nuclear Medicine Market

Radiopharmaceuticals are used in the field of cardiology, oncology, thyroid, neurology, lymphoma, bone metastasis, endocrine tumor, and others. Cardiology is expected to be the fastest growing segment during the forecast period owing to low cost of techniques and high adoption rate.

In September 2020, RadioMedix Inc. and its commercial partner Curium announced today that DetectnetTM (copper Cu 64 dotatate injection) was approved by the U.S. Food and Drug Administration (FDA). Detectnet is a positron emission tomography (PET) agent indicated for the localization of somatostatin receptor positive neuroendocrine tumors (NETs) in adult patients. Curium expects to launch Detectnet immediately with doses available through various nuclear pharmacies or directly from Curium.

The 12.7-hour half-life allows Detectnet to be produced centrally and shipped to sites throughout the U.S. This will help alleviate shortages or delays that have been experienced with other somatostatin analogue PET agents.

In August 2019, [68Ga]Ga-DOTA-TOC was approved by the Food and Drug Administration (FDA) for positron emission tomography (PET) imaging of somatostatin receptor (SSTR)-positive gastroenteropancreatic neuroendocrine tumors. Holder of the marketing authorization is the UIHC“PET Imaging Center (University of Iowa Health Care (UIHC)), in Iowa, USA. The ready-to-use 68Ga-labeled peptide was already approved in some European countries (Austria, Germany, and France) in 2016 (IASOtoc®, IASON GmbH, Graz, Austria) and in 2018 (TOCscan®, ITM AG, Mí¼nchen, Germany). Also in Europe, a kit preparation for 68Ga-labeling of DOTA-TOC (SomaKit TOC®, AAA, a Novartis company, Saint-Genis-Pouilly, France) was approved by the European Medicines Agency (EMA) on 8 December 2016. Use of this kit along with an authorized 68Ge/68Ga-generator enables on-site preparation of [68Ga]Ga-DOTA-TOC even in small facilities.

Similar to Europe, in the U.S. a kit preparation for 68Ga-labeling of DOTA-TATE (NETSPOT, AAA, a Novartis Company, Saint-Genis-Pouilly, France) was approved by the FDA on 1 June 2016. These kits allow decentralized tracer production and therefore enable the application of the radiotracer to patients who do not live in the vicinity of a centralized production site.

Therefore, key players are focusing on development of new diagnostic techniques to combat cardiovascular diseases. For instance, in September 2017, Royal Philips launched CardioMD IV, a cardiac SPECT solution to deliver improved workflow for cardiac imaging at lower cost. However, the thyroid treatment segment is expected to show lucrative growth during the forecast period.

Regional Insights of Nuclear Medicine Market

The global market for nuclear medicine has been segmented on the basis of region into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa. North America dominated the overall market in terms of revenue in 2019 due to high investments in R&D and support of government towards use of medical isotopes are some factors driving the market. The Europe market also held a significant share in the global market in 2019.

The market in Asia Pacific is expected to grow at a significant rate during the forecast period. Increasing geriatric population and awareness about nuclear medicines & molecular imaging are contributing to the growth of the radiopharmaceuticals market in this region. Furthermore, this region is focusing on development of radiopharmaceuticals for diagnosis and treatment of various diseases. For instance, in August 2018, Indonesias National Nuclear Agency (BATAN), along with International Atomic Energy Agency (IAEA), developed a new radiopharmaceuticals (99mTc-ethambutol) for diagnosis of tuberculosis.

Market Share Insights of Nuclear Medicine Market

Key players in the market for nuclear medicine include companies such as Nordion, Inc., Eckert & Ziegler Group, GE Healthcare, and Bracco Imaging S.p.A., as well as government organizations such as Department of Atomic Energy and Australian Nuclear Science and Technology Organization (ANSTO).
These key players are implementing multiple strategies to maintain their significant share in the market for nuclear medicine during the forecast period. The strategies implemented include product developments, business expansion, and collaborative development. For instance, in April 2019, Nordion, Inc. acquired Cobalt-60 from the Board of Radiation and Isotope Technology (BRIT) for distribution to Europe.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Nuclear Medicine Market Research Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2030. For the purpose of this study, this market research report has segmented the nuclear medicine market report on the basis of product, application, and region:

Product Outlook (Revenue, USD Million, 2019 - 2030)

Diagnosticproducts

  
SPECT
  
TC-99m
  
TL-201
  
GA-67
  
I-123
  
Other SPECT products

PET

  
F-18
  
SR-82/RB-82
  
Other PET products

Therapeutic Products

  
Alpha Emitters
  
RA-223
  
Other alpha emitters

Beta Emitters

  
I-131
  
Y-90
  
SM-153
  
Re-186
  
Lu-117
  
Other beta emitters

Brachytherapy

  
Cesium-131
  
Iodine-125
  
Palladium-103
  
Iridium-192
  
Other brachytherapy products

Application Outlook (Revenue, USD Million, 2019 - 2030)

  
Cardiology
  
Neurology
  
Oncology
  
Thyroid
  
Lymphoma
  
Bone Metastasis
  
Endocrine Tumor
  
Others

Global Image-guided Therapy Systems Market: By Region

North America

  
U.S.

Europe

  
UK
  
France
  
Germany

Asia Pacific

  
China
  
Japan
  
India

Latin America

  
Brazil

Middle East and Africa