Nuclear Medicine Global Market

–Forecast to 2024

Nuclear Medicine/ Radiopharmaceuticals Global Market estimated to be worth

$9,367.8 million by 2024

IQ4I Research & Consultancy published a new report on “Nuclear Medicine/

Radiopharmaceuticals Global Market – Forecast To 2024” This report analyzes and
studies the overall market, major Drivers & Opportunities, Restraints & Threats in North
America, Europe, Asia-Pacific and Rest of the World.

IQ4I’s Report Contains 178 market data tables and 168 figures spread through 576
pages and an exhaustive TOC on “Nuclear Medicine/Radiopharmaceuticals Global
Market”, Modality (SPECT (Technetium (Tc-99m), Gallium (Ga-67), Iodine (I-123),
Thallium (Tl-201), Yttrium (Y-90) and Others); PET (Fluorodeoxyglucose (18F-FDG),
Rubidium (Rb-82), Gallium (Ga-68) and Others); SPECT Applications, PET Applications;
Therapeutics Type (Beta-Radiation, Alpha-Radiation and Brachytherapy) and Therapeutic
Application; End Users (Hospitals, Diagnostic Centers, Ambulatory centers & Others);
STABLE ISOTOPES: Isotopes (Carbon, Deuterium, Oxygen, Nitrogen, Sulphur & Others);
Application (Diagnostics & therapy, Pharmaceuticals and Others); Regional (North
America, Europe, Asia Pacific and Rest of the World)]

Nuclear medicine is a highly multi-disciplined medical imaging speciality sector that uses
small amounts of radioactive material in order to diagnose and treat diseases related to
gastrointestinal system, neurology, endocrine system, cardiology and cancer.
Radiopharmaceuticals containing a radioactive tracer are generally inhaled, swallowed or
injected into the patient and the gamma-rays emitted by this material are used by the
SPECT and PET imaging modalities to display images. 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 adoptions of nuclear medicine for effective usage in integrated
structure-function imaging, has made it a preferred imaging technique over traditional
methods and increase its use in diagnostic radiology and various therapeutic indications.
Advancements in radioactive tracers are providing practical methods for studying the limited
metabolic activities of bones and teeth, hence has found a role in dental research,
development of next generation therapeutic radiopharmaceuticals conjugated with
antibodies and peptides is expanding new areas of research. As estimated by IQ4I
Research, the nuclear medicine global market is expected to grow at high single digit CAGR
to reach $9,367.8 million by 2024.

Increasing radioisotopes application, rise in public awareness, use of SPECT/CT and

PET/CT imaging scans (hybrid imaging) and advancements in technology are driving

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–Forecast to 2024

nuclear medicine market growth. In addition, increasing need in emerging markets,

production of radiopharmaceuticals from cyclotrons, efficient diagnosis and treatments,
emerging radio isotopes and replacement of old/traditional equipments are the opportunities
likely to propel the growth of nuclear medicine market.

However, high cost of radioisotopes, shorter half life, shortage of qualified technicians and
radiotoxicity issues are restraining the market growth. Stringent regulations, high capital
investment, closure of reactors and threat from traditional imaging techniques are hampering
the market expansion.

The nuclear medicine global market by modality is segmented into diagnostics (SPECT and
PET) and therapeutics market (alpha radiation therapy, beta radiation therapy and
brachytherapy). Diagnostics market held the largest market revenue and is projected to grow
at a high single digit CAGR from 2017 to 2024 and therapeutics segment is growing at
fast/rapidly at a high double digit CAGR from 2017 to 2024 due to technological
advancements in targeted treatment especially cancer related diseases, potential new
radioisotope applications in development and advancement in neurological applications.
SPECT held the largest revenue and is projected to grow at a high single digit CAGR from
2017 to 2024 due to increase in Tc-99m isotope applications and product approvals. PET is
expected to be fastest growing market with high single digit CAGR from 2017 to 2024 due to
high accuracy and better contrast of images.

The nuclear medicine SPECT market by applications is segmented into cardiology,

pulmonary, oncology, nephrology, neurology, inflammation, thyroid, lymphology and others.
Cardiology market accounted largest share and is the fastest growing market with projected
high single digit CAGR from 2017 to 2024 due to increase in number of cardiac imaging
procedures using Tc-99m. PET market by applications is segmented into oncology,
neurology, cardiology, inflammation and others. Oncology accounted for largest share and is
the fastest growing market with projected high single digit CAGR from 2017 to 2024 due to
increase in cancer imaging such as lung, thyroid and breast cancer.

Therapeutic nuclear medicine market is segmented into beta radiation therapy,

brachytherapy and alpha radiation therapy. Alpha radiation accounted largest and is the
fastest growing segment market with projected high double digit CAGR from 2017 to 2024
due to increase in market penetration of Ra-223 based product and regulatory approval
(FDA and CE) also availability due to region specific licenses granted by Bayer. Therapeutic

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nuclear medicine by application is segmented into prostate, thyroid, liver, gastro-entero-

pancreatic neuroendocrine tumors (GEP-NETs), metastatic bone cancer, breast cancer and
others. Prostate cancer accounted largest share and is the fastest growing market projected
with high double digit CAGR from 2017 to 2024 due to increase in incidence and prevalence
of prostate cancer.

Nuclear medicine based on end-user market is segmented into hospitals, ambulatory

centers, diagnostic centers and other. Hospitals market accounted largest share in 2017 and
is the fastest growing market with projected high single digit CAGR from 2017 to 2024 due to
ready availability of cyclotrons for generation of isotopes and presence of trained technicians
who can handle radioisotopes.

The nuclear medicine global market based on geography is divided into North America,
Europe, Asia-Pacific and Rest of the world. North America region commanded the largest
revenue in 2017. Growing use of SPECT and PET scans, technological advancement in
equipments, increased utilization of fusion imaging, alpha radio immunotherapy based
targeted cancer treatment and on-demand availability of radiopharmaceutical has led the
market growth in this region. However, Asia-Pacific region is expected to grow at highest
CAGR from 2017 to 2024 due to increased public awareness and increase in
radiopharmaceutical applications.

Increase in research application with respect to pharmaceutical, biotechnology sector and

increase in applications are driving the market for stable isotopes, however high cost of
stable isotope, side effects of isotopes and stringent regulations for manufacturing of stable
isotopes are the factors hampering the market of stable isotope. As estimated by IQ4I
Research, the stable isotope global market is expected to grow at high single digit CAGR to
reach $256.9 million by 2024.

Stable isotopes are precursors used in production of radioisotopes and market is segmented
into carbon (C-13), Deuterium (D-2), Oxygen (O-18), Nitrogen (N-15), Sulphur (S-32) and
others. Deuterium (D-2) accounted largest share and is the fastest growing market with
projected high single digit CAGR from 2017 to 2024 due to use in dietary supplement of
deuterium-depleted water which helps to extend survival rate of lung cancer patient via
exerting anticancer effect and modification of deuterium leads to development of novel,
highly differentiated drugs which have therapeutic applications in diabetic nephropathy, hot
flashes, spasticity, neuropathic pain and multiple melanoma. Stable isotope market by

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application is segmented into diagnostics-therapy, pharmaceuticals and others. Diagnostics-

therapy segment commanded the largest market revenue and expected to grow at high
single CAGR due to use in diagnosis and treatment of pancreas, liver and intestine related
disorders. The pharmaceutical segment is the fastest growing segment growing at high
single digit CAGR from 2017 to 2024 due to novel developments in utilization of stable
isotopes which involve biopolymers, where isotope-labelled species are generated from cells
grown on labelled growth media. North America region commanded the largest revenue of
stable isotope market and expected to grow at a high single digit strong CAGR due to
increase in research activities and increase in application in this region. Asia-Pacific has the
largest share in terms of R&D investment is driving the market for stable isotope, but the
high cost of stable isotopes is hampering the market in this region. Some of the companies
related to stable isotopes are Isoflex Isotope (U.S.), Perkin Elmer (U.S.), 13C Molecular
(U.S.), Merck KGaA (Sigma Aldrich-Isotec Inc) (U.S.), Iso-Analytical Ltd. (U.K.) and other
companies.

Major players in the nuclear medicine global market are Curium Pharma (France), Bayer AG
(Germany), GE Company (U.S.), Cardinal Health (U.S.), Jubilant Life science (India),
Lantheus Medical Imaging (U.S.), Novartis International AG (Advanced accelerator)
(Switzerland), South African Nuclear Energy Corporation (NTP Radioisotopes SOC Ltd)
(South Africa), Siemens AG (Germany) and Fujifilm Holding Corporation (Japan).

Some of the emerging players in the nuclear medicine market are Perma-Fix Environmental
Services, Inc. (Perma Fix Medical SA) (Poland), Board of Radiation & Isotope
Technology (India), Institute of Isotopes (Hungary), Isotopia Molecular Imaging Ltd. (Israel),
Orano Med (Areva Med) (U.S.), Curium Pharma (France), Eckert & Ziegler Strahlen
(Germany), IsoAid LLC (U.S.), Shine Medical Technologies, Inc (U.S.), Theragenics
Corporation (U.S.), Isoray Medical Inc (U.S.).

Reasons for buying this report:

 Nuclear Medicine global market is expected to reach $9,367.8 million by 2024 at a
CAGR of 6.5%.
 Stable Isotope global market is expected to reach $256.9 million by 2024 at a CAGR
of 2.8%.
 Identification and analysis of the Nuclear Medicine global market segments by
modality, products, by application, end-user and geography.

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 Identification and analysis of the Stable Isotope global market segments by isotope,
by application and geography.
 Analysis of the global market by identifying various sub-segments of the Nuclear
Medicine.
 Revenue forecast of the Nuclear Medicine global market and strategic analysis of
each submarket with respect to individual growth trends.
 Revenue forecast of the Nuclear Medicine global market with respect to North
America (U.S. and others), Europe (Germany, France and Italy and Others), Asia-
Pacific (Japan, China, Australia and Others), and Rest of the World (RoW) (Brazil,
Rest of LATAM and Middle East and South Africa).
 Identification of the major market trends and factors driving or inhibiting the growth of
the Nuclear Medicine global market and its various sub-markets.
 Analysis of the opportunities for stakeholders by identifying the high-growth
segments of the market.
 Analysis of the Nuclear Medicine global market share and individual product market
shares like SPECT, PET and Tc-99m global market.
 Analysis of porters five force model and technological advancements of the Nuclear
Medicine global market.
 Analysis of the regulatory bodies guiding the manufacturers, ongoing clinical trials
and supply chain of the Nuclear Medicine global market.
 Profiles of major players in Nuclear Medicine global market and analysis of their
product offerings, financial revenue, business strategies, SWOTs and market shares.
 Established and emerging players (73 companies) and their product offerings.

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FIGURE 1

NUCLEAR MEDICINE GLOBAL MARKET SEGMENTATION

Nuclear Medicine Global Market

Modality

Diagnostic Therapeutic

SPECT PET
Radiation Application
Isotopes Application Isotopes Application Type

Tc-99m Cardiology F Beta Alpha radiation

Brachytherapy Prostate cancer
18/FDG Oncology radiation
Tl-201 Pulmonary Ga-68
Neurology Y-90 I-125 Thyroid cancer
I-123 Oncology Rb-82
Cardiology I-131 Cs-131 Liver cancer
Sm- Nephrology Others
153
Lu-177 Ir-192 GEP-NETs
Y-90 Neurology Inflammation

Others Sm-153 Pd-103 Metastatic bone

Re-186 Inflammation
Re-186 Others Breast cancer
Others
Thyroid gland
Sr-89 Others
Lymphology
Er-169
Others
Others

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FIGURE 2

STABLE ISOTOPE GLOBAL MARKET SEGMENTATION

Stable Isotope Global Market

Isotopes Application Region

Diagnostics &
C-13 NA
Therapy

D-2 Pharmaceuticals EU

0-18 Others APAC

N-15 ROW

S-32

Others

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