Europe Nuclear Imaging Market Size (2024 - 2029)

Europe Nuclear Imaging Market Analysis

The Europe Nuclear Imaging Market size is estimated at USD 2.22 billion in 2024, and is expected to reach USD 2.61 billion by 2029, growing at a CAGR of 3.34% during the forecast period (2024-2029).

The COVID-19 pandemic has impacted market growth. For instance, as per an article published in seminars in Nuclear Medicine in January 2022, it has been observed that some departments encountered delays in the delivery of radiopharmaceuticals or technical support in Europe during the pandemic. In addition, the pandemic resulted in a significant reduction of diagnostic and therapeutic nuclear medicine procedures as well as a reduced level of care for patients affected by diseases other than COVID-19, such as cancer or acute cardiovascular disease. However, a study published in PLOS One in August 2022 stated that the practice and supply of nuclear medicine and radioactive isotopes have recovered, and the practice of nuclear medicine has increased by 30% in 2021. Thus, the studied market is expected to witness stable growth during the forecast period.

Factors such as the rising prevalence of cancer and cardiac disorders, the increase in technological advancements, and the growing applications of nuclear medicine and imaging are expected to boost the market growth over the forecast period.

The growing burden of chronic diseases such as cancer, neurological disorders, and cardiac disorders among the population in Europe increases the demand for nuclear medicine and imaging applications that help in identifying the molecular activity within the body. This is anticipated to fuel market growth. For instance, according to the 2023 statistics data published by the Spanish Network of Cancer Registries, about 279,260 new cancer cases are expected to be diagnosed in Spain in 2023, including 42,721 new colorectal cancer cases, 9,280 pancreatic cancer, 6,932 stomach cancer, and 6,695 liver cases. 

Additionally, as per the data published by the British Heart Foundation, in July 2021, about 6.4 million people in England and 700,000 people in Scotland were living with cardiovascular diseases in 2021. Thus, the growing prevalence of cancer and heart disease among the population is anticipated to increase demand for early and effective diagnosis, thereby boosting the growth of the nuclear imaging market over the forecast period.

The technological advancements in the field of imaging have always been challenging to practitioners in terms of how best to optimize them in patient care. Over the past few years, scientists, researchers, and technologists have been able to bring systems into clinical practice in which two or even more standalone diagnostic imaging modalities are combined. Some of those multimodality imaging systems include PET/CT, SPECT/CT, PET/MRI, and PET/SPECT/CT. For instance, in October 2021, PRISMAP, a new medical radionuclide program, was launched to streamline access to medical research in the European Union and the United Kingdom. PRISMAP serves a consortium of 23 institutions from 13 countries, providing access to intense neutron sources, isotope mass separation facilities, and high-power accelerators and cyclotrons to the biomedical and healthcare research institutions putting those radioisotopes into use in medical diagnosis and treatment.

Furthermore, the growing company's focus on adopting various key strategies such as mergers, acquisitions, collaborations, partnerships, and product launches is also contributing to the market growth in the country. For instance, in April 2021, the Oncidium Foundation, Belgium, a non-profit organization, in partnership with Telix Pharmaceuticals Limited, launched the NOBLE Registry, an international clinical collaboration for the development of 99mTc-iPSMA SPECT imaging for prostate cancer. The NOBLE demonstrates that PSMA single-photon emission computed tomography (PSMA SPECT) diagnostic imaging technology is a cost-effective and viable alternative.

Therefore, owing to factors such as the high burden of cancer and cardiac disorders, growing technologically advanced products, and increasing company activities, the studied market is anticipated to grow over the forecast period. However, regulatory issues and lack of reimbursement are likely to hinder the growth of the nuclear imaging market in Europe over the forecast period.

Europe Nuclear Imaging Industry Segmentation

As per the scope of the report, nuclear medicine imaging procedures are non-invasive, except intravenous injections, and are usually painless medical tests that help physicians diagnose and evaluate medical conditions. These imaging scans use radioactive materials called radiopharmaceuticals or radiotracers. These radiopharmaceuticals are used in diagnosis and therapeutics. They are small substances that contain a radioactive substance that is used in the treatment of cancer and cardiac and neurological disorders. 

The Europe nuclear imaging market is segmented by product (equipment and radioisotope (SPECT radioisotopes (technetium-99m (tc-99m), thallium-201 (ti-201), gallium (ga-67), iodine (i-123) and other SPECT radioisotopes and PET radioisotopes (fluorine-18 (f-18), rubidium-82 (rb-82) and other PET radioisotopes), application (SPECT applications (orthopedics, thyroid, cardiology, and other SPECT applications) and PET applications (oncology, oncology, neurology, and other PET applications) and geography (Germany, United Kingdom, France, Italy, Spain and Rest of Europe). The report offers the value (in USD) for the above segments.