Europe Nuclear Medicine Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 4.5 Billion |
| Market Size (2029) | USD 7.24 Billion |
| CAGR (2024 - 2029) | 10.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Europe Nuclear Medicine Market Analysis
The Europe Nuclear Medicine Market size is estimated at USD 4.5 billion in 2024, and is expected to reach USD 7.24 billion by 2029, growing at a CAGR of 10% during the forecast period (2024-2029).
The COVID-19 pandemic posed serious challenges to European healthcare systems and has largely been controlled by drastically cutting down in- and outpatient services for diseases and implementing infection prevention and control measures. For instance, according to an article published by the European Journal of Nuclear Medicine and Molecular Imaging in June 2022, the pandemic has been observed to have impacted nuclear medicine education in most countries (84%). This was broken down into affecting different employment groups as follows: technologists (78%), radio pharmacists (59%), physicists (67%), and physicians (74%). In addition, as per the same source, according to the survey, 12/32 countries reported that research and development activities were kept on hold due to the restrictions imposed by the government due to COVID-19, which comprised 38% of sponsored trials, 28% of aggregated therapeutic research, and 39% of diagnostic research. This mostly happened in Northern European countries and a few Eastern European countries. Thus, the COVID-19 pandemic significantly impacted the market during the early phase; however, as the pandemic has subsided currently, the market is expected to have stable growth during the forecast period of the study.
The studied market is expected to grow significantly during the study period due to the increasing incidence of cancer and cardiac diseases and rising SPECT and PET applications.
The rising prevalence of cardiac disease and cancer is the key factor driving the demand for the nuclear medicine market in Europe. For instance, according to the British Heart Foundation England Factsheet, published in August 2022, about 7.6 million people in the United Kingdom live with heart or circulatory diseases. Also, as per the same source, it is estimated that in the United Kingdom, more than half of the people will get a heart or circulatory condition in their lifetime, and around twice as many people are living with heart and circulatory diseases in the United Kingdom than with cancer and Alzheimer's disease combined. It is also estimated that around 48,000 people under 75 in the United Kingdom die from heart and circulatory diseases each year. Thus, the rising burden of cardiovascular disease is expected to increase the demand for nuclear medicine for diagnosing, assessing, and evaluating coronary artery diseases and cardiomyopathy and identifying possible damage to the heart from chemotherapy or radiotherapy, thereby propelling the market growth.
Additionally, as per the data published by Macmillan Cancer Support in October 2022, It is estimated that there are currently 3 million people living with cancer in the United Kingdom, and it is expected to rise to 3.5 million by 2025, 4 million by 2030, and 5.3 million by 2040. Thus, the rising burden of cancer among the population is expected to increase the demand for nuclear medicine that helps physicians in detecting tumors and their spread in the area as well as the radioactive molecules (drug) that helps to kill the cancer cells in the body, thereby fueling the market growth.
Hence, due to the factors above, such as the rising prevalence of cardiovascular diseases and cancer, the market is expected to experience growth during the forecast period of the study. However, strict regulatory guidelines are expected to hinder market growth over the forecast period.
Europe Nuclear Medicine Market Trends
Oncology Segment is Expected to Register a Significant CAGR During the Forecast Period
The oncology segment is expected to witness significant market growth over the forecast period owing to the factors such as the rising prevalence of cancer in Europe and increasing SPECT/PET applications.
The increasing prevalence of cancer is boosting the demand for radioisotopes for nuclear imaging for research purposes. For instance, according to an article published by the Annals of Oncology in January 2022, it is estimated that 1,269,200 people will die from cancer in Europe in 2022, and 369,000 are expected to escape death.
In addition, according to an article published by the Frontiers in Medicine in August 2021, the CERN-MEDICIS (mainly consisting of European member countries) infrastructure offers a wide variety of radioisotopes useful for oncology diagnosis and therapy. In addition, an in-vitro study was conducted, in six patients with metastatic pancreatic adenocarcinoma, using a neurotensin receptor antagonist coupled to 177Lu (Lutetium), which showed feasibility, improvement of symptoms and quality of life in all patients, and partial response in one patient. These investigations suggest that the extensive isotope synthesis at CERN-MEDICIS can help develop radiolabelled neurotensin analogs as a novel therapeutic option for treating incurable pancreatic cancer. Furthermore, as per the same source, another study was conducted in which patients with unresectable pancreatic cancer received 125I-seed brachytherapy, which resulted in 70% pain alleviation in patients after two months, 65.4% overall response rate (including complete and partial remission), and an 88.5% local control rate. Thus, the rising usage of radioisotopes in treating various cancer types is expected to increase the demand for nuclear medicine, which is anticipated to augment the market growth over the forecast period.
Furthermore, the rising funding and initiatives for cancer treatment are also expected to boost market growth in Europe over the forecast period. For instance, according to an article published by the European Research Executive Agency in May 2022, the European Commission aims to support medical professionals through an inter-specialty training program and to promote equal access to cancer prevention and treatment. In addition, as per the same source, the European Union's Beating Cancer Plan received a total of EUR 4 billion (USD 4.53 billion) in funding, including EUR 1.25 billion (USD 1.42 million) from the next EU4 Health Search for available translations of the preceding program, in 2021. This is expected to increase the development and adoption of nuclear medicine in treating various types of cancer, which is anticipated to propel market growth over the forecast period.
Therefore, due to the aforementioned factors, such as the rising usage of radioisotopes in treating various cancer types, the rising funding and initiatives for cancer treatment, and the rising prevalence of cancer, the studied market is expected to grow over the forecast period.
Germany is Expected to Hold a Significant Market Share During the Forecast Period
The major factors driving the growth of the market in Germany are the increasing prevalence of cancer, the increasing prevalence of cardiovascular diseases, the rising geriatric population, and the growing research and development regarding nuclear medicine in the country.
The growing prevalence of cancer in Germany is one of the major factors driving the growth of the market. For instance, according to an article published by Elsevier in September 2022, colorectal cancer is the third most common cancer in Germany, and screening for this cancer reduces the cancer incidence and mortality, screening is generally recommended to start at ages 45 or 50 for individuals at average risk. The article also stated that demographic aging is a major factor in developing colorectal cancer.
Furthermore, the growing incidence of cardiovascular diseases in the country is also expected to boost market growth. For instance, according to the data updated by the Max Planck Institute for Biology of Ageing in 2022, cardiovascular disorders include all diseases affecting the heart and blood vessels and these include high blood pressure, atherosclerosis cardiac arrhythmias, heart diseases, and heart attacks among others. Elderly people are significantly affected by cardiovascular diseases in Germany and these diseases are the most common cause of death in Germany.
Thus, due to factors such as the increasing prevalence of cancer, the increasing prevalence of cardiovascular diseases, and the rising geriatric population, the studied market is expected to experience growth in Germany.
Europe Nuclear Medicine Industry Overview
The Europe Nuclear Medicine market is highly competitive, with the presence of a large number of players. There is high competition among the players in the global nuclear medicine market. Additionally, big players in the pharmaceutical and biotechnology industries are leveraging their huge capital reserves to venture into this market, further increasing the competition. Some of the major players in the market are Advanced Accelerator Applications, Bracco Imaging, Cardinal Health, Curium Pharma, GE Healthcare, Merck KGaA (Sigma-Aldrich), Nordion Inc., and Siemens Healthineers AG.
Europe Nuclear Medicine Market Leaders
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Cardinal Health
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Curium Pharma
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GE Healthcare
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Novartis AG (Advanced Accelerator Applications)
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Siemens Healthineers AG
*Disclaimer: Major Players sorted in no particular order
Europe Nuclear Medicine Market News
- In June 2022, Curium submitted its Marketing Authorization Application for [18F]-DCFPyL for treating multiple stages of prostate cancer disease to the European Medicines Agency.
- In May 2022, Turku PET Centre, Finland, introduced a new total-body Positron Emission Tomography (PET) scanner, a new generation of medical imaging devices. The device offers novel methods for studying diseases that affect the entire body, such as diabetes, coronary artery disease, and multiple sclerosis.
Europe Nuclear Medicine Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
-
4.2 Market Drivers
- 4.2.1 Increasing Incidence of Cancer and Cardiac Ailments
- 4.2.2 Increasing SPECT and PET Applications
-
4.3 Market Restraints
- 4.3.1 Strict Regulatory Guidelines
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4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value in USD million)
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5.1 By Diagnostics
- 5.1.1 Single Photon Emission Computed Tomography (SPECT)
- 5.1.2 Positron Emission Tomography (PET)
-
5.2 By Therapeutics
- 5.2.1 Alpha Emitters
- 5.2.2 Beta Emitters
- 5.2.3 Brachytherapy
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5.3 By Application
- 5.3.1 Cardiology
- 5.3.2 Neurology
- 5.3.3 Oncology
- 5.3.4 Other Applications
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5.4 Geography
- 5.4.1 Germany
- 5.4.2 United Kingdom
- 5.4.3 France
- 5.4.4 Italy
- 5.4.5 Spain
- 5.4.6 Rest of Europe
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Advanced Accelerator Applications
- 6.1.2 Bracco Imaging SpA
- 6.1.3 Cardinal Health Inc.
- 6.1.4 Curium Pharma
- 6.1.5 GE Healthcare
- 6.1.6 Merck KGaA (Sigma-Aldrich)
- 6.1.7 Nordion Inc.
- 6.1.8 Siemens Healthineers AG
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityEurope Nuclear Medicine Industry Segmentation
As per the report's scope, nuclear medicine falls under molecular imaging, which involves using a very small amount of radioactive material (radiopharmaceuticals) to diagnose and treat disease. In nuclear medicine imaging, the radioisotopes are detected by special types of cameras attached to the computer, which in turn, provide precise pictures of the area of the body examined. The Europe Nuclear Medicine Market is segmented by Diagnostics (Single Photon Emission Computed Tomography (SPECT) and Positron Emission Tomography (PET)), Therapeutics (Alpha Emitters, Beta Emitters, and Brachytherapy), Application (Cardiology, Neurology, Oncology, and Other Applications) and Geography (Germany, United Kingdom, France, Italy, Spain, and Rest of Europe). The report offers the value (in USD million) for the above segments.
| By Diagnostics | Single Photon Emission Computed Tomography (SPECT) |
| Positron Emission Tomography (PET) | |
| By Therapeutics | Alpha Emitters |
| Beta Emitters | |
| Brachytherapy | |
| By Application | Cardiology |
| Neurology | |
| Oncology | |
| Other Applications | |
| Geography | Germany |
| United Kingdom | |
| France | |
| Italy | |
| Spain | |
| Rest of Europe |
Europe Nuclear Medicine Market Research FAQs
How big is the Europe Nuclear Medicine Market?
The Europe Nuclear Medicine Market size is expected to reach USD 4.5 billion in 2024 and grow at a CAGR of 10% to reach USD 7.24 billion by 2029.
What is the current Europe Nuclear Medicine Market size?
In 2024, the Europe Nuclear Medicine Market size is expected to reach USD 4.5 billion.
Who are the key players in Europe Nuclear Medicine Market?
Cardinal Health, Curium Pharma, GE Healthcare, Novartis AG (Advanced Accelerator Applications) and Siemens Healthineers AG are the major companies operating in the Europe Nuclear Medicine Market.
What years does this Europe Nuclear Medicine Market cover, and what was the market size in 2023?
In 2023, the Europe Nuclear Medicine Market size was estimated at USD 4.05 billion. The report covers the Europe Nuclear Medicine Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Europe Nuclear Medicine Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
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