Nuclear Medicine Therapeutics Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 10.80 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Nuclear Medicine Therapeutics Market Analysis
The nuclear medicine therapeutics market is expected to register a CAGR of 10.8% during the forecast period.
- The nuclear medicine therapeutics market was impacted by the COVID-19 pandemic, which initially shifted research focus towards the development of COVID-19 vaccines. As reported by the Centers for Disease Control and Prevention (CDC), the number of nuclear studies, nuclear cardiac imaging, and oncology positron emission tomography decreased in the initial few months of the pandemic. However, procedures gradually started to increase as COVID-19 cases declined in the United States of America by February 2021.
- The postponed treatment procedures during the pandemic helped to offset the market's decline over the past two years, contributing to its recovery. In the long run, the market is expected to grow significantly due to the increasing number of cases of cancers, bone deformities, and neurological malignancies. This would generate the need for nuclear medicine therapeutics, driving market growth.
- In addition to the impact of COVID-19, the increasing incidence of cancer and cardiac ailments, and growing awareness regarding nuclear medicine, are actively affecting the growth of the studied market. Cardiovascular disease, including heart disease and stroke, is the most common non-communicable disease globally, as reported by the World Heart Federation in 2022. The prevalence of heart disease in Australia was 4.0%, which represented 1.0 million people in 2021, according to the Australian Bureau of Statistics. Nuclear medicine plays a significant role in the early detection and treatment of such diseases, and thus, the high burden of cardiovascular diseases worldwide is expected to boost the demand for nuclear medicine therapeutics, augmenting market growth.
- Furthermore, over 40 million nuclear medicine procedures are performed each year, and demand for radioisotopes is increasing by up to 5% annually, as reported by the Nuclear Medicine Association in April 2022. The use of radiation and radioisotopes in nuclear medicine is widely known, particularly for the identification and therapy (treatment) of various medical conditions such as cancer and cardiac ailments.
- Hence, the high awareness and utility of radioisotopes in nuclear medicine therapeutics are expected to create opportunities for research and development to develop innovative nuclear medicine therapeutics, further propelling the market growth.
- The market growth is also aided by advancements in technology and increasing product approvals, along with partnerships and acquisitions by key players. For instance, in March 2022, the United States Food and Drug Administration (US FDA) approved Pluvicto (177Lu-PSMA-617) for the treatment of adults with metastatic prostate cancer, which is anticipated to drive market growth.
- Despite the aforementioned growth factors, the short half-life of radiopharmaceuticals and high capital investment are likely to impede market growth. In conclusion, the nuclear medicine therapeutics market is anticipated to witness growth over the analysis period due to the high burden of cardiovascular ailments, rising awareness regarding nuclear medicine and its wide utility, and product approvals. However, market growth may be hindered by the short half-life of radiopharmaceuticals and high capital investment.
Nuclear Medicine Therapeutics Market Trends
Application in Oncology is Expected to Hold a Significant Market Share Over The Forecast Period
- The oncology segment is poised to experience substantial growth during the forecast period, mainly due to the rising burden of cancer worldwide and the innovative nuclear medicine therapeutics developed by market players for cancer treatment. The use of nuclear medicine therapy for cancer provides a unique advantage in that radioactive molecules can specifically target tumor cells. These molecules are administered intravenously, circulate in the body, adhere to tumor cells, deliver radiation directly, and cause them to die. The widespread application of nuclear medicine therapeutics in cancer therapy is expected to contribute to the growth of the market during the forecast period.
- According to the Australian Institute of Health and Welfare (AIHW) 2021 report, 150,782 new cancer cases were estimated to have occurred in Australia in 2021. Of these, breast cancer cases were estimated to have been 20,030, lung cancer with 13,810 new cases, and prostate cancer with 18,110 cases estimated to have occurred in 2021.
- Furthermore, the American Cancer Society's Cancer Statistics 2022 report predicted that 1.9 million new cancer cases would arise in the United States in 2022. Of the total cancer cases, 290,560 new cases of breast cancer were estimated to have occurred, along with 60,650 new cases of leukemia and 89,010 new cases of lymphoma in the United States in 2022. Thus, the advantages offered by nuclear medicine in cancer management and the high incidence of cancer are expected to drive segment growth during the forecast period.
- Additionally, the launch of new products is expected to boost the segment's growth during the forecast period. For example, Novartis received US FDA approval in March 2022 for Locametz, a complementary diagnostic imaging agent that uses gallium-68 radiolabeling to identify Prostate-specific membrane antigen (PSMA)-positive lesions.
- Also, in March 2022, the Food and Drug Administration (FDA) approved Novartis's Pluvicto for the treatment of adult patients with a certain type of advanced cancer called prostate-specific membrane antigen-positive metastatic castration-resistant prostate cancer (PSMA-positive mCRPC) that has spread to other parts of the body.
- In conclusion, the high prevalence of cancer globally and advances in nuclear medicine therapeutics for cancer treatment are expected to fuel the growth of the oncology segment during the forecast period.
North America is Anticipated to Hold a Significant Share in The Nuclear Medicine Therapeutics Market Over the Forecast Period.
North America is expected to dominate the market owing to factors such as the rising incidence of cancer and cardiovascular disorders, better healthcare infrastructure, awareness about nuclear medicine therapeutics among people, and the strong presence of industry players in the region.
According to the Canadian Cancer Statistics November 2021 report, an estimated 2 in 5 Canadians were likely to be diagnosed with cancer in their lifetime. It stated that an estimated 229,200 Canadians was predicted to be diagnosed with cancer in 2021.
In addition, as per the nuclear medicine association updated in April 2022, in the United States, there are over 20 million nuclear medicine procedures every year. Hence, the use of radiopharmaceuticals in diagnosis and therapeutics is expected to grow in the region during the forecast period.
Furthermore, as per RadilogyInfo.Org updated in September 2021, doctors use nuclear medicine tests to diagnose, evaluate, and treat various diseases. These include cancer, heart disease, gastrointestinal, endocrine, or neurological disorders. For instance, Radioactive iodine (I-131) therapy to treat thyroid cancer and hyperthyroidism, I-131 MIBG (radioactive iodine labeled with metaiodobenzylguanidine) to treat neuroendocrine tumors, including paragangliomas and pheochromocytomas, and neuroblastoma in infants. The wide range of application of nuclear medicines is expected to propel the market growth in the region during the forecast period.
Therefore, owing to the aforesaid factors, such as high prevalence of cancer and other diseases and research studies on the nuclear medicine therapeutics, the growth of the studied market is anticipated in the North America Region.
Nuclear Medicine Therapeutics Industry Overview
The nuclear medicine therapeutics market is primarily dominated by a few key players operating globally and regionally. These companies are well-known and hold significant market shares. The competitive landscape of the market includes an analysis of both international and local companies.
Some of the major players in the nuclear medicine therapeutics market include Actinium Pharmaceutical Inc., Alpha Tau Medical Ltd, Bayer AG, Fusion Pharmaceuticals, IBA Radiopharma Solutions, RadioMedix Inc., Telix Pharmaceuticals Ltd, NTP Radioisotopes, Bracco SpA, Cardinal Health Inc., Nordion Inc. (Sotera Health Company), and Triad Isotopes (Jubilant Life Sciences).
Nuclear Medicine Therapeutics Market Leaders
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IBA Radiopharma Solutions
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Bayer AG
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Alpha Tau Medical Ltd
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Actinium Pharmaceutical Inc.
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Jubilant Life Sciences Company
*Disclaimer: Major Players sorted in no particular order
Nuclear Medicine Therapeutics Market News
- February 2023: Telix Pharmaceuticals Limited announced the successful completion of a joint research project with Heidelberg University Hospital (UKHD) under the Research Cooperation Agreement. The primary objective of this project was to develop and validate a generator-based theranostic compound for the treatment of urologic oncology, which targets PSMA and utilizes the beta-emitting isotope rhenium-188 (188Re).
- August 2022: Plus Therapeutics, Inc., a clinical-stage pharmaceutical company focused on developing innovative, targeted radiotherapeutics for rare and difficult-to-treat cancers, presented encouraging data from two ongoing clinical trials evaluating the investigational targeted radiotherapeutic, Rhenium-186 NanoLiposome (186RNL), for the treatment of leptomeningeal metastases (LM) and recurrent glioblastoma (GBM) at the 35th Annual Congress of the European Association of Nuclear Medicine (EANM).
Nuclear Medicine Therapeutic 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
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4.2 Market Drivers
- 4.2.1 Increasing Incidence of Cancer and Cardiac Ailments
- 4.2.2 Growing Awareness Regarding the Nuclear Medicine
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4.3 Market Restraints
- 4.3.1 Short Half-Life of Radiopharmaceuticals
- 4.3.2 High capital investment
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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- USD million)
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5.1 By Type
- 5.1.1 Alpha Emitters
- 5.1.1.1 Radium-223 (RA-223) & Alpharadin
- 5.1.1.2 Actinium-225 (AC-225)
- 5.1.1.3 Lead-212 (PB-212)/Bismuth-212 (BI-212)
- 5.1.1.4 Other Alpha Emitters
- 5.1.2 Beta Emitters
- 5.1.2.1 Iodine-131 (I-131)
- 5.1.2.2 Yttrium-90 (Y-90)
- 5.1.2.3 Other Beta Emitters
- 5.1.3 Brachytherapy
- 5.1.3.1 Cesium-131
- 5.1.3.2 Iodine-125
- 5.1.3.3 Other Brachytherapies
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5.2 By Application
- 5.2.1 Oncology
- 5.2.2 Cardiology
- 5.2.3 Thyroid
- 5.2.4 Other Applications
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5.3 Geography
- 5.3.1 North America
- 5.3.1.1 United States
- 5.3.1.2 Canada
- 5.3.1.3 Mexico
- 5.3.2 Europe
- 5.3.2.1 Germany
- 5.3.2.2 United Kingdom
- 5.3.2.3 France
- 5.3.2.4 Italy
- 5.3.2.5 Spain
- 5.3.2.6 Rest of Europe
- 5.3.3 Asia- Pacific
- 5.3.3.1 China
- 5.3.3.2 Japan
- 5.3.3.3 India
- 5.3.3.4 Australia
- 5.3.3.5 South Korea
- 5.3.3.6 Rest of Asia-Pacific
- 5.3.4 Middle East and Africa
- 5.3.4.1 GCC
- 5.3.4.2 South Africa
- 5.3.4.3 Rest of Middle East and Africa
- 5.3.5 South America
- 5.3.5.1 Brazil
- 5.3.5.2 Argentina
- 5.3.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Actinium Pharmaceutical Inc.
- 6.1.2 Alpha Tau Medical Ltd
- 6.1.3 Bayer AG
- 6.1.4 Fusion Pharmaceuticals
- 6.1.5 IBA Radiopharma Solutions
- 6.1.6 RadioMedix Inc.
- 6.1.7 Telix Pharmaceuticals Ltd
- 6.1.8 NTP Radioisotopes
- 6.1.9 Bracco SpA
- 6.1.10 Cardinal Health Inc.
- 6.1.11 Nordion Inc. (Sotera Health Company)
- 6.1.12 Triad Isotopes (Jubilant Life Sciences)
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Nuclear Medicine Therapeutics Industry Segmentation
As per the scope of the report, nuclear medicine therapeutics use radioactive sources for the treatment of certain cancers, cardiac ailments, and a few other diseases.
The nuclear medicine therapeutics market is segmented by type (alpha emitters, beta emitters, and brachytherapy), application (oncology, cardiology, thyroid, and other applications), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report also covers the estimated market sizes and trends for 17 countries across major regions globally.
The report offers the value (in USD million) for the above segments.
| By Type | Alpha Emitters | Radium-223 (RA-223) & Alpharadin |
| Actinium-225 (AC-225) | ||
| Lead-212 (PB-212)/Bismuth-212 (BI-212) | ||
| Other Alpha Emitters | ||
| By Type | Beta Emitters | Iodine-131 (I-131) |
| Yttrium-90 (Y-90) | ||
| Other Beta Emitters | ||
| By Type | Brachytherapy | Cesium-131 |
| Iodine-125 | ||
| Other Brachytherapies | ||
| By Application | Oncology | |
| Cardiology | ||
| Thyroid | ||
| Other Applications | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Rest of Europe | ||
| Geography | Asia- Pacific | China |
| Japan | ||
| India | ||
| Australia | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | Middle East and Africa | GCC |
| South Africa | ||
| Rest of Middle East and Africa | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America |
Nuclear Medicine Therapeutic Market Research FAQs
What is the current Nuclear Medicine Therapeutics Market size?
The Nuclear Medicine Therapeutics Market is projected to register a CAGR of 10.80% during the forecast period (2024-2029)
Who are the key players in Nuclear Medicine Therapeutics Market?
IBA Radiopharma Solutions, Bayer AG, Alpha Tau Medical Ltd, Actinium Pharmaceutical Inc. and Jubilant Life Sciences Company are the major companies operating in the Nuclear Medicine Therapeutics Market.
Which is the fastest growing region in Nuclear Medicine Therapeutics Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Nuclear Medicine Therapeutics Market?
In 2024, the North America accounts for the largest market share in Nuclear Medicine Therapeutics Market.
What years does this Nuclear Medicine Therapeutics Market cover?
The report covers the Nuclear Medicine Therapeutics Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Nuclear Medicine Therapeutics Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Nuclear Medicine Therapeutics Industry Report
Statistics for the 2024 Nuclear Medicine Therapeutics market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Nuclear Medicine Therapeutics analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
