Market Size of Nuclear Medicine Therapeutics Industry
| 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 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.
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Nuclear Medicine Therapeutics Market Size Summary
The nuclear medicine therapeutics market is poised for significant growth, driven by the increasing prevalence of cancer, bone deformities, and neurological malignancies. The market experienced a temporary setback due to the COVID-19 pandemic, which diverted attention towards vaccine development and led to a decrease in nuclear studies and imaging procedures. However, as the pandemic's impact waned, the market began to recover, with a resurgence in procedures. The demand for nuclear medicine therapeutics is further bolstered by the rising incidence of cardiovascular diseases, which are among the most common non-communicable diseases globally. The ability of nuclear medicine to facilitate early detection and treatment of these conditions is expected to enhance market growth. Additionally, the annual increase in demand for radioisotopes and the high awareness of their utility in medical treatments are anticipated to create opportunities for innovation and development in the field.
The oncology segment of the nuclear medicine therapeutics market is expected to witness substantial growth, fueled by the high global burden of cancer and the development of innovative therapies by market players. Nuclear medicine offers a unique advantage in cancer treatment by using radioactive molecules to specifically target and destroy tumor cells. The widespread application of these therapeutics in cancer management is anticipated to drive market expansion. North America is expected to dominate the market due to the high incidence of cancer and cardiovascular disorders, robust healthcare infrastructure, and the presence of key industry players. The competitive landscape is characterized by a few major players with significant market shares, including Actinium Pharmaceutical Inc., Alpha Tau Medical Ltd, and Bayer AG, among others. Collaborative efforts and product approvals, such as those by Telix Pharmaceuticals and Plus Therapeutics, are expected to further propel market growth during the forecast period.
Nuclear Medicine Therapeutics Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Incidence of Cancer and Cardiac Ailments
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1.2.2 Growing Awareness Regarding the Nuclear Medicine
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1.3 Market Restraints
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1.3.1 Short Half-Life of Radiopharmaceuticals
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1.3.2 High capital investment
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value- USD million)
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2.1 By Type
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2.1.1 Alpha Emitters
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2.1.1.1 Radium-223 (RA-223) & Alpharadin
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2.1.1.2 Actinium-225 (AC-225)
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2.1.1.3 Lead-212 (PB-212)/Bismuth-212 (BI-212)
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2.1.1.4 Other Alpha Emitters
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2.1.2 Beta Emitters
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2.1.2.1 Iodine-131 (I-131)
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2.1.2.2 Yttrium-90 (Y-90)
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2.1.2.3 Other Beta Emitters
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2.1.3 Brachytherapy
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2.1.3.1 Cesium-131
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2.1.3.2 Iodine-125
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2.1.3.3 Other Brachytherapies
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2.2 By Application
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2.2.1 Oncology
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2.2.2 Cardiology
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2.2.3 Thyroid
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2.2.4 Other Applications
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Italy
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2.3.2.5 Spain
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2.3.2.6 Rest of Europe
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2.3.3 Asia- Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 South Korea
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2.3.3.6 Rest of Asia-Pacific
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2.3.4 Middle East and Africa
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2.3.4.1 GCC
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2.3.4.2 South Africa
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2.3.4.3 Rest of Middle East and Africa
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2.3.5 South America
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2.3.5.1 Brazil
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2.3.5.2 Argentina
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2.3.5.3 Rest of South America
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Nuclear Medicine Therapeutics Market Size 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.
