North America Nuclear Medicine Market Size (2024 - 2029)

The North America Nuclear Medicine Market is projected to experience significant growth, driven by technological advancements, the rising burden of diseases, and increased adoption in therapeutics and diagnostics. Government initiatives and funding are key factors contributing to the expansion of the market, as they support the development of new techniques and address healthcare system challenges. Despite the positive outlook, the high costs associated with diagnostic and therapeutic equipment and procedures may pose challenges to market growth.

Market Size of North America Nuclear Medicine Industry

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North America Nuclear Medicine Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 6.06 Billion
Market Size (2029) USD 8.53 Billion
CAGR (2024 - 2029) 7.10 %
Market Concentration Medium

Major Players

North America Nuclear Medicine Market Major Players

*Disclaimer: Major Players sorted in no particular order

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North America Nuclear Medicine Market Analysis

The North America Nuclear Medicine Market size is estimated at USD 6.06 billion in 2024, and is expected to reach USD 8.53 billion by 2029, growing at a CAGR of 7.10% during the forecast period (2024-2029).

Many government organizations implemented several general principles to reduce disease transmission, preserve healthcare system functioning, protect healthcare workers, and reduce mortality and morbidity during the early 2020. According to an article published by Frontiers in May 2022, COVID-19 created several challenges related to organizational, clinical/imaging, and research settings in nuclear medicine. As nuclear medicine procedures are used for functional imaging of pathophysiological processes at cellular or molecular levels using specific diagnostic radiopharmaceuticals and for treatment of several diseases based on targeted delivery of therapeutic radiopharmaceuticals, the COVID-19 pandemic hampered these procedures. These suggest that nuclear imaging, along with other imaging techniques was significantly impacted by COVID-19. However, as the pandemic has subsided currently, the studied market has started to gain traction and it is expected to have stable growth during the forecast period of the study.

The North American nuclear imaging market is expected to witness significant growth due to technological advancements, the rising burden of diseases, and the adoption of nuclear medicine in therapeutics and diagnostics.

Government initiatives and funding for developing new techniques are estimated to drive the nuclear medicine market. For instance, in November 2022, the Society of Nuclear Medicine and Molecular Imaging reported that the United States Centers for Medicare & Medicaid Services (CMS) released the 2023 Medicare Physician Fee Schedule (MPFS) and Hospital Outpatient Prospective payment (OPPS) final rules. CMS estimated that the final rule will increase the estimated payments of nuclear medicine physicians practicing in a facility setting by 1%.

The growing funding for R&D in Canada also boosted the market's growth. For instance, According to the Canadian Association of Radiologists in April 2022, the Minister of Health of Canada sanctioned an additional of USD 2 billion increase to the Canada Health Transfer, this will ensure that patients have timely access to medical imaging including nuclear medicine. It will help to address the significant backlog for medical imaging and help doctors adequately prepare for the influx of patients in the healthcare system.

The technological advancements in the field of imaging and the increasing prevalence of neurological diseases also boosted the market's growth. For instance, according to the data published by the Alzheimer's Association in 2022, an estimated 6.5 million Americans aged 65 and older are living with Alzheimer's disease in 2022 out of which 73% are aged 75 or older. It was also stated that in 2022 the burden of Alzheimer's and other dementias will be around USD 321 billion in the United States, and by 2050, these costs is expected to reach nearly USD 1 trillion. Hence, the increasing prevalence of neurological diseases like Alzheimer's are also expected to boost the market growth.

Thus, factors such as technological advancements in the field of imaging, the increasing prevalence of neurological diseases, and the government initiatives and funding for developing new techniques are expected to boost the market growth. However, the high cost of diagnostic and therapeutic equipment and procedures may restrain the market's growth.

North America Nuclear Medicine Industry Segmentation

As per the scope of the report, nuclear medicine falls under the field of molecular imaging, which involves the use of a very small amount of radioactive material (radiopharmaceuticals) to diagnose and treat diseases. In nuclear medicine imaging, radioisotopes are detected by special types of cameras attached to the computer, which provide precise pictures of the area of the body examined. The North America Nuclear Medicine Market is Segmented by Product Type (Diagnostics (Single Photon Emission Computed Tomography (SPECT) and Photon Emission Tomography (PET)) and Therapeutics (Alpha Emitters, Beta Emitters, and Brachytherapy)), Applications (Cardiology, Neurology, Oncology, and Other Applications), and Geography (United States, Canada, and Mexico). The report offers the value (USD million) for the above segments.

By Product Type
Diagnostics
Single Photon Emission Computed Tomography (SPECT)
Photon Emission Tomography (PET)
Therapeutics
Alpha Emitters
Beta Emitters
Brachytherapy
By Application
Cardiology
Neurology
Oncology
Other Applications
Geography
United States
Canada
Mexico
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North America Nuclear Medicine Market Size Summary

The North American nuclear medicine market is poised for substantial growth, driven by technological advancements and increasing adoption in therapeutics and diagnostics. The market is recovering from the disruptions caused by the COVID-19 pandemic, which had impacted nuclear medicine procedures due to challenges in organizational, clinical, and research settings. As the pandemic's effects wane, the market is expected to experience stable growth, supported by government initiatives and funding aimed at developing new techniques. The rising prevalence of neurological diseases, such as Alzheimer's, and the growing burden of cancer are further propelling the demand for nuclear imaging and related modalities. These factors, combined with continuous research and development activities, are anticipated to enhance the market's trajectory over the forecast period.

In the United States, the nuclear medicine segment is expected to witness significant growth due to the increasing prevalence of cancer and the ongoing mergers and acquisitions within the industry. The market is characterized by a competitive landscape with major players like Siemens Healthineers, GE Healthcare, and Cardinal Health, alongside mid-size and smaller companies introducing innovative technologies. The introduction of new radiopharmaceuticals and imaging drugs, such as PLUVICTO and NephroScan, highlights the dynamic nature of the market. These developments, coupled with strategic partnerships and collaborations, are likely to drive the growth of nuclear medicine in North America, particularly in the United States, over the analysis period.

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North America Nuclear Medicine Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Rise in Prevalence of Cancer and Cardiac Disorders

      2. 1.2.2 Increasing Demand for Image Guided Procedures and Diagnostics

    3. 1.3 Market Restraints

      1. 1.3.1 High Cost of the Diagnostic and Therapeutic Equipment and Procedures

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size by Value - USD million)

    1. 2.1 By Product Type

      1. 2.1.1 Diagnostics

        1. 2.1.1.1 Single Photon Emission Computed Tomography (SPECT)

        2. 2.1.1.2 Photon Emission Tomography (PET)

      2. 2.1.2 Therapeutics

        1. 2.1.2.1 Alpha Emitters

        2. 2.1.2.2 Beta Emitters

        3. 2.1.2.3 Brachytherapy

    2. 2.2 By Application

      1. 2.2.1 Cardiology

      2. 2.2.2 Neurology

      3. 2.2.3 Oncology

      4. 2.2.4 Other Applications

    3. 2.3 Geography

      1. 2.3.1 United States

      2. 2.3.2 Canada

      3. 2.3.3 Mexico

North America Nuclear Medicine Market Size FAQs

The North America Nuclear Medicine Market size is expected to reach USD 6.06 billion in 2024 and grow at a CAGR of 7.10% to reach USD 8.53 billion by 2029.

In 2024, the North America Nuclear Medicine Market size is expected to reach USD 6.06 billion.

North America Nuclear Medicine Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)