Nuclear Medicine/Radiopharmaceuticals Market

Nuclear Medicine/Radiopharmaceuticals Market by Type (Diagnostic (SPECT - Technetium, PET- F-18), Therapeutic (Beta Emitters – I-131, Alpha Emitters, Brachytherapy – Y-90)), Application (Oncology, Cardiology) - Global Forecast to 2024

Report Code: PH 3590 Jan, 2020, by marketsandmarkets.com

[191 Pages Report] The nuclear medicine market is expected to reach USD 5.2 billion by 2024 from an estimated USD 4.1 billion in 2019, growing at a CAGR of 4.7% during the forecast period. Growth in the nuclear medicine market can primarily be attributed to factors such as the increasing incidence and prevalence of cancer and cardiac ailments and initiatives to lessen the demand-supply gap of Mo-99. However, the short half-life of radiopharmaceuticals reduces their potential adoption, while hospital budget cuts and high equipment prices are expected to limit market growth to a certain extent.

Nuclear Medicine/Radiopharmaceuticals Market

The alpha emitters segment is expected to command the largest therapeutic nuclear medicine market share in 2019

Based on type, the nuclear medicine market is categorized into diagnostic and therapeutic nuclear medicine. The therapeutic nuclear medicine segment is further segmented into alpha emitters, beta emitters, and brachytherapy isotopes. In 2013, the FDA approved the first and only product for alpha emitters in the market, launched by Bayer AG under the name Xofigo (a Ra-223 dichloride molecule). The North American market for Ra-223 is expected to command the largest share owing to its targeted properties over beta emitters and being the only alpha-emitter product available in the market.

The thyroid applications segment is expected to register the highest growth during the forecast period

Based on application, the  nuclear medicine market is segmented into SPECT, PET, and therapeutic applications. The SPECT applications is further segmented into cardiology, bone scans, thyroid applications, pulmonary scans, and other SPECT applications. The thyroid applications segment is projected to register the highest growth rate in the forecast period. The high growth of this segment can be attributed to the increasing incidence and prevalence of thyroid disorders.

By procedural volume assessment, the diagnostic procedures segment is expected to account for the largest share of the market in 2019

Based on procedural volume assessment, the nuclear medicine market is segmented into diagnostic and therapeutic procedures. Diagnostic procedures account for the larger share, as diagnostic radioisotopes find wider demand and use as compared to therapeutic radioisotopes. Since the introduction of nuclear medicine, SPECT diagnosis has been preferred over other radiopharmaceutical procedures. Due to looming uncertainties in the production of reactor-based Mo-99, the radiopharmaceuticals market is witnessing a shift toward PET procedures. Other major factors responsible for this trend are advancements in radiotracers for PET and the advent of hybrid imaging systems such as PET-CT and PET-MRI.

Nuclear Medicine/Radiopharmaceuticals Market

North America accounted for the largest share of the nuclear medicine market in 2018

The global nuclear medicine market has been categorized on the basis of four major regional segments—North America, Europe, the Asia Pacific, and the Rest of the World. In 2018, North America accounted for the largest share of the nuclear medicine market. The large share can be attributed to the development of novel technologies for radioisotope production, government funding, and company initiatives in the region.

Key Market Players

Cardinal Health (US), GE Healthcare (US), Curium (France), Lantheus Medical Imaging (US), Bayer AG (Germany), Bracco Imaging (Italy), Eczacıbaşı-Monrol Nuclear Products (Turkey), Nordion (Canada), Advanced Accelerator Applications (France), and NTP Radioisotopes (South Africa).

Scope of the Report

Report Metric

Details

Market size available for years

2018–2024

Base year considered

2018

Forecast period

2019–2024

Forecast unit

Value (USD)

Segments covered

Type, Application, Procedural Volume, and Region

Geographies covered

North America (US & Canada), Europe (Germany, France, UK, Italy, Spain, and RoE), APAC(Japan, China, and RoAPAC), and RoW (Latin America, Middle East, and Africa)

Companies covered

Major 20 players included, including Cardinal Health (US), GE Healthcare (US), Curium (France), Lantheus Medical Imaging (US), Bayer AG (Germany), Bracco Imaging (Italy), Eczacıbaşı-Monrol Nuclear Products (Turkey), Nordion (Canada), Advanced Accelerator Applications (France), NTP Radioisotopes (South Africa), JSC Isotope (Russia), NorthStar Medical Radioisotopes (US), Eckert & Ziegler (Germany), Jubilant DraxImage (Canada), PharmaLogic (US), Institute of Isotopes Co., Ltd. (Hungary), Sinotau Pharmaceuticals (China), Isotopia Molecular Imaging Limited (Israel), SHINE Medical Technologies (US), and Global Medical Solutions (US).

This research report categorizes the market based on type, application, procedural volume, and country.

By Type

  • Diagnostic Nuclear Medicine
    • SPECT Radiopharmaceuticals
      • Technetium-99m
      • Thallium-201
      • Gallium-67
      • Iodine-123
      • Other SPECT Isotopes
    • PET Radiopharmaceuticals
      • F-18
      • Ru-82
      • Other PET Isotopes
  • Therapeutic Nuclear Medicine
    • Alpha Emitters
      • Ra-223
    • Beta Emitters
      • Iodine-131
      • Yttrium-90
      • Samarium-153
      • Lutetium-177
      • Rhenium-186
      • Other Beta Emitters
  • Brachytherapy Isotopes
    • Iodine-125
    • Palladium-103
    • Cesium-131
    • Iridium-192
    • Other Brachytherapy Isotopes

By Application

  • Diagnostic Applications
    • SPECT Applications
      • Cardiology
      • Bone Scans
      • Thyroid Applications
      • Pulmonary Scans
      • Other SPECT Applications
    • PET Applications
      • Oncology
      • Cardiology
      • Neurology
      • Other PET Applications
    • Therapeutic Applications
      • Thyroid Indications
      • Bone Metastasis
      • Lymphoma
      • Endocrine Tumors
      • Other Indications

By Procedural Volume Assessment

  • Diagnostic Procedures
    • SPECT Procedures
    • PET Procedures
  • Therapeutic Procedures
    • Beta Emitter Procedures
    • Alpha Emitter Procedures
    • Brachytherapy Procedures

By Region

 North America

  • US
  • Canada

 Europe

  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe (RoE)

 Asia Pacific

  • China
  • Japan
  • RoAPAC

Rest of the World (RoW)

Recent Developments:

  • In 2019. Curium acquired MAP Medical, which will help it to increase its footprint in Europe with direct access to Nordic and Baltic countries.
  • In 2019, Eczacıbaşı-Monrol and Telix Pharmaceuticals Limited (Australia) signed a manufacturing and distribution agreement. Under the terms of the agreement, Telix has appointed Eczacıbaşı-Monrol as a radiopharmaceutical production partner and distributor in Turkey, the Middle East, and North Africa.
  • In 2019, Curium (France) and NRG (Netherlands) signed an agreement for the production of Molybdenum-99.

Key Questions Addressed by the Report

  • Which type segment will dominate the nuclear medicine market in the future?
  • Which application segment will dominate the nuclear medicine market in the future?
  • Emerging countries offer immense opportunities for the growth and adoption of nuclear medicine; will this scenario continue in the coming five years?
  • Where will all the advancements in technology offered by various companies take the industry in the mid- to long-term?
  • What are the upcoming products in the nuclear medicine market?

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

 Table of Contents

1 Introduction (Page No. - 20)
    1.1 Objectives of Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered for the Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 23)
    2.1 Research Methodology Steps
    2.2 Secondary and Primary Research Methodology
           2.2.1 Secondary Research
                    2.2.1.1 Key Data From Secondary Sources
           2.2.2 Primary Research
                    2.2.2.1 Key Insights From Primary Sources
    2.3 Market Size Estimation Methodology
    2.4 Market Data Validation and Triangulation
    2.5 Assumptions for the Study

3 Executive Summary (Page No. - 31)

4 Premium Insights (Page No. - 34)
    4.1 Nuclear Medicine: Market Overview
    4.2 Geographic Analysis: Nuclear Medicine Market for PET Applications, By Type (2017)
    4.3 Nuclear Medicine Market Share, By Type, 2018 vs. 2023
    4.4 Geographical Snapshot of the Nuclear Medicine Market

5 Market Overview (Page No. - 38)
           5.1.1 Introduction
           5.1.2 Market Dynamics
           5.1.3 Drivers
                    5.1.3.1 Increasing Incidence and Prevalence of Target Conditions
                    5.1.3.2 Alpha Radioimmunotherapy-Based Targeted Cancer Treatment
                    5.1.3.3 Initiatives to Lessen the Demand-Supply Gap of Mo-99
           5.1.4 Restraints
                    5.1.4.1 Short Half-Life of Radiopharmaceuticals
           5.1.5 Opportunities
                    5.1.5.1 Use of Radiopharmaceuticals in Neurological Applications
           5.1.6 Challenges
                    5.1.6.1 Hospital Budget Cuts and High Equipment Prices

6 Nuclear Medicine/Radiopharmaceuticals Market,  By Type (Page No. - 42)
    6.1 Introduction
    6.2 Diagnostic Nuclear Medicine
           6.2.1 Spect Radiopharmaceuticals
                    6.2.1.1 TC-99m
                    6.2.1.2 TL-201
                    6.2.1.3 GA-67
                    6.2.1.4 I-123
                    6.2.1.5 Other Spect Isotopes
           6.2.2 PET Radiopharmaceuticals
                    6.2.2.1 F-18
                    6.2.2.2 RU-82
                    6.2.2.3 Other PET Isotopes
    6.3 Therapeutic Nuclear Medicine
           6.3.1 Alpha Emitters
                    6.3.1.1 Ra-223
           6.3.2 Beta Emitters
                    6.3.2.1 I-131
                    6.3.2.2 Y-90
                    6.3.2.3 SM-153
                    6.3.2.4 RE-186
                    6.3.2.5 LU-177
                    6.3.2.6 Other Beta Emitters
           6.3.3 Brachytherapy Isotopes
                    6.3.3.1 I-125
                    6.3.3.2 IR-192
                    6.3.3.3 PD-103
                    6.3.3.4 CS-131
                    6.3.3.5 Other Brachytherapy Isotopes

7 Nuclear Medicine/Radiopharmaceuticals Market,By Application (Page No. - 87)
    7.1 Introduction
    7.2 Diagnostic Applications
           7.2.1 Spect Applications
                    7.2.1.1 Cardiology
                    7.2.1.2 Bone Scans
                    7.2.1.3 Thyroid
                    7.2.1.4 Pulmonary
                    7.2.1.5 Other Spect Applications
           7.2.2 PET Applications
                    7.2.2.1 Oncology
                    7.2.2.2 Cardiology
                    7.2.2.3 Neurology
                    7.2.2.4 Other PET Applications
    7.3 Therapeutic Applications
           7.3.1 Thyroid
           7.3.2 Bone Metastasis
           7.3.3 Lymphoma
           7.3.4 Endocrine Tumors
           7.3.5 Other Therapeutic Applications

8 Nuclear Medicine/Radiopharmaceuticals Market,By Procedural Volume (Page No. - 103)
    8.1 Introduction
    8.2 Diagnostic Procedures
           8.2.1 Spect Radiopharmaceuticals
           8.2.2 PET Radiopharmaceuticals
    8.3 Therapeutic Procedures
           8.3.1 Beta Emitters
           8.3.2 Alpha Emitters
           8.3.3 Brachytherapy Isotopes

9 Nuclear Medicine/Radiopharmaceuticals Market,By Region (Page No. - 112)
    9.1 Introduction
    9.2 North America
           9.2.1 US
           9.2.2 Canada
    9.3 Europe
           9.3.1 Germany
           9.3.2 France
           9.3.3 UK
           9.3.4 Italy
           9.3.5 Spain
           9.3.6 Roe
    9.4 Asia Pacific
           9.4.1 Japan
           9.4.2 China
           9.4.3 RoAPAC
    9.5 Rest of the World

10 Competitive Landscape (Page No. - 173)
     10.1 Overview
     10.2 Market Share Analysis
     10.3 Competitive Scenario
             10.3.1 Agreements, Partnerships, and Contracts
             10.3.2 Product Approvals
             10.3.3 Funding
             10.3.4 Acquisitions
             10.3.5 Expansions
             10.3.6 Other Developments

11 Company Profiles (Page No. - 180)
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)* 
     11.1 Cardinal Health
     11.2 GE Healthcare (A Fully-Owned Subsidiary of General Electric Company)
     11.3 Curium
     11.4 Lantheus Medical Imaging
     11.5 Bayer
     11.6 Bracco Imaging
     11.7 Eczacibasi-Monrol Nuclear Products
     11.8 Nordion (A Subsidiary of Sterigenics International)
     11.9 Advanced Accelerator Applications  (Aaa, Acquired By Novartis)
     11.10 NTP Radioisotopes Soc, Ltd
     11.11 Joint Stock Company Isotope (JSC Isotope)
     11.12 Northstar Medical Radioisotopes, LLC
     11.13 Eckert & Ziegler
     11.14 Jubilant Draximage, Inc. (A Subsidiary of Jubilant Pharma)
     11.15 Pharmalogic
     11.16 Institute of Isotopes Co., Ltd
     11.17 Sinotau Pharmaceuticals Group)
     11.18 Isotopia Molecular Imaging Limited
     11.19 Shine Medical Technologies
     11.20 Global Medical Solutions, Ltd
*Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies. 

12 Appendix (Page No. - 203)
     12.1 Discussion Guide
     12.2 Introducing Rt: Real-Time Market Intelligence
     12.3 Available Customizations
     12.4 Related Reports
     12.5 Author Details

The study involved four major activities in estimating the current size of the nuclear medicine market. Exhaustive secondary research was done to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.

Secondary Research

In the secondary research process, various secondary sources such as D&B, Bloomberg Businessweek, and Factiva have been referred to, to identify and collect information for the nuclear medicine market study. These secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, gold standard & silver standard websites, regulatory bodies, and databases.

Primary Research

The nuclear medicine market comprises several stakeholders such as radiopharmaceutical manufacturers and distributors, healthcare institutions (hospitals, medical schools, group practices, individual surgeons, and governing bodies), medical device vendors/service providers, research institutes, and research and consulting firms. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Mentioned below is the breakdown of primary respondents:

Nuclear Medicine/Radiopharmaceuticals Market

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

Both top-down and bottom-up approaches were used to estimate and validate the total size of the nuclear medicine market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

  • The key players in the industry and markets have been identified through extensive secondary research.
  • The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Data Triangulation

After arriving at the overall nuclear medicine market size-using the market size estimation processes as explained above-the market was split into several segments and subsegments. To complete the overall market engineering process and to arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the nuclear medicine industry.

Report Objectives

  • To define, describe, and forecast the nuclear medicine market on the basis of type, application, procedural volume, and region
  • To provide detailed information regarding the major factors influencing the growth of this market (such as drivers, restraints, and opportunities)
  • To analyze the micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall nuclear medicine market
  • To analyze the opportunities for stakeholders and provide details of the competitive landscape for market leaders
  • To forecast the size of the market segments with respect to North America, Europe, the Asia Pacific, and the Rest of the World
  • To strategically analyze the market structure and profile key players and their core competencies in the nuclear medicine market

To track and analyze competitive developments such as product launches, expansions, acquisitions, partnerships, and collaborations in the nuclear medicine market.

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the Contrast media/contrast agents market report:

Product Analysis

  • Product matrix, which gives a detailed comparison of the software portfolios of the top five companies

Company Information

  • Detailed analysis and profiling of additional market players (up to 5)
Report Code
PH 3590
Published ON
Jan, 2020
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