The nuclear medicine market is projected to reach USD 7.5 billion by 2026 from USD 4.8 billion in 2021, at a CAGR of 9.0% 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.
Some of the prominent players operating in the nuclear medicine market include Cardinal Health (US), GE Healthcare (US), Curium (France), Lantheus Medical Imaging (US), Bayer AG (Germany), Bracco Imaging (Italy), Eczacýbaþý-Monrol Nuclear Products (Turkey), Nordion (Canada), Advanced Accelerator Applications (France), and NTP Radioisotopes (South Africa).
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Top Nuclear Medicine Market Major Players
Cardinal Health was the leading player in the nuclear medicine market in 2020. The company has a robust network of nuclear pharmacies and focuses on expanding its PET manufacturing capabilities. The company strongly believes in the diversification of its customer base by establishing independent pharmacies and other pharmacy channels.
Curium held the second-leading position in the nuclear medicine market in 2020. The company focuses on innovation improving its geographic presence through partnerships with different market players to maintain its position as a leading player globally.
GE Healthcare held the third-leading position in the nuclear medicine market in 2020. GE healthcare’s strong position in the global market can be attributed to its comprehensive product portfolio as well as its strong geographic presence The company robust portfolio for nuclear medicine market, a large number of subsidiaries and focus on customers have contributed to its leading position in the nuclear medicine 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), Procedures - Global Forecast to 2026
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