Nuclear Medicine Market To Hit USD 54.7 Billion By 2032, Says Global Market Insights Inc.

(MENAFN- GlobeNewsWire - Nasdaq) Nuclear medicine industry is projected to witness a CAGR of 16.3% during the period 2024-2032. This growth can be attributed to rising technological advancements in nuclear medicine.

Selbyville, Delaware, Jan. 08, 2025 (GLOBE NEWSWIRE) --

Nuclear Medicine market size reached USD 13.6 billion in 2023 and is poised for robust growth, with a projected CAGR of 16.3% from 2024 to 2032. Key growth drivers include the rising incidence of cancer and cardiovascular diseases, a strong demand for non-invasive diagnostic techniques, and continuous innovation in radiopharmaceuticals. These factors contribute significantly to market expansion as healthcare providers and patients increasingly prioritize advanced diagnostic and therapeutic options.

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Governments and research organizations invest extensively in nuclear medicine research and development. These investments aim to enhance healthcare infrastructure, broaden diagnostic access, and improve public health outcomes. Developed countries have launched national initiatives that provide funding for cutting-edge imaging technologies and radiopharmacy infrastructure, advancing diagnostic capabilities and supporting the adoption of nuclear medicine solutions.

Segment-wise, the nuclear medicine market is divided into diagnostics and therapeutics, with the diagnostics segment generating USD 9.4 billion in revenue in 2023. Emerging markets are experiencing rising healthcare investments and improved infrastructure, enabling greater access to advanced nuclear imaging tools. Increased rates of chronic diseases in these regions further propel demand for nuclear diagnostics.

Nuclear imaging methods, especially myocardial perfusion imaging (MPI), play a crucial role in cardiology by evaluating blood flow, identifying heart diseases, and assessing cardiac function. As lifestyle changes and an aging population drive up heart disease prevalence globally, the need for cardiac imaging through nuclear diagnostics continues to rise.

Based on end-use, the nuclear medicine market spans hospitals, diagnostic centers, research institutes, and other facilities. Hospitals were the dominant segment in 2023 and are projected to reach USD 33.3 billion by 2032. Investments in advanced imaging technologies and the employment of specialized nuclear medicine professionals enable hospitals to offer a broad range of nuclear medicine applications, from diagnostics to theranostics.

Hospitals are also increasingly adopting hybrid imaging systems, such as PET/CT, SPECT/CT, and PET/MRI, which enhance diagnostic precision by integrating anatomical and functional imaging. These sophisticated systems are typically housed in well-resourced hospital environments, leading to higher patient volumes.

North America nuclear medicine market accounted for USD 7 billion in nuclear medicine revenue in 2023, with a forecasted CAGR of 15.6% through 2032. The region's advanced healthcare infrastructure facilitates the adoption of nuclear imaging technologies, especially hybrid imaging systems like PET/CT and SPECT/CT.

North America's well-equipped hospitals, specialty clinics, and diagnostic centers are well-suited to integrating advanced nuclear medicine solutions. Additionally, an aging population increasingly susceptible to chronic and age-related conditions, including Alzheimer's and various cancers, further amplifies the demand for nuclear diagnostics for early detection and personalized treatment strategies.

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Major players in nuclear medicine market include Actinium Pharmaceuticals, Boston Scientific, Bracco, Cardinal Health, Curium Pharma, GE Healthcare, Jubilant Pharma, Lantheus, Novartis, RadioMedix, RLS Radiopharmacies, Siemens Healthineers, Sirtex, Sun Pharma, Theragenics among others.

Partial Table of Contents (ToC) of the report:

Chapter 1 Methodology & Scope

1.1 Market scope & definition

1.2 Research design

1.2.1 Research approach

1.2.2 Data collection methods

1.3 Base estimates & calculations

1.3.1 Base year calculation

1.3.2 Key trends for market estimation

1.4 Forecast model

1.5 Primary research and validation

1.5.1 Primary sources

1.5.2 Data mining sources

Chapter 2 Executive Summary

2.1 Industry 3600 synopsis

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis

3.2 Industry impact forces

3.2.1 Growth drivers

3.2.1.1 Growing prevalence of chronic diseases

3.2.1.2 Rising technological advancements in nuclear medicine

3.2.1.3 Rise in healthcare expenditure

3.2.1.4 Favorable government initiatives

3.2.2 Industry pitfalls & challenges

3.2.2.1 High cost of radiotherapy

3.2.2.2 Short half-life of radiopharmaceuticals

3.3 Growth potential analysis

3.4 Regulatory landscape

3.5 Reimbursement scenario

3.6 Technology landscape

3.6.1 Core technologies

3.6.2 Adjacent technologies

3.7 Future market trends

3.8 Pipeline analysis

3.9 Porter's analysis

3.10 PESTEL analysis

3.11 Gap analysis

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About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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