by 
Radiopharmaceuticals in nuclear medicine are radioactive compounds administered to the patient, then detected and imaged by specialized nuclear medicine scanning equipment. They are used in the diagnosis and treatment of various disease conditions such as cancer, cardiovascular diseases and neurological disorders. The most common types are Technetium-99m (Tc-99m), Thallium-201 (Tl-201), Gallium-67 (Ga-67) and Iodine (I-131). Tc-99m remains the most frequently used radioisotope in nuclear medicine accounting for over 80% of all procedures worldwide due to its suitable nuclear properties. In recent years, the increasing incidence of cancer and cardiac diseases and growing geriatric population has propelled the demand for early and accurate diagnosis using nuclear medicine imaging techniques like SPECT and PET.
The global Radiopharmaceuticals in Nuclear Medicine Market is estimated to be valued at US$ 6,700.05 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing Radiopharmaceuticals in Nuclear Medicine Market will be flourished by the increasing use in diagnostic applications owing to the benefits offered by nuclear imaging techniques over other conventional diagnostic modalities. Nuclear medicine imaging provides functional information of the disease at molecular and cellular level which helps in early disease detection. It also allows physicians to track the progress of a disease or treatment through serial exams. Moreover, continuous technological advancements in radiotracers, PET and SPECT scanning devices have further increased the diagnostic potential of nuclear medicine scans. Government initiatives to upgrade healthcare infrastructure and growing public awareness regarding early diagnosis are also fueling the demand for radiopharmaceuticals worldwide. However, short half-life, high research and development costs and limited supply of radioisotopes restrict the market growth to some extent.
Segment Analysis
The global radiopharmaceuticals in nuclear medicine market is dominated by the oncology segment. This segment accounted for over 40% market share in 2024 owing to the high prevalence of various types of cancers and increasing use of PET imaging for cancer diagnosis and treatment monitoring. Other major segments include cardiology, neurology and nephrology. The cardiology segment is the fastest growing segment due to rising geriatric population and growing cases of cardiac diseases.
PEST Analysis
Political: Regulations regarding handling and production of radiopharmaceuticals are tightened by regulatory authorities which impact market growth. However, support for research is encouraging new product development.
Economic: Growing healthcare expenditure in emerging economies and demand for affordable diagnosis and treatment options are driving market growth in Asia Pacific and Latin America.
Social: Increasing public awareness regarding benefits of nuclear medicine and technological advancements are increasing adoption rates. However, shortage of skilled professionals to handle radiotracers impacts the market.
Technological: Recently introduced radiotracers for neurology and precision oncology applications along with sales of hybrid PET/CT and PET/MR imaging systems are fueling market growth.
Key Takeaways
The global radiopharmaceuticals in nuclear medicine market is expected to witness high growth over the forecast period owing to increasing incidence of cancer and cardiac diseases. The oncology segment dominates the market due to high prevalence of various cancers.
Regional Analysis: North America leads the global market and is expected to maintain its position during the forecast period owing to developed healthcare infrastructure, availability of advanced diagnostic techniques and presence of key market players in the region.
Key Players: Progenics Pharmaceuticals, Inc., NorthStar Medical Radioisotopes LLC, Curium Pharma, and Life Molecular Imaging are among the prominent players in the radiopharmaceuticals in nuclear medicine market. Key players are focusing on launching new radioisotope-based therapies and diagnostic agents to expand their product portfolios. Recent approvals of new radiotracers for prostate cancer and Alzheimer’s disease by regulatory authorities will further support the market growth. Shortage of trained professionals for production and management of radiotracers poses major challenges for market players.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
