Nuclear medicine market size to grow by USD 8,057.89 million between 2022 and 2027; Growth driven by growing adoption of SPECT/CT hybrid imaging systems - Technavio

NEW YORK, April 25, 2023 /PRNewswire/ -- The nuclear medicine market size is forecast to increase by USD 8,057.89 million from 2022 to 2027, at a CAGR of 16.48%, according to the recent market study by Technavio. The growth of the market will be driven by the growing adoption of SPECT/CT hybrid imaging systems, increased use of nuclear medicine for detecting diseases at an early stage, and growing cancer cases and rising investment in the oncology market. Charts & data tables about market and segment sizes for a historic period (2017-2021) and forecast period (2023-2027) have been covered in this report. Download The Sample Report

Vendor Analysis

The global nuclear medicine market is fragmented due to the presence of a large number of global and regional vendors. Established vendors offer a broad range of products, have substantial financial, manufacturing, sales, marketing, and distribution resources, make significant investments in R&D, and have strong geographical coverage. Small and medium-sized vendors are struggling to capture market share from the leading vendors. They are focused on expanding their businesses globally and are generating a significant volume of their net sales from their international operations. The competitive environment in the market is expected to intensify during the forecast period due to technological advances, an increasing number of new product approvals, the rising number of mergers and acquisitions and strategic collaborations, and the growing focus of vendors on expanding their reach to international markets. Some of the key vendors covered in the report include:

• Bayer AG - The company offers nuclear medicine such as MEDRAD Intego.
• Bracco Spa - The company offers nuclear medicine such as Cardiogen 82.
• Cardinal Health Inc. - The company offers nuclear medicine such as Fluorine F 18 fludeoxyglucose.
• Eckert and Ziegler AG - The company offers nuclear medicine such as GalliaPharm.
• GE Healthcare Technologies Inc.
• IBA Radiopharma Solutions
• Jubilant Pharmova Ltd.
• Koninklijke Philips NV
• Lantheus Holdings Inc.
• Mallinckrodt Plc
• Medi-Radiopharma
• Mirion Technologies Inc.
• Necsa
• Novartis AG
• Siemens Healthineers AG

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Key Benefits for Industry Players & Stakeholders – 

• The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.
• It also provides detailed analyses of the market's competitive landscape and vendors' product offerings.
• The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

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Market Segmentation:

The market is segmented by product (radiotherapeutics, equipment SPECT and PET), application (oncology, cardiology, neurology, and others.), and geography (North America, Asia, Europe, and Rest of World (ROW)).

• The market growth in the radiotherapeutics segment will be significant over the forecast period. The segment is driven by the increased use of radiotherapeutics to treat multiple disease sites, such as cancer and cardiac diseases. Also, factors such as the rapid growth in the R&D activities for nuclear medicines and the rising prevalence of various diseases, such as cancer and thyroid drive the growth of the segment.
• North America will account for 45% of the market growth during the forecast period. The rising number of cancer cases and the presence of well-established vendors drive the growth of the regional market. In addition, changes in hospital infrastructure and healthcare policies and the adoption of hybrid operating rooms and cloud computing in the healthcare sector are driving the growth of the nuclear medicine market in North America.

Market Dynamics:

Key DRIVERS:

• Growing adoption of SPECT/CT hybrid imaging systems
• Increased use of nuclear medicine for detecting diseases at an early stage
• Growing cancer cases and rising investment in the oncology market

The popularity of SPECT/CT hybrid imaging technology is increasing in many countries. It offers various benefits such as early diagnosis, accurate disease staging, and effective response to the treatment of chronic conditions such as diabetes. The growing adoption of the technology has encouraged vendors to focus on expanding the range of radiopharmaceutical products used with their systems to further increase the scope of applications. They are improving their technological capabilities of SPECT/CT hybrid imaging systems. This is expected to further increase the adoption of SPECT/CT hybrid imaging systems among end-users. All these factors are driving the growth of the market.

Major Trends:

• Minimal side effects of the radiopharmaceuticals as compared with its potential benefits
• Growing research activities to widen the applications of hybrid imaging
• Constant discovery and development of new radiopharmaceuticals

Nuclear medicine such as radiopharmaceuticals has lower side effects. A few risks may be caused such as soreness, bleeding, and swelling at the site of injection. However, these are quite rarely observed. This is one of the major factors for the recommendation of nuclear medicine for various diagnostic and treatment purposes. The use of a small amount of the drug during various processes such as cancer treatment limits the adverse effects of radiopharmaceuticals. Also, they are used for their specific localized action produced owing to the physiologic mechanism and not for any pharmacological action, which reduces the risk of side effects. Such benefits are positively affecting the growth of the market.

Key Challenges:

Regulatory hurdles regarding the preparation of radiopharmaceuticals will challenge the growth of the market. Prominent regulatory authorities such as the US FDA and the American College of Radiology Imaging Network have formed an investigational approach for the approval of new radiopharmaceuticals. They are comparing the new drug with a standard molecule. Owing to extensive toxicology testing, there are very few nuclear medicines approved by the US FDA. Also, these regulations vary in European countries. In Europe, vendors need to submit their clinical research data separately that go through different regulatory policies. Such regulatory challenges restrict the growth of the market.

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What are the key data covered in this nuclear medicine market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the nuclear medicine market between 2023 and 2027
• Precise estimation of the size of the nuclear medicine market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the nuclear medicine market industry across North America, Asia, Europe, and Rest of World (ROW)
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of nuclear medicine market vendors

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Table of contents:

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global nuclear medicine market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global nuclear medicine market 2017 - 2021 ($ million)

• 4.2 Product Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Product Segment 2017 - 2021 ($ million)

• 4.3 Application Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Application Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Product

• 6.1 Market segments
• Exhibit 30: Chart on Product - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Product - Market share 2022-2027 (%)

• 6.2 Comparison by Product 
• Exhibit 32: Chart on Comparison by Product
• Exhibit 33: Data Table on Comparison by Product

• 6.3 Radiotherapeutics - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Radiotherapeutics - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Radiotherapeutics - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Radiotherapeutics - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Radiotherapeutics - Year-over-year growth 2022-2027 (%)

• 6.4 Equipment (SPECT and PET) - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Equipment (SPECT and PET) - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Equipment (SPECT and PET) - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Equipment (SPECT and PET) - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Equipment (SPECT and PET) - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Product 
• Exhibit 42: Market opportunity by Product ($ million)
• Exhibit 43: Data Table on Market opportunity by Product ($ million)

7 Market Segmentation by Application

• 7.1 Market segments
• Exhibit 44: Chart on Application - Market share 2022-2027 (%)
• Exhibit 45: Data Table on Application - Market share 2022-2027 (%)

• 7.2 Comparison by Application 
• Exhibit 46: Chart on Comparison by Application
• Exhibit 47: Data Table on Comparison by Application

• 7.3 Oncology - Market size and forecast 2022-2027 
• Exhibit 48: Chart on Oncology - Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Data Table on Oncology - Market size and forecast 2022-2027 ($ million)
• Exhibit 50: Chart on Oncology - Year-over-year growth 2022-2027 (%)
• Exhibit 51: Data Table on Oncology - Year-over-year growth 2022-2027 (%)

• 7.4 Cardiology - Market size and forecast 2022-2027 
• Exhibit 52: Chart on Cardiology - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Data Table on Cardiology - Market size and forecast 2022-2027 ($ million)
• Exhibit 54: Chart on Cardiology - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Cardiology - Year-over-year growth 2022-2027 (%)

• 7.5 Neurology - Market size and forecast 2022-2027 
• Exhibit 56: Chart on Neurology - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Data Table on Neurology - Market size and forecast 2022-2027 ($ million)
• Exhibit 58: Chart on Neurology - Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on Neurology - Year-over-year growth 2022-2027 (%)

• 7.6 Others - Market size and forecast 2022-2027 
• Exhibit 60: Chart on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 61: Data Table on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 62: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 63: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 7.7 Market opportunity by Application 
• Exhibit 64: Market opportunity by Application ($ million)
• Exhibit 65: Data Table on Market opportunity by Application ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 66: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 67: Chart on Market share by geography 2022-2027 (%)
• Exhibit 68: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 69: Chart on Geographic comparison
• Exhibit 70: Data Table on Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027 
• Exhibit 71: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 72: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 73: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.4 Asia - Market size and forecast 2022-2027 
• Exhibit 75: Chart on Asia - Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Data Table on Asia - Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Chart on Asia - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on Asia - Year-over-year growth 2022-2027 (%)

• 9.5 Europe - Market size and forecast 2022-2027 
• Exhibit 79: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 80: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.6 Rest of World (ROW) - Market size and forecast 2022-2027 
• Exhibit 83: Chart on Rest of World (ROW) - Market size and forecast 2022-2027 ($ million)
• Exhibit 84: Data Table on Rest of World (ROW) - Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Chart on Rest of World (ROW) - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on Rest of World (ROW) - Year-over-year growth 2022-2027 (%)

• 9.7 US - Market size and forecast 2022-2027 
• Exhibit 87: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 88: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.8 Japan - Market size and forecast 2022-2027 
• Exhibit 91: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 92: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.9 China - Market size and forecast 2022-2027 
• Exhibit 95: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 96: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.10 Germany - Market size and forecast 2022-2027 
• Exhibit 99: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 100: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.11 UK - Market size and forecast 2022-2027 
• Exhibit 103: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 104: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 105: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.12 Market opportunity by geography 
• Exhibit 107: Market opportunity by geography ($ million)
• Exhibit 108: Data Tables on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 109: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 110: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 111: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 112: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 113: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 114: Matrix on vendor position and classification

• 12.3 Bayer AG
• Exhibit 115: Bayer AG - Overview
• Exhibit 116: Bayer AG - Business segments
• Exhibit 117: Bayer AG - Key news
• Exhibit 118: Bayer AG - Key offerings
• Exhibit 119: Bayer AG - Segment focus

• 12.4 Bracco Spa
• Exhibit 120: Bracco Spa - Overview
• Exhibit 121: Bracco Spa - Product / Service
• Exhibit 122: Bracco Spa - Key offerings

• 12.5 Cardinal Health Inc.
• Exhibit 123: Cardinal Health Inc. - Overview
• Exhibit 124: Cardinal Health Inc. - Business segments
• Exhibit 125: Cardinal Health Inc. - Key news
• Exhibit 126: Cardinal Health Inc. - Key offerings
• Exhibit 127: Cardinal Health Inc. - Segment focus

• 12.6 Eckert and Ziegler AG 
• Exhibit 128: Eckert and Ziegler AG - Overview
• Exhibit 129: Eckert and Ziegler AG - Business segments
• Exhibit 130: Eckert and Ziegler AG - Key news
• Exhibit 131: Eckert and Ziegler AG - Key offerings
• Exhibit 132: Eckert and Ziegler AG - Segment focus

• 12.7 ECZACIBASI MONROL NUCLEAR PRODUCTS CO. 
• Exhibit 133: ECZACIBASI MONROL NUCLEAR PRODUCTS CO. - Overview
• Exhibit 134: ECZACIBASI MONROL NUCLEAR PRODUCTS CO. - Product / Service
• Exhibit 135: ECZACIBASI MONROL NUCLEAR PRODUCTS CO. - Key offerings

• 12.8 GE Healthcare Technologies Inc. 
• Exhibit 136: GE Healthcare Technologies Inc. - Overview
• Exhibit 137: GE Healthcare Technologies Inc. - Business segments
• Exhibit 138: GE Healthcare Technologies Inc. - Key offerings
• Exhibit 139: GE Healthcare Technologies Inc. - Segment focus

• 12.9 IBA Radiopharma Solutions 
• Exhibit 140: IBA Radiopharma Solutions - Overview
• Exhibit 141: IBA Radiopharma Solutions - Business segments
• Exhibit 142: IBA Radiopharma Solutions - Key offerings
• Exhibit 143: IBA Radiopharma Solutions - Segment focus

• 12.10 Jubilant Pharmova Ltd. 
• Exhibit 144: Jubilant Pharmova Ltd. - Overview
• Exhibit 145: Jubilant Pharmova Ltd. - Business segments
• Exhibit 146: Jubilant Pharmova Ltd. - Key news
• Exhibit 147: Jubilant Pharmova Ltd. - Key offerings
• Exhibit 148: Jubilant Pharmova Ltd. - Segment focus

• 12.11 Koninklijke Philips NV 
• Exhibit 149: Koninklijke Philips NV - Overview
• Exhibit 150: Koninklijke Philips NV - Business segments
• Exhibit 151: Koninklijke Philips NV - Key news
• Exhibit 152: Koninklijke Philips NV - Key offerings
• Exhibit 153: Koninklijke Philips NV - Segment focus

• 12.12 Mallinckrodt Plc
• Exhibit 154: Mallinckrodt Plc - Overview
• Exhibit 155: Mallinckrodt Plc - Business segments
• Exhibit 156: Mallinckrodt Plc - Key news
• Exhibit 157: Mallinckrodt Plc - Key offerings
• Exhibit 158: Mallinckrodt Plc - Segment focus

• 12.13 Medi-Radiopharma
• Exhibit 159: Medi-Radiopharma - Overview
• Exhibit 160: Medi-Radiopharma - Product / Service
• Exhibit 161: Medi-Radiopharma - Key offerings

• 12.14 Necsa
• Exhibit 162: Necsa - Overview
• Exhibit 163: Necsa - Product / Service
• Exhibit 164: Necsa - Key offerings

• 12.15 Novartis AG
• Exhibit 165: Novartis AG - Overview
• Exhibit 166: Novartis AG - Business segments
• Exhibit 167: Novartis AG - Key offerings
• Exhibit 168: Novartis AG - Segment focus

• 12.16 Siemens Healthineers AG 
• Exhibit 169: Siemens Healthineers AG - Overview
• Exhibit 170: Siemens Healthineers AG - Business segments
• Exhibit 171: Siemens Healthineers AG - Key news
• Exhibit 172: Siemens Healthineers AG - Key offerings
• Exhibit 173: Siemens Healthineers AG - Segment focus

• 12.17 Sirtex Medical Pty Ltd. 
• Exhibit 174: Sirtex Medical Pty Ltd. - Overview
• Exhibit 175: Sirtex Medical Pty Ltd. - Product / Service
• Exhibit 176: Sirtex Medical Pty Ltd. - Key offerings

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 177: Inclusions checklist
• Exhibit 178: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 179: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 180: Research methodology
• Exhibit 181: Validation techniques employed for market sizing
• Exhibit 182: Information sources

• 13.5 List of abbreviations 
• Exhibit 183: List of abbreviations

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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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