The nuclear medicine market is projected to reach USD 5.26 billion by 2023 from an estimated USD 3.95 billion in 2018, at a CAGR of 5.9%. Growth in this market is mainly driven by factors such as the increasing incidence and prevalence of cancer and cardiac ailments and initiatives to lessen the demand-supply gap of Mo-99. Moreover, the use of radiopharmaceuticals in novel neurological applications is likely to present lucrative growth opportunities for players in the nuclear medicine market.
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Based on type, the nuclear medicine market is categorized into diagnostic and therapeutic radiopharmaceuticals. The therapeutic radiopharmaceuticals segment is projected to register the highest growth rate in the forecast period. A key factor driving the growth of this market is the high demand for the development of new drugs to fight diseases such as cancer and thyroid, among others.
The diagnostic radiopharmaceuticals market is further segmented into SPECT and PET radioisotopes. The PET radiopharmaceuticals 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 use of PET scans in cardiac as well as oncology applications.
The therapeutic radiopharmaceuticals market is further segmented into beta emitters, alpha emitters, and brachytherapy. The alpha emitters segment is projected to register the highest growth rate in the forecast period. Xofigo is the only US FDA approved alpha emitter used to treat bone metastasis in patients with prostate cancer. The increasing prevalence of cancer globally, is driving the growth of this market.
Based on application, the nuclear medicine market is segmented into SPECT, PET, and therapeutic applications. The cardiology SPECT application segment account 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 lifestyle diseases.
By region, the nuclear medicine market is divided into North America, Europe, Asia Pacific, and RoW. The Asia Pacific market is projected to grow at the highest CAGR during the forecast period, owing to the installation of nuclear imaging systems in the region, and initiatives to boost radioisotope production.
