U.S. Nuclear Medicine Market (By Product: Diagnostic (SPECT, PET), Therapeutic (Alpha, Beta Emitters, Brachytherapy); By Application; By End-use) - Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2024-2033

The U.S. nuclear medicine market size was estimated at around USD 5.12 billion in 2023 and it is projected to hit around USD 16.85 billion by 2033, growing at a CAGR of 12.65% from 2024 to 2033.

Key Pointers

• By Product, the diagnostic products segment held the largest revenue share of 72% in 2023.
• By Product, the therapeutic products segment is expected to expand at the highest CAGR from 2024 to 2033.
• By End-use, the hospitals and clinics generated the maximum market share in 2023.
• By End-use, the diagnostic centers segment is predicted to grow at the remarkable CAGR over the forecast period.
• By Application, the oncology segment emerged captured the maximum market share in 2023.
• By Application, the endocrine tumor segment is estimated to expand the fastest CAGR from 2024 to 2033.

U.S. Nuclear Medicine Market Overview

The field of nuclear medicine in the United States has witnessed significant growth and advancements in recent years. With a focus on diagnostic imaging and therapeutic procedures, the U.S. nuclear medicine market plays a crucial role in modern healthcare.

U.S. Nuclear Medicine Market Growth Factors

The growth of the U.S. nuclear medicine market is propelled by several key factors. Technological advancements in diagnostic imaging and therapeutic applications have significantly enhanced the efficacy and accuracy of nuclear medicine procedures, driving increased adoption among healthcare providers and patients alike. Moreover, the rising prevalence of chronic diseases, such as cancer and cardiovascular disorders, has fueled the demand for advanced diagnostic tools and targeted therapeutic interventions offered by nuclear medicine. Additionally, growing awareness among patients and healthcare professionals about the benefits of nuclear medicine in terms of early disease detection, precise treatment delivery, and improved patient outcomes has contributed to market expansion. Furthermore, favorable government initiatives, coupled with increasing investments in research and development, continue to drive innovation and fuel the growth of the U.S. nuclear medicine market, promising a bright future for this dynamic sector.

U.S. Nuclear Medicine Market Trends:

• Rising Demand for Therapeutic Radiopharmaceuticals: The increasing prevalence of cancer and other chronic diseases is driving the demand for targeted radiation therapy using radiopharmaceuticals like iodine-131 and lutetium-177, offering promising outcomes with minimal side effects.
• Shift towards Molecular Imaging: Molecular imaging techniques, which enable visualization and quantification of biological processes at the molecular level, are gaining traction for their potential in disease diagnosis, treatment monitoring, and drug development, fostering innovation and expanding the scope of nuclear medicine applications.
• Growing Emphasis on Precision Medicine: With a focus on delivering tailored treatment approaches based on individual patient characteristics, nuclear medicine is playing a pivotal role in the era of precision medicine, allowing for more accurate diagnosis, patient stratification, and targeted therapy delivery.
• Expansion of Hybrid Imaging Modalities: Hybrid imaging technologies such as PET/CT (Positron Emission Tomography/Computed Tomography) and PET/MRI (Positron Emission Tomography/Magnetic Resonance Imaging) are gaining prominence for their synergistic capabilities, offering comprehensive anatomical and functional information in a single imaging session, thereby improving diagnostic accuracy and treatment planning efficiency.
• Integration of Artificial Intelligence (AI): The integration of AI algorithms into nuclear medicine workflows is streamlining image interpretation, enhancing diagnostic accuracy, and facilitating predictive modeling for treatment response assessment and outcome prediction, thereby driving efficiency and improving clinical decision-making.
• Telemedicine and Remote Imaging: The COVID-19 pandemic has accelerated the adoption of telemedicine and remote imaging solutions in nuclear medicine, enabling virtual consultations, remote image interpretation, and decentralized clinical trials, thereby enhancing accessibility, patient convenience, and continuity of care.

U.S. Nuclear Medicine Market Restraints:

• High Initial Capital Investment: The acquisition and installation of nuclear medicine imaging equipment require substantial upfront capital investment, posing a significant financial barrier for healthcare facilities, particularly smaller clinics and rural hospitals, limiting their ability to adopt nuclear medicine technologies.
• Reimbursement Challenges: Reimbursement policies and rates for nuclear medicine procedures vary widely, leading to uncertainty and inconsistency in reimbursement levels across different regions and healthcare settings. Complex billing procedures and inadequate reimbursement rates can discourage healthcare providers from offering nuclear medicine services, particularly for less commonly performed procedures.
• Regulatory Compliance: The U.S. nuclear medicine market is subject to stringent regulatory oversight by agencies such as the Food and Drug Administration (FDA) and the Nuclear Regulatory Commission (NRC), necessitating compliance with complex regulatory requirements for equipment operation, radiopharmaceutical production, and radiation safety protocols. Regulatory compliance efforts can entail significant administrative burdens and resource allocation, impacting operational efficiency and increasing costs for healthcare providers.
• Concerns Regarding Radiation Exposure: Despite the clinical benefits of nuclear medicine procedures, concerns regarding radiation exposure remain a prominent restraint, particularly among patients and healthcare providers. Perceptions of radiation risks, coupled with fears of potential long-term health effects, can lead to hesitancy and reluctance in undergoing nuclear medicine imaging studies and therapeutic interventions, impacting patient acceptance and utilization of nuclear medicine services.
• Limited Availability of Radiopharmaceuticals: The availability and accessibility of radiopharmaceuticals, particularly novel and specialized agents used in nuclear medicine imaging and therapy, can be limited due to production challenges, supply chain disruptions, and regulatory constraints. Shortages or delays in radiopharmaceutical availability can hinder the timely delivery of nuclear medicine services and limit the scope of clinical applications, affecting patient care and clinical outcomes.

Product Insights

The diagnostic products segment emerged as the market leader, capturing 72% of global revenue in 2023. SPECT technology is pivotal in diagnosing a diverse array of illnesses, spanning neurological disorders, cardiovascular ailments, and thyroid-related conditions. Its diagnostic accuracy surpasses that of alternative non-radiopharmaceutical techniques. SPECT maintained its dominance in 2023, buoyed by its cost-effectiveness and the utilization of readily available radioisotopes with extended lifespans, in contrast to PET. Furthermore, the market is propelled by the introduction of specialized gamma cameras, portable SPECT scanners, and advancements like the I-123 radiotracer.

The therapeutic products segment is poised for the swiftest growth, projected to achieve the highest CAGR throughout the forecast period. Alpha emitters, beta emitters, and brachytherapy techniques are widely adopted in radiopharmaceutical therapeutic interventions. Brachytherapy, renowned for its brief procedural duration, stands out as a preferred treatment modality for prostate, gynecological, breast, and other cancers. Leading industry players are innovating novel applications for I-131 in treating various ailments. Notably, in December 2023, Cellectar Biosciences, Inc., a clinical biopharmaceutical firm, expanded its collaboration with the Wisconsin Alumni Research Foundation (WARF) to develop and commercialize iopofosine I 131 for pediatric cancers. This collaboration grants Cellectar exclusive licensing rights for exploring iopofosine's potential in pediatric solid cancers such as high-grade glioma, neuroblastoma, and sarcoma.

End-use Insights

Hospitals and clinics dominated the market, holding the largest share in 2023. The expansion of the nuclear medicine market in the U.S. is attributed to the increasing number of hospitals and clinics. The demand for nuclear medicine products remains high, driven by the uptick in inpatient visits for disease diagnosis and treatment. According to the American Hospital Association, there were approximately 6,120 hospitals operating across various U.S. states in 2024, facilitating 33.67 million hospital admissions. The availability of skilled personnel and the financial capability to procure high-cost nuclear medicine products, supported by substantial budgets, are significant factors expected to propel this segment forward.

The diagnostic centers segment is anticipated to experience notable growth over the forecast period. This growth is fueled by the escalating number of nuclear medicine diagnostic procedures. According to the National Cancer Institute, nearly 2 million individuals were diagnosed with cancer in the U.S. in 2023 alone. Consequently, the increasing prevalence of chronic diseases is projected to elevate the diagnosis rate during the forecast period, thereby stimulating market expansion.

Application Insights

The oncology segment emerged as the market leader, commanding the largest share in 2023, driven by the high prevalence of cancer and the growing preference for radiopharmaceutical diagnostics. According to the American Cancer Society's 2022 statistics, an estimated 1.9 million new cancer cases and 609,360 cancer-related deaths are projected in the U.S. for 2022. This widespread incidence of cancer significantly influences market growth, as there is a heightened demand for nuclear medicine technologies that play a pivotal role in both diagnosing and treating various forms of cancer.

The endocrine tumor segment is poised to exhibit the most rapid growth rate over the forecast period. Originating from the gastroenteropancreatic tract, endocrine tumors are characterized by histological patterns and endocrine metabolism. These tumors are relatively rare, affecting between 2.5 to 5 individuals per 100,000, as reported by the National Cancer Institute U.S. Radiopharmaceuticals and functional imaging tools are preferred for the detection of endocrine tumors over traditional methods such as CT scans, MRIs, and ultrasounds. The competitive landscape is shaped by strategic collaborations among key players, exemplified by the recent partnership between Jubilant Draximage Inc. (Jubilant Radiopharma) and Evergreen Theragnostics, Inc. in June 2023. Leveraging its extensive nuclear medicine pharmacy network in the U.S., Jubilant Radiopharma's Radiopharmacy division joined forces with Evergreen Theragnostics to drive advancements in the field.

U.S. Nuclear Medicine Market Key Companies

• Eckert & Ziegler
• Curium
• GE Healthcare
• Jubilant Life Sciences Ltd.
• Bracco Imaging S.P.A
• Nordion (Canada), Inc.
• The Institute For Radioelements (IRE)
• NTP Radioisotopes SOC Ltd.
• Eczacıbaşı-Monrol
• Lantheus Medical Imaging, Inc.
• The Australian Nuclear Science and Technology Organization
• Novartis (Advanced Accelerator Applications)
• Siemens Healthineers AG

Recent Developments

• In December 2023, Eli Lilly and Company finalized a definitive agreement to acquire POINT Biopharma, Inc., a prominent radiopharmaceutical company. This strategic move aims to enhance Lilly's capabilities in the oncology sector, with a focus on advancing next-generation radioligand therapies.
• In November 2023, BWXT Medical, a subsidiary of BWX Technologies, entered into a supply agreement with Fusion Pharmaceuticals to provide generators for producing actinium-225, a critical medical isotope used in cancer treatment trials. This partnership grants Fusion Pharmaceuticals preferential access to radium-225 supply and advanced generator technology, supporting the manufacturing of Ac-225 for clinical trials.
• Also in November 2023, Telix Pharmaceuticals initiated the acquisition of radiopharmaceutical company QSAM for a significant sum of USD 125 million. The structured payment plan includes an upfront payment of USD 2 million, USD 33 million upon closing, and potential milestone-based payments totaling up to USD 90 million. The acquisition encompasses QSAM's leading therapeutic agent, CycloSam, and is expected to conclude in Q1 2024.

U.S. Nuclear Medicine Market Segmentation:

By Product

• Diagnostic Products
  • SPECT
    • TC-99m
    • TL-201
    • GA-67
    • I-123
    • Other SPECT Products
  • PET
    • F-18
    • SR-82/RB-82
    • Other PET products
• Therapeutic Products
  • Alpha Emitters
    • RA-223
    • Others
  • Beta Emitters
    • I-131
    • Y-90
    • SM-153
    • Re-186
    • Lu-117
    • Other Beta Emitters
  • Brachytherapy
    • Cesium-131
    • Iodine-125
    • Palladium-103
    • Iridium-192
    • Other Brachytherapy Products

By Application

• Cardiology
  • SPECT
  • PET
  • Therapeutic Applications
• Neurology
• Oncology
• Thyroid
  • SPECT
  • Therapeutic Applications
• Lymphoma
• Bone Metastasis
  • SPECT
• Therapeutic Applications
• Endocrine Tumor
• Pulmonary Scans
• Others

By End-use

• Hospitals & Clinics
• Diagnostic Centers
• Others