Global Nuclear Medicine & Radiopharmaceuticals Market Size will Reach $8513.23 Million in 2023

Global Nuclear Medicine & Radiopharmaceuticals Market Overview

According to Global Market Monitor, the global nuclear medicine and radiopharmaceuticals market size will reach $8513.23 million in 2023 with a CAGR of 13.2% from 2023 to 2028.

Nuclear medicine and radiopharmaceuticals are used in nuclear imaging to diagnose, and treat diseases and provide diagnostic information about specific organ functions. Therapeutic radioisotopes are used to treat medical diseases, especially cancer, and they use radiation to destroy or weaken specific target cells.

North America Dominates the Market.

North America held the largest market share – 46.38% in 2022. The rapid adoption of high-efficiency nuclear imaging technologies, coupled with the increasing use of technologically advanced and highly effective therapeutic radiopharmaceuticals in the region, is expected to drive market growth. Apart from this, the increasing prevalence of various cancers and other chronic diseases is expected to drive the growth of the North America market during the forecast period.

Growth in the Asia-Pacific Region is Impressive.

The Asia Pacific is expected to expand rapidly in the forecast period. Due to increasing disposable incomes across the region, there is a greater awareness concerning imaging diagnostics and their usage in the effective diagnosis and management of various diseases. Increasing procedural volumes of nuclear imaging due to the increased prevalence of chronic disorders in major countries such as India, China, and Japan are further propelling the nuclear medicine market growth in the Asia Pacific.

Market Drivers

Nuclear medicine imaging procedures are non-invasive and can be used to treat a variety of diseases, such as cancer, cardiovascular disease, and neurological diseases. Compared with chemotherapy, the convenience of using minimally invasive technology for treatment has attracted more patients to adopt radiopharmaceutical treatment models. In addition, technological advancements in equipment, improved utilization of fusion imaging, and the application of new radiopharmaceuticals in oncology will promote the development of the nuclear medicine & and radiopharmaceuticals industry.

Conventional chemotherapy has been replaced by more convenient radiotherapy drugs for oncology and cancer treatment, which opens up new avenues for the radiopharmaceutical market. In addition, compared with X-rays and other external radiation imaging equipment, it can not only help doctors diagnose, but also provide patients with a convenient and safe alternative. The market is currently in a growth phase due to the increase in the number of cancer cases and awareness of nuclear medicine.

Drivers	Increasing incidence of cancer and heart disease
	Development of nuclear medicine imaging procedures
	Targeted tumor therapy based on alpha radioimmunotherapy
	Increasing awareness of the advantages of radiopharmaceuticals
	High market potential in emerging countries
	New products launches