Global Nuclear Medicine Radioisotopes Market Report and Forecast 2024-2032

Global Nuclear Medicine Radioisotopes Market Outlook

The global nuclear medicine radioisotopes market size was valued at USD 8.9 billion in 2023, driven by rising incidence of thyroid disorders across the globe. The market is expected to grow at a CAGR of 8.0% during the forecast period of 2024-2032, with the values likely to rise from USD 9.7 billion in 2024 to USD 17.9 billion by 2032.

Global Nuclear Medicine Radioisotopes Market Overview

Nuclear medicine radioisotopes are used as a diagnostic method to facilitate better visualization of internal structures and assessment of organ function. It is introduced either orally or intravenously and contains an unstable form of elements the emit radiation. In therapeutics, it helps in targeting and destroying diseased tissues. It is commonly employed in treating thyroid disorders which includes thyroid cancer as well as hyperthyroidism.

The nuclear medicine radioisotopes market demand is continuously increasing by 5% annually owing to its growing application in disease diagnosis and thyroid cancer treatment. As per the data recorded by the World Nuclear Association, approximately 40 million nuclear medicine procedures  are performed each year. Around one quarter of the world population (1 in 50 people) used diagnostic nuclear medicine with one-tenth of the procedures using radioisotopes. The application of radiopharmaceuticals is increasing by 10% annually.

Technical Advancements to Facilitate Isotope Production on a Bigger Magnitude

The nuclear medicine radioisotopes market growth is driven by the growing technical advancements that help in large scale isotope production. In June 2023, Westinghouse Electric Company  developed a new approach to produce Actinium-225 (Ac-225) radioisotopes in commercial nuclear reactors, enabling its application in advanced cancer treatments. This facilitates a vast improvement from the existing method that limits the availability of the compound.

The increasing convergence of artificial intelligence and biotechnology has also led to optimized operations in the field of research. The arrival of artificial intelligence into nuclear medicine is expected to streamline multiple tasks such as management of radiopharmaceutical preparation and report generation.

Technetium-99m (Tc-99m) to Dominate the Nuclear Medicine Radioisotopes Market Share

Technetium-99 (Tc-99m) is the most common and widely used radioisotope with around 40 million  procedures conducted annually, out of which 80% are nuclear medicine procedures and 85% diagnostic scans worldwide. With a short half life of 6 hours, the ideal for imaging body organs and helps in disease detection without delivering a substantial amount of radiation dosage to the patients.

Surge in Investments to Develop Infrastructure

Several key companies stepping forward to offer therapeutic radioisotopes on a commercial level is a significant nuclear medicine radioisotopes market trend. United States based NorthStar Medical Radioisotopes, LLC  is emerging as a key player, with several programs in pipeline. In a new agreement with IBA (Ion Beam Applications S.A., EURONEXT), the company bought Rhodotron TT300 HE electron beam accelerators, and the associated beamlines, from IBA and successfully executed non-uranium-based Mo-99 to be used in diagnostic imaging.

 
In September 2023, a United States based biotech company RayzeBio, Inc.,  underwent multiple infrastructure developments to integrate latest technologies aimed at developing Actinium 225 for targeted cancer therapy. RYZ101, the company’s latest isotope, is in late-stage clinical trials. They have invested around USD 45 million in the new building which includes a back-up power system, along with modular cleanrooms and mechanical systems.

Increased Merger and Acquisition Activity Amongst Emerging Companies

Mergers and collaborations significantly contribute to the rising nuclear medicine radioisotopes market size. In March 2023, Radiopharm Theranostics , a nuclear medicine developer, acquired Pharma15 Corporation a private venture for USD 4 million. The acquisition was aimed at leveraging Pharma15’s therapies prostate specific membrane antigen or PSMA. RAD101, Radiopharm’s advanced program is already focused at developing an imaging tool for brain metastases and the device has received an orphan device status from the FDA as well.

Global Nuclear Medicine Radioisotopes Market Segmentation

Market Breakup by Radioisotope Type

• Technetium-99m (Tc-99m)

• Thallium-201 (Tl-201)

• Iodine (I-123)

• Fluorine-18, Rubidium-82 (Rb-82)

• Iodine-131 (I-131)

• Lutetium-177 (Lu-177)

• Radium-223 (Ra-223)

• Alpharadin

• Actinium-225 (Ac-225)

• Others

Market Breakup by Application

• Oncology

• Cardiology

• Thyroid

• Neurology

• Other Applications

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Global Nuclear Medicine Radioisotopes Market Regional Analysis

In the forecast period, the United States is projected to lead the nuclear medicine radioisotopes market share with around 20 million nuclear medicine procedures  are conducted per year. With a robust medical research infrastructure and continuous investments from governments as well private companies into developing improved patient solutions is one of the key factors for the market size.

Europe is another major player of the market that is witnessing growth due to increasing collaborations between influential healthcare companies. The region witnesses approximately 10 million  procedures with 2 million therapeutic cases. Several companies are rapidly expanding their product portfolios as well with an aim to devise new drugs using latest technologies.

The Asia Pacific nuclear medicine radioisotopes market value is expected to witness an expediated boost, which can be accredited to rising fundings to set up latest infrastructure in the region. In October 2023, the Australian Nuclear Science and Technology Organization (Ansto) received a government funding of USD 12.8 million to set up a new nuclear medicine facility in Sydney. The region witnesses approximately 560,000 nuclear medicine procedures  each year.

Global Nuclear Medicine Radioisotopes Market: Competitor Landscape

In December 2023, Bristol Myers Squibb  and RayzeBio, Inc. announced their merger agreement valued at USD 4.1 billion. As per the terms of the deal, Bristol is expected to acquire RayzeBio’s differentiated actinium-based radiopharmaceutical platform and diversify their oncology portfolio to offer targeted treatment to patients with solid tumours. The collaboration is key indicator of the ongoing market trend, wherein the companies are continuously undergoing changes to expand their product lines and develop novel therapeutics.

The key features of the nuclear medicine radioisotopes market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• GE HealthCare

• Cardinal Health

• Curium

• Bayer AG

• Lantheus Holdings, Inc.

• Bracco Imaging S.p.A.

• PharmaLogic Holdings Corp.

• Eczacibasi-Monrol Nuclear Products

• Nordion Inc.

• NorthStar Medical Radioisotopes

• NTP Radioisotopes SOC Ltd

• Aenorasis

• Positron Corporation

• Nordion Inc. (Sotera Health Company)

• Siemens Healthineers

Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Highlights of the Report

Nuclear Medicine Radioisotopes Market Report Snapshots

Nuclear Medicine Radioisotopes Market Size

Nuclear Medicine Radioisotopes Regional Analysis

Nuclear Medicine Radioisotopes Companies