Market Overview:
Nuclear Medicine/ Radiopharmaceuticals Market size was valued USD 7.43 Billion in 2024 and is anticipated to reach USD 13.44 Billion by 2032, at a CAGR of 7.7% during the forecast period.
| REPORT ATTRIBUTE |
DETAILS |
| Historical Period |
2020-2023 |
| Base Year |
2024 |
| Forecast Period |
2025-2032 |
| Nuclear Medicine/Radiopharmaceuticals Market Size 2024 |
USD 7.43 Billion |
| Nuclear Medicine/Radiopharmaceuticals Market CAGR |
7.7% |
| PNuclear Medicine/Radiopharmaceuticals Market Size 2032 |
USD 13.44 Billion |
The Nuclear Medicine/ Radiopharmaceuticals Market is led by major companies including Lantheus Medical Imaging, Inc, Cardinal Health, The institute for radioelements (IRE), Eczacıbaşı-Monrol, Mallinckrodt, Jubilant Life Sciences Ltd, GE Healthcare, Bracco Imaging S.P.A, Eckert & Ziegler, Nordion (Canada), Inc., NTP Radioisotopes SOC Ltd., and The Australian Nuclear Science and Technology Organization. These players strengthen the market through advanced diagnostic isotopes, expanding cyclotron capacity, and growing radiotheranostic offerings. North America remained the leading region in 2024 with about 41% share, supported by strong imaging infrastructure and high procedure volumes. Europe followed with nearly 29% share due to established nuclear medicine networks, while Asia Pacific accounted for 21% supported by rapid healthcare expansion.
Market Insights
- The market was valued at USD 7.43 Billion in 2024 and is projected to reach USD 13.44 Billion by 2032, growing at a CAGR of 7.7%.
• Rising use of PET and SPECT imaging in oncology and cardiology is driving strong demand, with diagnostics holding about 63% share in 2024.
• Radiotheranostics and non-reactor isotope production are emerging trends, supported by higher research activity and expanding therapeutic adoption.
• Leading companies compete through improved isotope supply, expanded cyclotron networks, and advancements in targeted radiopharmaceuticals.
• North America led the market with 41% share in 2024, followed by Europe at 29% and Asia Pacific at 21%, while oncology remained the dominant application segment with about 41% share.
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Market Segmentation Analysis:
By Type
Diagnostics led the type segment in 2024 with about 63% share, driven by strong use of SPECT and PET scans in early disease detection. SPECT held the larger diagnostic share due to its wide availability, lower cost, and firm demand in cardiology and bone imaging. PET demand grew fast as cancer screening and precision imaging expanded in major markets. Therapeutics also advanced as beta emitters gained traction in oncology care, but adoption remained lower than diagnostic tools because treatment procedures require specialized facilities and regulated clinical settings.
- For instance, Siemens Healthineers’ Biograph mCT PET/CT uses 4 × 4 mm LSO crystal elements and achieves about 78 cubic millimeters volumetric resolution for high-detail diagnostic imaging.
By Application
Oncology dominated the application segment in 2024 with nearly 41% share, supported by rising cancer cases and proven use of PET tracers and therapeutic isotopes in tumor staging and targeted therapy. Cardiology remained a key segment as SPECT tracers supported steady demand for perfusion imaging. Thyroid and bone metastasis applications saw rising usage due to wider access to radioiodine and bone-seeking agents. Growth across all applications increased as hospitals adopted advanced radiopharmaceuticals for more accurate and earlier disease assessment.
- For instance, Novartis reports that Lutathera was administered to over 1,000 patients within the full clinical development program, including those in pivotal studies like the NETTER-1 and NETTER-2 trials, illustrating oncology’s central role in nuclear medicine
By End-user
Hospitals and clinics led the end-user segment in 2024 with around 58% share, supported by strong patient inflow, advanced imaging units, and access to high-cost PET and SPECT systems. Hospitals favored integrated nuclear medicine departments, which helped expand use of diagnostic tracers and therapeutic isotopes in cancer and cardiac care. Diagnostic centers showed steady growth as outpatient imaging demand increased and centers invested in dedicated SPECT scanners. Other end users contributed smaller shares due to limited equipment availability and lower patient volumes.
Key Growth Drivers
Rising demand for advanced diagnostic imaging
Growth accelerated as healthcare systems adopted SPECT and PET imaging for early and accurate disease detection. Cancer, cardiac disorders, and neurological diseases required precise visualization, which increased radiopharmaceutical use across major hospitals. Broader access to hybrid scanners strengthened the need for high-quality tracers. This shift toward early diagnosis supported higher procedure volumes and pushed manufacturers to scale production. Increased health awareness and improved screening programs further boosted uptake across developed and emerging regions.
- For instance, Philips expected to sell about 40 GEMINI TF systems worldwide in 2006. By August 2008, Philips announced it had shipped its 100th system.
Expansion of targeted radionuclide therapies
Targeted therapies drove strong growth as clinicians increasingly used beta and alpha-emitting isotopes to treat cancer. These therapies offered greater precision by binding directly to tumor cells, which improved outcomes and minimized damage to surrounding tissues. Regulatory approvals for new therapeutic isotopes expanded clinical adoption across oncology centers. Higher investment in radiotheranostics strengthened the pipeline of agents that combine imaging and therapy. This trend positioned nuclear medicine as a central tool in personalized cancer treatment.
- For instance, Curium has secured capacity to ensure a continuous supply of Lutetium-177, aiming to benefit more than 100,000 cancer patients worldwide over the next five years with targeted radionuclide therapy through expanded partnerships and the opening of new production facilities
Technological advancements in radiopharmaceutical production
Improved cyclotron capacity and automated synthesis systems made production faster and safer, encouraging broader market expansion. Advanced manufacturing tools reduced errors, increased purity levels, and improved supply reliability across regional facilities. The shift toward standardized production supported a steady supply of PET and SPECT tracers. Government investment in radioisotope infrastructure reduced dependence on imported materials. These improvements made high-performance imaging agents more accessible to hospitals and diagnostic centers worldwide.
Key Trends & Opportunities
Growing integration of radiotheranostics
Radiotheranostics emerged as a strong trend as combined diagnostic-therapeutic agents increased adoption in cancer care. PET-based tracers helped locate tumors before delivering targeted radiation, improving treatment accuracy. Hospitals favored this integrated approach because it reduced trial-and-error therapy and supported personalized dosing. Expanding clinical trials for prostate cancer, neuroendocrine tumors, and other malignancies strengthened long-term opportunities. This approach is expected to reshape oncology workflows and improve disease management.
- For instance, Telix Pharmaceuticals reports that its TLX66 (90Y-besilesomab) radioligand has been used to treat patients in several Phase 1 and 2 investigator-initiated studies. One study, the Phase I/IIa TRALA trial in AL amyloidosis, enrolled nine patients.
Shift toward non-reactor-based isotope production
Opportunities expanded as countries shifted from aging nuclear reactors to cyclotron-based and accelerator-based isotope production. This transition reduced supply disruptions and improved safety standards. Cyclotron technology supported local production of key PET isotopes, which helped emerging markets improve access to advanced imaging. Governments funded new accelerator facilities, creating strong opportunities for equipment makers and radiopharmaceutical suppliers. This trend supports stable isotope availability for both diagnostics and therapeutics.
- For instance, IBA currently has 38 proton therapy projects in its equipment backlog (as of its May 2025 business update), of which nine were noted as installations underway at that time.
Increasing adoption of AI-enabled nuclear imaging
AI tools gained traction as hospitals sought faster and more accurate image interpretation. Machine-learning models improved image reconstruction, reduced noise, and enhanced lesion detection in PET and SPECT scans. These advances raised diagnostic confidence and allowed clinicians to use lower tracer doses without reducing quality. AI integration created commercial opportunities for software vendors and equipment manufacturers. As regulatory approvals increase, AI is expected to become a core part of nuclear imaging workflows.
Key Challenges
Short isotopes half-life and supply chain constraints
Supply remained a major challenge because many isotopes decay quickly and require reliable transport and production cycles. Interruptions at reactors or cyclotron facilities caused delays that affected hospitals and patient scheduling. Limited production hubs increased dependence on a few global suppliers. Logistical barriers across borders made distribution more difficult for PET tracers. These supply issues restricted access in remote and developing regions, slowing wider market growth.
High cost and regulatory complexity
Radiopharmaceuticals faced strict regulations because of their radioactive nature, which increased approval time and compliance costs. Building production facilities required high capital investment and specialized handling systems. Hospitals needed trained nuclear medicine staff, adding another layer of cost and operational pressure. Complex licensing requirements limited rapid expansion of imaging and therapy centers. These barriers made adoption slower in regions with limited financial resources and regulatory capacity.
Regional Analysis
North America
North America held about 41% share in 2024, supported by strong adoption of PET and SPECT imaging across hospitals and diagnostic centers. The United States led regional demand due to high cancer screening rates, strong insurance coverage, and large nuclear medicine infrastructure. Radiotheranostics gained traction as oncology centers expanded access to targeted therapies. Investments in isotope production facilities helped reduce dependency on imports. Canada contributed steady growth through rising use of PET tracers in cardiology and neurology. Favorable reimbursement policies and advanced clinical research kept the region ahead in technology adoption.
Europe
Europe accounted for nearly 29% share in 2024, driven by well-established nuclear medicine networks and strong participation in radiopharmaceutical research. Germany, France, and the United Kingdom remained key contributors due to widespread PET and SPECT system installations. Expansion of regional cyclotron facilities improved access to short-lived isotopes and reduced supply challenges. Oncology and cardiology procedures supported growing tracer demand. Regulatory support for radiotheranostics encouraged wider use of targeted therapies. Rising healthcare investments and collaborative research programs across universities and hospitals strengthened Europe’s position in the global market.
Asia Pacific
Asia Pacific captured about 21% share in 2024, with rapid expansion fueled by rising cancer cases and growing adoption of advanced imaging techniques across major countries. China and Japan led demand as hospitals upgraded nuclear medicine departments and invested in new cyclotron facilities. India saw steady growth due to expanding diagnostic networks and increased availability of PET-CT systems. Government initiatives to improve cancer care accelerated radiopharmaceutical usage across urban centers. Advancements in local isotope production improved supply reliability. Expanding medical tourism and rising healthcare investment further boosted regional growth.
Latin America
Latin America held nearly 6% share in 2024, supported by growing installation of PET and SPECT systems across leading hospitals. Brazil and Mexico drove most regional demand as cancer screening programs expanded and private hospitals adopted more advanced imaging tools. Supply constraints limited access in smaller countries, but new partnerships with global radiopharmaceutical suppliers improved availability. Investments in diagnostic infrastructure and specialized oncology centers increased the use of nuclear imaging agents. Economic challenges slowed adoption in some markets, yet rising awareness of early diagnosis supported gradual growth.
Middle East and Africa
Middle East and Africa accounted for about 3% share in 2024, driven by growing investment in nuclear medicine facilities across Gulf countries. Saudi Arabia and the United Arab Emirates led adoption as hospitals upgraded imaging departments and expanded oncology care. Limited isotope production capacity created supply hurdles in many African nations, but regional collaborations improved tracer availability. Demand for PET and SPECT imaging increased as chronic diseases grew across major cities. Specialized cancer centers and government-led healthcare modernization supported steady but constrained growth across the region.
Market Segmentations:
By Type
- Diagnostics
- SPECT
- PET
- Therapeutics
- Beta Emitters
- Brachytherapy
By Application
- Cardiology
- Neurology
- Oncology
- Thyroid
- Lymphoma
- Bone Metastasis
- Endocrine Tumor
- Others
By End-user
- Hospitals and Clinics
- Diagnostic Centers
- Others
By Geography
- North America
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-east Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
Competitive Landscape
The Nuclear Medicine/ Radiopharmaceuticals Market is shaped by leading companies such as Lantheus Medical Imaging, Inc, Cardinal Health, The institute for radioelements (IRE), Eczacıbaşı-Monrol, Mallinckrodt, Jubilant Life Sciences Ltd, GE Healthcare, Bracco Imaging S.P.A, Eckert & Ziegler, Nordion (Canada), Inc., NTP Radioisotopes SOC Ltd., and The Australian Nuclear Science and Technology Organization. The competitive landscape features strong specialization in diagnostic isotopes, therapeutic agents, and radioisotope production technologies. Major producers focus on expanding cyclotron networks, improving supply reliability, and advancing radiotheranostic capabilities. Global players invest in regulatory approvals for new tracers, while regional producers enhance distribution reach through partnerships with hospitals and imaging centers. Companies also strengthen their portfolios by adopting automated synthesis systems, upgrading quality standards, and expanding collaborations with research institutions. Market competition continues to intensify as advancements in targeted therapies and AI-enhanced imaging drive demand for high-performance radiopharmaceuticals.
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Key Player Analysis
- Lantheus Medical Imaging, Inc
- Cardinal Health
- The institute for radioelements (IRE)
- Eczacıbaşı-Monrol
- Mallinckrodt
- Jubilant Life Sciences Ltd
- GE Healthcare
- Bracco Imaging S.P.A
- Eckert & Ziegler
- Nordion (Canada), Inc.
- NTP Radioisotopes SOC Ltd.
- The Australian Nuclear Science and Technology Organization
Recent Developments
- In 2025, GE Healthcare announced innovations in Radiopharmacy Solutions to facilitate new product introduction, enhance production capacity for PET radiopharmaceuticals, and expand their Positron Emission Tomography (PET) manufacturing capabilities in their Eindhoven facility.
- In 2025, Bracco received FDA approval for a syringeless MRI injector configuration using VUEWAY (gadopiclenol) bulk packaging, aimed at more efficient, sustainable contrast delivery in advanced imaging centers.
- In 2024, Jubilant Radiopharma announced a major expansion of its PET radiopharmaceutical manufacturing network in North America, including new facilities to support growing PET tracer demand
Report Coverage
The research report offers an in-depth analysis based on Type, Application, End-User and Geography. It details leading market players, providing an overview of their business, product offerings, investments, revenue streams, and key applications. Additionally, the report includes insights into the competitive environment, SWOT analysis, current market trends, as well as the primary drivers and constraints. Furthermore, it discusses various factors that have driven market expansion in recent years. The report also explores market dynamics, regulatory scenarios, and technological advancements that are shaping the industry. It assesses the impact of external factors and global economic changes on market growth. Lastly, it provides strategic recommendations for new entrants and established companies to navigate the complexities of the market.
Future Outlook
- Demand for PET and SPECT imaging will rise as early diagnosis becomes more common.
- Radiotheranostics adoption will expand as targeted cancer therapies gain wider clinical use.
- Cyclotron and accelerator investments will increase to stabilize regional isotope supply.
- AI-enabled imaging tools will improve diagnostic speed and accuracy across hospitals.
- Hybrid imaging systems will gain traction as healthcare providers upgrade equipment.
- New therapeutic isotopes will enter clinical practice as research pipelines mature.
- Emerging markets will adopt nuclear medicine faster due to expanding cancer care infrastructure.
- Regulatory frameworks will strengthen to support safer radiopharmaceutical handling and production.
- Partnerships between imaging companies and radiopharmaceutical producers will grow.
- Personalized treatment pathways will advance as precision imaging integrates with targeted therapies.
