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Global Nuclear Medicine Market Forecast 2034 | Growth & Insights
Nuclear Medicine Market
Report Overview
The Nuclear Medicine Market size is expected to be worth around USD 54.3 Billion by 2034, from USD 20.8 Billion in 2024, growing at a CAGR of 11.12% during 2025–2034. This growth trajectory underscores the critical role nuclear medicine plays in modern healthcare, particularly in addressing the global rise in chronic diseases such as cancer and cardiovascular disorders. In 2024, North America accounted for more than 43.5% of the market, valued at USD 8.4 Billion, supported by strong healthcare infrastructure, high adoption of advanced imaging technologies, and significant research investments.
The escalating incidence of cancer worldwide is a primary driver of market demand. According to the World Health Organization (WHO), there were nearly 20 million new cancer cases and 9.7 million cancer-related deaths in 2022, underscoring the need for precise and effective diagnostic and therapeutic tools. Nuclear medicine offers unique value in this context by enabling molecular-level imaging and targeted radiotherapy, which enhances treatment outcomes while minimizing damage to healthy tissues. Its role is particularly vital for long-term cancer management, as advanced imaging systems facilitate ongoing monitoring and earlier disease detection.
Technological advancements are accelerating adoption across both diagnostic and therapeutic domains. The integration of hybrid imaging systems such as PET/CT and SPECT/CT is improving diagnostic accuracy and supporting earlier intervention strategies. Meanwhile, the rise of theranostics—an approach that combines diagnostic scans with targeted therapeutic doses—is reshaping oncology by enabling personalized treatment regimens tailored to individual patient profiles. Growing regulatory support, such as the U.S. FDA’s draft guidance on optimizing dosage for oncology radiopharmaceuticals, reflects the shift toward precision medicine and more effective therapeutic outcomes.
Innovation in radiopharmaceuticals is further broadening the scope of nuclear medicine. Companies are developing next-generation agents designed to target diverse molecular pathways, expanding the applicability of these treatments beyond oncology into cardiology, neurology, and other chronic disease areas. Strategic partnerships between pharmaceutical firms, research institutions, and healthcare providers are accelerating product development and commercialization, while government support through initiatives led by organizations such as the NIH and DOE continues to strengthen the research ecosystem.
Globally, over 10,000 hospitals were reported to use medical radioisotopes in 2024, with nearly 90% of these procedures employed for diagnostics. This widespread usage highlights nuclear medicine’s indispensable role in healthcare delivery. Looking ahead, the convergence of technological innovation, personalized medicine, and sustained public and private sector investment will continue to drive the market’s expansion, reinforcing nuclear medicine as a cornerstone of next-generation healthcare solutions.
Key Takeaways
- Market Growth: The global Nuclear Medicine Market generated USD 20.8 Billion in 2024 and is projected to reach USD 54.3 Billion by 2034, growing at a CAGR of 11.2%. Expansion is driven by rising cancer prevalence, increased use of molecular imaging, and broader adoption of targeted radiotherapies.
- Product Type: Diagnostic nuclear medicine dominated with a 74.6% share in 2024, supported by widespread use of PET and SPECT imaging in oncology, cardiology, and neurology for early disease detection and monitoring.
- Application: Urology accounted for the largest application share at 34.1%, reflecting the increasing use of radiopharmaceuticals in prostate cancer diagnosis and treatment, alongside strong adoption of theranostic approaches in managing urological conditions.
- End User: Hospitals held the leading position with 60.5% market share, benefiting from integrated imaging departments, advanced infrastructure, and the ability to deliver both diagnostic and therapeutic nuclear medicine services under one roof.
- Driver: Rising global cancer incidence and the demand for precision therapies are accelerating uptake of nuclear medicine, with theranostics emerging as a major driver of personalized treatment strategies.
- Restraint: High production costs of radiopharmaceuticals, short half-lives of isotopes, and the need for specialized facilities continue to limit accessibility, particularly in developing regions.
- Opportunity: Development of next-generation radiopharmaceuticals and radionuclide therapies targeting new molecular pathways presents significant growth potential, especially in expanding applications beyond oncology into cardiology and neurology.
- Trend: The integration of hybrid imaging systems (PET/CT, SPECT/CT) and the rapid rise of theranostic solutions are reshaping the market, enabling earlier diagnosis and highly tailored treatment approaches that align with the shift toward precision medicine.
Product Type Analysis
In 2025, diagnostic nuclear medicine remains the dominant category, accounting for nearly three-fourths of overall revenues. The segment’s strength stems from the widespread clinical use of positron emission tomography (PET) and single-photon emission computed tomography (SPECT) in oncology, cardiology, and neurology. These imaging tools provide unparalleled insights into organ function and disease progression, offering advantages over conventional modalities. The increasing global burden of cancer and cardiovascular diseases continues to reinforce demand for diagnostic applications.
Advances in imaging precision and resolution, combined with hybrid systems that integrate PET/CT and SPECT/CT, are further strengthening adoption. Healthcare providers are prioritizing early detection and preventive care, making nuclear diagnostics a critical part of patient management. With emerging economies now expanding their access to advanced imaging infrastructure, the global adoption of diagnostic nuclear medicine is expected to accelerate steadily over the next decade.
In contrast, the therapeutics segment—including alpha emitters, beta emitters, and brachytherapy—is gaining momentum as targeted radionuclide therapies become more mainstream. These treatments deliver radiation directly to diseased cells while sparing healthy tissues, making them a key driver of precision oncology. Growing clinical evidence and regulatory approvals for targeted radiopharmaceuticals are anticipated to expand this segment’s role significantly through 2034.
By Application Analysis
Urology leads the nuclear medicine market by application, representing more than one-third of global revenues in 2025. This dominance is largely driven by the rising prevalence of prostate cancer and the rapid adoption of prostate-specific membrane antigen (PSMA)-based imaging and therapy. Nuclear medicine techniques are increasingly being used for both diagnosis and therapy in urological conditions, including kidney and bladder cancers, as they enable accurate disease staging and monitoring of treatment efficacy.
Oncology more broadly remains one of the fastest-growing application areas, as theranostic approaches allow for tailored treatment plans based on individual tumor profiles. Cardiology and neurology also represent important use cases, with nuclear imaging widely applied in the assessment of heart perfusion and neurological disorders such as Alzheimer’s disease. The diversification of radiopharmaceutical pipelines toward endocrine tumors, lymphoma, and pulmonary conditions demonstrates the widening scope of nuclear medicine beyond its traditional strongholds.
End-User Analysis
Hospitals remain the largest end-user segment, accounting for more than 60% of global demand in 2025. These facilities are the primary centers for both diagnostic imaging and therapeutic nuclear medicine due to their access to advanced infrastructure, specialist expertise, and patient volumes. With cancer and cardiovascular cases increasing globally, hospitals continue to be the frontline for adopting PET and SPECT technologies, as well as for administering radionuclide therapies.
The integration of nuclear medicine into treatment pathways—such as disease staging, therapy planning, and monitoring outcomes—has further cemented hospitals’ dominance. Investment in cutting-edge equipment and the expansion of outpatient imaging departments are expected to sustain this leadership. Meanwhile, diagnostic centers are emerging as strong secondary players, offering specialized services with faster turnaround times, particularly in urban markets. As accessibility improves, smaller treatment centers and private diagnostic labs are expected to play a growing role in extending nuclear medicine to wider populations.
Regional Analysis
North America remains the global leader in nuclear medicine, holding over 42% of total market share in 2025. The region benefits from advanced healthcare infrastructure, early adoption of novel radiopharmaceuticals, and substantial R&D investments. The U.S. Food and Drug Administration (FDA) continues to accelerate market access through approvals of next-generation radiopharmaceuticals, supporting rapid integration into clinical practice. The significant cancer burden in the U.S., with over 2 million new cases estimated in 2025, ensures sustained demand for both diagnostic and therapeutic nuclear medicine.
Asia Pacific is projected to record the fastest CAGR during the forecast period. Countries such as China and India are witnessing surging cancer incidence rates, coupled with expanding healthcare spending and government-backed initiatives to improve access to advanced medical technologies. For example, India’s rising public health budget allocations are enhancing imaging infrastructure and radiotherapy facilities across major cities. The large, aging population in the region is also fueling demand for both diagnostic imaging and therapeutic solutions.
Europe continues to demonstrate strong adoption, supported by a growing focus on personalized medicine and stringent clinical guidelines that promote advanced imaging in oncology and cardiology. Meanwhile, the Middle East & Africa and Latin America are emerging markets, where rising investments in healthcare infrastructure and partnerships with global radiopharmaceutical companies are expanding access to nuclear medicine. These regions represent untapped potential as demand for cancer care and non-invasive diagnostics continues to rise.
Market Key Segments
By Product Type
- Diagnostics
- SPECT
- TL-201
- TC-99m
- I-123
- GA-67
- Others
- PET
- SR-82/RB-82
- PYLARIFY
- Illuccix
- F-18
- Others
- SPECT
- Therapeutics
- Alpha Emitters
- RA-223
- Others
- Beta Emitters
- Y-90
- SM-153
- Re-186
- Lu-177
- I-131
- Others
- Brachytherapy
- Palladium-103
- Iridium-192
- Iodine-125
- Cesium-131
- Others
- Alpha Emitters
By Application
- Cardiology
- SPECT
- PET
- Therapeutic Applications
- Oncology
- SPECT
- Therapeutic Applications
- Neurology
- Thyroid
- Lymphoma
- Bone Metastasis
- Urology
- Pulmonary Scans
- Endocrine Tumor
- Other
By End-user
- Hospitals
- Diagnostic Centers
Regions
- North America
- Latin America
- East Asia And Pacific
- Sea And South Asia
- Eastern Europe
- Western Europe
- Middle East & Africa
Driver:
Rising Disease Burden Fuels Demand for Precision Imaging and Therapy
As of 2025, the rapid increase in chronic illnesses, particularly cancer and cardiovascular disorders, remains the most powerful force driving the nuclear medicine market. These conditions represent the largest share of global mortality and require advanced diagnostic and therapeutic solutions. Nuclear medicine techniques—such as PET and SPECT imaging—enable early detection and precise monitoring by providing molecular-level insights into disease processes. On the therapeutic side, targeted radiopharmaceuticals are increasingly being deployed to deliver localized treatment, improving outcomes while minimizing systemic side effects.
The scale of the global health challenge is immense. Projections from international health agencies indicate continued growth in cancer incidence and cardiovascular complications well into the next two decades. This expanding patient population is fueling strong adoption of nuclear medicine as healthcare systems prioritize earlier intervention and personalized therapies, ensuring sustained market growth throughout the forecast horizon.
Restraint:
Infrastructure Costs and Isotope Supply Challenges
A key barrier to broader adoption of nuclear medicine in 2025 lies in the high cost of infrastructure and the fragile logistics of isotope supply. Advanced imaging systems, such as PET-CT scanners, require significant capital investment and ongoing maintenance, often placing them out of reach for smaller hospitals and facilities in emerging markets. This limits accessibility and slows penetration outside well-funded healthcare systems.
Equally pressing is the reliance on short half-life isotopes such as Fluorine-18 and Molybdenum-99, which must be produced and delivered within tightly constrained timeframes. Supply chain disruptions—whether from reactor maintenance shutdowns or geopolitical constraints—pose substantial risks to patient care. Workforce shortages of nuclear medicine technologists further amplify the challenge, constraining the ability of providers to expand services even where demand is rising.
Opportunity:
Expanding Role of Theranostics in Personalized Care
One of the most significant opportunities for the sector in 2025 is the rapid acceleration of theranostics—the integration of diagnostic imaging with targeted therapy. This approach leverages a single molecular agent to both locate disease sites and deliver therapeutic radiation directly to affected tissues. Already gaining momentum in oncology, theranostics is being used for prostate cancer and neuroendocrine tumors, with a growing pipeline of clinical trials expanding into other cancer types and beyond.
The dual ability to diagnose and treat using the same molecular pathway is reshaping patient care by reducing treatment cycles and improving precision. Regulatory approvals in recent years, alongside strong interest from global pharmaceutical firms, signal a market poised for expansion. As healthcare systems move toward value-based and personalized medicine models, theranostics offers a transformative pathway for both improved outcomes and more efficient use of healthcare resources.
Trend:
Diversification into Neurology and Cardiology Applications
While oncology continues to dominate nuclear medicine, 2025 is witnessing a strong trend toward the development of radiotracers for neurological and cardiovascular conditions. Innovative PET tracers are being designed to visualize proteins associated with Alzheimer’s and Parkinson’s disease, offering the potential for earlier and more accurate diagnosis. Similarly, new agents for cardiac imaging are improving detection of ischemic heart disease and assessing myocardial viability, areas of growing clinical importance given rising global heart disease prevalence.
This diversification broadens the scope of nuclear medicine beyond oncology, positioning it as a central technology across multiple therapeutic domains. By expanding into neurology and cardiology, companies are not only opening new revenue streams but also aligning nuclear medicine with broader healthcare priorities such as early diagnosis, aging population care, and chronic disease management. These advancements are expected to reshape the clinical landscape and accelerate adoption in new markets over the next decade.
Key Player Analysis
The Institute for Radioelements (IRE): The Institute for Radioelements (IRE) continues to play a central role in the global supply of Molybdenum-99, a critical isotope used in diagnostic imaging. As of 2025, IRE has strengthened its market positioning through investments in sustainable isotope production methods, including low-enriched uranium technologies, to ensure long-term supply stability amid rising regulatory scrutiny. The organization is also diversifying its portfolio toward emerging therapeutic isotopes, aligning with the growing demand for theranostics in oncology. By modernizing its production infrastructure and expanding strategic partnerships with pharmaceutical companies, IRE is consolidating its role as a dependable global supplier in an otherwise fragile supply chain.
The Australian Nuclear Science and Technology Organization (ANSTO): ANSTO remains one of the leading producers of nuclear medicine isotopes in the Asia-Pacific region, supplying key markets across Australia and neighboring countries. In 2025, ANSTO’s Lucas Heights facility continues to be a cornerstone of global isotope supply, particularly for Molybdenum-99 and other short-lived isotopes used in PET and SPECT imaging. The organization has also prioritized R&D, expanding its focus on therapeutic isotopes such as Lutetium-177, which is increasingly being used in targeted cancer therapies. With strong government support and an emphasis on securing regional supply chains, ANSTO is positioned as both a stabilizer in the global market and an innovation driver in isotope development.
NTP Radioisotopes SOC Ltd: South Africa-based NTP Radioisotopes SOC Ltd is one of the few organizations globally capable of producing large-scale volumes of medical isotopes, making it a key player in ensuring supply chain resilience. In 2025, the company is actively investing in facility upgrades and process optimization to meet the rising demand for diagnostic and therapeutic isotopes. NTP has also pursued collaborations with international pharmaceutical firms to expand its footprint in theranostics and radionuclide therapy markets. By leveraging its geographic advantage and production capacity, NTP is reinforcing its status as a crucial supplier in addressing both regional and global shortages of vital radiopharmaceuticals.
Nordion (Canada) Inc.: Nordion continues to be a pivotal supplier of cobalt-60 and other isotopes for both medical and industrial applications. Within nuclear medicine, the company’s focus on supplying isotopes for sterilization and therapeutic use remains a differentiating strength. In 2025, Nordion is investing in advanced production technologies and expanding partnerships with reactor operators to secure long-term isotope availability. Its strategic collaborations with global healthcare firms have enabled the company to move deeper into targeted therapies, particularly in oncology. By combining robust production capacity with a diversified isotope portfolio, Nordion maintains its reputation as a leader in reliability and innovation in the radiopharmaceutical supply chain.
Mallinckrodt: Mallinckrodt has established itself as one of the most prominent pharmaceutical companies in the radiopharmaceutical space, particularly through its extensive portfolio of diagnostic imaging agents. In 2025, the company is emphasizing innovation in SPECT and PET tracers to expand clinical applications beyond oncology, targeting neurology and cardiology. Mallinckrodt is also investing in theranostics, developing targeted radioligand therapies that complement its existing diagnostic capabilities. Despite facing competitive pressures, the firm’s global distribution network, regulatory expertise, and history of product reliability ensure that it remains a key force shaping the direction of the nuclear medicine market.
Market Key Players
- The institute for radioelements
- The Australian Nuclear Science and Technology Organization
- NTP Radioisotopes SOC Ltd
- Nordion (Canada), Inc
- Mallinckrodt
- Lantheus Medical Imaging, Inc
- Jubilant Life Sciences Ltd
- GE Healthcare
- Eczacıbaşı-Monrol
- Eckert & Ziegler
- Cardinal Health
- Bracco Imaging S.P.A
Recent Developments
December 2024 – Institute for Radioelements (IRE): IRE received a new 30 MeV IBA cyclotron at its Fleurus facility to enhance in-house production of Germanium‑68. This investment expands isotopic production capacity and reduces reliance on external suppliers, improving scalability for diagnostic imaging agents.
March 2025 – Nusano Production Platform (launching in 2025 in Utah): Nusano unveiled plans for a cutting-edge facility capable of producing over 40 distinct radioisotopes. By establishing a broad isotope production base, Nusano positions itself to serve diverse diagnostic and therapeutic needs, accelerating market access and innovation.
June 2025 – GE Healthcare: At SNMMI 2025, GE Healthcare introduced LesionID™ Pro, featuring automated “zero-click” preprocessing for nuclear imaging workflows. This launch enhances clinical efficiency and promotes adoption of AI-powered diagnostic tools, strengthening GE’s competitive edge in imaging technology.
June 2025 – Telix Pharmaceuticals: Telix presented its updated theranostics programs and led satellite symposia spotlighting innovations in PSMA and CAIX imaging at SNMMI 2025.By emphasizing advancements in prostate and kidney cancer imaging, Telix underscores its leadership in the theranostics arena and raises the profile of its pipeline.
June 2025 – Mirion Medical: Mirion unveiled its expanded radiopharma and theranostics support portfolio at SNMMI 2025, showcasing solutions aimed at enabling the therapeutic nuclear medicine ecosystem. The comprehensive offering cements Mirion’s role as a critical infrastructure provider for radiopharmaceutical operations.
| Report Attribute | Details |
| Market size (2024) | USD 20.8 Billion |
| Forecast Revenue (2034) | USD 54.3 Billion |
| CAGR (2024-2034) | 11.12% |
| Historical data | 2020-2023 |
| Base Year For Estimation | 2024 |
| Forecast Period | 2025-2034 |
| Report coverage | Revenue Forecast, Competitive Landscape, Market Dynamics, Growth Factors, Trends and Recent Developments |
| Segments covered | By Product Type (Diagnostics, Therapeutics), By Application (Cardiology, Oncology, Neurology, Thyroid, Lymphoma, Bone Metastasis, Urology, Pulmonary Scans, Endocrine Tumor, Other), By End-user (Hospitals, Diagnostic Centers) |
| Research Methodology |
|
| Regional scope |
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| Competitive Landscape | The institute for radioelements, The Australian Nuclear Science and Technology Organization, NTP Radioisotopes SOC Ltd, Nordion (Canada), Inc, Mallinckrodt, Lantheus Medical Imaging, Inc, Jubilant Life Sciences Ltd, GE Healthcare, Eczacıbaşı-Monrol, Eckert & Ziegler, Cardinal Health, Bracco Imaging S.P.A |
| Customization Scope | Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. |
| Pricing and Purchase Options | Avail customized purchase options to meet your exact research needs. We have three licenses to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF). |
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