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Nuclear Medicine/Radiopharmaceuticals Global Market – Forecast To 2030

Nuclear Medicine/Radiopharmaceuticals Global Market – Forecast To 2030

Over the past 50 years, the nuclear medicine field has displayed a strong link between investments in chemistry and the development of radionuclide and radio-labeled compounds which have impacted the healthcare practice. Nuclear medicine comprises diagnostic and therapeutic techniques that use radioisotopes for applications like oncology, cardiovascular and neurological disorders to provide information at both molecular and cellular levels for probing, tracking tissue function, study disease progression and assessing treatment responses.

The nuclear medicine global market is poised to grow at a high single digit CAGR from 2020 to 2027 to reach $10,742.7 million by 2027. Increasing radioisotopes applications, rise in public awareness, use of SPECT/CT and PET/CT imaging scans, the abundance of radiopharmaceuticals, advancement in imaging technology (hybrid imaging) and alpha therapy based targeted cancer treatment is boosting nuclear medicine market growth. In addition, increasing need in emerging markets, production of radiopharmaceuticals from cyclotrons, efficient diagnosis and treatments, emerging radio isotopes and replacement of old/traditional equipment are the opportunities likely to propel the growth of the nuclear medicine market.

The nuclear medicinal market is classified based on modality into diagnosis and therapeutics. The diagnostics market commanded the largest market revenue in 2020 and is expected to grow at a mid single digit CAGR from 2020 to 2027 due to an increase in SPECT and PET procedures. The therapeutics segment is projected to grow at high teen CAGR from 2020 to 2027 due to technological advancements in the targeted treatment of cancers. Potential new radioisotopes in the pipeline and advancement in neurological treatments are the key factors driving the growth of the therapeutics market. Diagnosis by products is segmented into SPECT and PET. SPECT market commanded the largest revenue in 2020 and is expected to grow at low single digit CAGR from 2020 to 2027 due to an increase in TC-99m isotope applications and product approvals. Among SPECT is segmented based on isotopes into Technetium (Tc-99m), Thallium (Tl-201), Gallium (Ga-67), Iodine (I-123), Samarium (Sm-153), Xenon (Xe-133), Rhenium (Re-186) and others.

Technetium (Tc-99m) accounted for the largest share in 2020 and is projected to grow at a mid single digit CAGR from 2020 to 2027 due to its extensive usage in various diagnostic applications and emerging sources to meet the demand. SPECT market by application is segmented into cardiology, pulmonary, oncology, nephrology, neurology, inflammation, thyroid gland, lymphology and others. Cardiology accounted for the largest share in 2020 and is expected to grow at mid single digit CAGR from 2020 to 2027 due to an increase in the number of cardiac imaging cases using Tc-99m. Oncology is expected to grow at mid single digit CAGR from 2020 to 2027 due to increasing expanding usage in early screening tests in vulnerable populations in various developed countries.

PET is the fastest-growing segment with mid single digit CAGR from 2020 to 2027 due to an increase in the adoption of cyclotron for the production of PET isotopes increasing its availability. The PET isotopes include Fluorodeoxyglucose (18F-FDG), Gallium (Ga-68), Rubidium (Rb-82) and others. Fluorodeoxyglucose (18F-FDG) accounted for the largest share in 2020 and the market is expected to grow at mid single digit CAGR from 2020 to 2027. Gallium (Ga-68) is expected to grow at high double digit CAGR from 2020 to 2027 due to an increase in usage as theranostic pair in assessing the suitability of patient for Lutathera and many emerging targeted radiotherapy agents. PET by applications is segmented into cardiology, oncology, neurology, inflammation and others. Oncology accounted for the largest share in 2020 and is projected to grow at high single digit CAGR from 2020 to 2027 due to an increase in the patient pool of lung, thyroid, brain breast cancer and dementia related conditions.

The therapeutic nuclear medicine market is segmented based on radiation type into alpha radiation, beta radiation and brachytherapy. Beta radiation accounted for the largest share of in 2020 and is projected to grow at high double digit CAGR of from 2020 to 2027. Beta radiation therapy by isotopes is further segmented into Y-90, I-131, Lu-177, Sm-153, Re-186, Sr-89, Er-169 and others. Lu-177 commanded the largest share in 2020 and is expected to grow at high double digit CAGR from 2020 to 2027 due to increased adoption of Lu-177 based radiopharmaceuticals for the treatment of neuroendocrine tumor and anticipated launch of new treatment products based on the isotope. Strontium (Sr-89) is expected to grow at a strong CAGR from 2020 to 2027.

Brachytherapy isotopes are further segmented into I-125, Cs-131, Ir-192, Pd-103 and others. I-125 market accounted for the largest share in 2020 and is projected to grow at low single digit CAGR from 2020 to 2027 due to increasing usage in the treatment of lung cancer, prostate cancer, eye-related disease (retinoblastoma and eye plaque) and brain cancer. Therapeutic nuclear medicine by application is segmented into prostate cancer, thyroid cancer, liver cancer, gastro-entero-pancreatic-neuroendocrine tumors (GEP-NETs), metastatic bone cancer, breast cancer and others. The GEP-NETs market accounted for the largest share in 2020 and is expected to grow at high double digit CAGR from 2020 to 2027. Prostate Cancer is expected to grow at a strong CAGR from 2020 to 2027 due to advanced clinical trial stage (phase 3) and predicted launch of Lu-177 PSMA-617 product in 2021.

Nuclear medicine based on end-user is segmented into hospitals, ambulatory centers, diagnostic centers and others. Hospital accounted for the largest share in 2020 and is projected to grow at high double digit CAGR from 2020 to 2027 due to the ready availability of cyclotrons for the generation of isotope and use of advanced hybrid imaging.

The stable isotope global market is expected to grow at low single digit CAGR from 2020 to 2027 to reach $284.3 million by 2027. The Nuclear Medicine market includes stable isotopes are classified into isotopes and applications. Isotopes considered are carbon (C-13), deuterium (D2), oxygen (O-18), nitrogen (N-15), Sulphur (S-32) and others. Deuterium (D-2) accounted the largest share n 2020 and is the fastest-growing market with a projected CAGR of 3.3% from 2020 to 2027 due to the use of deuterium as a dietary supplement of deuterium-depleted water which helps to extend the survival rate of lung cancer patient via exerting anticancer effect and modification of deuterium leads to the development of novel, highly differentiated drugs which have therapeutic applications in diabetic nephropathy, hot flashes, spasticity, neuropathic pain and multiple melanomas.

The stable isotope applications market is segmented into diagnostics-therapy, pharmaceutical companies and others. The diagnostics and therapy market commanded the largest market revenue in 2020 and is expected grow at low single digit CAGR from 2020 to 2027 due to use in diagnosis and treatment of pancreas, liver and intestine related disorders. The pharmaceuticals is the fastest-growing segment at low single digit CAGR from 2020 to 2027 due to novel developments in the utilization of stable isotopes that involve biopolymers, where isotope-labeled species are generated from cells grown on labeled growth media.

Geographical wise, North American region commanded the largest revenue in 2020 and is expected to grow at low single digit CAGR from 2020 to 2027. The growing use of SPECT and PET scans, technological advancements in equipment, increased utilization of fusion imaging, increasing awareness of radiopharmaceuticals among radiologists, alpha radio-immunotherapy-based targeted cancer treatment are driving the market.

Some of the key players of the nuclear medicine market are Curium Pharma (France), Bayer Group (Germany), GE Healthcare (U.S.), Cardinal Health (U.S.), Jubilant Life science (India), Lantheus Medical Imaging (U.S.), Novartis International AG (Advanced accelerator) (Switzerland), South African Nuclear Energy Corporation (NTP Radioisotopes SOC Ltd) (South Africa), and Fujifilm Holding Corporation (Japan).

The report provides an in-depth market analysis of the above-mentioned segments across the following regions:
North America
Europe
Asia-Pacific
Rest of the World (RoW)
Table of Contents

1 EXECUTIVE SUMMARY 33
2 INTRODUCTION 39
2.1 KEY TAKE AWAY 39
2.2 REPORT SCOPE 40
2.3 REPORT DESCRIPTION 40
2.4 MARKETS COVERED 43
2.5 STAKEHOLDERS 45
2.6 RESEARCH METHODOLOGY 46
2.6.1 MARKET SIZE ESTIMATION 47
2.6.2 MARKET CRACKDOWN AND DATA TRIANGULATION 50
2.6.3 SECONDARY SOURCES 51
2.6.4 PRIMARY SOURCES 52
2.6.5 KEY DATA POINTS FROM SECONDARY SOURCES 52
2.6.6 KEY DATA POINTS FROM PRIMARY SOURCES 53
2.6.7 ASSUMPTIONS 54
2.6.7.1 Procedural volume assumptions 55
3 MARKET ANALYSIS 56
3.1 INTRODUCTION 56
3.2 MARKET SEGMENTATION 56
3.3 FACTORS INFLUENCING MARKET 61
3.3.1 DRIVERS AND OPPORTUNITIES 61
3.3.1.1 Increasing applications of radiopharmaceuticals 61
3.3.1.2 Production of radiopharmaceuticals from cyclotrons 63
3.3.1.3 Efficient diagnosis and treatments 64
3.3.1.4 Increasing interest in theranostics 65
3.3.1.5 Rise in public awareness 65
3.3.1.6 Technological advancements 66
3.3.1.7 Increasing demand in emerging markets 67
3.3.2 RESTRAINTS AND THREATS 68
3.3.2.1 The shorter half-life of radiopharmaceuticals 68
3.3.2.2 High cost and supply shortage of isotopes 69
3.3.2.3 Radio toxicity 70
3.3.2.4 Shortage of qualified technicians 70
3.3.2.5 Withdrawal of radiopharmacy products due to limited commercial adoption 71
3.3.2.6 Regulatory issues 72
3.3.2.7 Threat from traditional/alternative diagnostic procedures 72
3.3.2.8 Huge capital investment 73
3.4 PROBLEM AREAS 74
3.4.1 CLOSURE OF REACTORS 74
3.5 WINNING IMPERATIVES 75
3.5.1 AVAILABILITY OF TECHNETIUM 75
3.6 REGULATORY GUIDELINES 75
3.6.1 UNITED STATES 75
3.6.2 EUROPE 77
3.6.3 JAPAN 78
3.6.4 INDIA 78
3.6.5 CHINA 79
3.6.6 SOUTH KOREA 80
3.6.7 SOUTH AFRICA 81
3.7 REIMBURSEMENT SCENARIO AND CHALLENGES 81
3.8 CLINICAL TRIALS 89
3.9 TECHNOLOGICAL ADVANCEMENTS 90
3.9.1 COMPTON CAMERA 90
3.9.2 SUBTLE PET 91
3.9.3 PRODUCTION OF ISOTOPES THROUGH CYCLOTRONS 91
3.9.4 LINAC BASED TC-99M PRODUCTION 92
3.9.5 AUGER ELECTRONS 92
3.10 SUPPLY CHAIN ANALYSIS OF NUCLEAR MEDICINE 93
3.10.1 REACTORS/IRRADIATORS 93
3.10.2 PROCESSING FACILITY 97
3.10.3 GENERATORS 99
3.10.4 HOSPITALS AND CENTRAL RADIO PHARMACIES 100
3.10.5 CYCLOTRON 101
3.10.6 LINAC BASED TC-99M PRODUCTION METHOD 101
3.11 LIST OF FDA APPROVED RADIOPHARMACEUTICALS 102
3.12 PORTER'S FIVE FORCE ANALYSIS 110
3.12.1 THREAT OF NEW ENTRANTS 111
3.12.2 THREAT OF SUBSTITUTES 111
3.12.3 COMPETITIVE RIVALRY 111
3.12.4 BARGAINING POWER OF SUPPLIERS 112
3.12.5 BARGAINING POWER OF BUYERS 113
3.13 MARKET SHARE ANALYSIS BY MAJOR PLAYERS 114
3.13.1 NUCLEAR MEDICINE MARKET 114
3.13.2 SPECT MARKET 118
3.13.3 PET MARKET 121
3.13.4 NUCLEAR MEDICINE THERAPEUTICS MARKET 124
3.13.5 TC-99 MARKET 127
3.13.6 F-18 MARKET 129
3.13.7 GA-68 MARKET 131
3.13.8 SR-82/RB-82 MARKET (IRRADIATORS, SEPERATION AND
GENERATORS) 133
3.14 NUCLEAR MEDICINE-FUNDING SCENARIO 138
3.15 NUCLEAR MEDICINE – DEALS AND APPROVALS 146
3.16 SPECT, PET AND CYCLOTRONS INSTALLED BASE 160
3.17 CURRENT PRODUCTION CAPACITY AND DEMAND OF SELECT ISOTOPES 164
3.18 EMERGING ISOTOPES 166
3.19 LIST OF ISOTOPES PRODUCED USING 70 MEV CYCLOTRON AND
COST ANALYSIS 173
4 NUCLEAR MEDICINE GLOBAL MARKET, BASED ON MODALITY 175
4.1 INTRODUCTION 175
4.2 DIAGNOSTICS 179
4.2.1 DIAGNOSTIC NUCLEAR MEDICINE BASED ON ISOTOPES 185
4.2.1.1 SPECT, based on isotopes 185
4.2.1.1.1 Technetium (Tc-99m) 188
4.2.1.1.2 Thallium (Tl-201) 192
4.2.1.1.3 Gallium (Ga-67) 195
4.2.1.1.4 Iodine (I-123) 198
4.2.1.1.4.1 Supply Chain Analysis Of Iodine-123 (I-123) 200
4.2.1.1.5 Xenon (Xe-133) 201
4.2.1.1.6 Rhenium (Re-186) 203
4.2.1.1.7 Others (In-111, Y-90, Cr-51) 205
4.2.1.2 PET, based on isotopes 207
4.2.1.2.1 Fluorodeoxyglucose (18f-FDG) 210
4.2.1.2.1.1 Supply Chain Analysis Of Fluorine-18 (F-18) 213
4.2.1.2.2 Gallium (Ga-68) 214
4.2.1.2.2.1 Supply Chain Analysis Of Gallium-68 (Ga-68) 217
4.2.1.2.2.2 Characteristics Of Current Ge-68/Ga-68 Generators 218
4.2.1.2.3 Rubidium (Rb-82) 221
4.2.1.2.3.1 Production analysis of Strontium (Sr-82)/ Rubidium (Rb-82) 224
4.2.1.2.4 Others (C-11, N-13, O-15, Cu-64) 226
4.2.2 NUCLEAR MEDICINE FOR DIAGNOSIS, BASED ON APPLICATION 228
4.2.2.1 SPECT isotopes based on application 228
4.2.2.1.1 Cardiology 232
4.2.2.1.2 Pulmonary 235
4.2.2.1.3 Oncology 236
4.2.2.1.4 Nephrology 238
4.2.2.1.5 Neurology 241
4.2.2.1.6 Inflammation 244
4.2.2.1.7 Thyroid Glands 246
4.2.2.1.8 Lymphology 247
4.2.2.1.9 Others 248
4.2.2.2 PET isotopes, based on application 251
4.2.2.2.1 Oncology 255
4.2.2.2.2 Neurology 256
4.2.2.2.3 Cardiology 259
4.2.2.2.4 Inflammation 261
4.2.2.2.5 Others 263
4.3 THERAPEUTICS 265
4.3.1 BETA RADIATION THERAPY 268
4.3.1.1 Yttrium (Y-90) 273
4.3.1.2 Iodine (I-131) 275
4.3.1.3 Lutetium (Lu-177) 278
4.3.1.3.1 Demand and production analysis of Lutetium-177 (Lu-177) 281
4.3.1.4 Samarium (Sm-153) 289
4.3.1.5 Rhenium (Re-186) 292
4.3.1.6 Strontium (Sr-89) 294
4.3.1.7 Erbium (Er-169) 296
4.3.1.8 Others 298
4.3.2 ALPHA RADIATION THERAPY 300
4.3.2.1 Radium (Ra-223) 302
4.3.2.1.1 Analysis of Radium-223 (Ra-223) 303
4.3.2.2 Emerging alpha radiation isotopes (Ac-225 and Others) 303
4.3.2.2.1 Production analysis of Actinium-225 (Ac-225) and Bismuth-213 (Bi-213) 306
4.3.2.2.2 Astatine (At-211) 310
4.3.2.2.3 Lead (Pb-212)/Bismuth (Bi-212) 312
4.3.2.2.4 Radium (Ra-224) 313
4.3.2.2.5 Thorium(Th-227) 313
4.3.2.2.6 Others 314
4.3.3 BRACHYTHERAPY, BASED ON ISOTOPES 314
4.3.3.1 Iodine (I-125) 319
4.3.3.2 Cesium (Cs-131) 321
4.3.3.3 Iridium (Ir-192) 323
4.3.3.4 Palladium (Pd-103) 325
4.3.3.5 Others 327
4.3.4 NUCLEAR MEDICINE THERAPEUTICS, BASED ON APPLICATION 329
4.3.4.1 Prostate Cancer 334
4.3.4.2 Thyroid Cancer 336
4.3.4.3 Liver Cancer 338
4.3.4.4 Gep-Net Therapeutics 340
4.3.4.5 Metastatic Bone Cancer Therapeutics 341
4.3.4.6 Breast Cancer Therapeutics 343
4.3.4.7 Other applications 345
5 NUCLEAR MEDICINE GLOBAL MARKET, BASED ON END-USERS 347
5.1 INTRODUCTION 347
5.2 HOSPITALS 350
5.3 AMBULATORY CENTERS 352
5.4 DIAGNOSTIC CENTERS 354
5.5 OTHER END-USERS 355
6 NUCLEAR MEDICINE GLOBAL MARKET BASED ON REGION 357
6.1 INTRODUCTION 357
6.2 NORTH AMERICA 360
6.2.1 U.S. 387
6.2.2 REST OF N.A. 394
6.3 EUROPE 399
6.3.1 GERMANY 424
6.3.2 FRANCE 429
6.3.3 ITALY 434
6.3.4 REST OF E.U. 439
6.4 APAC 446
6.4.1 JAPAN 473
6.4.2 CHINA 478
6.4.3 SOUTH KOREA 484
6.4.4 REST OF APAC 489
6.5 REST OF THE WORLD 495
6.5.1 LATIN AMERICA & CARIBBEAN 521
6.5.2 MIDDLE EAST 527
6.5.3 AFRICA 534
6.5.3.1 SOUTH AFRICA 540
7 COMPETITIVE LANDSCAPE 566
7.1 INTRODUCTION 566
7.2 APPROVALS 566
7.3 AGREEMENT/COLLABORATION 569
7.4 ACQUISITION 571
7.5 PRODUCT LAUNCH 573
7.6 OTHERS 574
8 MAJOR PLAYER PROFILES 581
8.1 BAYER GROUP 581
8.1.1 OVERVIEW 581
8.1.2 FINANCIALS 582
8.1.3 PRODUCT PORTFOLIO 584
8.1.4 KEY DEVELOPMENTS 585
8.1.5 BUSINESS STRATEGY 586
8.1.6 SWOT ANALYSIS 587
8.2 BRACCO S.P.A 588
8.2.1 OVERVIEW 588
8.2.2 FINANCIALS 588
8.2.3 PRODUCT PORTFOLIO 589
8.2.4 KEY DEVELOPMENTS 589
8.2.5 BUSINESS STRATEGY 590
8.2.6 SWOT ANALYSIS 591
8.3 CARDINAL HEALTH INC. 592
8.3.1 OVERVIEW 592
8.3.2 FINANCIALS 593
8.3.3 PRODUCT PORTFOLIO 595
8.3.4 KEY DEVELOPMENTS 596
8.3.5 BUSINESS STRATEGY 597
8.3.6 SWOT ANALYSIS 598
8.4 CDH INVESTMENTS (CDH GENTECH LTD), (SIRTEX LTD.) 599
8.4.1 OVERVIEW 599
8.4.2 FINANCIALS 599
8.4.3 PRODUCT PORTFOLIO 600
8.4.4 KEY DEVELOPMENTS 600
8.4.5 BUSINESS STRATEGY 601
8.4.6 SWOT ANALYSIS 602
8.5 CURIUM PHARMA 603
8.5.1 OVERVIEW 603
8.5.2 FINANCIALS 603
8.5.3 PRODUCT PORTFOLIO 603
8.5.4 KEY DEVELOPMENTS 605
8.5.5 BUSINESS STRATEGY 609
8.5.6 SWOT ANALYSIS 610
8.6 FUJIFILM HOLDINGS CORPORATION 611
8.6.1 OVERVIEW 611
8.6.2 FINANCIALS 612
8.6.3 PRODUCT PORTFOLIO 615
8.6.4 KEY DEVELOPMENTS 616
8.6.5 BUSINESS STRATEGY 617
8.6.6 SWOT ANALYSIS 618
8.7 GE HEALTHCARE 619
8.7.1 OVERVIEW 619
8.7.2 FINANCIALS 620
8.7.3 PRODUCT PORTFOLIO 622
8.7.4 KEY DEVELOPMENTS 623
8.7.5 BUSINESS STRATEGY 623
8.7.6 SWOT ANALYSIS 624
8.8 JUBILANT PHARMOVA 625
8.8.1 OVERVIEW 625
8.8.2 FINANCIALS 626
8.8.3 PRODUCT PORTFOLIO 629
8.8.4 KEY DEVELOPMENTS 630
8.8.5 BUSINESS STRATEGY 630
8.8.6 SWOT ANALYSIS 631
8.9 LANTHEUS MEDICAL IMAGING INC. 632
8.9.1 OVERVIEW 632
8.9.2 FINANCIALS 633
8.9.3 PRODUCT PORTFOLIO 635
8.9.4 KEY DEVELOPMENTS 636
8.9.5 BUSINESS STRATEGY 636
8.9.6 SWOT ANALYSIS 637
8.10 NOVARTIS INTERNATIONAL AG 638
8.10.1 OVERVIEW 638
8.10.2 FINANCIALS 639
8.10.3 PRODUCT PORTFOLIO 641
8.10.4 KEY DEVELOPMENTS 642
8.10.5 BUSINESS STRATEGY 643
8.10.6 SWOT ANALYSIS 644
8.11 SUMITOMO CHEMICALS 645
8.11.1 OVERVIEW 645
8.11.2 FINANCIALS 646
8.11.3 PRODUCT PORTFOLIO 648
8.11.4 KEY DEVELOPMENTS 649
8.11.5 BUSINESS STRATEGY 649
8.11.6 SWOT ANALYSIS 650

Report Title: Nuclear Medicine/Radiopharmaceuticals Global Market – Forecast To 2030


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