Global Nuclear Medicine Market Overview

The global nuclear medicine market was valued at USD 17.77 billion in 2024 and is expected to grow to USD 34.51 billion by 2030, expanding at a compound annual growth rate (CAGR) of 10.16% from 2025 to 2030. The market’s growth is driven by a strong pipeline of products under development and supportive government initiatives aimed at improving access to nuclear medicine.

Currently, several promising products such as betalutin, omburtamab, yttrium-90 microspheres, PNT2003, and 177Lu PNT2002 are in various stages of clinical trials. The industry faced moderate disruptions during the COVID-19 pandemic; however, nuclear reactors were generally classified as essential services due to their critical nature and thus remained operational. For example, South Africa’s SAFARI-1 reactor continued operations throughout the lockdown, as stipulated by Section 71 of the Labour Act 66 of 1995.

Market Drivers and Industry Context

According to the World Health Organization (WHO), there were approximately 20 million new cancer cases and 9.7 million cancer-related deaths worldwide in 2022. Furthermore, around 53.5 million people were living five years post-cancer diagnosis. Cancer incidence affects roughly 1 in 5 people during their lifetime, with mortality rates approximating 1 in 9 men and 1 in 12 women.

Nuclear medicine plays a critical role in oncology by enabling targeted delivery of radiation directly to tumor sites, minimizing damage to healthy tissues. This precision increases treatment efficacy while reducing side effects. The ongoing clinical development of novel radiopharmaceuticals like betalutin and 177Lu PNT2002 further reinforces the market’s growth potential.

In December 2023, Lantheus Holdings, Inc. and POINT Biopharma Global Inc. announced promising topline results from the Phase 3 SPLASH trial, evaluating the safety and effectiveness of 177Lu-PNT2002, a PSMA-targeted radioligand therapy, in patients with metastatic castration-resistant prostate cancer (mCRPC) who had progressed after androgen receptor pathway inhibitor treatment. Such research investments are expected to accelerate market expansion.

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Key Market Trends & Insights

• North America dominated the nuclear medicine market in 2024, capturing a 42.87% share of the global revenue.
• The U.S. nuclear medicine market held the leading position within North America during 2024.
• By product type, the diagnostics segment led the market, accounting for a 76.55% share in 2024.
• By application, the urology segment dominated, making up 22.62% of the market in 2024.

Market Size & Forecast

• 2024 Market Size: USD 17.77 Billion
• 2030 Projected Market Size: USD 34.51 Billion
• CAGR (2025-2030): 10.16%
• Largest Market Region in 2024: North America

Leading Companies & Strategic Initiatives

Key players in the nuclear medicine sector are focusing on strategies such as geographic expansion and partnerships to strengthen their market presence and broaden product accessibility.

Major Nuclear Medicine Market Players

The following companies are dominant in the nuclear medicine market, collectively shaping industry trends and holding significant market shares:

• GE Healthcare
• Jubilant Life Sciences Ltd
• Nordion (Canada), Inc.
• Bracco Imaging S.P.A
• Institute for Radioelements (IRE)
• NTP Radioisotopes SOC Ltd.
• Australian Nuclear Science and Technology Organization
• Eczacıbaşı-Monrol
• Lantheus Medical Imaging, Inc.
• Eckert & Ziegler
• Mallinckrodt
• Cardinal Health

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Conclusion

The global nuclear medicine market is on a steady growth trajectory, fueled by a robust pipeline of innovative products and increasing government support to enhance access to these vital diagnostic and therapeutic tools. The ongoing burden of cancer worldwide underscores the importance of nuclear medicine in delivering targeted and effective treatment options. North America leads the market, primarily driven by advancements and adoption in the U.S., while diagnostics remain the largest product segment. Continued research breakthroughs, coupled with strategic industry partnerships and expansions, are expected to sustain the market's growth through 2030, offering improved healthcare outcomes globally.