U.S. Nuclear Medicine Market Size, Share & Industry Analysis, Growth & Forecast
The U.S. nuclear medicine market was valued at USD 4.29 billion in 2023 and is expected to grow at a CAGR of 20.5% over the forecast period.
Nuclear medicine is a specialized branch of radiology that utilizes radioactive materials to assess organ function and structure. The market is experiencing significant growth, driven by government initiatives to raise healthcare awareness and boost product approvals.
Market Growth:
An aging population, poor nutrition, and sedentary lifestyles have contributed to a sharp rise in chronic diseases such as cancer, cardiovascular diseases, respiratory disorders, and diabetes. According to the International Journal of Environmental Research and Public Health (IJEPH), 25% of U.S. adults had two or more chronic conditions in 2021. The increasing use of nuclear medicine for diagnosing and treating these diseases is expected to boost market growth.
Get a Free Sample Research PDF:
https://www.fortunebusinessinsights.com/enquiry/sample/u-s-nuclear-medicine-market-109233
Restraining Factors:
Reimbursement challenges remain a major barrier to the growth of diagnostic radiopharmaceuticals in the U.S. Medicare covers only specific tracers, such as ammonia N-13, FDG, Rb-82, and NaF-18, while other PET radiopharmaceuticals are excluded. Additionally, these radiopharmaceuticals are not reimbursed separately in Medicare hospital outpatient settings, as they are classified as supplies under the CMS Outpatient Prospective Payment System (OPPS).
List Of Top U.S. Nuclear Medicine Market Companies:
· Lantheus (U.S.)
· Cardinal Health (U.S.)
· Bracco (U.S.)
· GE HealthCare (General Electric Company) (U.S.)
· CURIUM (France)
· Bayer AG (Germany)
· RLS, Inc. (U.S.)
· Advanced Accelerator Applications (Novartis AG) (France)
· Nordion (Canada) Inc. (Canada)
· Jubilant Pharma Limited (U.S.)
Market Segmentation:
By Type Analysis
The U.S. nuclear medicine market is categorized into diagnostic and therapeutic radiopharmaceuticals. The diagnostic radiopharmaceuticals segment led the market in 2022, driven by the rising prevalence of cancer, an aging population, and increased product launches and investments in advanced healthcare solutions. For instance, in June 2023, Mediso Ltd. received FDA approval for its InterView FUSION and InterView XP nuclear medicine imaging software. Meanwhile, the therapeutic radiopharmaceuticals segment is expected to grow at the fastest CAGR, fueled by its treatment effectiveness, growing market interest, and ongoing clinical trials.
By Application Analysis
The U.S. nuclear medicine market is segmented by application into neurology, cardiology, oncology, and others. Oncology led the market in 2022, driven by the high cancer prevalence, increasing awareness of early diagnosis, and strong pipeline products. According to the American Cancer Society (2023), the U.S. recorded 1.9 million new cancer cases in 2022, boosting market demand. Meanwhile, the cardiology segment is expected to grow significantly, fueled by the expanding use of nuclear medicine in diagnosing and treating cardiovascular diseases.
By End User Analysis
The U.S. nuclear medicine market is segmented by end-user into hospitals & clinics, diagnostic centers, and others. Hospitals & clinics dominated in 2022 due to their extensive treatment options and efficient handling of nuclear imaging procedures. Diagnostic centers held the second-largest share and are expected to grow rapidly, driven by increasing diagnostic facilities and high procedural volumes.
key industry developments:
· June 2023 – SpectronRx and RLS (USA), Inc., the third-largest nuclear medicine pharmacy network in the U.S., partnered to expand the supply and availability of diagnostic and therapeutic radiopharmaceuticals.
· May 2023 – TG Imaging Solutions (TTG) acquired Digirad Health from Star Equity for USD 40 million. Digirad Health, a U.S.-based provider of fixed and mobile solid-state nuclear medicine camera services, aims to strengthen imaging capabilities.