Radiopharmaceuticals/Nuclear Medicine Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product Type (Diagnostic Radiopharmaceuticals (SPECT Radiopharmaceuticals and PET Radiopharmaceuticals) and Therapeutic Radiopharmaceuticals (Beta Emitters, Alpha emitters, Brachytherapy, and Others)), By Application (Oncology, Neurological disorders, Cardiovascular diseases, Thyroid, and Others), By Route of Administration (Oral, Inhalation, and Parenteral) By End User (Hospitals, Clinics, Diagnostic Centers, and Research Institutes), and Region Forecast 2019 - 2030

Radiopharmaceuticals/Nuclear Medicine Market size was valued at US$ 5605 Million in 2023 and is anticipated to grow at US$ 9327 Million by 2030 recording a CAGR of 9.3% from 2024-2030. The use of radioactive chemicals in study, diagnosis, and treatment is referred to as nuclear medicine. The primary drivers for the market evaluation are rising cancer and heart disease prevalence. The Market has a lot of promise in terms of treating heart and cancer problems.

According to a report from the National Cancer Institute (NCI), 1,735,350 new cases of cancer were detected in the United States in 2018, with nuclear medicine being more widely used. Other reasons, including as the expanding use of SPECT and PET scans and public awareness of healthcare, are projected to propel the industry further in the future. Translational research and clinical trials are also hampered by regulatory regulations. In the United States, the FDA regulates all pharmacologic agents, including diagnostic radiopharmaceuticals and radiotherapies. Radiopharmaceuticals are subjected to further examination and follow a separate regulatory and approval process. Extensive toxicological testing can often put investigators in a financial bind.

Furthermore, reimbursement challenges for manufacturers and costly capital expenditure are limiting market expansion. The development of effective radiopharmaceuticals for diagnosis and treatment expected to drive the market revenue growth over the forecast period. The advances in imaging devices with radioactivity are aiding healthcare professionals in effective diagnosis. Moreover, radio-imaging diagnosis is considered as an effective alternative to the conventional diagnosis techniques such as X-rays which are expected to boost the market demand for diagnostic radiopharmaceuticals across the globe. In addition, increase in the healthcare expenditure, radiopharmaceuticals abundance, and non-invasiveness in the treatment and diagnostic procedure might bolster the nuclear medicine market over the forecast period.