Nuclear Medicine Market Report and Forecast 2025-2034

The global nuclear medicine market was valued at USD 6.70 Billion in 2024, driven by the increasing prevalence of cancer and cardiovascular disease across the globe. The market is anticipated to grow at a CAGR of 11.10% during the forecast period of 2025-2034 to achieve a value of USD 19.20 Billion by 2034.

Nuclear Medicine Market Overview

Nuclear medicine is a specialized field of medical imaging and therapy that uses small amounts of radioactive materials, known as radiopharmaceuticals, to diagnose and treat various diseases. These substances are introduced into the body by injection, ingestion, or inhalation and are designed to target specific organs or cellular receptors. Imaging techniques like PET and SPECT allow physicians to visualize internal structures and assess organ function. In therapy, nuclear medicine delivers targeted radiation to treat conditions such as cancer, offering minimally invasive, highly effective solutions with reduced side effects compared to traditional treatments.

Nuclear Medicine Market Growth Drivers

Advances in Clinical Trials to Boost Market Growth

Growing investments in radiopharmaceutical innovation and the rising global incidence of metastatic cancers are among the key drivers pushing the nuclear medicine market forward. For instance, in March  2025, the nuclear medicine division at Gustave Roussy, in collaboration with DITEP (Department of Therapeutic Innovation and Early Trials), launched its first patient treatment as part of a Phase I clinical trial using [177Lu] Lu-NeoB. The radiopharmaceutical targets the bombesin receptor, often overexpressed in cancers such as breast cancer. This milestone marks a major step in nuclear medicine clinical research in Europe. The study is expected to pave the way for more targeted, receptor-specific therapies and expand clinical trial activity, accelerating regional and global market growth in the forecast period.

Increasing Collaborations to Meet Rising Nuclear Medicine Market Demand

Surging demand for personalised oncology treatments and technological advances in alpha-emitting isotopes are fostering rapid development within the market. For instance, in October  2024, Sanofi and Orano Med announced a strategic collaboration to accelerate the creation of next-generation radioligand therapies.  The venture focused on designing and clinically advancing radiopharmaceuticals based on lead-212 isotopes, targeting rare cancers. Building on Orano Med’s radioligand expertise, the partnership included the advancement of the late-stage candidate AlphaMedix. This alliance is poised to catalyse innovation in alpha therapy, expand treatment options for hard-to-treat cancers, and significantly drive growth and diversification in the market.

Nuclear Medicine Market Trends

The market is witnessing several trends and developments to improve the current scenario. Some of the notable trends are as follows:

Supply Chain Diversification to Boost Market Expansion

For instance, in January 2025, Kinectrics Inc. announced a USD 22 million investment in its Toronto facility to expand enriched medical isotope production for cancer care, including prostate and neuroendocrine tumours. This move not only boosts regional manufacturing capabilities but also addresses global supply chain risks by reducing dependency on Russian isotope exports. With 15 new jobs and government support, Ontario is positioning itself as a nuclear medicine innovation hub. This trend toward localised isotope production is gaining traction worldwide, driven by rising demand and the need for uninterrupted supply. It significantly enhances global market resilience while promoting sustainable healthcare infrastructure.

Adoption of Peptide-Based Imaging Platforms to Drive the Nuclear Medicine Market Growth

In October 2024, Bicycle Therapeutics plc showcased compelling human imaging data at the European Association of Nuclear Medicine (EANM) 2024 Congress, confirming MT1-MMP as a novel oncology target. Their Bicycle Radionuclide Conjugates (BRC®) demonstrated efficient radioisotope delivery and strong imaging potential. This development introduced a new class of radiopharmaceuticals based on proprietary bicyclic peptides. It reflects a growing trend in the nuclear medicine market toward ultra-targeted diagnostic and therapeutic tools with reduced off-target toxicity. The promising preclinical outcomes suggest BRCs may soon transition into clinical phases, thereby supporting the market's evolution towards precision oncology and enhancing treatment personalisation.

Radioligand Therapy Industrialisation to Drive the Nuclear Medicine Market Value

In October 2024, Orano Med inaugurated ATLab Indianapolis, the world’s first industrial-scale pharmaceutical facility for lead-212-based radioligand therapies. This U.S.-based Alpha Therapy Laboratory marked a pivotal moment in making targeted alpha therapies commercially viable. With increasing oncology cases worldwide, especially those resistant to conventional treatments, this move brought alpha emitters closer to widespread clinical application. The facility also signaled a scaling-up of production capabilities critical to meet future global demands. Orano Med’s commitment to alpha therapy industrialisation underlines a broader market trend of expanding next-gen cancer therapeutics and is expected to accelerate both accessibility and innovation in nuclear medicine.

Rising Integration of Theranostics to Accelerate Nuclear Medicine Market Value

The market is witnessing a robust trend in the integration of theranostics, combining diagnostics and therapeutics into a single radiopharmaceutical platform. This dual-function approach allows precise imaging and targeted treatment, particularly for cancers such as thyroid, prostate, and neuroendocrine tumours. As healthcare systems increasingly prioritise personalised medicine, theranostic agents offer significant advantages in terms of treatment monitoring and therapeutic response. With ongoing clinical trials exploring new targets and isotopes, the demand for theranostic solutions is set to rise. This evolution is propelling both R&D investment and regulatory interest, positioning theranostics as a core growth driver in nuclear medicine.

Nuclear Medicine Market Segmentation

Nuclear Medicine Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Diagnostic Nuclear Medicine
• SPECT (Single-Photon Emission Computed Tomography) Tc-99m I-123 Tl-201 Ga-67 Other SPECT isotopes
• PET (Positron Emission Tomography) Radiopharmaceuticals F-18 Rb-82 Others
• Therapeutic Nuclear Medicine
• Alpha Emitters Ra-223
• Beta Emitters I-131 Y-90 Sm-153 Lu-177 Re-186 Others
• Brachytherapy Isotopes
• I-125
• Ir-192
• Pd-103
• Cs-131
• Others

Market Breakup by Application

• Oncology
• Cardiology
• Neurology
• Thyroid Indications
• Bone Diseases
• Others

Market Breakup by End User

• Hospitals and Clinics
• Diagnostic Centers
• Academic and Research Institutes
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Nuclear Medicine Market Share

PET Radiopharmaceuticals to Dominate the Segmentation by Type

Positron emission tomography (PET) radiopharmaceuticals are poised to lead the market by type due to their superior imaging capabilities, early disease detection potential, and expanding oncology applications. F-18, one of the most widely used PET isotopes, plays a pivotal role in cancer diagnosis, neurology, and cardiology. Increasing prevalence of cancer, improved availability of PET scanners, and growing adoption of personalised medicine are key market drivers. Ongoing advancements in PET tracer development and government-backed diagnostic infrastructure investments will further boost this segment’s dominance in the forecast period, enhancing clinical precision and elevating the global nuclear medicine market value.

Oncology Segment to Lead the Nuclear Medicine Market Segmentation by Application

Oncology is expected to dominate the market by application, driven by rising global cancer incidence and increasing demand for early and accurate tumour detection. As per the analysis by Expert Market Research, the oncology drugs market is expected to grow at a CAGR of 13.2% during the forecast period of 2025-2034 . Nuclear medicine, particularly radioligand therapy and PET/CT imaging, is crucial for tumour localisation, staging, and treatment monitoring. The growth is reinforced by recent advancements in radiopharmaceuticals targeting specific cancer biomarkers and continued research investments. As the cancer burden rises and nuclear imaging becomes a standard in oncological protocols, this segment will continue to capture the largest share, strongly propelling the nuclear medicine market’s expansion during the forecast period.

Hospitals and Clinics to Hold a Significant Nuclear Medicine Market Share by End User

Hospitals and clinics are likely to dominate the market by end user, owing to their comprehensive infrastructure for advanced imaging and treatment procedures. These facilities offer integrated diagnostic and therapeutic services, making them the primary point of care for patients undergoing nuclear medicine procedures. Increasing cancer, cardiac, and neurological cases globally, coupled with hospital-based adoption of radioligand therapies and government funding for nuclear imaging, supports growth. Furthermore, expansion of nuclear medicine departments and enhanced access to isotopes in hospital settings will maintain this segment’s leadership in driving future market value and technological adoption.

Nuclear Medicine Market Analysis by Region

North America is expected to command the largest share in the global nuclear medicine market due to its extensive clinical research infrastructure, strong regulatory support for radiopharmaceutical approvals, and early adoption of advanced imaging modalities. The presence of robust manufacturing capabilities, particularly for isotopes like F-18 and Lu-177, supports steady supply. Reimbursement policies and national programmes promoting molecular imaging bolster clinical usage. Europe follows closely, propelled by expanding radioisotope production and cross-border research initiatives. Asia-Pacific shows promising growth, driven by increasing healthcare investments in India and Japan. Meanwhile, Latin America and the Middle East & Africa are gradually advancing through public-private collaborations, though slower infrastructure development and access limitations restrict rapid expansion in these emerging regions.

Leading Players in the Nuclear Medicine Market

The key features of the market report comprise patent analysis, clinical trials analysis, funding and investment analysis, and strategic initiatives by the leading players. The major companies in the market are as follows:

GE Healthcare

GE Healthcare, headquartered in Chicago, Illinois, was established in 1994 as a subsidiary of General Electric. The company is a global leader in medical technology and diagnostics, including nuclear medicine solutions. GE Healthcare offers a wide range of molecular imaging systems, such as PET and SPECT scanners, and radiopharmaceuticals used in diagnosing and managing conditions like cancer, neurological disorders, and cardiovascular diseases. With continuous innovation and AI-powered imaging tools, the company plays a significant role in advancing precision diagnostics and personalised patient care in the nuclear medicine field.

Cardinal Health

Founded in 1971 and headquartered in Dublin, Ohio, Cardinal Health is a leading global healthcare services and products company. It plays a crucial role in the nuclear medicine market through its Nuclear & Precision Health Solutions division. The company operates one of the largest radiopharmacy networks in the United States, offering radiopharmaceuticals used in PET and SPECT imaging. Cardinal Health supports hospitals and clinics with efficient radiotracer supply, quality control, and logistics, enhancing diagnostic capabilities in oncology, neurology, and cardiology. Its vast distribution infrastructure makes it a trusted partner in time-sensitive radiopharmaceutical delivery.

Curium

Curium is a global nuclear medicine company established in 2017 and headquartered in Paris, France, and St. Louis, Missouri. Formed through the merger of IBA Molecular and Mallinckrodt’s nuclear medicine business, Curium specialises in manufacturing and distributing diagnostic and therapeutic radiopharmaceuticals. Its robust product portfolio includes SPECT and PET tracers, particularly Tc-99m generators and I-131-based therapeutics. The company serves over 14 million patients annually, operating through a strong network of radiopharmacies and production facilities across Europe and North America. Curium is widely recognised for maintaining high-quality standards and expanding access to nuclear medicine worldwide.

Bayer AG

Bayer AG, a German multinational founded in 1863 and headquartered in Leverkusen, Germany, has a longstanding presence in pharmaceuticals, including nuclear medicine. The company is renowned for its innovation in targeted radioligand therapies, particularly in oncology. Bayer’s key nuclear medicine product, Xofigo® (radium-223 dichloride), is used in treating metastatic prostate cancer. With its growing oncology pipeline and investment in theranostic approaches, Bayer is actively expanding into next-generation radiopharmaceuticals. The company’s research collaborations and acquisitions reflect its strategic commitment to enhancing precision medicine and transforming patient outcomes in the global nuclear medicine landscape.

Other key players in the market include Lantheus Holdings, Inc., Bracco Imaging S.P.A., Pharmalogic Holdings Corp., Nordion Inc., Isotope JSC, and Siemens Healthineers.

Key Questions Answered in the Nuclear Medicine Market

• What was the global nuclear medicine market value in 2024?
• What is the global nuclear medicine market forecast outlook for 2025-2034?
• What is market segmentation based on type?
• What is market segmentation based on application?
• What is market segmentation based on end user?
• What are the major factors aiding the global nuclear medicine market demand?
• How has the market performed so far, and how is it anticipated to perform in the coming years?
• What are the market's major drivers, opportunities, and restraints?
• What are the major global nuclear medicine market trends?
• Which type will lead the market segment?
• Which application will lead the market segment?
• Which end user will lead the market segment?
• Who are the key players involved in the global nuclear medicine market?
• What is the patent landscape of the market?
• What are the current unmet needs and challenges in the market?
• How are partnerships, collaborations, mergers, and acquisitions among the key market players shaping the market dynamics?