The Global Nuclear Medicine Market is projected to reach $9.14 billion by 2027, from a value of $4.40 billion in 2020, by registering a CAGR of 11.0% during the forecast period. Numerous initiatives to reduce the demand and supply gap of Mo-99, advancement of alpha-radioimmunotherapy-based targeted cancer treatments, rising incidence and prevalence of target conditions like cancer, growing prevalence of cardiovascular diseases and government initiatives and funding for the development of new techniques are the major factors propelling the growth of the market. However, hospital budget cuts and high equipment costs and short half-life of radiopharmaceuticals are hampering market growth. Moreover, use of radiopharmaceuticals in neurological applications, are creating ample opportunities across the globe.
Recent Developments
In December 2019, Curium acquired MAP Medical, which will help it to increase its footprint in Europe with direct access to Nordic and Baltic countries for its broad portfolio of life saving diagnostic solutions.
In Mar 2021, Bracco entered into a partnership with CardioNavix which will help improve patient access to cardiac PET imaging, an important diagnostic test for the detection of coronary artery disease (CAD).
In April 2019, Nordion, Inc. acquired Cobalt-60 from the Board of Radiation and Isotope Technology (BRIT) for distribution to Europe. The collaboration combines Indian-developed technology to produce Cobalt-60 in Pressurized Heavy Water Reactors (PHWRs) with Nordions industry-leading global logistics and transportation network to open a new supply channel to meet the growing global demand for Cobalt-60.
In April 2017, IBA Molecular and Mallinckrodt Nuclear Medicine LLC united to create Curium, a world-class provider in nuclear imaging. Curium has a singular focus to develop, manufacture and supply SPECT, PET, and therapeutic radiopharmaceuticals.
In January 2018, Norgine B.V. launched LYMPHOSEEK for distribution in Finland and Sweden. LYMPHOSEEK is a radiopharmaceutical aimed at providing effective diagnosis through nuclear medicine.
Competitive Landscape
Bracco Imaging S.P.A., Lantheus Medical Imaging, Inc., NTP Radioisotopes Soc, LTD, Eckert & Ziegler Group, Jubilant Pharma LLC, Australian Nuclear Science & Technology Organization, Cardinal Health, Isotopia Molecular Imaging Limited, Bayer AG, The Institute for Radioelements, Curium SAS, advanced Accelerator Applications, Nordion, Inc., Mallinckrodt, GE Healthcare are some of the major players in the global nuclear medicine market.
