Medical Radioisotopes Market Size, Share, Growth, And Industry Analysis By Type (Tc-99m, Cobalt-60, Iodine Radioisotopes) By Application (Nuclear Therapy, Equipment Radioactive Source, Diagnosis, Others), Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

Medical Radioisotopes Market Report Overview

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The global medical radioisotopes market size was USD 679.8 million in 2022 and market is projected to touch USD 993.03 million by 2031, exhibiting a CAGR of 4.3% during the forecast period.

The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

Medical radioisotopes are radioactive compounds that are safe to use and are largely employed in the diagnosis of medical disorders. These radioisotopes emit gamma rays with enough energy to leave the body when they are employed in a diagnosis. The fact that the rays can decay right after imaging is finished makes their brief half-life appropriate.

Growing SPECT and PET applications are anticipated to dominate this market sector. At RSNA21, the healthcare industry unveiled its most advanced SPECT/CT nuclear medicine system. Such advancements are predicted to accelerate radioisotope development and support market expansion.

COVID-19 Impact: Pandemic Had a Negative Impact on Healthcare Systems and Market Growth

The COVID-19 pandemic has presented significant challenges to healthcare systems, whether during the preparation, response, or recovery phases of the pandemic. This has mostly been handled by drastically cutting back on in- and outpatient disease treatment services and putting in place infection prevention and control measures. The COVID-19 pandemic has had a significant impact on radiology departments' clinical practices all across the world. Academic medical centers and universities hurried to halt scientific research operations in order to maximize social distance and reduce the spread of illness to research employees and others with whom they might come into contact. This was carried out concurrently with clinical preparedness exercises.

The COVID-19 pandemic has wreaked devastation around the world, disrupting healthcare systems all over the world. Hospitals have therefore increased testing efforts in an effort to preserve lives and stop the virus from spreading. Governments all across the world were forced to enact budget cuts because to the financial difficulties brought on by COVID-19. In addition, the pandemic reduced the number of patients undergoing nuclear medicine operations and caused the cancellation of elective procedures, which put hospitals in a tight financial situation.

Latest Trends

"Uses of Radiopharmaceuticals in Neurology to Boost Growth"

The main uses of nuclear medicine are to diagnose cancer and cardiovascular disease. Numerous businesses and stakeholders are concentrating on extending the overall uses of radiopharmaceuticals as a result of the saturation of these markets. The demand for and adoption of radiopharmaceuticals are anticipated to rise in the upcoming years as a result of their growing application fields. By meeting the need for radiopharmaceuticals in neurological applications, businesses may be able to diversify their product portfolios and increase their market shares.

Medical Radioisotopes Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Tc-99m, Cobalt-60, Iodine Radioisotopes. The dominant section is predicted to be tc-99m.

• By Application Analysis

Based on application, the market can be divided into Nuclear Therapy, Equipment Radioactive Source, Diagnosis, Others. The segment that will predominate is nuclear therapy.

Driving Factors

"Increasing CVD Occurrence to Augment Growth"

The global economy is beginning to recover from the COVID-19-caused slowdown, but it will continue to lag behind pre-pandemic rates for a while. The epidemic has exacerbated the risks associated with the decade-long increase in global debt. The epidemic has exacerbated the risks associated with the decade-long increase in global debt. Furthermore, it's expected to exacerbate the anticipated decline in potential growth over the next ten years.  

"Growing Application Against CVDs to Promote Expansion"

17.9 million individuals worldwide died from CVD in 2019, accounting for 32% of all mortality, according to the WHO. This figure is projected to rise to 23.3 million by 2030. Because nuclear medicine is crucial for disease detection and treatment, it is projected that the rising prevalence of various ailments will fuel the rise of the nuclear medicine market over the forecast period.

Restraining Factors

"Short Radiopharmaceutical Half Lives to Hamper Demand"

The radiopharmaceutical's shelf life is mostly influenced by the radioisotope's half-life and the radionuclide's composition. For instance, if not used within 110 minutes, the radioactivity of F-18 used in PET scans declines, whereas C-11's radioactivity does so after 20 minutes. Tc-99radioactivity m's decreases after six hours in SPECT diagnosis, whereas I-123 and In-111 isotopes should be used within 13 and 67 hours, respectively. Radiochemical purity is reduced to an unsatisfactory level when radioisotopes are not used within the recommended shelf life due to radiation and chemical decomposition. This can be lethal during diagnosis and treatment.

Medical Radioisotopes Market Regional Insights

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"North America Will Continue To Lead The Market Share"

In 2020, North America is anticipated to hold the biggest market share for nuclear medicine. This significant market share may be ascribed to the region's innovative radioisotope production methods, government financing, rising R&D spending, and corporate activities. The region's sizeable market share can be attributed to the high volume of nuclear medicine treatments, the reliable healthcare infrastructure, and the rising investment in R&D activities. For instance, in January 2021, Eckert & Ziegler announced their intentions to construct a cGMP facility in Boston, United States, for the contract manufacturing of radiopharmaceuticals. The plant will be focused on producing late-investigational-stage and commercial-stage radioisotopes used in nuclear medicines, helping to address the market's increasing demand for radionuclides.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• NRG
• IRE
• ANSTO
• NTP Radioisotopes
• China National Nuclear Corporation
• Rosatom
• Nordion
• Eckert & Ziegler Strahlen
• Polatom

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.