Nuclear Medicine Industry

The global nuclear medicine market size was estimated at USD 17.77 billion in 2024 and is projected to grow at a compound annual growth rate (CAGR) of 10.16% from 2025 to 2030. The industry is experiencing growth due to the presence of a strong and advancing product pipeline, along with supportive government initiatives aimed at enhancing access to nuclear medicine solutions. At present, several promising products including betalutin, omburtamab, yttrium-90 microspheres, PNT2003, and 177Lu‑PNT2002 are undergoing clinical trials. The industry experienced a moderate impact due to the SARS-CoV-2 pandemic. However, the critical nature of nuclear reactor operations led to them being classified as essential services.

As a result, the operation of nuclear reactors continued without interruption during the lockdowns imposed due to SARS-CoV-2. For example, in South Africa, the SAFARI-1 reactor was kept running during the nationwide lockdown enforced after March 2020, in accordance with Section 71 of the Labour Act 66 of 1995, as it was considered an essential service.

Based on data from the World Health Organization (WHO), in 2022, there were an estimated 20 million new cancer cases globally, with 9.7 million deaths reported from the disease. Additionally, approximately 53.5 million people were living within five years of receiving a cancer diagnosis. Statistically, around 1 in every 5 individuals will develop cancer during their lifetime, while approximately 1 in 9 men and 1 in 12 women are expected to die from it. Nuclear medicine plays a crucial role in oncology by focusing on targeted therapy—delivering radiation directly to cancer cells at the tumor site while preserving surrounding healthy tissues. This targeted delivery approach not only minimizes adverse effects but also enhances the efficacy of treatment outcomes.

In addition to this, the development pipeline remains strong, and government support continues to focus on expanding the availability of nuclear medicine. Currently, products such as betalutin, yttrium-90 microspheres, PNT2003, and 177Lu‑PNT2002 are actively being evaluated in clinical trials. In December 2023, Lantheus Holdings, Inc. along with POINT Biopharma Global Inc. (POINT), released the topline findings from the pivotal Phase 3 SPLASH study. This clinical trial was conducted to evaluate the safety and effectiveness of 177Lu-PNT2002, a PSMA-targeted radioligand therapy (RLT), in patients diagnosed with metastatic castration-resistant prostate cancer (mCRPC) who had shown disease progression after undergoing treatment with an androgen receptor pathway inhibitor (ARPI). Consequently, the increasing volume of research and development activity in this field is expected to be a significant contributor to the market’s ongoing expansion.

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1. What was the size of the global nuclear medicine market in 2024?

The global nuclear medicine market was valued at USD 17.77 billion in 2024. This reflects the growing application of nuclear medicine in areas such as oncology, cardiology, and neurology, supported by innovations in targeted therapies and increased healthcare investments.

2. What is the expected growth rate of the nuclear medicine market from 2025 to 2030?

The market is projected to grow at a compound annual growth rate (CAGR) of 10.16% from 2025 to 2030, driven by rising cancer incidence, technological advancements in radiopharmaceuticals, and increased government support for nuclear medicine infrastructure and access.

3. What factors are driving the growth of the nuclear medicine market?

Key factors include:

• A strong pipeline of radiopharmaceutical products under clinical trials.
• Government initiatives aimed at expanding access to nuclear medicine technologies.
• Increasing global prevalence of cancer and chronic conditions.
• Technological innovations in targeted radionuclide therapies.
• A shift toward precision medicine, which nuclear medicine strongly supports.

4. Which products are currently under clinical trials in nuclear medicine?

Several radiopharmaceuticals are in advanced clinical development stages, including:

• Betalutin
• Omburtamab
• Yttrium-90 microspheres
• PNT2003
• 177Lu-PNT2002
  These candidates are being studied for various oncology applications, with some showing promising efficacy in targeting difficult-to-treat cancers like metastatic prostate cancer.

5. How did the COVID-19 pandemic impact the nuclear medicine industry?

The nuclear medicine sector experienced moderate disruption due to the pandemic. However, due to its importance in diagnosis and treatment, nuclear reactor operations continued, as they were classified as essential services. For example, in South Africa, the SAFARI-1 reactor remained operational during the lockdown under national legislation recognizing its critical status.

6. Why is nuclear medicine important in cancer treatment?

Nuclear medicine plays a vital role in precision oncology by delivering radiation directly to targeted tumor sites, reducing exposure to healthy tissues. This targeted approach:

• Minimizes side effects
• Improves treatment efficacy
• Enhances patient outcomes
  It is especially valuable in treating metastatic cancers and monitoring disease progression.

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