Nuclear Medicine/Radiopharmaceuticals Global Market

–Forecast to 2027

Nuclear Medicine/Radiopharmaceuticals Global Market is estimated to be

worth $10.7 billion by 2027

IQ4I Research & Consultancy published a new report on “Nuclear

Medicine/Radiopharmaceuticals Global Market – Forecast To 2027” This report
analyzes and studies the overall market, major Drivers & Opportunities, Restraints & Threats
in North America, Europe, Asia-Pacific and Rest of the World.

IQ4I’s Report Contains 176 market data tables and 189 figures spread through 602
pages and an exhaustive TOC on “Nuclear Medicine/Radiopharmaceuticals Global
Market”, [Modality (Diagnostics {SPECT (Technetium (Tc-99m), Thallium (Tl-201),
Gallium (Ga-67), Iodine (I-123), Samarium (Sm-153), Xenon (Xe-133), Rhenium (Re-186)
and Others); PET (Fluorodeoxyglucose (18F-FDG), Gallium (Ga-68), Rubidium (Rb-82)
and Others}; SPECT Applications, PET Applications; Therapeutics Radiation Type
(Beta-Radiation [Yttrium (Y-90), Iodine (I-131), Lutetium (Lu-177), Samarium (Sm-153),
Rhenium (Re-186), Strontium (Sr-89), Erbium (Er-169) and Others], Alpha-Radiation
and Brachytherapy[Iodine (I-125), Cesium (Cs-131), Iridium (Ir-192), Palladium (Pd-103)
and Others) and Therapeutic Application); End Users (Hospitals, Diagnostic Centers,
Ambulatory centers & Others); STABLE ISOTOPES: Isotopes (Carbon, Deuterium,
Oxygen, Nitrogen, Sulphur & Others); Application (Diagnostics & therapy,
Pharmaceuticals and Others); Regional (North America, Europe, Asia Pacific and Rest
of the World)].

Nuclear medicine is a highly multi-disciplined medical specialty sector that uses small
amounts of radioactive material to diagnose and treat diseases related to the gastrointestinal
system, neurology, endocrine system, cardiology, inflammation, pain and cancer etc.
Radiopharmaceuticals containing a radioactive tracer are generally inhaled, swallowed or
injected into the patient and the gamma-rays emitted by these materials are used by the
SPECT and PET imaging modalities to display images. The nuclear medicine technique
provides enhanced, early detection, accurate diagnosis, rapid results, detailed description of
various diseases and helps in adopting additional treatment plans when compared to
traditional imaging methods. The adoption of nuclear medicine for effective usage in
integrated structure-function imaging has made it a preferred imaging technique over
traditional methods and increases its use in diagnostic radiology and various therapeutic
indications. Advancements in radioactive tracers are providing practical methods for studying
the limited metabolic activities and in the development of next-generation therapeutic
radiopharmaceuticals conjugated with antibodies and peptides, which are expanding new
areas of research. It is estimated that globally, XX million PET and XX million SPECT
procedures will be performed in 2020, of which XX million PET and XX million SPECT
procedures will be performed in the U.S. alone.

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According to IQ4I Research, the nuclear medicine global market is expected to grow at high
single digit CAGR from 2020 to 2027 to reach $10,742.7 million by 2027. Increasing
radioisotopes application, rise in public awareness, use of SPECT/CT and PET/CT imaging
scans (hybrid imaging) and advancements in technology are driving nuclear medicine
market growth. In addition, increasing demand in emerging markets, production of
radiopharmaceuticals from cyclotrons, efficient diagnosis and treatments, emerging radio
isotopes and replacement of old/traditional equipment are the opportunities likely to propel
the growth of the nuclear medicine market. However, the high cost of radioisotopes, shorter
half-life, shortage of qualified technicians and radiotoxicity issues are restraining the market
growth. Stringent regulations, high capital investment, closure of reactors and threat from
traditional imaging techniques are hampering the market expansion. There has been a
decline in the number of nuclear medicine procedures performed in 2020 because the
healthcare resources are being diverted to deal with the COVID-19 pandemic and only
emergency cases are being attended thereby hindering the growth of the market.

The nuclear medicine is segmented based on modality, end-users and geography. Further,
the market by modality is segmented into diagnostics (SPECT and PET) and therapeutics
market (alpha radiation therapy, beta radiation therapy and brachytherapy). The diagnostics
market held the largest market in 2020 and the therapeutics segment is growing at high teen
CAGR from 2020 to 2027 due to technological advancements in targeted radiation treatment
especially cancer-related diseases, and many radioisotope based treatments in advanced
developmental and testing stages in neurological and cardiology applications. Among the
diagnostics sub-segments, SPECT commanded the largest revenue in 2020. Among SPECT
isotopes, Technetium (Tc-99m) accounted the largest revenue in 2020 and is expected to
grow at mid single digit CAGR from 2020 to 2027. Various trends like growing diseased
population, increasing prevalence of various medical conditions, availability of low cost
SPECT cameras and new radiopharmaceuticals driving the market growth of Technetium
Tc-99m. PET is expected to be the fastest-growing segment at high single digit CAGR from
2020 to 2027 due to high accuracy and better contrast of images. Among PET isotopes,
Fluorodeoxyglucose (18F-FDG) accounted for the largest in 2020 and is expected to grow at
mid single digit CAGR from 2020 to 2027. This is due to fact that, FDG is easily absorbed by
the body and difficult to break. Moreover, its short half-life adds to its function as a
radiotracer. Gallium (Ga-68) is expected to grow at high double digit CAGR from 2020 to
2027 due to its increasing usage as theranostic pair in assessing the suitability of patient for
Lutathera and many emerging targeted radiotherapy agents.

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Among the nuclear medicine SPECT market by applications, the cardiology sub-segment
accounted for the largest share in 2020 and is the market is projected to grow at low single
digit CAGR from 2020 to 2027 due to an increase in the number of cardiac imaging
procedures using Tc-99m. Among the PET market by applications, oncology sub-segment
accounted for the largest share in 2020 and is projected to grow at high single CAGR from
2020 to 2027 due to an increase in cancer imaging such as lung, thyroid and breast cancer.

Among the therapeutic nuclear medicine market segments, Beta radiation accounted for the
largest share in 2020 and is projected to grow at high double digit CAGR from 2020 to 2027
due to the anticipated launch of many promising late stage therapeutic products based on
Lu-177 and Y-90 isotopes. Among the therapeutic nuclear medicine by application, GEP-
NETs accounted for the largest share in 2020 and is expected to grow at high double digit
CAGR from 2020 to 2027 due to promising results from users of Lutathera therapy from
many late stage patients and this therapy is expected to be adopted in all major countries.
Prostate cancer is expected to grow at high double digit CAGR from 2020 to 2027 due to
anticipated launch of Lu-177 PSMA-617 in 2021 and rapid adoption across regions.

Among the Nuclear medicine end-users market, the hospitals market accounted for the
largest share in 2020 and is expected to grow at double digit CAGR from 2020 to 2027 due
to the ready availability of cyclotrons for the generation of isotopes and the presence of
trained technicians who can handle radioisotopes.

Among the nuclear medicine global market based on geography, North America commands
the largest revenue in 2020 and expected to grow at double digit CAGR from 2020 to 2027.
The growing use of SPECT and PET scans, technological advancement in equipment,
increased utilization of fusion imaging, increasing awareness of radiopharmaceuticals
among radiologists and alpha radio immunotherapy-based targeted cancer treatment and
on-demand availability of radiopharmaceuticals has led the market growth in this region.

The market is moving towards consolidation where large players are acquiring small
innovative companies in order to consolidate their competitive position and to integrate their
operations. For instance, In May 2020, Curium acquired Cyclopharma’s manufacturing and
commercial operations in France. The combined group will be able to leverage the strengths
of both businesses to provide a more comprehensive footprint and a significantly enhanced
reliability to its portfolio of PET tracers to customers and patients across France. Similarly,
companies are expanding their product offerings and geographical presence through
regulatory approvals, for instance, in January 2020, Jubilant received approval from Health

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Canada for Drax Examethazine a kit for the preparation of TC-99m for leukocyte labeling
used for the diagnosis of Intra-Abdominal Infection and Inflammatory Bowel Disease.

Considering the attractiveness of the nuclear medicine market, several venture capitalists
are investing in nurturing new applications or increasing market access for advanced
isotopes for several applications. According to IQ4I analysis, the reported funding received
by companies during the period 2018-2020 was worth ~$542.8 million. For instance, in
February 2020, ITM Isotopen Technologien Munchen AG received $43.0 million from
European Investment Bank (EIB) for research and development of a proprietary portfolio of
Targeted Radionuclide Diagnostics and Therapies, addressing a range of cancers such as
neuroendocrine tumors and bone metastases. Similarly, in April 2019, the company Fusion
pharmaceuticals received $105 million from Varian and new investor Orbimed to broaden
the scope of the clinical program investigating alpha therapeutics.

Technological advancements such as Compton camera-based SPECT and PET procedures,

Subtle PET system, and cyclotron based production of isotopes and LINAC based Tc-99 m
production have gained importance in nuclear medicine. According to IQ4I analysis, the
nuclear medicine market is consolidated and the major players in Nuclear Medicine global
market are Curium Pharma, Novartis, Cardinal Health, Fujifilm, GE Healthcare, Bayer Group
and Jubilant Lifesciences which occupy XX% of the market, among these, Curium Pharma is
recognized as the global leader with the largest share of XX% of the overall market in 2020.

Currently, most of the radiopharmaceuticals demand is met through the research reactors
which are cost-effective and very well suited for commercial, large-scale production,
however, as many of them are reaching the end of their lifespan, accelerators or cyclotrons
have emerged as an alternative by offering many advantages, such as, less radioactive
waste and cheaper operating and decommissioning costs. Also, many of the radioisotopes
have very short half-life which necessitates constant production to meet demand and quick
consumption and thus curtailing its reach to remote medical facilities. There have been
constant efforts to produce isotopes that have optimal half-life enabling producers to deliver
to a broader area and an increasing number of medical facilities offering nuclear medicine.

The emergence of radioisotope targeted imaging and therapy (theranostics) in treating

cancers through personalized treatment approach and the approval of Lutathera (Lu-177
Dotatate) by the U.S.FDA, subsequent acquisition of AAA and Endocyte by Novartis has
once again revitalized the interest in nuclear medicine. Various isotopes emitting alpha ((Ac-
225), Radium (Ra-223, Ra-224)) and beta radiation ((I-131, Lu-177 and Y-90)) are under

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different stages of clinical development. Some isotopes such as Bismuth (Bi-213) and
Rhenium (Re-188) are being explored to cure chronic infectious diseases, in the form of
Radioimmunotherapy (RIT). Cryptococcus neoformans, HIV, and Bacillus anthracis have
been tested in animal models with promising results.

Increase in research application with respect to the pharmaceutical and biotechnology sector
are driving the market for stable isotopes, however high cost of the stable isotope, side
effects of isotopes and stringent regulations for the manufacturing of stable isotopes are the
factors hampering the market of the stable isotope. According to IQ4I Analysis, the stable
isotope global market is expected to grow at low single digit CAGR from 2020 to 2027.

Stable isotopes are precursors used in the production of radioisotopes and among the
segments Deuterium (D-2) accounted the largest share in 2020 and is projected to grow at
low single digit CAGR from 2020 to 2027 due to use in the dietary supplement of deuterium-
depleted water which helps to extend the survival rate of lung cancer patient via exerting
anticancer effect and modification of deuterium leads to the development of novel, highly
differentiated drugs which have therapeutic applications in diabetic nephropathy, hot flashes,
spasticity, neuropathic pain and multiple melanomas. Among the stable isotope market by
application the diagnostics and therapy segment commanded the largest market revenue of
in 2020 and is expected to grow at low single digit CAGR due to use in diagnosis and
treatment of pancreas, liver and intestine related disorders. The pharmaceutical segment is
projected to grow at low single digit CAGR from 2020 to 2027 due to novel developments in
the utilization of stable isotopes that involve biopolymers, where isotope-labeled species are
generated from cells grown on labeled growth media. North America region commanded the
largest revenue of a stable isotope market in 2020 and expected to grow at low single digit
CAGR due to an increase in research activities and increase in application in this region.
Asia-Pacific has the largest share in terms of R&D investment is driving the market for stable
isotope, but the high cost of stable isotopes is hampering the market in this region. Some of
the companies related to stable isotopes are Isoflex Isotope (U.S.), Perkin Elmer (U.S.), 13C
Molecular (U.S.), Merck KGaA (Sigma Aldrich-Isotec Inc.) (U.S.), Iso-Analytical Ltd. (U.K.)
and other companies.

Major players in the nuclear medicine global market are Curium Pharma (France), Bayer
Group (Germany), GE Healthcare (U.S.), Cardinal Health (U.S.), Jubilant Life Sciences
(India), Lantheus Medical Imaging (U.S.), Novartis International AG (Advanced accelerator)

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(Switzerland), Bracco S.p.A (Italy), CDH Investments (Sirtex Medical) (China), Siemens AG
(Germany) and Fujifilm Holding Corporation (Japan).

Some of the emerging players in the nuclear medicine market are Perma-Fix Environmental
Services, Inc. (Perma Fix Medical SA) (Poland), Board of Radiation & Isotope
Technology (India), Institute of Isotopes (Hungary), Isotopia Molecular Imaging Ltd. (Israel),
Orano Med (Areva Med) (U.S.), Eckert & Ziegler Strahlen (Germany), IsoAid LLC (U.S.),
Shine Medical Technologies, Inc. (U.S.), Theragenics Corporation (U.S.) and Isoray Medical
Inc. (U.S.).

Reasons for buying this report:

 Nuclear medicine global market is expected to reach $10,742.7 million by 2027
growing at a high single digit CAGR from 2020 to 2027.
 Stable isotope global market is expected to reach $284.3 million by 2027 growing at
a low single digit CAGR from 2020 to 2027.
 Identification and analysis of the nuclear medicine market segments by Modality
(diagnostics (SPECT, PET), therapeutics (Alpha radiation therapy, Beta radiation
therapy and Brachytherapy), applications), end-users and geography.
 Identification and analysis of the stable isotope market segments by isotope,
application and geography.
 Revenue forecast of the nuclear medicine global market and strategic analysis of
each submarket with respect to segmental growth trends.
 Revenue forecast of the stable isotopes global market and strategic analysis of each
submarket with respect to segmental growth trends.
 Identification of major market trends, Porter's model and factors driving and
restraining nuclear medicine market growth.
 Revenue forecast of the nuclear medicine global market with respect to North
America (U.S. and Rest of N.A.), Europe (Germany, France, Italy and others), Asia-
Pacific (Japan, China, Korea and others) and the Rest of the World (RoW) (Turkey,
Brazil and others) regions.
 Analysis of the opportunities for stakeholders by identifying the high-growth
segments of the market.
 Identification of key technology developments and innovations driving the market.

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 Market share analysis of Nuclear medicine global market and individual market share
analysis for SPECT, PET, Therapeutic, Tc-99m, F-18, Ga-68 and Rb-82 global
market.
 Analysis of Porter’s, supply chain, clinical trials, procedural volume (SPECT, PET,
Tc-99m, Therapeutics) and reimbursement.
 Profiles of major players in the nuclear medicine global market with details of their
financials, product offerings, key developments, business strategies, and SWOTs.

FIGURE 1

NUCLEAR MEDICINE/RADIOPHARMACEUTICAL GLOBAL MARKET

SEGMENTATION

Nuclear Medicine Global Market

Modality End-User

Hospitals
Diagnostics Therapeutics
Ambulatory
centers
SPECT Beta radiation
Diagnostic
centers
PET Alpha radiation
Others
Brachytherapy

Application

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FIGURE 2

DIAGNOSTICS NUCLEAR GLOBAL MARKET: MARKET SEGMENTATION

Diagnostics

SPECT PET

Isotope Application Isotope Applications

Tc-99m Cardiology F-18/FDG Oncology

Tl-201 Pulmonary Ga-68 Neurology

Ga-67 Oncology Rb-82 Cardiology

I-123 Nephrology Others Inflammation

Sm-153 Neurology Others

Xe-133 Inflammation

Re-186 Thyroid
glands

Others Lymphology

Others

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FIGURE 3

THERAPEUTIC NUCLEAR MEDICINE GLOBAL MARKET: MARKET

SEGMENTATION

Therapeutics

Beta radiation Alpha radiation Brachytherapy Application

Y-90 Ra-223 I-125 Prostate cancer

I-131 Cs-131
Thyroid cancer

Lu-177 Ir-192
Liver cancer
Sm-153 Pd-103
GEP-NETs
Re-186 Others
Metastatic bone
Sr-89 cancer

Breast cancer
R-169

Others Others

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FIGURE 4

STABLE ISOTOPES GLOBAL MARKET: MARKET SEGMENTATION

Stable Isotope Global Market

Isotopes Applications Region

Diagnostics &
C-13 North America
Therapy

D-2 Pharmaceuticals Europe

O-18 Others Asia-Pacific

N-15 RoW

S-32

Others

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