Global nuclear medicine market set to reach $38.8b by 2032

It is driven by the increased use of nuclear imaging for diagnostics.

The global nuclear medicine market, valued at $11.1b in 2023, is expected to grow to $38.8b by 2032, at a CAGR of 15%, according to SNS Insider.

The growth is driven by the increased use of nuclear imaging for diagnostics, advancements in personalised medicine, and the rising prevalence of chronic diseases.

The report noted that nuclear imaging technologies like PET and SPECT are crucial for early disease detection, particularly cancer, cardiovascular conditions, and neurological disorders, contributing to the market's growth.

The therapeutic segment is expanding rapidly, particularly due to the rising use of targeted radiotherapy in cancer treatment.

In 2023, the urology segment led the market with a 22% share, fueled by nuclear medicine’s role in diagnosing and treating prostate cancer and the demand for minimally invasive procedures.

While oncology and cardiology are also seeing rapid growth, the increasing global cancer rates and demand for targeted therapies are pushing these segments forward.

Hospitals held the largest market share in 2023, at 54%, due to their infrastructure and expertise. However, ambulatory care centers are growing the fastest, driven by the demand for cost-effective outpatient diagnostic services.