Nuclear Medicine Therapeutics Market Size

Nuclear Medicine Therapeutics Market Analysis

The nuclear medicine therapeutics market is expected to register a CAGR of 10.8% during the forecast period.

• The nuclear medicine therapeutics market was impacted by the COVID-19 pandemic, which initially shifted research focus towards the development of COVID-19 vaccines. As reported by the Centers for Disease Control and Prevention (CDC), the number of nuclear studies, nuclear cardiac imaging, and oncology positron emission tomography decreased in the initial few months of the pandemic. However, procedures gradually started to increase as COVID-19 cases declined in the United States of America by February 2021. 
• The postponed treatment procedures during the pandemic helped to offset the market's decline over the past two years, contributing to its recovery. In the long run, the market is expected to grow significantly due to the increasing number of cases of cancers, bone deformities, and neurological malignancies. This would generate the need for nuclear medicine therapeutics, driving market growth.
• In addition to the impact of COVID-19, the increasing incidence of cancer and cardiac ailments, and growing awareness regarding nuclear medicine, are actively affecting the growth of the studied market. Cardiovascular disease, including heart disease and stroke, is the most common non-communicable disease globally, as reported by the World Heart Federation in 2022. The prevalence of heart disease in Australia was 4.0%, which represented 1.0 million people in 2021, according to the Australian Bureau of Statistics. Nuclear medicine plays a significant role in the early detection and treatment of such diseases, and thus, the high burden of cardiovascular diseases worldwide is expected to boost the demand for nuclear medicine therapeutics, augmenting market growth.
• Furthermore, over 40 million nuclear medicine procedures are performed each year, and demand for radioisotopes is increasing by up to 5% annually, as reported by the Nuclear Medicine Association in April 2022. The use of radiation and radioisotopes in nuclear medicine is widely known, particularly for the identification and therapy (treatment) of various medical conditions such as cancer and cardiac ailments. 
• Hence, the high awareness and utility of radioisotopes in nuclear medicine therapeutics are expected to create opportunities for research and development to develop innovative nuclear medicine therapeutics, further propelling the market growth.
• The market growth is also aided by advancements in technology and increasing product approvals, along with partnerships and acquisitions by key players. For instance, in March 2022, the United States Food and Drug Administration (US FDA) approved Pluvicto (177Lu-PSMA-617) for the treatment of adults with metastatic prostate cancer, which is anticipated to drive market growth.
• Despite the aforementioned growth factors, the short half-life of radiopharmaceuticals and high capital investment are likely to impede market growth. In conclusion, the nuclear medicine therapeutics market is anticipated to witness growth over the analysis period due to the high burden of cardiovascular ailments, rising awareness regarding nuclear medicine and its wide utility, and product approvals. However, market growth may be hindered by the short half-life of radiopharmaceuticals and high capital investment.