North America Nuclear Medicine Market Size

North America Nuclear Medicine Market Analysis

The North America Nuclear Medicine Market size is estimated at USD 3.46 billion in 2024, and is expected to reach USD 4.87 billion by 2029, growing at a CAGR of 7.10% during the forecast period (2024-2029).

Many government organizations implemented several general principles to reduce disease transmission, preserve healthcare system functioning, protect healthcare workers, and reduce mortality and morbidity during the early 2020. According to an article published by Frontiers in May 2022, COVID-19 created several challenges related to organizational, clinical/imaging, and research settings in nuclear medicine. As nuclear medicine procedures are used for functional imaging of pathophysiological processes at cellular or molecular levels using specific diagnostic radiopharmaceuticals and for treatment of several diseases based on targeted delivery of therapeutic radiopharmaceuticals, the COVID-19 pandemic hampered these procedures. These suggest that nuclear imaging, along with other imaging techniques was significantly impacted by COVID-19. However, as the pandemic has subsided currently, the studied market has started to gain traction and it is expected to have stable growth during the forecast period of the study.

The North American nuclear imaging market is expected to witness significant growth due to technological advancements, the rising burden of diseases, and the adoption of nuclear medicine in therapeutics and diagnostics.

Government initiatives and funding for developing new techniques are estimated to drive the nuclear medicine market. For instance, in November 2022, the Society of Nuclear Medicine and Molecular Imaging reported that the United States Centers for Medicare & Medicaid Services (CMS) released the 2023 Medicare Physician Fee Schedule (MPFS) and Hospital Outpatient Prospective payment (OPPS) final rules. CMS estimated that the final rule will increase the estimated payments of nuclear medicine physicians practicing in a facility setting by 1%.

The growing funding for R&D in Canada also boosted the market's growth. For instance, According to the Canadian Association of Radiologists in April 2022, the Minister of Health of Canada sanctioned an additional of USD 2 billion increase to the Canada Health Transfer, this will ensure that patients have timely access to medical imaging including nuclear medicine. It will help to address the significant backlog for medical imaging and help doctors adequately prepare for the influx of patients in the healthcare system.

The technological advancements in the field of imaging and the increasing prevalence of neurological diseases also boosted the market's growth. For instance, according to the data published by the Alzheimer's Association in 2022, an estimated 6.5 million Americans aged 65 and older are living with Alzheimer's disease in 2022 out of which 73% are aged 75 or older. It was also stated that in 2022 the burden of Alzheimer's and other dementias will be around USD 321 billion in the United States, and by 2050, these costs is expected to reach nearly USD 1 trillion. Hence, the increasing prevalence of neurological diseases like Alzheimer's are also expected to boost the market growth.

Thus, factors such as technological advancements in the field of imaging, the increasing prevalence of neurological diseases, and the government initiatives and funding for developing new techniques are expected to boost the market growth. However, the high cost of diagnostic and therapeutic equipment and procedures may restrain the market's growth.