Report Overview

Europe Nuclear Medicine Market - Industry Trends & Forecast Report, 2029

Europe Nuclear Medicine Market size was estimated at USD 1.75 billion in 2022. During the forecast period between 2023 and 2029, the size of Europe Nuclear Medicine Market is projected to grow at a CAGR of 12.03% reaching a value of USD 3.46 billion by 2029. Major growth drivers for the Europe Nuclear Medicine Market include the growing occurrence of cancer and cardiac diseases and increasing applications of SPECT and PET. The surge in the prevalence of cardiac ailments and cancer stands as the pivotal driver for the demand within the European nuclear medicine market. According to the British Heart Foundation England Factsheet from August 2022, approximately 7.6 million individuals in the United Kingdom are living with heart or circulatory diseases. This source further projects that over half of the population in the United Kingdom will experience a heart or circulatory condition in their lifetime. Notably, the prevalence of heart and circulatory diseases surpasses that of cancer and Alzheimer's disease combined, with an estimated 48,000 individuals under 75 years succumbing to heart and circulatory diseases annually. Consequently, the escalating burden of cardiovascular diseases is expected to boost the market demand for nuclear medicine, particularly in diagnosing, assessing, and evaluating coronary artery diseases, cardiomyopathy, and potential heart damage from chemotherapy or radiotherapy, thereby fostering market growth. Also, Macmillan Cancer Support's October 2022 data reveals 3 million people with cancer in the UK, expected to rise to 3.5 million by 2025, 4 million by 2030, and 5.3 million by 2040. This rising cancer prevalence is expected to boost the demand for nuclear medicine, aiding tumor detection and treatment, fostering market growth.

Nuclear Medicine – Overview

Nuclear medicine, a medical discipline, involves the application of radioactive substances for diagnosing and treating illnesses. Described as "radiology done inside out" or "endoradiology," it captures internal radiation emissions rather than external sources like X-rays. Predominant imaging techniques include single photon emission computed tomography (SPECT) and positron emission tomography (PET) scans. Various diseases, such as hyperthyroidism, thyroid cancer, lymphomas, and cancer-related bone pain, are diagnosed and treated using nuclear medicine methods, which utilize radiopharmaceuticals.

Europe Nuclear Medicine Market

Growth Drivers

Increasing Prevalence of Chronic Diseases

The Europe Nuclear Medicine Market is experiencing substantial growth due to the increasing prevalence of chronic diseases. As chronic conditions become more widespread across the region, there is a heightened demand for advanced medical interventions, propelling the nuclear medicine market forward. This surge is particularly notable in addressing the rising incidence of cancer and cardiovascular diseases. Nuclear medicine techniques, including PET and SPECT scans, play a crucial role in the diagnosis and treatment of these ailments. The market is expected to expand further as healthcare professionals and patients alike recognize the effectiveness of nuclear medicine in addressing the challenges posed by the growing prevalence of chronic diseases in Europe.

Restraints

High Cost of Nuclear Medicine Equipment and Services

The Europe Nuclear Medicine Market faces growth constraints due to the high cost associated with nuclear medicine equipment and services. The substantial expenses related to acquiring and utilizing this advanced medical technology act as a significant deterrent to market growth. The financial burden limits accessibility and adoption, hindering both healthcare facilities and patients. This economic barrier poses a challenge for widespread integration, potentially slowing down advancements in nuclear medicine practices. Addressing the cost concerns associated with equipment and services could prove instrumental in unlocking the full potential of the nuclear medicine market in Europe.

Impact of COVID-19 on Europe Nuclear Medicine Market

Covid-19 pandemic had a positive impact on the Europe Nuclear Medicine Market. Specifically, individuals experiencing cardiovascular issues were severely affected by the virus, leading to an increased demand for nuclear medicine, renowned for its efficacy in identifying specific illnesses. The utilization of nuclear medicines has expanded as the need for precise diagnoses grew alongside the rising number of positive cases. Given the virus's detrimental effects on the respiratory system, nuclear medications have been proven valuable for both treating and diagnosing respiratory system disorders. Consequently, the pandemic has served as a catalyst, fostering the adoption and application of nuclear medicine to address the unique healthcare challenges posed by COVID-19.

Europe Nuclear Medicine Market

Segmental Coverage

Europe Nuclear Medicine Market – By Type

Based on type, the Europe Nuclear Medicine Market is bifurcated into Diagnostic and Therapeutic segments. The diagnostic segment holds a higher share in the Europe Nuclear Medicine Market by type. Diagnostic nuclear medicine employs radiopharmaceuticals to non-invasively diagnose medical conditions, encompassing cancer, heart disease, and neurological disorders, offering high-quality imaging of internal organs, tissues, and bones. The segment is propelled by a growing demand for precise diagnostics, spurred by the increasing prevalence of chronic diseases like cancer and cardiovascular conditions, emphasizing the need for early detection and prevention. Also, the Europe Nuclear Medicine Market is sub-divided into SPECT Radiopharmaceuticals and PET Radiopharmaceuticals. The SPECT radiopharmaceuticals sub-segment includes TC-99, Tl-201, GA-67, and I-123. On the other hand, the PET radiopharmaceuticals sub-segment include F-18 and RU-82. The adoption of advanced imaging technologies such as PET-CT and SPECT enhances the diagnostic nuclear medicine segment, providing high-resolution images crucial for accurate diagnoses and treatment planning.

Europe Nuclear Medicine Market – By Application

Based on application, the Europe Nuclear Medicine Market is split into Diagnostic and Therapeutic segments. The diagnostic segment holds a higher share in the Europe Nuclear Medicine Market by application. The diagnostic segment is sub-divided into SPECT and PET. The PET sub-segment holds the highest share in the Europe Nuclear Medicine Market. The PET sub-segment includes Oncology, Cardiology, and Neurology. The oncology segment dominates the Europe Nuclear Medicine Market. It is driven by a surge in cancer prevalence and increased applications of SPECT/PET. The rising demand for radioisotopes, especially for research, is evident in estimates that 1,269,200 people in Europe may succumb to cancer in 2022. Initiatives like CERN-MEDICIS and studies on pancreatic cancer treatments using radioisotopes showcase promising therapeutic options. Additionally, heightened funding and initiatives for cancer treatment, including the European Union's substantial investment of EUR 4 billion, are expected to boost nuclear medicine adoption, fostering market growth in addressing the increasing cancer burden in Europe.

Europe Nuclear Medicine Market – By Procedural Volumes

Based on procedural volumes, the Europe Nuclear Medicine Market is bifurcated into Diagnostic and Therapeutic. The diagnostic segment is sub-divided into SPECT Radiopharmaceuticals and PET Radiopharmaceuticals, while the therapeutic segment is sub-divided into Beta Emitters, Alpha Emitters, and Brachytherapy.

Europe Nuclear Medicine Market – By Country

Geographically, the Europe Nuclear Medicine Market covers major countries in the region including Germany, United Kingdom, Italy, France, Spain, Belgium, Russia, the Netherlands, and Rest of Europe. Germany is expected to hold the highest share in the Europe Nuclear Medicine Market during the forecast period. It is primarily due to the escalating incidence of cancer and cardiovascular diseases, coupled with a growing geriatric population. Notably, colorectal cancer ranks as the third most common cancer in Germany, prompting recommendations for screening starting at ages 45 or 50 for those at average risk. Demographic aging is identified as a crucial factor in colorectal cancer development. Also, cardiovascular diseases, encompassing high blood pressure, atherosclerosis, cardiac arrhythmias, heart diseases, and heart attacks, particularly impact the elderly, representing the leading cause of death in Germany. These factors collectively contribute to the anticipated growth of the nuclear medicine market in Germany.

Competitive Landscape

Major players operating in the Europe Nuclear Medicine Market include Siemens Healthineers, GE Healthcare, Philips Healthcare, Curium, Bracco Imaging, Advanced Accelerator Applications, IBA Molecular Imaging, Eckert & Ziegler, Lantheus Medical Imaging, and NTP Radioisotopes SOC Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In June 2023 - Telix Pharmaceuticals inaugurated its advanced 2,800-square-meter radiopharmaceutical facility in Brussels South, a part of its initial EUR 14.1 million investment, at Walloon's 'Radiopharma Valley.' Telix aims to leverage "theranostics," employing radiopharmaceuticals for both imaging and therapy, enhancing personalized treatment.

Scope of the Report

By Type

1. Diagnostic

• SPECT Radiopharmaceuticals

1. Tc-99

2. Tl-201

3. Ga-67

4. I-123

5. Others        

• PET Radiopharmaceuticals

1. F-18

2. Ru-82

3. Others

2. Therapeutic

• Beta Emitters

1. I-131

2. Sm-153

3. Rh-186

4. Y-90

5. Lu-177

6. Others

• Alpha Emitters

1. Ra-223

2. Brachytherapy

3. I-125

4. Ir-192

5. Pa-103

6. Cs-131

7. Others

By Application

1. Diagnostic

• SPECT

1. Cardiology

2. Lymphoma

3. Thyroid

4. Neurology

5. Others

• PET

1. Oncology

2. Cardiology

3. Neurology

4. Others

2. Therapeutic

1. Thyroid

2. Bone Metastasis

3. Lymphoma

4. Endocrine Tumors

5. Others

By Procedural Volumes

• Diagnostic

1. SPECT Radiopharmaceuticals

2. PET Radiopharmaceuticals

• Therapeutic

1. Beta Emitters

2. Alpha Emitters

3. Brachytherapy

By Country

• Germany

• United Kingdom

• Italy

• France

• Spain

• Belgium

• Russia

• The Netherlands

• Rest of Europe

1. Research Framework
   1. Research Objective
   2. Technology Overview
   3. Market Segmentation
2. Executive Summary
3. Europe Nuclear Medicine Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Increasing prevalence of chronic diseases
         2. Growing demand for minimally invasive procedures
      2. Restraints
         1. High cost of nuclear medicine equipment and services
         2. Reimbursement challenges
      3. Opportunities
         1. Increasing demand for nuclear medicine services in rural areas
      4. Challenges
         1. Regulatory challenges
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Europe Nuclear Medicine Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share and Forecast
      1. By Type
         1. Diagnostic
            1. SPECT Radiopharmaceuticals
               1. Tc-99
               2. Tl-201
               3. Ga-67
               4. I-123
               5. Others
            2. PET Radiopharmaceuticals
               1. F-18
               2. Ru-82
               3. Others
         2. Therapeutic
            1. Beta Emitters
               1. I-131
               2. Sm-153
               3. Rh-186
               4. Y-90
               5. Lu-177
               6. Others
            2. Alpha Emitters
               1. Ra–223
               2. Brachytherapy
               3. I-125
               4. Ir-192
               5. Pa-103
               6. Cs-131
               7. Others
      2. By Application
         1. Diagnostic
            1. SPECT
               1. Cardiology
               2. Lymphoma
               3. Thyroid
               4. Neurology
               5. Others
            2. PET
               1. Oncology
               2. Cardiology
               3. Neurology
               4. Others
         2. Therapeutic
            1. Thyroid
            2. Bone Metastasis
            3. Lymphoma
            4. Endocrine Tumors
            5. Others
      3. By Procedural Volumes
         1. Diagnostic
            1. SPECT Radiopharmaceuticals
            2. PET Radiopharmaceuticals
         2. Therapeutic
            1. Beta Emitters
            2. Alpha Emitters
            3. Brachytherapy
      4. By Country
         1. Germany
         2. United Kingdom
         3. Italy
         4. France
         5. Spain
         6. Belgium
         7. Russia
         8. Netherlands
         9. Rest of Europe
5. Germany Nuclear Medicine Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Application
      3. By Procedural Volumes
6. United Kingdom Nuclear Medicine Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Application
      3. By Procedural Volumes
7. Italy Nuclear Medicine Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Application
      3. By Procedural Volumes
8. France Nuclear Medicine Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Application
      3. By Procedural Volumes
9. Spain Nuclear Medicine Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Application
      3. By Procedural Volumes
10. Belgium Nuclear Medicine Market Overview
    1. Market Size & Forecast, 2019–2029
       1. By Value (USD Million)
    2. Market Share & Forecast
       1. By Type
       2. By Application
       3. By Procedural Volumes
11. Russia Nuclear Medicine Market Overview
    1. Market Size & Forecast, 2019–2029
       1. By Value (USD Million)
    2. Market Share & Forecast
       1. By Type
       2. By Application
       3. By Procedural Volumes
12. Netherlands Nuclear Medicine Market Overview
    1. Market Size & Forecast, 2019–2029
       1. By Value (USD Million)
    2. Market Share & Forecast
       1. By Type
       2. By Application
       3. By Procedural Volumes
13. Rest of Europe Nuclear Medicine Market Overview
    1. Market Size & Forecast, 2019–2029
       1. By Value (USD Million)
    2. Market Share & Forecast
       1. By Type
       2. By Application
       3. By Procedural Volumes
14. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Europe Nuclear Medicine Market Share Analysis, 2022
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
15. Impact of Covid-19 on Europe Nuclear Medicine Market
16. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
    1. Siemens Healthineers
    2. GE Healthcare
    3. Philips Healthcare
    4. Curium
    5. Bracco Imaging
    6. Advanced Accelerator Applications
    7. IBA Molecular Imaging
    8. Eckert & Ziegler
    9. Lantheus Medical Imaging
    10. NTP Radioisotopes SOC Ltd
    11. Other Prominent Players
17. Key Strategic Recommendations
18. Research Methodology
    1.    Qualitative Research
       1.  Primary & Secondary Research
    2.    Quantitative Research
    3.    Market Breakdown & Data Triangulation
       1.  Secondary Research
       2.  Primary Research
    4.    Breakdown of Primary Research Respondents, By Region
    5.    Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable

List of Figures

Figure 1       Europe Nuclear Medicine Segmentation

Figure 2       Europe Nuclear Medicine Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2022

Figure 4       Europe Nuclear Medicine Market Size, By Value (USD Million), 2019–2029

Figure 5       Europe Nuclear Medicine Market Share, By Type, By Value, 2019–2029

Figure 6       Europe Nuclear Medicine Market Share, By Application, By Value, 2019–2029

Figure 7       Europe Nuclear Medicine Market Share, By Procedural Volumes, By Value, 2019–2029

Figure 8       Germany Nuclear Medicine Market Size, By Value (USD Million), 2019–2029

Figure 9       Germany Nuclear Medicine Market Share, By Type, By Value, 2019–2029

Figure 10     Germany Nuclear Medicine Market Share, By Application, By Value, 2019–2029

Figure 11     Germany Nuclear Medicine Market Share, By Procedural Volumes, By Value, 2019–2029

Figure 12     United Kingdom Nuclear Medicine Market Size, By Value (USD Million), 2019–2029

Figure 13     United Kingdom Nuclear Medicine Market Share, By Type, By Value, 2019–2029

Figure 14     United Kingdom Nuclear Medicine Market Share, By Application, By Value, 2019–2029

Figure 15     United Kingdom Nuclear Medicine Market Share, By Procedural Volumes, By Value, 2019–2029

Figure 16     Italy Nuclear Medicine Market Size, By Value (USD Million), 2019–2029

Figure 17     Italy Nuclear Medicine Market Share, By Type, By Value, 2019–2029

Figure 18     Italy Nuclear Medicine Market Share, By Application, By Value, 2019–2029

Figure 19     Italy Nuclear Medicine Market Share, By Procedural Volumes, By Value, 2019–2029

Figure 20     France Nuclear Medicine Market Size, By Value (USD Million), 2019–2029

Figure 21     France Nuclear Medicine Market Share, By Type, By Value, 2019–2029

Figure 22     France Nuclear Medicine Market Share, By Application, By Value, 2019–2029

Figure 23     France Nuclear Medicine Market Share, By Procedural Volumes, By Value, 2019–2029

Figure 24     Spain Nuclear Medicine Market Size, By Value (USD Million), 2019–2029

Figure 25     Spain Nuclear Medicine Market Share, By Type, By Value, 2019–2029

Figure 26     Spain Nuclear Medicine Market Share, By Application, By Value, 2019–2029

Figure 27     Spain Nuclear Medicine Market Share, By Procedural Volumes, By Value, 2019–2029

Figure 28     Belgium Nuclear Medicine Market Size, By Value (USD Million), 2019–2029

Figure 29     Belgium Nuclear Medicine Market Share, By Type, By Value, 2019–2029

Figure 30     Belgium Nuclear Medicine Market Share, By Application, By Value, 2019–2029

Figure 31     Belgium Nuclear Medicine Market Share, By Procedural Volumes, By Value, 2019–2029

Figure 32     Russia Nuclear Medicine Market Size, By Value (USD Million), 2019–2029

Figure 33     Russia Nuclear Medicine Market Share, By Type, By Value, 2019–2029

Figure 34     Russia Nuclear Medicine Market Share, By Application, By Value, 2019–2029

Figure 35     Russia Nuclear Medicine Market Share, By Procedural Volumes, By Value, 2019–2029

Figure 36     The Netherlands Nuclear Medicine Market Size, By Value (USD Million), 2019–2029

Figure 37     The Netherlands Nuclear Medicine Market Share, By Type, By Value, 2019–2029

Figure 38     The Netherlands Nuclear Medicine Market Share, By Application, By Value, 2019–2029

Figure 39     The Netherlands Nuclear Medicine Market Share, By Procedural Volumes, By Value, 2019–2029

Figure 40     Rest of Europe Nuclear Medicine Market Size, By Value (USD Million), 2019–2029

Figure 41     Rest of Europe Nuclear Medicine Market Share, By Type, By Value, 2019–2029

Figure 42     Rest of Europe Nuclear Medicine Market Share, By Application, By Value, 2019–2029

Figure 43     Rest of Europe Nuclear Medicine Market Share, By Procedural Volumes, By Value, 2019–2029

List of Tables

Table 1        Europe Nuclear Medicine Market Size, By Value (USD Million), 2019–2029

Table 2        Europe Nuclear Medicine Market Size, By Type, By Value, 2019–2029

Table 3        Europe Nuclear Medicine Market Size, By Application, By Value, 2019–2029

Table 4        Europe Nuclear Medicine Market Size, By Procedural Volumes, By Value, 2019–2029

Table 5        Germany Nuclear Medicine Market Size, By Value (USD Million), 2019–2029

Table 6        Germany Nuclear Medicine Market Share, By Type, By Value, 2019–2029

Table 7        Germany Nuclear Medicine Market Share, By Application, By Value, 2019–2029

Table 8        Germany Nuclear Medicine Market Share, By Procedural Volumes, By Value, 2019–2029

Table 9        United Kingdom Nuclear Medicine Market Size, By Value (USD Million), 2019–2029

Table 10      United Kingdom Nuclear Medicine Market Share, By Type, By Value, 2019–2029

Table 11      United Kingdom Nuclear Medicine Market Share, By Application, By Value, 2019–2029

Table 12      United Kingdom Nuclear Medicine Market Share, By Procedural Volumes, By Value, 2019–2029

Table 13      Italy Nuclear Medicine Market Size, By Value (USD Million), 2019–2029

Table 14      Italy Nuclear Medicine Market Share, By Type, By Value, 2019–2029

Table 15      Italy Nuclear Medicine Market Share, By Application, By Value, 2019–2029

Table 16      Italy Nuclear Medicine Market Share, By Procedural Volumes, By Value, 2019–2029

Table 17      France Nuclear Medicine Market Size, By Value (USD Million), 2019–2029

Table 18      France Nuclear Medicine Market Share, By Type, By Value, 2019–2029

Table 19      France Nuclear Medicine Market Share, By Application, By Value, 2019–2029

Table 20      France Nuclear Medicine Market Share, By Procedural Volumes, By Value, 2019–2029

Table 21      Spain Nuclear Medicine Market Size, By Value (USD Million), 2019–2029

Table 22      Spain Nuclear Medicine Market Share, By Type, By Value, 2019–2029

Table 23      Spain Nuclear Medicine Market Share, By Application, By Value, 2019–2029

Table 24      Spain Nuclear Medicine Market Share, By Procedural Volumes, By Value, 2019–2029

Table 25      Belgium Nuclear Medicine Market Size, By Value (USD Million), 2019–2029

Table 26      Belgium Nuclear Medicine Market Share, By Type, By Value, 2019–2029

Table 27      Belgium Nuclear Medicine Market Share, By Application, By Value, 2019–2029

Table 28      Belgium Nuclear Medicine Market Share, By Procedural Volumes, By Value, 2019–2029

Table 29      Russia Nuclear Medicine Market Size, By Value (USD Million), 2019–2029

Table 30      Russia Nuclear Medicine Market Share, By Type, By Value, 2019–2029

Table 31      Russia Nuclear Medicine Market Share, By Application, By Value, 2019–2029

Table 32      Russia Nuclear Medicine Market Share, By Procedural Volumes, By Value, 2019–2029

Table 33      The Netherlands Nuclear Medicine Market Size, By Value (USD Million), 2019–2029

Table 34      The Netherlands Nuclear Medicine Market Share, By Type, By Value, 2019–2029

Table 35      The Netherlands Nuclear Medicine Market Share, By Application, By Value, 2019–2029

Table 36      The Netherlands Nuclear Medicine Market Share, By Procedural Volumes, By Value, 2019–2029

Table 37      Rest of Europe Nuclear Medicine Market Size, By Value (USD Million), 2019–2029

Table 38      Rest of Europe Nuclear Medicine Market Share, By Type, By Value, 2019–2029

Table 39      Rest of Europe Nuclear Medicine Market Share, By Application, By Value, 2019–2029

Table 40      Rest of Europe Nuclear Medicine Market Share, By Procedural Volumes, By Value, 2019–2029

Table 41      Siemens Healthineers Company Overview

Table 42      Siemens Healthineers Financial Overview

Table 43      GE Healthcare Company Overview

Table 44      GE Healthcare Financial Overview

Table 45      Philips Healthcare Company Overview

Table 46      Philips Healthcare Financial Overview

Table 47      Curium Company Overview

Table 48      Curium Financial Overview

Table 49      Bracco Imaging Company Overview

Table 50      Bracco Imaging Financial Overview

Table 51      Advanced Accelerator Applications Company Overview

Table 52      Advanced Accelerator Applications Financial Overview

Table 53      IBA Molecular Imaging Company Overview

Table 54      IBA Molecular Imaging Financial Overview

Table 55      Eckert & Ziegler Company Overview

Table 56      Eckert & Ziegler Financial Overview

Table 57      Lantheus Medical Imaging Company Overview

Table 58      Lantheus Medical Imaging Financial Overview

Table 59      NTP Radioisotopes SOC Ltd Company Overview

Table 60      NTP Radioisotopes SOC Ltd Financial Overview

Table 61      Other Prominent Players Company Overview

Table 62      Other Prominent Players Financial Overview