Medical Isotopes Market Size, Share, and Trends 2024 to 2033

Medical Isotopes Market Size and Growth

The global medical isotopes market size was USD 5.59 billion in 2023, calculated at USD 6.09 billion in 2024 and is expected to reach around USD 13.04 billion by 2033, expanding at a CAGR of 8.83% from 2024 to 2033. The medical isotopes market is driven by the growing need for PET imaging.

Medical Isotopes Market Key Takeaways

• North America had dominated in the medical isotopes market in 2023.
• Asia-Pacific is the fastest growing in the medical isotopes market during the forecast period.
• By type, the radioisotopes segment dominated the market in 2023.
• By type, the stable isotopes segment shows a notable growth in the medical isotopes market during the forecast period.
• By application, the diagnostic segment dominated the market in 2023.
• By application, the nuclear therapy segment is the fastest growing in the medical isotopes market during the forecast period.
• By end-user, the hospitals segment dominated the medical isotopes market.
• By end-user, the diagnostic centers segment is the fastest growing in the medical isotopes market during the forecast period.

Market Overview

The market for medical isotopes includes the manufacturing, supplying, and using isotopes in imaging, treatment, and diagnosis. Chemical element variations known as isotopes have various quantities of neutrons but the same number of protons, giving them unique characteristics. Isotopes are mostly employed in medicine for diagnostic imaging techniques, including radiation treatment, positron emission tomography (PET), and single-photon emission computed tomography (SPECT).

The market for medical isotopes is significant because it plays a vital role in contemporary healthcare. Physicians may see and diagnose a wide range of illnesses and ailments with the use of medical isotopes, including cancer, heart disease, neurological disorders, and metabolic diseases. They are essential to customized medicine because they enable accurate diagnosis and patient-specific treatment plans.

• In October 2023, Actineer Inc. is a new joint venture between CNL and ITM for the industrial-scale production of actinium-225 (225Ac). ITM Isotope Technologies Munich SE (ITM), a leading radiopharmaceutical biotech business, and Canadian Nuclear Laboratories (CNL), which oversees and runs the national laboratory at Chalk River, Ontario, on behalf of Atomic Energy of Canada Limited (AECL), announced today. The precision oncology industry is paying close attention to 225Ac, a rare alpha-emitting medical radioisotope, as it holds great promise for becoming a potent new weapon in the fight against cancer. The combined company will satisfy this highly sought-after radioisotope's unfulfilled global manufacturing and production needs.

Medical Isotopes Market Data and Statistics

• In October 2023, to help guarantee the security of the supply of medical radioisotopes, the Canadian Nuclear Isotope Council (CNIC) and the OECD Nuclear Energy Agency (NEA) announced plans for additional cooperative activities.

Medical Isotopes Market Growth Factors

• Medical isotope-based nuclear medicine operations, both therapeutic and diagnostic, are becoming more and more necessary due to the rising incidence of diseases like cancer and heart disorders.
• The market is expanding due to government funding for nuclear medical research and development and investments in infrastructure for isotope production.
• The need for healthcare services, particularly nuclear medicine treatments involving medicinal isotopes, is growing as the world's population ages. Procedure accuracy and efficiency are increasing with the introduction of novel radioisotope manufacturing techniques and targeted radiopharmaceuticals.

Medical Isotopes Market Scope

Medical Isotopes Market Dynamics

Driver

Increased patient awareness regarding radiation and radiation therapy

New developments in radiation technology frequently accompany and raise patient awareness. Patients are increasingly likely to adopt advanced radiation therapy procedures that rely on medical isotopes as they become more developed and widely known. When patients know the advantages and availability of radiation therapy, efforts to increase its accessibility, such as by implementing mobile units or extending the healthcare infrastructure, are more likely to be effective. The demand for medical isotopes is further exacerbated by this enhanced accessibility. This drives the growth of the medical isotopes market.

Restraint

Lack of skilled professionals and the accuracy concern in imaging

Medical isotope quality and purity can differ by facility and production method. Patient safety and diagnostic accuracy may be jeopardized by inconsistent quality, which might produce erroneous imaging results. Supply chain disruptions, such as shortages and transportation issues, can impact the availability of high-grade isotopes. Due to this discrepancy, the use of less-than-ideal isotopes may exacerbate the imaging accuracy problem. Regulatory scrutiny may result from worries about image accuracy and a shortage of qualified specialists. Governments may enact more stringent regulations and inspection procedures, further complicating the market environment and raising operating expenses for suppliers of medical isotopes. This limits the growth of the medical isotopes market.

Opportunity

Integration of medical isotopes with advanced healthcare technologies

Modern healthcare technologies allow for the real-time observation of patient health metrics and the distant consultation of healthcare providers. These technologies include wearables, remote monitoring systems, and telemedicine platforms. Due to the incorporation of medical isotopes, these technologies allow clinicians to monitor disease progression, evaluate treatment response, and modify therapy regimens without requiring frequent hospital visits. This integration makes healthcare more accessible generally, especially for those living in distant or underdeveloped areas, and increases patient convenience and early intervention. This opens an opportunity for the growth of the medical isotopes market.

Type Insights

The radioisotopes segment dominated in the medical isotopes market in 2023. Reactor and cyclotron technology improvements have increased the availability and efficiency of producing a range of radioisotopes, guaranteeing a consistent supply to keep up with the increasing demand. New radiopharmaceuticals that improve the efficacy of therapeutic and diagnostic processes result from ongoing research and development activities.

Many governments encourage the use of nuclear medicine by providing financing for research and development and enacting favorable healthcare laws. This, in turn, fuels the expansion of the radioisotope market. Simplified regulatory procedures for the approval of new radiopharmaceuticals and imaging agents facilitate the rapid integration of novel radioisotopes into clinical practice.

The stable isotopes segment shows a notable growth in the medical isotopes market during the forecast period. Applications for stable isotopes in medicine and diagnosis are growing. They are essential to metabolic and biochemical research because they can be used as tracers in metabolic experiments, to assess the effectiveness of treatments, and to assist in understanding the mechanisms behind the disease. Stable isotopes are more appealing in therapeutic settings because they are safe for patients due to their non-radioactive nature. The use of stable isotopes in research and development has increased significantly.

These isotopes are used by pharmaceutical corporations and academic institutions for medication development and testing, focusing on personalized medicine. Drugs are labeled with stable isotopes, which enables researchers to monitor the body's absorption, distribution, metabolism, and excretion (ADME) activities.

Application Insights

The diagnostic segment dominated in the medical isotopes market in 2023. The need for diagnostic imaging tests has grown dramatically as the prevalence of chronic illnesses, including cancer, heart disease, and neurological problems, rises. Radiopharmaceuticals are medical isotopes vital to the early diagnosis, treatment, and surveillance of various illnesses. The relevance of nuclear medicine has been acknowledged by numerous governments across the globe, which have funded and supported research and development projects that have enhanced the availability and application of diagnostic isotopes.

The nuclear therapy segment is the fastest growing in the medical isotopes market during the forecast period. Nuclear therapy is becoming more widely recognized and accepted by both patients and medical professionals. Nuclear treatment is becoming more popular due to educational initiatives and easier access to information about its advantages and safety. Patients are more inclined to think of nuclear therapy as a good substitute for traditional therapies as they become more knowledgeable about their available options.

End-user Insights

The hospitals segment dominated in the medical isotopes market in 2023. There has been a noticeable rise in hospitals and other healthcare facilities worldwide. Several nations invest significantly in their healthcare systems to improve their citizens' services. This expansion strengthens the position of hospitals in this industry by increasing both the supply and demand for medical isotopes. Hospitals are at the forefront of medical innovation; they frequently provide novel isotope-based treatments and diagnostic techniques. Their part in creating and evaluating these advancements guarantees a consistent and rising need for medical isotopes.

The diagnostic centers segment is the fastest growing in the medical isotopes market during the forecast period. The need for diagnostic imaging is mainly driven by the rise in cancer cases worldwide. Medical isotopes play a critical role in cancer surveillance and early identification, which enhances treatment results and patient survival rates. For efficient care, cardiovascular diseases, an additional major global cause of morbidity and mortality, need precise diagnostic imaging. Medical isotopes are essential for non-invasive cardiac imaging because they help detect problems in the perfusion and function of the heart.

Regional Insights

North America had dominated in the medical isotopes market in 2023. In North America, the discovery and manufacturing of medical isotopes are facilitated by many public-private partnerships. These partnerships take advantage of each other's advantages to propel nuclear medicine forward. These collaborations frequently lead to large infrastructural expenditures, such as brand-new manufacturing facilities and research labs, strengthening the area's competitiveness in the medical isotopes market.

• In October 2023, Eli Lilly & Co. and POINT Biopharma Global, Inc. announced a definitive agreement for Lilly to purchase POINT. This radiopharmaceutical firm is developing a pipeline of clinical and preclinical stage radioligand treatments for cancer treatment.

Asia-Pacific is observed to be the fastest growing in the medical isotopes market during the forecast period. Patients and medical professionals are becoming increasingly aware of nuclear medicine's advantages. The expansion of training programs and seminars on the use of medical isotopes for diagnosis and therapy is producing a more skilled workforce. Public awareness campaigns on nuclear medicine's potential for early diagnosis and treatment of chronic diseases are encouraging more widespread use.

Government programs and encouraging laws are significant factors in the market expansion for medical isotopes. Market expansion is facilitated by quicker regulatory approvals for medical isotopes used in diagnosis and therapy. Governments encourage innovation and application in the medical industry by sponsoring research and development projects about isotopes and nuclear medicine. Establishing production facilities for medical isotopes through partnerships between public and commercial entities guarantees a steady supply.

Medical Isotopes Market Companies

• Isotopen Technologien München (ITM)
• Mallinckrodt Pharmaceuticals
• Eczacibasi-Monrol Nuclear Products
• Canadian Nuclear Laboratories (CNL)
• Curium
• Nordion Inc.
• Northstar medical radioisotopes, LLC
• GE Healthcare
• IBA Radiopharma Solutions
• Jubilant Radiopharma

Recent Developments

• In July 2023, Canada has announced the creation of the Canadian Medical Isotope Ecosystem (CMIE). Initiatives to develop, advance, and distribute medical isotopes and radiopharmaceuticals will be supported by financing up to CAD35 million spread over five years.
• In April 2023, NorthStar Medical Radioisotopes, LLC, a leader in developing, manufacturing, and marketing radiopharmaceuticals for therapeutic and medical imaging applications, released a corporate update. It highlighted the advancements made in the company's critical programs over the previous 12 months and critical upcoming milestones.
• In March 2022, The Ontario Isotope Innovation Hub was established to further Bruce Power's ambition of using nuclear energy to help combat cancer. The Kinectrics Center for Medical Isotopes and Nuclear Chemistry will also be unveiled during this. These declarations enhance Ontario's standing as a global pioneer in producing therapeutic isotopes that can save lives

Segments covered in the report

By Type

• Stable Isotopes
• Radioisotopes

By Application

• Diagnostic
• Nuclear Therapy

By End-user

• Hospitals
• Diagnostic Centers
• Research Institutes 

By Geography

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East & Africa