The report projects the market to grow at a five-year compound annual growth rate of 6.2% from 2013 to 2018. BCC Research valued the market at $2 billion (1.5 billion euros) in 2012.
An aging global population, advances in nanotechnology and robotics, and increasing demand for more accurate and efficient imaging systems will drive steady growth in this market over the next five years, according to the report.
Growth is expected to come from developed countries: These countries account for 26% of the world's population, but nuclear medicine accounts for only 2% of annual medical procedures.
There are approximately 18 million nuclear medicine procedures performed annually in the U.S. and some 10 million in Europe. In Australia, there are approximately 560,000 procedures and the use of radiopharmaceuticals increases by around 10% annually.
Global growth will continue to remain solid, with production eventually shifting from the U.S. and Europe to China due to Chinese infrastructure and competitive pricing, according to BCC Research.