Australia Nuclear Imaging Market Size, Share and Outlook - Growth Analysis Report and Forecast Trends (2026-2035)

Market Overview

The Australia nuclear imaging market is moving from a gamma camera business towards a molecular imaging and theranostics business. Routine technetium scans remain the volume backbone, yet PET tracers, targeted radioligand therapy and new state-funded scanners are pulling capital and clinical attention towards PET/CT and cyclotron supply.

Three forces are shaping the market: an ageing population, with people aged 65 and over projected by I-MED to grow about 2.8% a year; the rapid adoption of PSMA-PET in prostate cancer; and investment in capacity, from hospital cyclotrons to private PET sites. Together they support demand even though Medicare fee indexation is only about 2.4%.

In November 2025 Medicare added items 16060 and 61530 for lutetium-177 DOTA-octreotate treatment and amended PET facility requirements. In January 2026 Telix reported a 55% share of the Australian PSMA-PET tracer market, and in June 2026 I-MED outlined plans for ten more PET sites.

Key Market Trends and Insights

• Funding backdrop: I-MED told investors in June 2026 that the Medicare-funded diagnostic imaging market reached A$6.4 billion, with government funding covering 67% of it.
• Screening demand: About 931,000 Australians are eligible for the national lung cancer screening program, which adds referrals for CT and follow-up molecular imaging.
• PSMA-PET leadership: Telix said in January 2026 that Illuccix held about 55% of the PSMA-PET tracer market at 31 December 2025 as hospitals stopped in-house production.
• Private PET build-out: I-MED operates 8 PET units and plans 10 further PET sites, according to its June 2026 investor presentation.

Australia Nuclear Imaging Market Size and Forecast

The market is moving from planar and SPECT studies built on technetium towards PET/CT, PSMA tracers and theranostic pathways that pair imaging with targeted therapy. SPECT and SPECT/CT still lead in value, while PET/CT and PET/MRI advance fastest as private and public providers add scanners. Technetium-99m remains the largest tracer family, and fluorine-18 expands quickest as cyclotrons come online. Oncology holds the largest application share and also grows fastest on prostate and neuroendocrine pathways. New South Wales remains the largest region, anchored by national isotope production, and Western Australia grows quickest on new cyclotron capacity. Medicare rule changes, state scanner funding and private network expansion point to structural growth in molecular imaging rather than a short cycle.

Key Takeaways: Australia Nuclear Imaging Market

Funding and Demographics Anchor Long-Term Demand

Revenue is on course to expand by about 97% across the decade, from AUD 645.00 million in 2025 to AUD 1,268.81 million in 2035 at a 7.0% CAGR. A Medicare-funded imaging market of A$6.4 billion, an ageing population and a national lung screening program keep referral flows rising.

PET and Fluorine-18 Lead Growth

SPECT and SPECT/CT hold the largest share, but PET/CT and PET/MRI grow at an estimated 8.8% CAGR and Fluorine-18 at an estimated 9.2% CAGR through 2035. WA Health's second cyclotron at Sir Charles Gairdner Hospital and I-MED's ten planned PET sites show where capacity is being added.

Theranostics Rewrites the Reimbursement Map

Oncology grows at an estimated 7.9% CAGR as imaging becomes the gateway to targeted radioligand therapy. Medicare changes in November 2025 and the PSMA-PET tracer shift reported by Telix in January 2026 show how funding and supply are changing together.

• Items 16060 and 61530 for lutetium-177 DOTA-octreotate started on 1 November 2025
• Illuccix reached about 55% of PSMA-PET tracer use by 31 December 2025
• Provider claiming restrictions now apply to therapeutic nuclear medicine services

Australia Nuclear Imaging Market Report Summary

Key Insight

Demand is shifting from routine technetium studies towards PET tracers and theranostic pathways as funding and scanner capacity expand. New South Wales leads, and Western Australia grows fastest.

Key Trends in the Australia Nuclear Imaging Market

The Australia nuclear imaging market is being reshaped by private PET expansion, local tracer supply, Medicare funding changes and new hospital cyclotron capacity.

June 2026 - I-MED Outlines Ten New PET Sites and Calls Itself the Largest MRI and PET Provider

• I-MED's June 2026 investor presentation described the group as the number one MRI and PET provider in Australia and New Zealand, with 215 clinics.
• It reported 8 PET units in operation and a pipeline of 10 further PET sites over the next three years.
• Private expansion of this scale adds scanner orders and tracer demand beyond hospital budgets.

January 2026 - Telix Reports Illuccix at 55% of Australian PSMA-PET Tracer Use

• Telix said on 20 January 2026 that Illuccix held about 55% of the PSMA-PET market at 31 December 2025.
• Hospitals and imaging centres are moving away from in-house production of gallium-68 PSMA-11 towards a registered kit.
• Telix's North Melbourne research hub, with in-house SPECT/CT, was reported as nearly complete.

November 2025 - Medicare Adds Lutetium-177 DOTA-Octreotate Items and Amends PET Requirements

• From 1 November 2025 the Medicare Benefits Schedule added items 16060 and 61530 for lutetium-177 DOTA-octreotate treatment of advanced neuroendocrine tumours.
• The comprehensive facility and statutory declaration requirements for PET were amended on the same date.
• Provider claiming restrictions were applied to therapeutic nuclear medicine services in Category 3, Group T3.

September 2025 - Sir Charles Gairdner Hospital Adds a Second Cyclotron and Radiopharmacy Laboratories

• North Metropolitan Health Service reported on 16 September 2025 that a second cyclotron and new laboratories were being completed at the Perth hospital.
• The site was chosen for the highest concentration of PET cameras in Western Australia, and capacity could triple.
• The National Imaging Facility, the University of Western Australia and philanthropic partners contributed A$1.77 million.

Key Insight

Private PET expansion, local tracer manufacturing and Medicare changes for targeted therapy are the main structural forces, while radiographer workforce limits and tracer logistics remain the main constraints.

Recent Market Developments in the Australia Nuclear Imaging Market

Recent developments, presented from the most recent, show radiology earnings, a major lung ventilation guideline, regulator documentation for lutetium therapy and new hospital PET scanners.

August 2026 - Sonic Healthcare Reports Australian Radiology Revenue of A$1,037 Million

• Sonic Healthcare's results of 20 August 2026 showed Australian radiology revenue up 6.9% to A$1,037 million.
• Segment EBITDA before non-recurring items was A$248.7 million, a 24.0% margin, diluted by greenfield sites and MRI referral changes.
• Continued greenfield investment signals competition for imaging capital alongside PET and SPECT capacity.

July 2026 - Updated Lung Ventilation Guidelines Name Technegas the Preferred Agent

• Cyclopharm announced on 29 July 2026 that SNMMI, EANM, ACNM and the Australian and New Zealand Society of Nuclear Medicine published updated lung scintigraphy guidance.
• The guidance describes Technegas as generally preferred when available and calls for three-dimensional SPECT scanning.
• Cyclopharm reported record first-half revenue of about A$17 million and Technegas systems in 67 countries.

October 2025 - TGA Publishes Public Assessment Report for Novartis's Pluvicto

• The Therapeutic Goods Administration published the final report for lutetium-177 vipivotide tetraxetan on 27 October 2025.
• It covers adults with PSMA-positive metastatic castration-resistant prostate cancer after androgen receptor pathway inhibition and taxane chemotherapy.
• Each treated patient first needs a PSMA-PET scan, which links therapy volumes directly to imaging volumes.

March 2025 - Northern Hospital Reports 1,100 Patients on Its New PET/CT

• The Victorian Premier reported on 4 March 2025 that more than 1,100 patients had been scanned since the Epping unit arrived six months earlier.
• The scanner is on track to scan up to 2,500 patients a year in a new purpose-built facility.
• It forms part of a statewide A$44 million program to roll out PET scanners in public hospitals.

Key Insight

Radiology earnings, updated lung ventilation guidance, regulator documentation for lutetium therapy and new hospital PET scanners show providers and suppliers positioning for molecular imaging growth.

Australia Nuclear Imaging Industry Segmentation

The Expert Market Research’s report on the Australia Nuclear Imaging Market offers a detailed analysis of the market based on the following segments.

Market Breakup by Modality

• SPECT and SPECT/CT
• PET/CT and PET/MRI
• Planar Gamma Imaging
• Others

SPECT and SPECT/CT lead on value, in our estimate, because technetium studies of bone, heart and lung remain the highest-volume procedures, and Telix's North Melbourne hub reported in January 2026 includes in-house SPECT/CT. PET/CT and PET/MRI grow fastest at an estimated 8.8% CAGR through 2035, as seen in Princess Alexandra Hospital's A$4 million digital PET/CT of February 2025 and I-MED's plan for ten more PET sites in June 2026. Planar Gamma Imaging declines in share as hybrid systems replace older cameras. Others covers dedicated cardiac cameras and intraoperative probes.

Market Breakup by Radiopharmaceutical

• Technetium-99m
• Fluorine-18
• Gallium-68
• Others

Technetium-99m leads on volume, in our estimate, supplied from ANSTO generators and used in Cyclopharm's Technegas, which received favourable US-led guidelines in July 2026. Fluorine-18 grows fastest at an estimated 9.2% CAGR through 2035, because Sir Charles Gairdner Hospital's second cyclotron, reported in September 2025, could triple Western Australian PET capacity. Gallium-68 grows steadily on Telix's Illuccix, which held about 55% of PSMA-PET use in December 2025. Others includes iodine-123, thallium-201 and lutetium-177 pathways, supported by Medicare items from November 2025.

Market Breakup by Application

• Oncology
• Cardiology
• Neurology
• Others

Oncology leads and grows fastest at an estimated 7.9% CAGR through 2035, in our estimate, as PSMA-PET and neuroendocrine imaging guide treatment under the November 2025 Medicare changes. Cardiology remains a large, mature use of SPECT, and Princess Alexandra Hospital serves cardiology patients on its new PET/CT reported in February 2025. Neurology gains from PET studies of dementia and epilepsy, and Northern Hospital's unit supports brain disorder diagnosis. Others covers pulmonary ventilation, thyroid, renal and infection imaging, with 931,000 Australians now eligible for lung cancer screening.

Market Breakup by Region

• New South Wales
• Victoria
• Queensland
• Western Australia
• Others

New South Wales dominates, in our estimate, as it hosts ANSTO at Lucas Heights, Cyclopharm at Kingsgrove and 58 I-MED clinics, and it grows at an estimated 6.6% CAGR through 2035 from a large base. Victoria grows at 7.1%, with Telix in North Melbourne and 66 I-MED clinics. Queensland grows at 7.3%, led by Princess Alexandra Hospital's new PET/CT. Western Australia is fastest at 7.7%, on its second cyclotron. Others, covering the smaller states and territories, grows at 6.9% and is smaller than the four named regions combined.

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If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Competitive Landscape in the Australia Nuclear Imaging Market

Competition combines imaging equipment makers, radiopharmaceutical developers, the national isotope producer and private radiology networks. Entry barriers include regulatory approval, reliable isotope and tracer logistics, nuclear medicine workforce, capital for scanners and Medicare provider requirements.

Telix Pharmaceuticals

Telix Pharmaceuticals, headquartered in Melbourne and listed on the ASX and Nasdaq, develops PSMA-PET imaging agents and radiopharmaceutical therapies. In January 2026 it reported group revenue of about US$804 million, said Illuccix held about 55% of Australian PSMA-PET tracer use at 31 December 2025, and announced a clinical collaboration with Varian, a Siemens Healthineers company, to pair radiopharmaceuticals with external beam radiation therapy.

Cyclopharm

Cyclopharm, based in Kingsgrove, New South Wales and listed on the ASX, makes the Technegas lung ventilation imaging agent used with gamma and SPECT cameras. In July 2026 it announced that updated lung imaging guidelines, co-published by the Australian and New Zealand Society of Nuclear Medicine, name Technegas as generally preferred, and it reported record first-half revenue of about A$17 million with systems in 67 countries.

I-MED Radiology Network

I-MED Radiology Network is a Sydney-based private radiology group operating 215 clinics across Australia and New Zealand, with 58 in New South Wales, 66 in Victoria and 41 in Queensland. Its June 2026 investor presentation described it as the number one MRI and PET provider in the region, with 8 PET units operating, 10 further PET sites planned and about 3.3 million patients and 8.8 million scans a year.

Siemens Healthineers

Siemens Healthineers, headquartered in Erlangen, Germany, supplies PET/CT, PET/MRI and SPECT/CT systems and molecular imaging software to Australian hospitals and private networks. Its Varian business entered a strategic clinical collaboration with Telix in January 2026 to explore combining radiopharmaceuticals with external beam radiation therapy, linking diagnostic imaging, tracer supply and radiation oncology in the Australian theranostics pathway.

Other players operating in the Australia nuclear imaging market include ANSTO, GE HealthCare, Philips, Sonic Healthcare, and Cyclotek, alongside public hospital nuclear medicine departments, university cyclotron facilities, independent radiopharmacies and regional imaging practices supplying scans and tracers across Australia.

Key Insight

Competition rests on isotope and tracer supply, scanner installed base, regulatory approvals and referral relationships rather than price alone, while private networks and hospital cyclotrons reshape positions.