核药深度报告：诊疗一体化优势显著，海内外加快产业布局

Investment Rating - The report maintains a positive investment suggestion for the nuclear medicine industry, highlighting its significant growth potential and integration advantages in diagnosis and treatment [3]. Core Insights - Nuclear medicine has substantial development potential due to its dual role as both a diagnostic and therapeutic agent, leveraging the unique properties of radioactive isotopes [3][4]. - The global nuclear medicine market exceeded $7 billion in 2022 and is projected to reach $39 billion by 2032, indicating a strong growth trajectory [3][23]. - The Chinese nuclear medicine market is expected to reach 26 billion RMB by 2030, reflecting increasing domestic investment and interest [3][4]. Summary by Sections 1. Overview of Nuclear Medicine - Nuclear medicine, which includes radioactive drugs, serves both diagnostic and therapeutic purposes, utilizing the unique properties of radioactive isotopes [10]. - The rise of radiopharmaceuticals, particularly radiolabeled compounds, has garnered increased attention and investment in recent years [10]. 2. Global and Chinese Market Status - The global nuclear medicine market is characterized by a rapid growth rate, with a 15% increase from 2021 to 2022 [23]. - The therapeutic segment of nuclear medicine is expected to grow significantly, increasing its market share from 20% in 2022 to 70% by 2032 [23]. 3. Industry Chain Development - The nuclear medicine industry requires a collaborative approach across its entire supply chain, with companies that integrate upstream and downstream operations likely to have a competitive advantage [3][4]. - The industry is still in its early stages in China, with significant opportunities for growth as resources become more available [3][4]. 4. Key Players in Nuclear Medicine - Major global pharmaceutical companies, including Novartis, Bayer, and Eli Lilly, are actively investing in nuclear medicine, indicating a robust competitive landscape [4]. - In China, companies such as Dongcheng Pharmaceutical and China Isotope & Radiation Corporation are emerging as key players in the nuclear medicine market [4]. 5. Investment Strategy - The report suggests that investors should focus on companies with comprehensive nuclear medicine portfolios and those that can navigate the complexities of the industry chain effectively [3][4].