Radiopharmaceuticals Market – By Type (Therapeutic, Diagnostics), By Radioisotopes (Technetium 99m, Gallium 68, Iodine I), By Application (Cancer, Neurology, Cardiology), By Source (Cyclotron, Nuclear Reactor), By End Use - Global Forecast 2024 – 2032

Radiopharmaceuticals Market Size

Radiopharmaceuticals Market size was valued at USD 6.7 billion in 2023 and is anticipated to witness growth at a CAGR of 9.8% between 2024 and 2032. The growth of the market is driven by factors such as the increasing prevalence of chronic conditions, growing demand for advanced diagnostics and therapeutics, and the rising technological advancements in diagnostic imaging.
 

Advances in imaging modalities such as PET (Positron Emission Tomography) and SPECT (Single Photon Emission Computed Tomography) have revolutionized diagnostic capabilities in healthcare. These techniques rely on radiopharmaceuticals to provide detailed functional and molecular information, complementing traditional anatomical imaging methods like CT and MRI. The development of new radiotracers with improved specificity and sensitivity by market players has enhanced diagnostic accuracy, enabling earlier detection and more precise characterization of chronic diseases. For instance, in June 2023, GE Healthcare announced the launch of the world’s first investigational PET nuclear imaging agent for analyzing and predicting responses to cancer immunotherapies. The newly developed product utilizes 18F-CD8 for diagnosis.
 

The world is witnessing substantial growth in the prevalence of chronic conditions such as cancer, Alzheimer’s disease, and cardiovascular conditions, among others. For example, according to statistics published by the American Cancer Society in January 2024, an estimated 299,000 new cases of prostate cancer are expected to occur in the U.S. in 2024. Additionally, the same statistics indicate that approximately 1 in 8 men is diagnosed with prostate cancer each year in the U.S. Furthermore, according to a research article published by the Alzheimer’s Association in April 2024, an estimated 6.9 million Americans over age 65 are currently suffering from the disease. This number is projected to grow to 13.8 million by 2060. Such a high prevalence of chronic conditions is expected to offer lucrative opportunities for market growth during the forecast period.
 

Radiopharmaceuticals Market Trends

• The growth of the market is attributed to technological advancements in imaging diagnostics, increasing demand for novel therapies, and substantial investments in the development of radiopharmaceuticals.
   
• Funding and investments play a crucial role in boosting the radiopharmaceutical market by driving innovation, expanding clinical applications, and enhancing accessibility to advanced nuclear medicine technologies.
   
• Investments in R&D are fundamental in advancing radiopharmaceutical technologies. Pharmaceutical companies, academic institutions, and research organizations allocate substantial funds to discover and develop new radiotracers, enhance imaging modalities, and innovate therapeutic applications. For instance, in April 2024, Evergreen Theragnostics, Inc., a clinical-stage radiopharmaceutical company, announced the raising of USD 26.0 million through a series of funding rounds. The raised capital will assist the company in investigating and commercializing its radiopharmaceutical candidate.
   
• Funding facilitates technological advancements in radiopharmaceutical imaging and therapy. Innovations in imaging equipment, such as PET and SPECT scanners, are supported by investments aimed at improving resolution, sensitivity, and imaging speed. These advancements enable healthcare providers to obtain more detailed and accurate diagnostic information, leading to early detection, precise staging, and personalized treatment planning for patients. For instance, in October 2022, RadioMedix raised USD 40 million through a series of funding rounds to boost its clinical trial of a candidate developed for rare and aggressive cancers.
   
• Moreover, investments in market education and training programs ensure healthcare professionals are proficient in utilizing radiopharmaceutical technologies effectively. This fosters confidence among clinicians, enhances clinical decision-making, and promotes the widespread adoption of nuclear medicine techniques across diverse medical specialties.
   
• Continued investments support R&D initiatives, facilitate technological breakthroughs, and promote market expansion, ultimately improving patient outcomes and advancing the role of nuclear medicine in modern healthcare. For instance, in May 2024, PharmaLogic Holdings Corp. announced the inauguration of its new radiopharmaceutical research and production facility in the U.S. The new facility will focus on developing new radio-ligand diagnostic and therapeutic drugs for better treatment and diagnostic outcomes.
   

Radiopharmaceuticals Market Analysis

Based on type, the market is segmented into therapeutics and diagnostics. The diagnostics segment is further categorized as PET, SPECT, and other diagnostic tests. The diagnostics segment held a dominant market share of 72.6% in 2023.
 

• Radioisotopes such as technetium-99m, iodine-131, and fluorine-18 are commonly used in imaging modalities like SPECT and PET. These isotopes are incorporated into radiopharmaceuticals, which are administered to patients and then tracked using specialized imaging equipment.
   
• Additionally, the superiority of radioactive imaging over traditional diagnostic imaging is projected to have a positive impact on segment growth by 2032. Unlike traditional anatomical imaging methods (such as CT or MRI), which provide structural information, functional imaging with radioisotopes reveals metabolic activity, cellular function, and biochemical processes in tissues.
   
• Furthermore, an increasing number of industrial developments by market players, such as partnerships, collaborations, and joint ventures, is also projected to accelerate segment growth during the forecast period. For instance, in June 2023, Jubilant Radiopharma signed a strategic collaboration with Evergreen Theragnostics to manufacture and sell its OCTEVY tumor diagnostic product in the U.S.

 

Based on radioisotopes, the radiopharmaceuticals market is classified as Technetium 99m, Gallium 68, lodine I, Fluorine 18, Copper 64, Radium 223, Zirconium 89, and other radioisotopes. The Technetium 99m segment accounted for the highest market share and was valued at USD 2.4 billion in 2023.
 

• Tc-99m possesses favorable nuclear properties for medical imaging. It emits gamma rays with an energy level of 140 keV, which allows for excellent penetration through tissue and effective detection by gamma cameras. This property enables high-resolution imaging with minimal radiation exposure to patients and healthcare providers.
   
• Moreover, Tc-99m can be easily incorporated into a wide range of radiopharmaceuticals due to its ability to form stable complexes with various ligands. This versatility allows for the development of radiopharmaceuticals tailored to specific diagnostic applications, including cardiology, oncology, nephrology, and neurology.
   
• Furthermore, due to the versatility of this radioisotope, market players are continually focusing on the development and introduction of products associated with it. Such product introductions, coupled with a substantial pipeline, are expected to create a favorable environment for segment growth during the forecast period. For instance, in August 2022, Curium and NRG signed a strategic contract for the production of molybdenum-99, a key component in the radioisotope technetium-99m. This step has enhanced the capacity to serve patients with nuclear imaging without any disruptions.
   

Based on application, the radiopharmaceuticals market is categorized into cancer, neurology, cardiology, and other applications. The cancer segment is further categorized into breast cancer, prostate cancer, lung cancer, and other cancer types. The cancer segment is projected to reach USD 6.5 billion by 2032.
 

• The increasing prevalence of cancer, coupled with rising demand for novel cancer diagnostics and therapeutics, is a major driver of segmental growth. For instance, according to data published by the World Cancer Research Fund International, breast cancer is the second most common cancer in the world. Moreover, an estimated 2.2 million women are suffering from breast cancer globally.
   
• A growing number of product launches, along with inorganic market strategies implemented by market players, are expected to boost the growth of the cancer application segment by 2032. In March 2024, AstraZeneca announced its plan to acquire Fusion Pharmaceuticals Inc. with the aim of expanding and consolidating its presence in the radiopharmaceutical market by developing next generation radioconjugates for cancer treatment.
   

Based on source, the radiopharmaceuticals market is categorized into cyclotrons and nuclear reactors. The cyclotron segment is projected to reach USD 13.7 billion by 2032.
 

• Cyclotrons are versatile and can produce a wide range of radiopharmaceutical isotopes, including short-lived isotopes like fluorine-18 (F-18) used in PET imaging. This flexibility allows for on-demand production of isotopes, reducing the need for large-scale infrastructure and enabling localized production at medical facilities or radiopharmacies.
   
• Cyclotrons offer enhanced safety and security profiles compared to nuclear reactors. They do not involve the use of highly enriched uranium or plutonium, reducing proliferation risks associated with nuclear materials. These factors contribute to the substantial share of cyclotrons in the global market.

 

 

Based on end use, the radiopharmaceuticals market is categorized into hospitals, diagnostic imaging centres, and research & academic institutes. The hospital segment is projected to reach USD 9.4 billion by 2032.
 

• Hospitals prioritize patient-centered care by offering comprehensive diagnostic services, including nuclear medicine imaging. Radiopharmaceuticals enable personalized medicine approaches, tailoring treatment plans based on individual patient characteristics and disease profiles.
   
• The rising prevalence of chronic diseases, such as cancer and cardiovascular disorders, necessitates advanced diagnostic tools like radiopharmaceuticals. Hospitals are equipped to handle complex medical cases and offer comprehensive care pathways that integrate nuclear medicine imaging and therapies using radiopharmaceuticals.

 

North America radiopharmaceuticals market size in 2023 was valued at USD 3.3 billion and is predicted to grow at a CAGR of 9.2% over the analysis timeframe.
 

• The adoption of radiopharmaceuticals is increasing in North America due to the growing demand for advanced diagnostic solutions.
   
• The clinical effectiveness of radiopharmaceuticals in improving patient outcomes is well-established in North America. These agents assist healthcare providers in making informed treatment decisions, monitoring therapy response, and assessing disease recurrence. For instance, PET scans using radiopharmaceuticals like FDG (Fluorodeoxyglucose) are pivotal in oncology for staging tumors and evaluating treatment response, thereby influencing patient management strategies. Such factors are expected to create a positive environment for the growth of the radiopharmaceutical market in North America.
   

U.S. radiopharmaceuticals market is anticipated to grow at a CAGR of 9.1% to reach USD 6.7 billion by 2032.
 

• The adoption of radiopharmaceuticals in the U.S. is increasing due to advancements in imaging technology, a growing aging population, and expanded applications in oncology and neurology. The U.S. has a robust healthcare infrastructure with extensive research and development capabilities, supporting innovation in radiopharmaceuticals and their integration into clinical practice.
   
• Furthermore, favorable reimbursement policies and healthcare regulations in North America support the utilization of radiopharmaceuticals.
   

UK radiopharmaceuticals market is projected to grow remarkably in the coming years.
 

• The growth of the UK radiopharmaceutical market is attributed to increasing investments in healthcare technology, government support for medical imaging advancements, and a focus on personalized medicine.
   
• Radiopharmaceuticals play a vital role in diagnostic imaging and targeted therapies, contributing to improved patient outcomes and greater efficiency in healthcare delivery.
   

China is experiencing high market growth in the radiopharmaceuticals market.
 

• China is experiencing increasing adoption of radiopharmaceuticals due to rapid development of healthcare infrastructure, a rising prevalence of chronic diseases, and government initiatives to modernize healthcare services.
   
• The country's expanding middle class and growing healthcare expenditures are driving demand for advanced diagnostic and therapeutic options, including radiopharmaceutical imaging and treatment modalities.
   

Radiopharmaceuticals Market Share

The market is competitive, featuring both major pharmaceutical companies and specialized firms. Key players differentiate themselves through technological advancements, extensive R&D, and strategic partnerships. Established companies leverage their resources and global reach, while emerging players focus on niche innovations and novel therapies. Regulatory compliance and quality are critical, with firms needing to meet stringent standards. Additionally, competition is influenced by pricing strategies and customer service, as companies aim to offer value and exceptional support. Overall, the market is dynamic, driven by continuous innovation and a focus on maintaining high standards in product development and customer care.
 

Radiopharmaceuticals Market Companies

Prominent players operating in the radiopharmaceuticals industry industry include:

• Bayer AG
• Bracco
• Cardinal Health Inc.
• Coquí Radiopharmaceuticals Corp
• Curium Pharma
• Eli Lilly and Company
• General Electric Company
• IRE ELiT
• Iso-Tex Diagnostics, Inc
• Jubilant Pharmova Limited
• Lantheus
• Novartis AG
• SHINE Technologies, LLC
• Telix Pharmaceuticals Limited
   

Radiopharmaceutical Industry News:

• In February 2024, Bristol Myers Squibb announced its acquisition of RayzeBio, Inc. This acquisition will allow the company to extend its presence in radiopharmaceutical market by adding an Actinium-based radiopharmaceutical platform to its portfolio.
   
• In September 2022, The University of Texas MD Anderson Cancer Center and Radiopharm Theranostics jointly launched Radiopharm Ventures, LLC. This new venture aimed to develop innovative radiopharmaceutical therapeutic products for cancer by leveraging MD Anderson’s proprietary technologies in molecular imaging and antigen discovery, combined with Radiopharm’s expertise in radiopharmaceutical development.
   

The radiopharmaceuticals market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2021 – 2032 for the following segments:

Market, By Type

• Therapeutic
• Diagnostics
  • PET
  • SPECT
  • Other diagnostic tests

Market, By Radioisotopes

• Technetium 99m
• Gallium 68
• Iodine I
• Fluorine 18
• Copper 64
• Radium 223
• Zirconium 89
• Other radioisotopes

Market, By Application

• Cancer
  • Breast cancer
  • Prostate cancer
  • Lung cancer
  • Other cancer types
• Neurology
• Cardiology
• Other applications

Market, By Source

• Cyclotron
• Nuclear reactors

Market, By End Use

• Hospitals
• Diagnostic imaging centers
• Research and academic institutes

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa