The radiopharmaceuticals market size is projected to reach US$ 26.51 billion by 2031 from US$ 9.07 billion in 2023. The market is expected to register a CAGR of 14.4% during 2023–2031. The evolving radiopharmacy facilities using advanced diagnostic techniques are likely to bring in new trends in the radiopharmaceuticals market.
Chronic diseases such as cardiovascular disease (CVD) and cancer are becoming more common in the aging population. The need for medical interventions, such as using radiopharmaceuticals to detect and treat age-related diseases, is increasing as the world's population advances in age. Increasing awareness of early disease detection leads to increasing use of radiopharmaceuticals for diagnostic imaging procedures such as single-photon emission computed tomography (SPECT) and positron emission tomography (PET) scans. These techniques enable accurate identification and characterization of various diseases, including cancer, heart disease, and neurological disorders, leading to a growing need for more radiopharmaceuticals. Cancer continues to be a major global health problem, and radiopharmaceuticals play a critical role in both cancer diagnosis and treatment. PET scans with radiotracers such as fluorodeoxyglucose (FDG)-PET are highly effective for cancer detection and monitoring. Therapeutic radiopharmaceuticals such as radioiodine for thyroid cancer and radioyttrium for lymphoma treatment offer targeted therapy options. The increasing prevalence of cancer and the development of new radiopharmaceutical cancer therapies are key growth drivers. In addition, partnerships between pharmaceutical companies, academic institutions, and healthcare providers enhance the development and commercialization of radiopharmaceutical drugs and provide future growth opportunities for the market.
In recent years, radiopharmaceuticals have become one of the most effective techniques in various fields, including neurology, cardiology, and oncology. Each radiopharmaceutical targets a specific area in the body and releases radioactive substances to attack tumor cells once it reaches its location. Researchers have identified radiopharmaceuticals that can work against tumors such as thyroid carcinoma, brain tumors, lymphoma, and bone cancer. Traditional chemotherapy methods for cancer treatment are replaced with more practical therapeutic radiopharmaceuticals, opening up new market opportunities. Compared to X-rays and other external radiation imaging systems, radiopharmaceuticals assist doctors in diagnosing and providing a convenient and safer alternative for patients. Radiopharmaceuticals that are used for diagnostic purposes are called tracers. The amount of radiation released from diagnostic radiopharmaceuticals is lower than that of therapeutic radiopharmaceuticals. Developments in medical imaging technology, increasing rates of chronic diseases, and growing emphasis on personalized therapy contribute to the significant growth of the radiopharmaceuticals market. Nuclear medicine relies heavily on radiopharmaceuticals that are produced from radioisotopes bound to drugs, enabling imaging and treatment of various diseases.
Alpha particles have proven to be a new source for internal radiation therapy. They are highly cytotoxic, but their effect is highly targeted compared to therapies that use beta particles. Although targeted alpha therapy is in the development phase, it offers hope for life to cancer patients who do not respond to other treatment modalities. Developments in alpha particle-emitting radionuclides have shown promising results in delivering a highly localized dose of radiation targeted to cancer cells and minimizing damage to surrounding healthy tissue. Alpha particle-emitting radionuclides have a high linear energy transfer and a short range in tissue, making them suitable for the targeted therapy of certain types of cancer. The rise in awareness about alpha radioimmunotherapy and the surge in the availability of therapies for cancer treatment procedures are propelling the demand for nuclear imaging. Thus, the growing inclination toward the use of alpha radioimmunotherapy in the treatment of cancer is fuelling the radiopharmaceuticals market growth.
Many medical market players focus on emerging countries in Asia, South America, and Africa due to a rise in the prevalence of various diseases in these regions. The medical field in India is growing rapidly, and it has undergone several significant changes over the last few decades. Research organizations in developing countries are engaged in the development of advanced diagnosis systems, including cost-effective and high-performance PET/SPECT systems. Developments are mainly aimed at extending their reach to remote areas where advanced medical IT facilities are not accessible. China, Japan, and Brazil, among other emerging countries, are spending heavily on the development of PET/SPECT machines to lower their costs and offer hospitals and other medical organizations better access to these machines. In March 2021, BWXT Medical Ltd. and Global Medical Solutions, Ltd. (GMS) entered into a joint venture to manufacture and distribute radioisotopes and radiopharmaceuticals in Asia Pacific. Thus, developing countries are offering significant opportunities to the radiopharmaceuticals market players to expand their reach and clientele.
Key segments that contributed to the derivation of the radiopharmaceuticals market analysis are application, tracer type, and end user.
The geographic scope of the radiopharmaceuticals market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America holds a dominant share in the radiopharmaceuticals market. The market growth in this region is due to increasing incidences of chronic diseases, supportive government plans, growing strategic initiatives by the market players, and development of innovative radiotherapies. The US holds the largest share of the radiopharmaceuticals market in North America. The market is expected to grow owing to the availability of advanced healthcare infrastructure, rising incidence and prevalence of target conditions, and product innovations by key players operating in the region. Also, innovative products have been launched by the players operating in the market to offer better treatment. For instance, in September 2022, MD Anderson Cancer Center and Radiopharm Theranostics launched Radiopharm Ventures, LLC, a joint venture for developing novel radiopharmaceutical therapeutic products for cancer.
The regional trends and factors influencing the Radiopharmaceuticals Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Radiopharmaceuticals Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 9.07 Billion |
| Market Size by 2031 | US$ 26.51 Billion |
| Global CAGR (2023 - 2031) | 14.4% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Application
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Radiopharmaceuticals Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Radiopharmaceuticals Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The radiopharmaceuticals market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the radiopharmaceuticals market are listed below:
The “Radiopharmaceuticals Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas:
The radiopharmaceuticals market is expected to register a CAGR of 14.4% during 2023–2031.
The radiopharmaceuticals market is estimated to reach US$ 26.51 billion by 2031.
Evolving radiopharmacy facilities that use advanced diagnostic techniques in PET and radiotherapeutics are likely to bring in new trends in the radiopharmaceutical market.
Curium, ABX advanced biochemical compounds GmbH, and Medi-Radiopharma are among the leading players operating in the radiopharmaceuticals market.
North America dominated the radiopharmaceuticals market in 2023.
The rising prevalence of chronic diseases and the growing number of clinical trials in targeted therapy are the factors driving the radiopharmaceuticals market.