Radiopharmaceuticals Market Overview, Growth, Trends, Analysis, Research Report (2021-2031)

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.

Radiopharmaceuticals Market Analysis

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.

Radiopharmaceuticals Market Overview

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.

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Radiopharmaceuticals Market: Strategic Insights

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Radiopharmaceuticals Market Drivers and Opportunities

Growing Number of Clinical Trials in Targeted Therapy to Favor Market

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.

High Growth Potential in Developing Countries

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.

Radiopharmaceuticals Market Report Segmentation Analysis

Key segments that contributed to the derivation of the radiopharmaceuticals market analysis are application, tracer type, and end user.

• By application, the market is segmented into oncology, cardiology, neurology, pulmonary, urology, and others. In 2023, oncology segment held the largest share of the market and is anticipated to register the highest CAGR during 2023–2031.
• Based on type, the radiopharmaceuticals market is bifurcated into diagnostic and therapeutic. In 2023, diagnostic segment held a larger share of the market and is estimated to register a higher CAGR from 2023 to 2031.
• By tracer type, the market is segmented into Tc-99m, F-18, Ga-68, TL-201, I-131, Fe-59, Lu-171, RB-82 and N-13, Cr-51 and P-32, Sc-46, Sg-269 and Hs-269, and others. In 2023, the Tc-99m segment held the largest share of the market and is anticipated to register the highest CAGR during 2023–2031.
• Based on end user, the radiopharmaceuticals market is divided into hospitals and clinics, diagnostic centers, academic and research institutes, and others. In 2023, the hospitals and clinics segment held the largest share of the market. The diagnostic centers segment is estimated to register the highest CAGR during 2023–2031.

Radiopharmaceuticals Market Share Analysis by Geography

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.

Radiopharmaceuticals Market Regional Insights

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.

Radiopharmaceuticals Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

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:

1. Medi-Radiopharma (MRP),
2. Rotem Industries Ltd.,
3. ABX Advanced Biochemical Compounds GmbH,
4. Invicro LLC,
5. Cardinal Health,
6. Newcastle University,

Disclaimer: The companies listed above are not ranked in any particular order.

Radiopharmaceuticals Market News and Recent Developments

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:

• Curium announced that it has entered into an agreement with Eczacıbaşı Holding and Bozlu Group for the acquisition of Eczacıbaşı-Monrol Nuclear Product Co. (Monrol), a dedicated specialist in nuclear medicine. The acquisition is expected to bring together highly complementary geographical footprints, lutetium-177 (Lu-177) capabilities, and PET & SPECT nuclear medicine infrastructure, as well as facilitate the development of cutting-edge radionuclides and radiopharmaceuticals pipelines for diagnostic and therapeutic purposes. (Source: Curium, Press Release, April 2024)
• Novartis announced that it has received approval from the US Food and Drug Administration (FDA) for commercial manufacturing of Pluvicto (INN: lutetium (177Lu) vipivotide tetraxetan / USAN: lutetium Lu 177 vipivotide tetraxetan) at its new large-scale, state-of-the-art radioligand therapy (RLT) manufacturing facility in Indianapolis, Indiana, US. (Source: Novartis, Press Release, January 2024)
• IBA Radiopharma Solutions, CMI Inc., and Life Molecular Imaging (LMI) announced that the Japanese Ministry of Health approved the reimbursement by governmental health insurance of the amyloid Positron Emission Tomography (PET) diagnostic Neuraceq (florbetaben 18F). Amyloid-PET imaging using agents like Neuraceq is used in the diagnosis of Alzheimer's disease and other forms of cognitive impairment. It detects amyloid plaques in the brain, characteristic markers of Alzheimer's disease. (Source: IBA, Press Release, December 2023)
• Telix received Health Canada approval for its Illuccix, a kit for the preparation of gallium (68Ga) gozetotide injection. The product can be used in staging and re-staging intermediate and high-risk prostate cancer and localizing tumor tissue in recurrent prostate cancer. Illuccix was the first PSMA PET imaging agent that was granted regulatory approval in Canada. Health Canada was the third regulatory body worldwide to approve Illuccix, which is commercially available in Australia and the US. (Source: Telix, Press Release, October 2022)
• GE Healthcare and Minerva Imaging entered into a strategic partnership to accelerate the commercial launch of targeted radionuclide therapies (theranostics). Radionuclide therapy is a form of precision medicine where a radioactive substance is administered through the bloodstream to target cancer cells and irradiate them specifically. This helps reduce potential side effects compared to traditional cancer therapies. (Source: GE Healthcare, Press Release, December 2021)

Radiopharmaceuticals Market Report Coverage and Deliverables

The “Radiopharmaceuticals Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas:

• Radiopharmaceuticals market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Radiopharmaceuticals market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Radiopharmaceuticals market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the radiopharmaceuticals market
• Detailed company profiles