Radiopharmaceutical Therapeutic Market Share Insights | 2031
The radiopharmaceutical therapeutic market size is projected to reach US$ 7.30 billion by 2031 from US$ 2.71 billion in 2023. The market is expected to register a CAGR of 13.1% in 2023–2031. The introduction of AI algorithms in nuclear medicine imaging devices to optimize treatment planning is likely to remain a key trend in the radiopharmaceutical therapeutic market.
Radiopharmaceutical Therapeutic Market Analysis
Rapid expansion of the medical imaging industry, growing preference for personalized medications, breakthroughs in radiopharmaceutical therapeutics, and surging technological developments to improve targeting strategies, as well as rising government investments, are factors primarily driving the market revenue of radiopharmaceutical therapeutics.
Radiopharmaceutical Therapeutic Market Overview
Pharmaceutical substances that include radioactive isotopes that are used to treat cancer and other medical conditions are known as radiopharmaceutical therapeutics. In order to minimize damage to healthy tissues, these radiopharmaceuticals are made to specifically target and deliver high doses of radiation directly to the site of the disease.
The radiopharmaceutical therapeutic market future is promising owing to developments in nuclear medicine technology, rising demand for better treatment alternatives, and an increase in the prevalence of chronic diseases. Furthermore, the increased acceptance of personalized medicine and targeted therapies is anticipated to support the market expansion.
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Radiopharmaceutical Therapeutic Market: Strategic Insights
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Radiopharmaceutical Therapeutic Market: Strategic Insights
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Radiopharmaceutical Therapeutic Market Drivers and Opportunities
Growing Popularity of Targeted Therapies to Drive Market Growth
Targeted therapy is the latest and evolving technique used for local and systemic cancer treatment. Preclinical research and clinical trials demonstrate that alpha-emitting radionuclides kill targeted cancer cells and do not harm healthy cells in the vicinity. 225Ac and 227Th are among the alpha particle-emitting radioisotopes attached to monoclonal antibodies in order to selectively recognize and kill cancerous cells by locally delivering high doses of radiation. Alpha radiations are suitable for killing isolated cancer cells in the vascular and lymphatic systems and regressing tumors by disturbing tumor capillary networks to target and kill tumor capillary endothelial cells. The Radium-223 dichloride alpha therapy is the only approved concept for internal alpha particle-emitting radioisotope cancer treatment. Targeted radionuclide therapy is a type within the category of targeted therapies. A systemically administered targeted radiotherapeutic that combines the specificity of cancer cell targeting with the known antitumor effects of ionizing radiation has the potential to eradicate both a primary tumor site and cancer that has spread through the body, including malignant cell populations undetectable by diagnostic imaging, simultaneously. There are two commercially approved radioimmunotherapy agents, yttrium-90 ibritumomab tiuxetan (Zevalin; Biogen-Idec Pharmaceuticals, approved in 2002) and iodine-131 tositumomab (BEXXAR, GlaxoSmithKline, approved in 2003), both of which are used to treat indolent B-cell lymphoma and related cancers. Thus, the preferred use of targeted therapies in cancer treatment drives the radiopharmaceutical therapeutic market growth.
Strategic Alliance Between Companies to Favor Market Growth
Strategic alliances and agreements help discover groundbreaking solutions in cancer research while developing deeper relationships with businesses that share a similar vision. The strategic alliance can potentially increase a company's revenue and profitability, as well as help companies progress in the field of radiotherapeutics by increasing their product portfolio. Below are a few companies undergoing strategic alliances:
In June 2021, Nimble Therapeutics and RayzeBio entered a strategic research collaboration to discover and develop novel peptide-based radiopharmaceuticals for the treatment of cancer. RayzeBio has exclusive rights to develop and sell peptides discovered under the collaboration and a choice to expand the collaboration further to include other targets.
In January 2024, Lantheus Holdings, Inc. entered into multiple strategic agreements with Perspective Therapeutics, Inc., a radiopharmaceutical company that is pioneering advanced treatment solutions for cancers throughout the body. Under the agreements, Lantheus gains a choice to exclusively license Perspective’s Pb212-VMT-⍺-NET, a clinical-stage alpha therapy developed for treating neuroendocrine tumors, and an option to co-develop certain early-stage therapeutic candidates targeting prostate cancer using Perspective’s innovative lead platform technology. These strategic transactions will expand Lantheus’s pipeline and create a pathway for impactful advancements in neuroendocrine tumors and prostate cancer.
In March 2024, Ratio Therapeutics Inc. expanded its manufacturing agreement with PharmaLogic, a world-class contract development and manufacturing organization focusing on radiopharmaceutical production and distribution. The collaboration significantly accelerates the development and commercialization of Ratio's pipeline of next-generation radiotherapies, signifying a critical component in advancing Ratio's fibroblast activation protein-alpha (FAP)-targeted radiotherapeutic candidate.
Radiopharmaceutical Therapeutic Market Report Segmentation Analysis
Key segments that contributed to the derivation of the radiopharmaceutical therapeutic market analysis are product type, therapy type, application, and end user.
- Based on product type, the radiopharmaceutical therapeutic market is divided into Technitium-99m, Thallium-201, Gallium-68, Iodine-131, Copper-64, and others. The Technitium-99m segment held the largest market share in 2023 and is anticipated to register the highest CAGR during the forecast period.
- By therapy type, the market is segmented into alpha emitters, beta emitters, and brachytherapy isotopes. The beta emitters segment held the largest share of the market in 2023 and is projected to register the highest CAGR during the forecast period.
- In terms of application, the market is categorized into oncology, neurology, cardiology, and others. The oncology segment held the largest market share in 2023 and is anticipated to register the highest CAGR during the forecast period.
- Based on end user, the radiopharmaceutical therapeutic market is divided into hospitals, oncology clinics, and others. The hospitals segment held the largest market share in 2023 and is anticipated to register the highest CAGR during the forecast period.
Radiopharmaceutical Therapeutic Market Share Analysis by Geography
The geographic scope of the radiopharmaceutical therapeutic market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the radiopharmaceutical therapeutic market. The region's dedication to technological innovation and embracing cutting-edge imaging modalities solidify its preeminent position in the field of radiopharmaceutical therapeutics. Targeted radiopharmaceuticals for therapeutic use deliver radionuclides directly to tumors anywhere in the body, and thus, targeted radiopharmaceuticals have triggered interest in clinical development to address ovarian cancers. The National Cancer Institute used prior experience from radiopharmaceutical clinical use in ovarian cancer to further develop conjugated radiopharmaceuticals that might be considered for chemorefractory ovarian cancer patient treatment in the future. Thus, the aforementioned factors are contributing to the dominance of North America in the radiopharmaceutical therapeutic market.
Radiopharmaceutical Therapeutic Market News and Recent Developments
The radiopharmaceutical therapeutic market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments and strategies in the market for radiopharmaceutical therapeutics:
- Bayer and Bicycle Therapeutics entered into a strategic collaboration to discover, develop, manufacture, and commercialize novel targeted radionuclide therapies in oncology. (Source: Bayer AG, Press Release, 2023)
- Novartis received European Commission approval for Pluvicto (INN: lutetium (177Lu) vipivotide tetraxetan), a targeted radioligand therapy. Pluvicto was approved in combination with androgen deprivation therapy with or without androgen receptor pathway inhibition for treating adult patients with prostate-specific membrane antigen (PSMA)–positive metastatic castration-resistant prostate cancer (mCRPC). (Source: Novartis, Press Release, 2022)
Radiopharmaceutical Therapeutic Market Report Scope
Radiopharmaceutical Therapeutic Market Report Coverage and Deliverables
The “Radiopharmaceutical Therapeutic Market Size and Forecast (2023–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The radiopharmaceutical therapeutic market majorly consists of the players, including Cardinal Health, Bayer, Novartis, Jubilant DraxImage Inc., Curium, Yantai Dongcheng Pharmaceutical Group, Lantheus, Q BioMed, Telix Pharmaceuticals, and Radiopharm Theranostics.
The radiopharmaceutical therapeutic market is expected to be valued at US$ 7.30 billion in 2031.
The radiopharmaceutical therapeutic market was valued at US$ 2.71 billion in 2023.
The factors driving the growth of the radiopharmaceutical therapeutic market include the growing popularity of targeted therapies and the increasing prevalence of cancer. However, the short shelf-life of radiopharmaceuticals hampers the growth of the radiopharmaceutical therapeutic market.
The global radiopharmaceutical therapeutic market is segmented based on product type, therapy type, application, and end user. The radiopharmaceutical therapeutic market, by product type, is categorized into Technitium-99m, Thallium-201, Gallium-68, Iodine-131, Copper-64, and others. The Technitium-99m segment held a significant market share in 2023 and is anticipated to record the highest CAGR in the market during 2023–2031.
Pharmaceutical substances that include radioactive isotopes that are used to treat cancer and other medical conditions are known as radiopharmaceutical therapeutics. To reduce damage to healthy tissues, these radiopharmaceuticals are made to particularly target and deliver high doses of radiation directly to the site of the disease.
1. Introduction
1.1 Scope of the Study
1.2 Market Definition, Assumptions and Limitations
1.3 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness Analysis
3. Research Methodology
4. Radiopharmaceutical Therapeutics Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 List of Vendors in the Value Chain
5. Radiopharmaceutical Therapeutics Market - Key Market Dynamics
5.1 Key Market Drivers
5.2 Key Market Restraints
5.3 Key Market Opportunities
5.4 Future Trends
5.5 Impact Analysis of Drivers and Restraints
6. Radiopharmaceutical Therapeutics Market - Global Market Analysis
6.1 Radiopharmaceutical Therapeutics - Global Market Overview
6.2 Radiopharmaceutical Therapeutics - Global Market and Forecast to 2031
7. Radiopharmaceutical Therapeutics Market – Revenue Analysis (USD Million) – By Product Type, 2021-2031
7.1 Overview
7.2 Technitium-99m
7.3 Thallium-201
7.4 Gallium-68
7.5 Iodine-131
7.6 Copper-64
7.7 Others
8. Radiopharmaceutical Therapeutics Market – Revenue Analysis (USD Million) – By Therapy Type, 2021-2031
8.1 Overview
8.2 Alpha Emitters
8.3 Beta Emitters
8.4 Brachytherapy Isotopes
9. Radiopharmaceutical Therapeutics Market – Revenue Analysis (USD Million) – By Application, 2021-2031
9.1 Overview
9.2 Oncology
9.3 Neurology
9.4 Cardiology
9.5 Others
10. Radiopharmaceutical Therapeutics Market – Revenue Analysis (USD Million) – By End User, 2021-2031
10.1 Overview
10.2 Hospitals
10.3 Oncology Clinics
10.4 Others
11. Radiopharmaceutical Therapeutics Market - Revenue Analysis (USD Million), 2021-2031 – Geographical Analysis
11.1 North America
11.1.1 North America Radiopharmaceutical Therapeutics Market Overview
11.1.2 North America Radiopharmaceutical Therapeutics Market Revenue and Forecasts to 2031
11.1.3 North America Radiopharmaceutical Therapeutics Market Revenue and Forecasts and Analysis - By Product Type
11.1.4 North America Radiopharmaceutical Therapeutics Market Revenue and Forecasts and Analysis - By Therapy Type
11.1.5 North America Radiopharmaceutical Therapeutics Market Revenue and Forecasts and Analysis - By Application
11.1.6 North America Radiopharmaceutical Therapeutics Market Revenue and Forecasts and Analysis - By End User
11.1.7 North America Radiopharmaceutical Therapeutics Market Revenue and Forecasts and Analysis - By Countries
11.1.7.1 United States Radiopharmaceutical Therapeutics Market
11.1.7.1.1 United States Radiopharmaceutical Therapeutics Market, by Product Type
11.1.7.1.2 United States Radiopharmaceutical Therapeutics Market, by Therapy Type
11.1.7.1.3 United States Radiopharmaceutical Therapeutics Market, by Application
11.1.7.1.4 United States Radiopharmaceutical Therapeutics Market, by End User
11.1.7.2 Canada Radiopharmaceutical Therapeutics Market
11.1.7.2.1 Canada Radiopharmaceutical Therapeutics Market, by Product Type
11.1.7.2.2 Canada Radiopharmaceutical Therapeutics Market, by Therapy Type
11.1.7.2.3 Canada Radiopharmaceutical Therapeutics Market, by Application
11.1.7.2.4 Canada Radiopharmaceutical Therapeutics Market, by End User
11.1.7.3 Mexico Radiopharmaceutical Therapeutics Market
11.1.7.3.1 Mexico Radiopharmaceutical Therapeutics Market, by Product Type
11.1.7.3.2 Mexico Radiopharmaceutical Therapeutics Market, by Therapy Type
11.1.7.3.3 Mexico Radiopharmaceutical Therapeutics Market, by Application
11.1.7.3.4 Mexico Radiopharmaceutical Therapeutics Market, by End User
Note - Similar analysis would be provided for below mentioned regions/countries
11.2 Europe
11.2.1 Germany
11.2.2 France
11.2.3 Italy
11.2.4 Spain
11.2.5 United Kingdom
11.2.6 Rest of Europe
11.3 Asia-Pacific
11.3.1 Australia
11.3.2 China
11.3.3 India
11.3.4 Japan
11.3.5 South Korea
11.3.6 Rest of Asia-Pacific
11.4 Middle East and Africa
11.4.1 South Africa
11.4.2 Saudi Arabia
11.4.3 U.A.E
11.4.4 Rest of Middle East and Africa
11.5 South and Central America
11.5.1 Brazil
11.5.2 Argentina
11.5.3 Rest of South and Central America
12. Industry Landscape
12.1 Mergers and Acquisitions
12.2 Agreements, Collaborations, Joint Ventures
12.3 New Product Launches
12.4 Expansions and Other Strategic Developments
13. Competitive Landscape
13.1 Heat Map Analysis by Key Players
13.2 Company Positioning and Concentration
14. Radiopharmaceutical Therapeutics Market - Key Company Profiles
14.1 Cardinal Health
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and Services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
Note - Similar information would be provided for below list of companies
14.2 Bayer AG
14.3 Novartis
14.4 Jubliant DraxImage Inc.
14.5 Curium
14.6 Yantai Dongcheng Pharmaceutical Group
14.7 Lantheus
14.8 Telix Pharmaceuticals
14.9 Q BioMed
14.10 Radiopharm Theranostics
15. Appendix
15.1 Glossary
15.2 About The Insight Partners
15.3 Market Intelligence Cloud
The List of Companies - Radiopharmaceutical Therapeutic Market
- Cardinal Health
- Bayer
- Novartis
- Jubilant DraxImage Inc.
- Curium
- Yantai Dongcheng Pharmaceutical Group
- Lantheus
- Q BioMed
- Telix Pharmaceuticals
- Radiopharm Theranostics.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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