Australia Radiopharmaceuticals Market Expected to Reach $392.2 Million by 2033

The Australia radiopharmaceuticals market size was valued at $130.9 million in 2023, and is projected to reach $392.2 million by 2033, growing at a CAGR of 11.6% from 2024 to 2033. Radiopharmaceuticals are radioactive drugs used by healthcare providers in nuclear medicine for both imaging and treatment purposes. These agents are instrumental in diagnosing conditions through advanced imaging techniques and can also be used to treat diseases like tumors. Nuclear pharmacists are responsible for preparing and distributing these specialized drugs. Radiologists and radiologic technologists (RTs) utilize radiopharmaceuticals in diagnostic imaging procedures, while radiation oncologists administer them as part of targeted cancer treatments.

The Australia radiopharmaceuticals market growth is primarily driven by the strong focus on R&D in the medical field led to advancements in radiopharmaceutical technologies and applications. In addition, collaborations between universities, research institutions, and pharmaceutical companies are fostering innovation and bringing new radiopharmaceutical products thereby supports the growth. The government's support for nuclear medicine, including funding for research and development of new radioisotopes, is accelerating growth during Australia radiopharmaceuticals market forecast period. 

Furthermore, Australia radiopharmaceuticals market trends includes increase in awareness among healthcare providers and patients about the benefits of nuclear medicine procedures. Additionally, Australia's robust regulatory framework for radiopharmaceuticals, while ensuring safety and efficacy, also provides a clear pathway for new product approvals, encouraging innovation and market entry thereby fuels the Australia radiopharmaceuticals market share

However, the high costs associated with radiopharmaceutical production and use, as well as the need for specialized handling and disposal of radioactive materials which may hinder the market growth. Addressing these challenges while capitalizing on the opportunities presented by technological advancements and expanding applications drive the Australia radiopharmaceuticals market growth.

Industry Trends

• In October 2021, the Australian Government announced a significant funding allocation of $30 million to the Australian Nuclear Science and Technology Organization (ANSTO) for the design of a new nuclear medicine manufacturing facility. This investment aims to enhance the supply of crucial diagnostic and therapeutic medical radioisotopes, ensuring Australia’s sovereign production capabilities. The new facility will replace an aging one and is expected to support nearly 1, 000 jobs in the nuclear medicine sector. 

Segment Highlights 

The Australia radiopharmaceuticals market analysis is segmented on the basis of end user, radioisotope, application, and type. On the basis of end user, the market is categorized into hospitals and clinics, medical imaging centers, and others. On the basis of radioisotope, the market is classified into Iodine I, Gallium 68, Technetium 99m, Fluorine 18, Copper 64, Strontium 89, Yttrium 90, Radium 223, Actinium 225, Lutetium 177, Copper 67, Terbium 161, Zirconium 89, and others.  

On the basis of application, the Australia radiopharmaceuticals market size is classified into cancer, cardiology and others. The cancer segment is further classified into prostate cancer, breast cancer, gastrointestinal cancer, lung cancer, brain tumors, and others. The others segment further bifurcated into neurological applications and other applications. On the basis of type, the market is bifurcated into diagnostic and therapeutic. The diagnostic segment dominated the Australia radiopharmaceuticals market share in 2023. This is attributed to the rise in prevalence of chronic conditions such as cancer and cardiovascular diseases boosting the need for diagnostic tools. Additionally, technological advancements in nuclear imaging further enhanced the precision and effectiveness of diagnostic radiopharmaceuticals, supporting their widespread adoption. 

Telix Pharmaceuticals Limited, Clarity Pharmaceuticals, Radiopharm Theranostics, AdvanCell, ANSTO, Bayer AG, Curium, Lantheus Holdings, Inc., GE HealthCare, and Novartis AG are the key players operating in the Australia radiopharmaceuticals industry. These key players adopt strategies such as agreement and others to expand the portfolio. For instance, in November 2021, Telix announced that the Australian Therapeutic Goods Administration (TGA) approved Illuccix (Kit for the preparation of 68Ga PSMA-11 Injection) is a positron emission tomography (PET) agent for the diagnostic imaging of men with prostate cancer.