U.S. Radiopharmaceuticals Market Expected to Reach $7.9 Billion by 2033

The U.S. radiopharmaceuticals market size was valued at $3.0 billion in 2023, and is projected to reach $7.9 billion by 2033, growing at a CAGR of 10.2% from 2024 to 2033. A radiopharmaceutical is a radioactive compound used in nuclear medicine for diagnosis and treatment. It consists of a radioisotope bonded to a biologically active molecule that targets specific organs, tissues, or cellular receptors. In diagnostic imaging, radiopharmaceuticals help visualize and assess the function of various body parts using techniques like PET and SPECT scans. In therapeutic applications, they deliver targeted radiation to treat conditions like cancer.

The U.S. radiopharmaceuticals market growth is primarily driven by the increase in prevalence of chronic diseases such as cancer and cardiovascular disorders. In addition, rise in demand for personalized medicine the demand for radiopharmaceuticals has surged, particularly for targeted imaging and treatment modalities. Furthermore, rise in advancements in nuclear medicine and imaging technologies further propelled the U.S. radiopharmaceutical market. PET (positron emission tomography) and SPECT (single-photon emission computed tomography) are increasingly used to enhance diagnostic accuracy, driving the adoption of radiopharmaceuticals for disease detection and monitoring. The development of new radioisotopes, as well as the refinement of existing ones, has expanded the scope of radiopharmaceutical applications in both oncology and cardiology, addressing unmet medical needs thereby drives the U.S. radiopharmaceuticals market growth

In addition, U.S. radiopharmaceuticals market trends includes initiatives such as the Radiopharmaceutical Development Initiative (RDI) by the National Cancer Institute (NCI) focus on conducting clinical trials for novel radiopharmaceutical therapies, particularly in cancer treatment. This initiative enhances research and development, accelerating the introduction of innovative theragnostic agents in the U.S. radiopharmaceuticals market share.

However, the high costs of radiopharmaceutical production, and limited availability of certain radioisotopes, can hinder market growth. In contrast,  the growing demand for personalized medicine, advancements in theragnostic, and increasing investment in research and development provides U.S. radiopharmaceuticals market opportunity. Expanding applications in oncology, cardiology, and neurology, along with regulatory support and initiatives such as the Radiopharmaceutical Development Initiative (RDI) , present avenues for expansion during U.S. radiopharmaceuticals market forecast period.

Industry Trends 

• An article published by National Institute of Health in 2020, the National Cancer Institute (NCI) has been actively promoting the development of radiopharmaceuticals through initiatives such as the Radiopharmaceutical Development Initiative (RDI) , which aims to expedite clinical trials and foster collaborations among different pharmaceutical companies. 

Segment Highlights 

The U.S. radiopharmaceuticals market size 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. The hospitals and clinics segment dominated the U.S. radiopharmaceuticals market share in 2023 and is expected to register the highest CAGR during forecast period, owing to the rise in prevalence of chronic diseases such as cancer and cardiovascular conditions led to higher demand for radiopharmaceuticals in clinical settings. The availability of skilled healthcare professionals further supported the growth of this segment. 

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 market 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. 

Cardinal Health, Eli Lilly and Company, Lantheus Holdings, Inc., GE HealthCare, North Star Radioisotopes, SOFIE, Fusion Pharmaceuticals, Actinium Pharmaceuticals, Inc., RadioMedix, and IBA Radiopharma Solutions are the key players operating in the U.S. radiopharmaceuticals industry. These key players adopt strategies such as collaboration, clinical trial, expansion, product approval, agreement and others to expand the portfolio. For instance, in February 2024, Lantheus Holdings, Inc. announced a collaboration agreement with a National Institute on Aging (NIA) -sponsored study called the Consortium for Clarity in ADRD Research Through Imaging (CLARiTI) . This agreement enables the consortium to use MK-6240, Lantheus’ clinical-stage F18-labeled Positron Emission Tomography (PET) imaging agent, in its investigation of Alzheimer’s disease and related dementia.