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2023

Radiopharmaceuticals Market

Radiopharmaceuticals Market Size, Share, Competitive Landscape and Trend Analysis Report by Radioisotope (Technetium 99m, Fluorine 18, Iodine I, Gallium 68, Others), by Application (Cancer, Cardiology, Others), by Type (Diagnostic, Therapeutic), by End User (Hospitals and clinics, Medical Imaging centers, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032

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Author's: Linu Dash | Roshan Deshmukh
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Radiopharmaceuticals Market Research, 2032

The global radiopharmaceuticals market size was valued at $5.2 billion in 2022, and is projected to reach $13.7 billion by 2032, growing at a CAGR of 10.2% from 2023 to 2032. Radiopharmaceuticals are substances that contain radioactive isotopes and are used in medical imaging and treatments. They are injected into the body and used to create images of various organs and tissues, or to treat diseases such as cancer, and cardiovascular disease. Technetium-99m (Tc-99m) is a radioactive isotope of technetium which is commonly used in medical imaging procedure. Fluorine-18 is most widely used radioisotope in positron emission tomography (PET) imaging, for both preclinical and clinical research. It is commonly produced by proton bombardment of 18O-enriched water in a cyclotron. Iodine is used as a diagnostic imaging agent in nuclear medicine, particularly in thyroid imaging.

Radiopharmaceuticals Market

Market Dynamics

Growth of the global radiopharmaceuticals market share is majorly driven by rise in prevalence of cancer, cardiovascular and neurological disease, increase in demand for medical imaging, and rise in product approval for radiopharmaceuticals. For instance, in March 2022, U.S Food and Drug Administration (FDA), announced the approval of Locametz (active ingredient gallium Ga 68 gozetotide). It is a radioactive diagnostic agent for positron emission tomography of prostate-specific membrane antigen-positive lesions. Moreover, in March 2022, Novartis, a pharmaceutical company, announced the U.S. Food and Drug Administration (FDA) approval of Pluvicto, for the treatment of adults with advanced cancer known as prostate-specific membrane antigen–positive metastatic castration-resistant prostate cancer (PSMA-positive mCRPC). The market is expanding owing to rise in R&D activities on radiopharmaceutical.

A significant factor driving the market for radiopharmaceuticals is the alarming rise in the prevalence of chronic diseases such as cancer, cardiovascular disease, and neurology. The increase in prevalence of target disease and surge in the need for diagnosis and treatment boosts the demand for radiopharmaceuticals. Radiopharmaceuticals are radioactive drugs that are used to detect and treat cancer cells. They are administered into the body and accumulate in cancerous tissues, allowing for the diagnosis and treatment of the disease. The oncologist, also develops interest in radiopharmaceuticals, which contain radioactive particles attached to drugs and aims to target and kill the cancer cells. According to American Cancer Society, in 2022, around 1.9 million new cancer cases were reported to have been diagnosed in the U.S. In addition, the National Cancer Institute, reported that around 50% of all cancer patients are prescribed with radiation therapy at some point during their treatment.

In addition, rise in number of PET imaging and increase in demand for precision diagnostic drive the radiopharmaceuticals market growth. Furthermore, increased awareness of nuclear medicine among physician is expected to drive the growth of the radiopharmaceuticals market forecast period. According to the International Atomic Energy Agency, in 2020, around 80% of medical imaging were reported to have been used each year, to diagnose disease such as cancer.

Moreover, in March 2023, AtomVie Global Radiopharma Inc., a radiopharmaceutical industry, built an industry leading radiopharmaceuticals Contract Development and Manufacturing Organization (CDMO) facility, in Ontario, Canada. The new facility will be dedicated for worldwide distribution of radiopharmaceuticals drugs. Furthermore, in March 2022, Bracco Imaging, announced the launch of a new subsidiary Blue Earth Therapeutics, for the development of next generation therapeutic radiopharmaceutical technology. The presence of radiopharmaceuticals industry provides an opportunity for the growth of the radiopharmaceutical market.

On the other hand, side effects such as drowsiness, fainting, fever, flushing, headache, nausea, vomiting, stomach pain, skin rashes, and difficulty in breathing associated with radiopharmaceuticals are anticipated to limit growth of the market during the forecast period.

The COVID-19 pandemic has had a significant impact on radiopharmaceuticals. The pandemic has caused major disruptions to the production and supply of radiopharmaceuticals to nuclear medicine department, resulting in shortages of radiopharmaceuticals. According to the European Journal of Nuclear Medicine and Molecular Imaging, in July 2021, around 81% of the countries reported decrease in diagnostic scintigraphy procedures, during COVID-19 pandemic. Thus, the COVID-19 outbreak is anticipated to have a positive impact on the growth of the global radiopharmaceuticals market.

Segmental Overview

The radiopharmaceuticals market share is segmented into Radioisotope, Application, Type, End User, and region. On the basis of radioisotopes, the market is classified into Technetium-99m, Fluorine-18, Iodine I, Gallium-68, and others. On the basis of application, the market is divided into cancer, cardiology, and others. On the basis of type, the market is bifurcated into diagnostic, and therapeutic. On the basis of end user, the market is fragmented into hospitals and clinics, medical imaging centers, and others. The others segment includes diagnostic centers, and research institute. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

By Radioisotopes

On the basis of radioisotopes, the market is classified into Technetium-99m, Fluorine-18, Iodine I, Gallium-68, and others. The others segment includes Indium-111, Lutetium Lu-177 Yttrium-90, Copper-64, Carbon-14, Carbon-11, Strontium-89, Rubidium-82, Radium-223, Nitrogen-13, Molybdenum, Gallium-67, Thallium-201, and Xenon-133. The Technetium-99m segment was the largest revenue contributor to the market in 2022, due to rise in use of technetium-99m for manufacturing of radiopharmaceuticals.

Radiopharmaceuticals Market by Radioisotope

By Application

On the basis of application, the market is classified into cancer, cardiology, and others. The cancer segment was the highest revenue contributor to the market in 2022, due to increase in prevalence of cancer, surge in demand for precision diagnosis and rise in number of medical imaging.

Radiopharmaceuticals Market by Application

By Type

On the basis of type, the market is classified into diagnostic, and therapeutics. The diagnostic segment was the highest revenue contributor to the market in 2022, due to increase in demand for precision diagnosis and rise in number of PET imaging. The therapeutic segment is expected to exhibit fastest growth during the forecast period, owing to increase in R&D activities for therapeutic radiopharmaceuticals, and increase in incidence of cancers.

Radiopharmaceuticals Market by Type

By End User

On the basis of end user, the market is classified into hospitals and clinics, medical imaging centers, and others. The hospitals and clinics segment dominated the market in 2022 and is expected to remain dominant throughout the forecast period, owing to increase in adoption of diagnostic procedures in hospitals.

Radiopharmaceuticals Market by End User

By Region

The North America radiopharmaceuticals market size is expected to grow during the forecast period owing to presence of various radiopharmaceuticals industry, rise in R&D activities for radiopharmaceuticals, and increase in number of product approvals in the region. For instance, in January 2023, NorthStar Medical Radioisotopes, LLC, a pharmaceutical company headquartered in the U.S, announced the collaboration with Inhibrx, Inc. to develop and manufacture new radiopharmaceuticals for the treatment of cancer. Radiopharmaceuticals are used in medical imaging to diagnose and treat cancer. This surges the demand for radiopharmaceuticals and drives the  growth of the market.

The Asia-Pacific radiopharmaceuticals market is expected to witness growth during the forecast period owing to rise in demand for nuclear medicine, increase in product launches, advancements in technology in medical sector, rise in R&D activities for manufacturing of radiopharmaceuticals, and increase in funding for R&D activities. For instance, in September 2021, FUJIFILM Toyama Chemical Co., Ltd, a pharmaceutical company, announced the launch of Lutatera injection, in Japan, which is a therapeutic radiopharmaceuticals. It is the first approved peptide receptor radionuclide therapy used for the treatment of somastostatin receptor positive neuroendocrine tumors. Thus, the increase in number of product launches surges the need for radiopharmaceuticals and drives the growth of the market.    

Radiopharmaceuticals Market by Region

Competition Analysis

Some of the major companies that operate in the radiopharmaceuticals market include Cardinal Health Inc., Curium Pharma, Eli Lilly and Company, General Electric Company, Iso-Tex Diagnostics, Inc., Jubilant Pharmova Limited, Lantheus Holdings, Inc., Novartis AG, Siemens AG, and Bayer.  

Recent Agreement in the Radiopharmaceuticals Market

  • In March 2023, the International Atomic Energy Agency (IAEA), signed an agreement with an 11-member consortium of universities and scientific institutions in Japan, under the Rays of Hope initiative, to strengthen the nuclear medicine workforce in Asia and the Pacific.

Recent Collaboration in the Radiopharmaceuticals Market

  • In January 2023, NorthStar Medical Radioisotopes, LLC, a pharmaceutical company headquartered in the U.S, announced the collaboration with Inhibrx, Inc. to develop and manufacture new radiopharmaceuticals for the treatment of cancer. Radiopharmaceuticals are used in medical imaging to diagnose and treat cancer.

Recent product approvals in the Radiopharmaceuticals Market

  • In December 2022, Polarean Imaging Plc, a medical imaging technology company, announced the U.S Food and Drug Administration (FDA) approval of Xenoview. Xenoview is a diagnostic radiopharmaceutical, which is used along with magnetic resonance imaging, for evaluation of lung ventilation in pediatric patient and adult.
  • In March 2022, Novartis, a pharmaceutical company, announced the U.S Food and Drug Administration (FDA) approval of Pluvicto, for the treatment of adult with advanced cancer known as prostate-specific membrane antigen–positive metastatic castration-resistant prostate cancer (PSMA-positive mCRPC).

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the radiopharmaceuticals market analysis from 2022 to 2032 to identify the prevailing radiopharmaceuticals market opportunity.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the radiopharmaceuticals market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global radiopharmaceuticals market trends, key players, market segments, application areas, and market growth strategies.

Radiopharmaceuticals Market Report Highlights

Aspects Details
Market Size By 2032
Market Size By 2032

USD 13.7 billion

Growth Rate
Growth Rate

CAGR of 10.2%

Forecast period
Forecast period

2022 - 2032

Report Pages
Report Pages

300

Radiopharmaceuticals Market By End User
By End User
  • Hospitals and clinics
  • Medical Imaging centers
  • Others
Radiopharmaceuticals Market By Radioisotope
By Radioisotope
  • Iodine I
  • Gallium 68
  • Others
  • Technetium 99m
  • Fluorine 18
Radiopharmaceuticals Market By Application
By Application
  • Cancer
  • Cardiology
  • Others
Radiopharmaceuticals Market By Type
By Type
  • Diagnostic
  • Therapeutic
Radiopharmaceuticals Market By Region
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, UK, Italy, Spain, Rest of Europe)
  • Asia-Pacific  (Japan, China, Australia, India, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
Key Market Players
Key Market Players

Novartis AG, Cardinal Health Inc., Siemens AG, Curium Pharma, Jubilant Pharmova Limited, Bayer AG, Iso-Tex Diagnostics, Inc, Lantheus Holdings, Inc., General Electric Company, Eli Lilly and Company

Analyst Review

Radiopharmaceutical, is defined as a radioactive compound, which is used for the diagnosis and treatment of disease. Increase in the clinical use of radiopharmaceuticals, and a rise in manufacturing of radiopharmaceuticals surge in the market growth.

For instance, in March 2023, Radiopharm Theranostics, a radiotherapeutics company, announced a two year strategic research collaboration with GenesisCare, a leading global provider of integrated cancer care and theragnostic research, for the development of novel radiopharmaceuticals for the treatment of cancer. Moreover, in February 2023, the researchers of the University of Kentucky Markey Cancer Center, in the U.S., developed a novel radiopharmaceutical agent , named 212Pb-DOTAM-GRPR1. This agent may be useful for the treatment of cervical cancer.

Author Name(s) : Linu Dash | Roshan Deshmukh
Frequently Asked Questions?

The top companies that hold the market share in radiopharmaceuticals market are Cardinal Health Inc., Curium Pharma, Eli Lilly and Company, General Electric Company, Iso-Tex Diagnostics, Inc., Jubilant Pharmova Limited, Lantheus Holdings, Inc., Novartis AG, Siemens AG, and Bayer

Asia-Pacific is anticipated to witness lucrative growth during the forecast period, owing to rise in demand for nuclear medicine, increase in product launches, advancements in technology in medical sector, rise in R&D activities for manufacturing of radiopharmaceuticals, and increase in funding for R&D activities

The key trends in the radiopharmaceuticals Market are due to rise in prevalence of cancer, cardiovascular and neurological disease, and increase in demand for medical imaging

The base year for the report is 2022.

North America is the largest regional market for radiopharmaceuticals Market

The total market value of radiopharmaceuticals Market market is $5,176.0 million in 2022 .

The forecast period in the report is from 2023 to 2032

Major restraints in the radiopharmaceuticals Market are side effect associated with radiopharmaceuticals

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Radiopharmaceuticals Market

Global Opportunity Analysis and Industry Forecast, 2023-2032