Radiopharmaceuticals Market

Radiopharmaceuticals Market Size, Share, Trends, Growth, and Industry Analysis, By Type (Diagnostic and Therapeutic), Radioisotope (Iodine I, Gallium 68, Technetium 99m, Fluorine 18 and Others), Application (Cancer, Cardiology and Others), End-User (Hospitals and clinics, Medical Imaging centers and Others), Regional Analysis and Forecast 2032.

Pharma & Healthcare | May 2024 | Report ID: EMR00863 | Pages: 255

Global Radiopharmaceuticals market size was USD 6.04 billion in 2023 and the market is projected to touch USD 15.03 billion by 2032, at a CAGR of 10.66% during the forecast period.

 

Radiopharmaceuticals contain radioactive isotopes and are administered to patients for diagnostic or therapeutic purposes. Diagnostic radiopharmaceuticals are primarily used to visualize organs and tissues inside the body, aiding in the detection of diseases such as cancer and heart conditions. Therapeutic radiopharmaceuticals, on the other hand, are used to treat various cancers and other medical conditions by delivering targeted radiation therapy.

The radiopharmaceutical market is expanding rapidly as the global frequency of cancer and cardiovascular disorders rises, creating a higher need for reliable diagnostic tools and better treatment choices. Furthermore, advances in imaging technology and the development of innovative radiopharmaceuticals with higher efficacy and safety profiles are propelling the industry forward.

However, regulatory barriers, high manufacturing costs, and limited access to specialized infrastructure for radiopharmaceutical manufacture and distribution in certain countries all impede market expansion. Despite these challenges, the global radiopharmaceuticals market is expected to continue its upward trajectory, fueled by ongoing research and development efforts aimed at meeting unmet medical needs and expanding the application of radiopharmaceuticals in emerging fields such as neurology and theranostics.

 

Global Radiopharmaceuticals report scope and segmentation.

Report Attribute

Details

Estimated Market Value (2023)

USD 6.04 billion

Projected Market Value (2032)

USD 15.03 billion

Base Year

2023

Forecast Years

2024 – 2032

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Based on By Type, By Radioisotope, By Application, By End-Users, & Region.

Segments Covered

By Type, By Radioisotope, By Application, By End-Users, & By Region.

Forecast Units

Value (USD Million or Billion), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2024 to 2032.

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others.

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.

 

Global Radiopharmaceuticals dynamics

One significant driver is the rising global incidence of cancer and cardiovascular illnesses, which is driving up demand for diagnostic and therapeutic radiopharmaceuticals. This need is pushed further by aging populations, lifestyle changes, and increased access to healthcare services, particularly in emerging economies. Furthermore, technical improvements in imaging modalities, such as PET and SPECT, are boosting market expansion by improving the accuracy and efficiency of illness identification and surveillance.

Furthermore, ongoing research and development initiatives focused on the discovery of novel radiopharmaceuticals with improved efficacy, safety, and targeting capabilities are expanding the market's product portfolio and addressing unmet medical needs. However, the market is not without challenges, including stringent regulatory requirements, high production costs, and limited infrastructure for radiopharmaceutical manufacturing and distribution in certain regions. Moreover, concerns regarding radiation safety, waste management, and reimbursement policies pose additional hurdles to market expansion.

 

Global Radiopharmaceuticals drivers

  • Increasing Incidence of Cancer and Cardiovascular Diseases

The rising global prevalence of cancer and cardiovascular illnesses is a major driver of the radiopharmaceuticals market's growth. As chronic diseases continue to burden global healthcare systems, there is an increasing demand for precise diagnosis technologies and effective treatment choices. Radiopharmaceuticals are essential for the diagnosis and treatment of cancer and cardiac diseases, allowing healthcare providers to correctly view and monitor disease progression. Furthermore, the aging population, combined with lifestyle factors such as smoking and poor eating habits, contributes to the increased prevalence of these diseases, increasing demand for radiopharmaceuticals. With developments in imaging technology and the development of tailored medicines, the market is positioned to rise significantly in the coming years.

  • Technological Advancements in Imaging Modalities

The continuous evolution of imaging modalities, particularly positron emission tomography (PET) and single-photon emission computed tomography (SPECT), serves as another key driver for the radiopharmaceuticals market. These technologies enable healthcare providers to obtain detailed images of organs and tissues with high sensitivity and specificity, facilitating early disease detection and accurate diagnosis. Furthermore, advancements such as hybrid imaging systems combining PET with computed tomography (CT) or magnetic resonance imaging (MRI) offer enhanced diagnostic capabilities, improving patient outcomes and treatment planning.

As healthcare providers increasingly adopt these advanced imaging techniques, the demand for radiopharmaceuticals is expected to surge, driving market growth. Additionally, ongoing research and development efforts focused on improving imaging contrast, resolution, and quantification techniques are likely to further fuel market expansion, opening new avenues for innovation and product development in the field of nuclear medicine.

 

Restraints:

  • Stringent Regulatory Requirements

Government organizations such as the United States Food and Drug Administration (FDA) and the European Medicines Agency (EMA) enforce stringent regulatory restrictions that significantly limit the radiopharmaceuticals industry. Complying with regulatory standards and securing permits for new radiopharmaceutical devices can be time-consuming and expensive, delaying market launch and limiting innovation. Furthermore, differences in regulatory frameworks across regions complicate the market environment, forcing producers to negotiate multiple approval processes and maintain compliance with various regulatory standards. As a result, regulatory constraints can hamper market growth and limit the introduction of novel radiopharmaceuticals, limiting the market's capacity for innovation and expansion.

 

High Production Costs

High production costs associated with the manufacturing of radiopharmaceuticals represent another significant restraint for market growth. The production of radiopharmaceuticals involves complex processes requiring specialized facilities, equipment, and expertise, leading to substantial capital investments and operating expenses. Additionally, stringent quality control measures and compliance with Good Manufacturing Practices (GMP) further contribute to production costs, particularly for radiopharmaceuticals used in therapeutic applications. Furthermore, the short half-life of many radioactive isotopes necessitates efficient production and distribution logistics to minimize waste and ensure product availability, adding to production expenses. As a result, the high cost of production poses challenges for market players, limiting their ability to scale up manufacturing capacity and expand market reach. Moreover, pricing pressures and reimbursement constraints in healthcare systems can further exacerbate the financial challenges associated with radiopharmaceutical production, impacting market growth and profitability.

 

Opportunities:

  • Emerging Applications in Neurology

The expanding applications of radiopharmaceuticals in neurology present significant opportunities for market growth. With the growing prevalence of neurological disorders such as Alzheimer's disease, Parkinson's disease, and epilepsy, there is a rising demand for advanced diagnostic tools and therapeutic interventions. Radiopharmaceutical imaging techniques, such as PET scans using radiotracers targeting specific neuroreceptors or pathological markers, offer valuable insights into brain function and pathology, aiding in the early diagnosis and monitoring of neurological conditions.

Additionally, research into novel radiopharmaceuticals for targeted drug delivery and neuroimaging holds promise for the development of personalized treatment strategies and disease-modifying therapies. By capitalizing on these emerging opportunities in neurology, market players can diversify their product portfolios and address unmet medical needs, driving market expansion and innovation in the field of nuclear medicine.

 

Segment Overview

  • By Type

By type, diagnostic radiopharmaceuticals are used primarily for imaging purposes, aiding in the visualization and diagnosis of various medical conditions such as cancer and heart disease. Therapeutic radiopharmaceuticals, on the other hand, involve the administration of radioactive substances for targeted therapy, aiming to treat specific diseases or conditions, particularly cancer. The choice of radioisotope plays a crucial role in determining the properties and applications of radiopharmaceuticals. Commonly used radioisotopes include iodine I, gallium 68, technetium 99m, and fluorine 18, each offering distinct characteristics suitable for different imaging or therapeutic purposes.

  • By Application

In terms of application, cancer remains a predominant area of focus for radiopharmaceutical utilization, with both diagnostic and therapeutic applications aimed at detecting, staging, and treating various types of cancer. Additionally, radiopharmaceuticals find applications in cardiology, particularly in diagnosing and assessing cardiovascular conditions such as myocardial perfusion imaging.

  • By End-users

End-users of radiopharmaceuticals include hospitals and clinics, where these substances are commonly used for diagnostic imaging and therapeutic interventions. Medical imaging centers also play a significant role in the administration of radiopharmaceuticals, offering specialized imaging services to patients. Other end-users may include research institutions or nuclear medicine departments within healthcare facilities, contributing to the broader utilization of radiopharmaceuticals in medical practice.

 

Global Radiopharmaceuticals Overview by Region

North America dominates the market, owing to advanced healthcare systems, substantial R&D activity, and high adoption rates of novel medical technology. The presence of important market competitors, as well as advantageous reimbursement policies, help to drive market expansion in this region. Europe also has a sizable market share, thanks to well-established healthcare infrastructure, government initiatives encouraging nuclear therapy, and the rising prevalence of chronic disorders, which drive demand for radiopharmaceuticals.

Meanwhile, the Asia-Pacific region is experiencing strong market expansion, backed by rising healthcare spending, expanding awareness of nuclear medicine applications, and increased investments in healthcare infrastructure. Emerging economies such as China and India are experiencing particularly strong growth, driven by large patient populations, expanding access to healthcare services, and efforts to modernize healthcare systems.

Latin America and the Middle East & Africa regions present untapped market potential, with increasing focus on improving healthcare infrastructure, rising prevalence of cancer and cardiovascular diseases, and growing investments in nuclear medicine technologies. However, challenges such as limited access to specialized healthcare facilities, regulatory hurdles, and economic constraints may impede market growth in these regions.

 

 

Global Radiopharmaceuticals market competitive landscape

Key players such as GE Healthcare, Siemens Healthineers, Cardinal Health, and Curium dominate the market with extensive product portfolios, global distribution networks, and strong research and development capabilities. These companies focus on strategic initiatives such as mergers and acquisitions, collaborations, and product innovations to strengthen their market position and expand their geographic reach. Moreover, partnerships with healthcare providers, regulatory agencies, and academic institutions play a crucial role in driving product development, ensuring regulatory compliance, and enhancing market access.

Additionally, emerging players and start-ups are increasingly entering the market, leveraging advancements in technology and novel approaches to radiopharmaceutical development. These players often focus on niche markets or specialized applications, offering innovative solutions tailored to specific medical needs. As competition intensifies, companies are also exploring opportunities in adjacent markets such as theranostics, personalized medicine, and molecular imaging, seeking to diversify their revenue streams and capture new growth opportunities.

Key Players:

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

 

Global Radiopharmaceuticals Recent Developments

  • April 2024, Evergreen Theragnostics, Inc., a clinical-stage radiopharmaceutical firm, has announced the completion of a $26M capital raise, backed by both existing shareholders and new institutional investors, Petrichor and LIFTT. This funding marks a significant milestone, propelling Evergreen's pioneering discovery pipeline into clinical trials, bolstering the commercialization of its diagnostic agent, and enhancing its Contract Development and Manufacturing Organization (CDMO) capabilities to address increasing client needs.
  • March 2024, AstraZeneca has finalized a deal to purchase Fusion Pharmaceuticals Inc., a clinical-stage biopharmaceutical firm focused on developing advanced radioconjugates (RCs). This acquisition signifies a significant stride for AstraZeneca in its commitment to revolutionize cancer treatment, aiming to enhance outcomes for patients by replacing conventional therapies such as chemotherapy and radiotherapy with more precise treatments.
  • Dec 2023, Bristol Myers Squibb and RayzeBio, Inc. have entered into a definitive merger agreement, with Bristol Myers Squibb acquiring RayzeBio for $62.50 per share in cash. This amounts to a total equity value of approximately $4.1 billion, or $3.6 billion net of estimated cash acquired. The merger has received unanimous approval from both companies' Boards of Directors. RayzeBio is a clinical-stage company specializing in radiopharmaceutical therapeutics ("RPT"), particularly known for its pioneering work in actinium-based RPTs. The company boasts a robust pipeline of drug development programs, potentially introducing first-in-class and best-in-class treatments to the market.

 

Scope of global Radiopharmaceuticals report

Global Radiopharmaceuticals report segmentation

ATTRIBUTE

DETAILS

By Type

  • Diagnostic
  • Therapeutic

By Radioisotope

  • Iodine I
  • Gallium 68
  • Technetium 99m
  • Fluorine 18
  • Others

By Application

  • Cancer
  • Cardiology
  • Others

By End-User

  • Hospitals and clinics
  • Medical Imaging centers
  • Others

By Geography

  • North America (USA, and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request

Pricing

  • Available upon request

 

Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:

  • Global Radiopharmaceuticals size and forecast: To identify and estimate the market size for global Radiopharmaceuticals market segmented By Type, By Radioisotope, By Application, By End-Users, and by region. Also, to understand the consumption/ demand created by consumers between 2024 and 2032.
  • Market Landscape and Trends: To identify and infer the drivers, restraints, opportunities, and challenges for global Radiopharmaceuticals
  • Market Influencing Factors: To find out the factors which are affecting the market of global Radiopharmaceuticals among consumers.
  • Company Profiling:  To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

Global Radiopharmaceuticals forecast period is 2024 - 2032.
According to global Radiopharmaceuticals research, the market is expected to grow at a CAGR of ~ 10.66% over the next eight years.
The possible segments in global Radiopharmaceuticals are based on By Type, By Radioisotope, By Application, By End-Users, & by region.
The expected market size for Global Radiopharmaceuticals is USD 15.03 billion in 2032.
The major players in the market are General Electric Company, Siemens AG, Bayer AG, Novartis AG, Eli Lilly and Company, Cardinal Health Inc., Curium Pharma, Jubilant Pharmova Limited, Lantheus Holdings, Inc., and Iso-Tex Diagnostics, Inc.
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