Ottawa, Sept. 12, 2024 (GLOBE NEWSWIRE) -- The global radiopharmaceuticals market size is predicted to increase from USD 5.97 billion in 2023 to approximately USD 13.67 billion by 2033, According to Precedence Research. The market is expected to expand at a solid CAGR of 8.2% between 2024 and 2033.
The market is driven by the rising advancements in medical imaging and cancer treatment techniques, the growing prevalence of cancer, and the increasing demand for personalized medicine.
Radiopharmaceuticals Market Overview:
The rising geriatric population across the globe is expected to contribute to the growth of the market. Chronic diseases, such as heart disease and cancer, are becoming more common among elderly people, which boost the need for early detection. However, radiopharmaceuticals are becoming popular in diagnostic imaging procedures, such as SPECT and PET scans, to detect and treat age-related diseases. These procedures enable accurate identification and characterization of various diseases.
The rising development of new oncology radiopharmaceuticals and partnerships between pharmaceutical companies and healthcare providers act as a major driver in the growth of the radiopharmaceutical market.
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Radiopharmaceuticals Market Revenue Analysis by Segments:
Global Radiopharmaceuticals Market Revenue (USD Million), By Radioisotopes, 2021 to 2023
| Radioisotope | 2021 | 2022 | 2023 |
| Iodine I | 325 | 353.9 | 405 |
| Gallium 68 | 763.7 | 838.3 | 967.1 |
| Technetium 99m | 1,993.7 | 2,179.5 | 2,503.8 |
| Fluorine 18 | 1,229.5 | 1,341.7 | 1,538.7 |
| Others | 448.1 | 486.6 | 555.4 |
Global Radiopharmaceuticals Market Revenue (USD Million), By Application, 2021 to 2023
| Application | 2021 | 2022 | 2023 |
| Cancer | 2,506.8 | 2,738.1 | 3,143.0 |
| Cardiology | 1,363.7 | 1,491.9 | 1,715.1 |
| Others | 889.5 | 970.1 | 1,111.8 |
Global Radiopharmaceuticals Market Revenue (USD Million), By Type, 2021 to 2023
| Type | 2021 | 2022 | 2023 |
| Diagnostic | 1,917.5 | 2,098.3 | 2,413.1 |
| Therapeutic | 2,842.5 | 3,101.7 | 3,556.9 |
Global Radiopharmaceuticals Market Revenue (USD Million), By End User, 2021 to 2023
| End User | 2021 | 2022 | 2023 |
| Hospitals and Clinics | 2,571.5 | 2,812.4 | 3,232.4 |
| Medical Imaging Centers | 1,243.5 | 1,357.4 | 1,557.1 |
| Others | 944.9 | 1,030.3 | 1,180.5 |
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Scope of Practice for Radiopharmaceuticals Among United States Radiation Oncologists (2021)
Radiopharmaceuticals Market Highlight:
- North America dominated the market with the largest market share of 43.96% in 2023.
- Asia-Pacific is expected to expand at a solid CAGR of 8.7% during the forecast period.
- By radioisotopes, the technetium-99m segment contributed more than 41.94% of the market share in 2023.
- By radioisotopes, the Gallium-68 segment is projected to expand at a CAGR of 8.7% during the forecast period.
- By application, the cancer segment generated the highest market share of 52.65% in 2023.
- By application, the pharmacies segment is estimated to grow rapidly in the market during the fastest period.
- By type, the therapeutics segment captured more than 59.58% of market share in 2023.
- By end user, the hospitals and clinics segment recorded the biggest market share of 54.14% in 2023.
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U.S. Radiopharmaceuticals Market Size and Forecast 2024 to 2033
The U.S. radiopharmaceuticals market size is worth around USD 2.43 billion in 2024 and is anticipated to reach around USD 4.86 billion by 2033, at a CAGR of 8% from 2024 to 2033.
Radiopharmaceuticals Market Regional Analysis:
North America dominated the radiopharmaceuticals market in 2023, owing to the growing incidence of chronic diseases. The well-established healthcare infrastructure in North America facilitates the development of radiopharmaceuticals, fueling the market. Government support and reimbursement policies encourage investments in the pharmaceutical industry. Moreover, the increasing availability of advanced healthcare and diagnostic solutions contributed to the regional market growth.
The market in Asia Pacific is expected to grow at a significant rate during the forecast period due to the increased healthcare expenditure by government entities, rising research & development activities, and growing incidence of chronic conditions.
The increasing prevalence of cardiovascular disease (CVD) due to lifestyle changes and modernization is further boosting the demand for imaging equipment like nuclear imaging. Ongoing research & developments to develop novel diagnostic solutions, including PET/SPECT systems, further propel the market.
Scope of Radiopharmaceuticals Market
| Report Attribute | Key Statistics |
| Market Size in 2024 | USD 6.74 Billion |
| Market Size by 2033 | USD 13.67 Billion |
| Growth Rate from 2024 to 2033 | CAGR of 8.2% |
| Largest Market | North America |
| Base Year | 2023 |
| Segments Covered | Radioisotope, Application, Type, End User, and Region |
| Radioisotope |
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| Application |
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| Type |
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| End User |
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| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Radiopharmaceuticals Market Segmentation Analysis:
Radioisotope Analysis:
The technetium-99m segment dominated the market in 2023.
Technetium-99m radiopharmaceuticals are the most common diagnostic tools in clinical nuclear medicine. They are very important in diagnosing neurological, cardiac, and cancer disorders. Generally, they are produced by Molybdenum-99/Technetium-99m generators derived from Mo-99 by fission processes of uranium. The development of innovative tracers using 99mTc radiopharmaceuticals has surged in recent years.
- In November 2023, a new domestic radiopharmaceutical, Sentiskan, 99mTc, based on technetium-99m labeled alumina developed by scientists of Tomsk Polytechnic University and Oncology Research Institute of Tomsk National Research Medical Center, was supplied to medical institutions in Russia.
The gallium-68 segment is anticipated to grow at a significant rate during the projected period.
68Ga play a key role in clinical research and routine positron emission tomography (PET). The 68Ga is mostly used in radiopharmaceuticals for the diagnostics of cancer. It is also used for imaging general biologic properties of various compounds.
- In April 2024, RLS Radiopharmacies entered into partnership with Eckert & Ziegler to expand its radiopharmaceutical CDMO capabilities.
Application Analysis:
The cancer segment led the radiopharmaceuticals market in 2023.
Radiopharmaceuticals are key elements in treating cancer that improve diagnosis, staging, and monitoring of treatments. They also play a vital role in radioimmunotherapy and targeted alpha-particle therapy. The increasing cases of cancer worldwide and technological innovations in radiopharmaceuticals contributed to the segmental growth. An emerging area of research focuses on radionuclide delivery carrier systems, with many studies being carried out, further boost the segment.
- In April 2024, FDA approved lutetium Lu 177 dotatate treatment for pediatric patients with somatostatin receptor-positive gastroenteropancreatic neuroendocrine tumors.
The cardiology segment is expected to expand at the fastest growth rate throughout the projection period due to the ability of radiopharmaceuticals to comprehend cardiovascular diseases, which are the main cause of death. Radiopharmaceuticals, especially SPECT and PET imaging, ensure accuracy in identifying cardiac motion, blood transportation, and tissue life, thus allowing for early-stage diagnosis and treatment monitoring. Consequently, there is an increased need for these diagnostic tools due to the rising incidences of cardiovascular diseases. Moreover, continued research and development and the increasing geriatric populations propel the segment.
Type Analysis:
The diagnostic segment dominated the market in 2023, as radiopharmaceuticals play an important role in detecting various diseases. Radiopharmaceuticals, including PET tracers and SPECT, are noninvasive imaging solutions that enable the identification of several medical conditions at the earliest stages. The growing burden of chronic diseases worldwide bolstered the demand for radiopharmaceuticals used in diagnostics, thereby fueling the segment.
The therapeutics segment is expected to grow at the fastest rate over the forecast period.
Radiopharmaceuticals are vital in treating various medical conditions, particularly those associated with cancer. Targeted radionuclide therapies avoid unintended damage to normal body tissues or organs. Given the rising number of cancer patients and people suffering from chronic diseases worldwide, this kind of treatment has become increasingly important. Moreover, the rising research and development efforts to develop effective therapeutics boost the segment.
- In May 2024, Intermountain Health and PharmaLogic Holdings Corp. partnered to develop novel radiopharmaceuticals for cancer diagnosis.
End User Analysis
The hospitals and clinics segment dominated the radiopharmaceuticals market in 2023, as they are central hubs for patient care. Hospitals and clinics heavily used radiopharmaceuticals for the early detection and treatment planning. Moreover, the rising patient pool in hospitals contributed to the segmental growth.
Browse More Insights:
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- Personalized Medicine Market: The global personalized medicine market was valued at USD 578.21 billion in 2023 and is expected to reach over USD 1,233.23 billion by 2033, poised to grow at a notable CAGR of 8.10% from 2024 to 2033.
- Oncology Molecular Diagnostic Market: The global oncology molecular diagnostic market size was USD 2.45 billion in 2023, calculated at USD 2.74 billion in 2024 and is expected to reach around USD 8.50 billion by 2034, expanding at a CAGR of 11% from 2024 to 2034.
- Medical Device Outsourcing Market: The global medical device outsourcing market size was valued at USD 142.19 billion in 2023 and is predicted to reach USD 430.55 billion by 2032, growing at a CAGR of around 13.10% during the forecast period.
- Cardiology Information System Market: The global cardiology information system market size was USD 1.24 billion in 2023, calculated at USD 1.35 billion in 2024 and is expected to reach around USD 3.26 billion by 2034, at a solid CAGR of 9.20% from 2024 to 2034.
Radiopharmaceuticals Market Dynamics:
Driver:
Increasing adoption of radiopharmaceuticals in medical practice
Radiopharmaceuticals are crucial in medical imaging. They are applied to oncology, cardiology, and theranostics. They aid in identifying certain tumor markers, facilitating customized therapy, and improving treatment monitoring effectiveness.
In cardiology, they assess myocardial function to detect coronary artery disease at an early stage, improving treatment outcomes. Combining radiopharmaceutical techniques with other diagnostic modalities enhances the accuracy of diagnosis in neurology disorders.
- In May 2024, FogPharma and Artbio collaborated to develop a new radiopharmaceutical drug for cancer by leveraging their respective technologies.
Restraint:
Lengthy product approval process
Lengthy product approval procedures make it difficult for companies to market new radiopharmaceuticals. Approval from a recognized authority, such as FDA and EMA, is required to ensure that the product is safe for use. Moreover, stringent regulations for the development of radiopharmaceuticals hamper the market.
Opportunity:
Evolving technologies
Advancements in radiopharmaceuticals are revolutionizing medical practices. Collaboration between radiopharmacologists, nuclear medical practitioners, chemists, and bioengineers is paving the way for precision diagnostics. Moreover, artificial intelligence and machine learning offer predictive modeling, image analysis, and treatment optimization services, enhancing the capability of radiopharmaceuticals.
- In June 2024, the University of Toronto and Centre for Addiction and Mental Health (CMH) received US$3 million to advance radiopharmaceutical technologies in healthcare.
Radiopharmaceuticals Market Key Companies
- Bayer AG
- Lantheus Holdings, Inc.
- Iso-Tex Diagnostics, Inc
- Eli Lilly and Company
- Jubilant Pharmova Limited
- Curium Pharma
- Novartis AG
- General Electric Company
- Siemens AG
- Cardinal Health Inc.
Recent News of Radiopharmaceuticals Market:
- In August 2024, Siemens Healthineers agreed to acquire the radiopharmaceutical business of Novartis for €200 million.
- In June 2024, AstraZeneca announced the completion of the acquisition of Fusion Pharmaceuticals Inc., marking major steps forward in investing in radiopharmaceutical drugs for cancer.
- In May 2024, Novartis agreed to acquire biotechnology company Mariana Oncology to expand its pipeline of radiopharmaceutical drugs.
- In April 2024, RLS Radiopharmacies, a US radio pharmacy network, partnered with Eckert & Ziegler to start the production of radiopharmaceuticals containing Gallium-68.
The research report categorizes the radiopharmaceuticals market into the following segments and subsegments:
By Radioisotope
- Iodine I
- Gallium 68
- Technetium 99m
- Fluorine 18
- Others
By Application
- Cancer
- Cardiology
- Others
By Type
- Diagnostic
- Therapeutic
By End User
- Hospitals and clinics
- Medical Imaging centers
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Sweden
- Denmark
- Norway
- Asia Pacific
- China
- Japan
- India
- South Korea
- Thailand
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East and Africa (MEA)
- South Africa
- UAE
- Saudi Arabia
- Kuwait
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or Asia Pacific.
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