New York, Jan. 20, 2025 (GLOBE NEWSWIRE) -- Overview
The Global Radiopharmaceuticals Market is expected to reach USD 7,225.6 Million by 2024 with further increases expected up until 2033, at an anticipated compound annual growth rate of 3.5%.
Radiopharmaceuticals market growth worldwide can be explained by increasing interest in using nuclear medicine for cancer diagnostics and therapy purposes as well as cardiovascular conditions. Technetium-99m and Fluorine-18 are key radioisotopes used for PET/SPECT imaging; another radioisotope directly targets tumors is Lutetium-177.
Progress in technologies pertaining to radiopharmaceuticals, rising incidence rates for chronic conditions, and the expansion of personalized medicine markets (which offer individualized treatments) all bode well for further growth in this sector.
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The US Radiopharmaceuticals Market
The US Radiopharmaceuticals Market with an estimated value of USD 2,278.8 million in 2024 is projected to increase at a CAGR of 3.3% until reaching USD 3,049.4 million by 2033.
Radiopharmaceuticals market growth in the US remains consistent due to increased usage of SPECT and PET imaging for diseases like cancer and cardiovascular diseases, well-established infrastructure across the healthcare sector in respective regions, key market players' existence as well as investment into research & development that aids new radiopharmaceuticals development allowing fast & efficient development cycles thus encouraging companies to enter this lucrative field of treatment.
Important Insights
- Global Market Value: The global radiopharmaceuticals market is projected to grow from USD 7,225.6 million in 2024 to USD 9,876.2 million by 2033.
- US Market Value: The US radiopharmaceuticals market will increase from USD 2,278.8 million in 2024 to USD 3,049.4 million by 2033 at a CAGR of 3.3%.
- By Type Segment Analysis: Diagnostic radiopharmaceuticals are expected to dominate, holding 63.1% of the market share in 2024.
- By Application Segment Analysis: Oncology is forecasted to dominate the application segment, capturing 31.5% of the market share by 2024.
- Regional Analysis: North America is set to dominate the global radiopharmaceuticals market, with a projected 37.5% market share in 2024.
- Key Players: Major key players include Bayer AG, Bracco Imaging, Cardinal Health, Eli Lilly, Curium Pharma, Lantheus, and Novartis.
- Global Growth Rate: The global radiopharmaceuticals market is expected to grow at a CAGR of 3.5% over the forecast period.
Latest Trends
- The increase in prevalence and incidence of chronic diseases such as cancerous, cardiovascular, and neurological illnesses has resulted in an increasing demand for nuclear medicine solutions to diagnose and treat such ailments.
- Longer life expectancies expose more individuals to chronic health conditions requiring nuclear medicine interventions; as a result, more nuclear medicine patients require intervention than ever.
Radiopharmaceuticals Market: Competitive Landscape
The radiopharmaceutical market is fiercely competitive, with continuous innovation. The leading companies include Bayer AG, Bracco Imaging, Cardinal Health, and Novartis AG, which drive industry growth. All these key players are giving considerable importance to R&D, strategic partnerships, and expansion of product portfolios to maintain their competitive edge. Besides, several approved launches of novel radiopharmaceuticals for diagnostic or therapeutic purposes also create fast-changing market dynamics.
Some of the prominent market players:
- Bayer AG
- Bracco Imaging S.p.A.
- Cardinal Health, Inc.
- Eli Lilly and Company (Eli Lilly)
- Curium Pharma
- Lantheus Holdings, Inc.
- Novartis AG
- Nordion (Canada) Inc.
- Jubilant Radiopharma
- Other Key Players
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Radiopharmaceuticals Market Scope
| Report Highlights | Details |
| Market Size (2024) | USD 7,225.6 Mn |
| Forecast Value (2033) | USD 9,876.2 Mn |
| CAGR (2024-2033) | 3.5% |
| The US Market Size (2024) | USD 2,278.8 Mn |
| North America Revenue Share (2024) | 37.5% |
| Historical Data | 2018 - 2023 |
| Forecast Data | 2024 - 2033 |
| Base Year | 2023 |
| Estimate Year | 2024 |
| Segments Covered | By Radioisotope, By Type, By Source, By Application, and By End User |
| Regional Coverage | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
Market Analysis
Diagnostic radiopharmaceuticals dominate this segment, considering their wide usage in the detection and monitoring of cancer, cardiovascular diseases, and neurological disorders by means of PET and SPECT imaging. Technetium-99m and Fluorine-18 remain some of the most frequently used isotopes that allow the early detection and more precise diagnosis of a disorder. Due to the increase in chronic conditions across the world and improvements within non-invasive diagnostic imaging, this trend will continue to be in favor of diagnostic radiopharmaceuticals probably shortly.
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Radiopharmaceuticals Market Segmentation
By Radioisotope
- Fluorine-18 Derivatives
- Fluorine-18 Fludeoxyglucose (FDG)
- Fluorine-18 Sodium Fluoride
- Fluorine-18 Sodium Flucicovine
- Fluorine-18 Sodium Florbetapir
- Fluorine-18 Sodium Flurbetaben
- Others
- Technetium-99
- Lutetium (Lu) 177
- Gallium-68
- Dotatate
- Dotatoc
- Zirconium 89
- 11C-choline
- 14C-urea
- Other Radioisotope
By Type
- Diagnostic Radiopharmaceuticals
- SPECT Radiopharmaceuticals
- PET Radiopharmaceuticals
- Standalone PET Systems
- Hybrid PET/CT
- Hybrid PET/MRI
- Therapeutic Radiopharmaceuticals
- Alpha Emitters
- Beta Emitters
- Others
By Source
- Cyclotrons
- Nuclear Reactors
- Generators
By Application
- Oncology
- Cardiology
- Neurology
- Endocrinology
- Other Application
By End User
- Hospitals
- Medical Imaging centers
- Cancer Research Institute
- Other End User
Growth Drivers
- The market is being driven by the advancement of new radiopharmaceuticals and targeted therapies for cancer therapy, specifically prostate cancer. Lutetium-177 shows great promise as an effective tool in selective destruction of tumors in prostate cancer treatment; and has increasingly found applications.
- As imaging systems such as PET and SPECT continue to advance technologically, their diagnostic accuracy and image resolution continue to advance as well. As nuclear medicine becomes more reliable and accessible; health professionals are encouraged to utilize radiopharmaceuticals for early and accurate diagnosis.
Restraints
- Limitations Due to short half-lives of radioisotopes, production, transport, and storage become logistical challenges that limit applications in some communities far removed from centers of nuclear medicine production.
- High expectations regarding regulatory affairs and lengthy approval processes present a considerable barrier to market entry for new radiopharmaceutical products. Accomplishing standards related to product safety and efficacy often creates hurdles during product development processes that limit entry.
Growth Opportunities
- Emerging markets with expanding healthcare infrastructure present significant growth opportunities for radiopharmaceuticals. Radiopharmaceuticals have therefore seen increased use with the advancement of healthcare infrastructure and facilities throughout Asia-Pacific and Latin American regions.
- Increased research and development investments by both public and private entities for next-generation radiopharmaceuticals have opened up numerous treatment possibilities. With their longer half-lives and superior targeting capabilities, new radioisotopes may soon shape the future of this industry.
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Regional Analysis
North America is projected to dominate the global radiopharmaceuticals market with 37.5% market share in 2024. Due to the developed healthcare infrastructure, high adoption of nuclear medicine, key players like Cardinal Health and Novartis operating here, and favorable regulatory frameworks.
North America should remain unrivaled when it comes to using radiopharmaceuticals both diagnostically and therapeutically in future applications of radiopharmaceuticals. Facilities for strong R&D investments, along with the rising prevalence of diseases such as cancer and favorable regulatory frameworks, make North America unbeatable in both diagnostic and therapeutic areas, going forward, in the application of radiopharmaceuticals.
By Region
North America
- The U.S.
- Canada
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
Recent Developments in the Radiopharmaceuticals Market
- September 2024: Ion Beam Applications (IBA) launched a compact cyclotron, boosting radiopharmaceutical availability for cancer diagnosis and treatment.
- August 2024: GE Healthcare introduced theranostic radiopharmaceuticals for precision cancer therapy, expanding its oncology portfolio with advanced solutions.
- June 2024: Siemens Healthineers partnered with Harvard Medical School to advance nuclear medicine imaging and develop innovative radiopharmaceuticals.
- April 2024: Cardinal Health expanded its U.S. nuclear pharmacy network, improving distribution capabilities for radiopharmaceuticals in various regions.
- March 2024: Lantheus Holdings received FDA approval for a prostate cancer radiopharmaceutical, strengthening its oncology presence in nuclear medicine.
- January 2024: IBA opened a new isotope manufacturing facility in India to meet increasing Asia-Pacific demand for radiopharmaceuticals.
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