Radiopharmaceuticals Market Analysis

Radiopharmaceuticals Market Analysis

To get key market trends

  Download Free Sample

Based on type, the market is segmented into therapeutics and diagnostics. The diagnostics segment is further categorized as PET, SPECT, and other diagnostic tests. The diagnostics segment held a dominant market share of 72.6% in 2023.
 

• Radioisotopes such as technetium-99m, iodine-131, and fluorine-18 are commonly used in imaging modalities like SPECT and PET. These isotopes are incorporated into radiopharmaceuticals, which are administered to patients and then tracked using specialized imaging equipment.
   
• Additionally, the superiority of radioactive imaging over traditional diagnostic imaging is projected to have a positive impact on segment growth by 2032. Unlike traditional anatomical imaging methods (such as CT or MRI), which provide structural information, functional imaging with radioisotopes reveals metabolic activity, cellular function, and biochemical processes in tissues.
   
• Furthermore, an increasing number of industrial developments by market players, such as partnerships, collaborations, and joint ventures, is also projected to accelerate segment growth during the forecast period. For instance, in June 2023, Jubilant Radiopharma signed a strategic collaboration with Evergreen Theragnostics to manufacture and sell its OCTEVY tumor diagnostic product in the U.S.

Based on radioisotopes, the radiopharmaceuticals market is classified as Technetium 99m, Gallium 68, lodine I, Fluorine 18, Copper 64, Radium 223, Zirconium 89, and other radioisotopes. The Technetium 99m segment accounted for the highest market share and was valued at USD 2.4 billion in 2023.
 

• Tc-99m possesses favorable nuclear properties for medical imaging. It emits gamma rays with an energy level of 140 keV, which allows for excellent penetration through tissue and effective detection by gamma cameras. This property enables high-resolution imaging with minimal radiation exposure to patients and healthcare providers.
   
• Moreover, Tc-99m can be easily incorporated into a wide range of radiopharmaceuticals due to its ability to form stable complexes with various ligands. This versatility allows for the development of radiopharmaceuticals tailored to specific diagnostic applications, including cardiology, oncology, nephrology, and neurology.
   
• Furthermore, due to the versatility of this radioisotope, market players are continually focusing on the development and introduction of products associated with it. Such product introductions, coupled with a substantial pipeline, are expected to create a favorable environment for segment growth during the forecast period. For instance, in August 2022, Curium and NRG signed a strategic contract for the production of molybdenum-99, a key component in the radioisotope technetium-99m. This step has enhanced the capacity to serve patients with nuclear imaging without any disruptions.
   

Based on application, the radiopharmaceuticals market is categorized into cancer, neurology, cardiology, and other applications. The cancer segment is further categorized into breast cancer, prostate cancer, lung cancer, and other cancer types. The cancer segment is projected to reach USD 6.5 billion by 2032.
 

• The increasing prevalence of cancer, coupled with rising demand for novel cancer diagnostics and therapeutics, is a major driver of segmental growth. For instance, according to data published by the World Cancer Research Fund International, breast cancer is the second most common cancer in the world. Moreover, an estimated 2.2 million women are suffering from breast cancer globally.
   
• A growing number of product launches, along with inorganic market strategies implemented by market players, are expected to boost the growth of the cancer application segment by 2032. In March 2024, AstraZeneca announced its plan to acquire Fusion Pharmaceuticals Inc. with the aim of expanding and consolidating its presence in the radiopharmaceutical market by developing next generation radioconjugates for cancer treatment.
   

Based on source, the radiopharmaceuticals market is categorized into cyclotrons and nuclear reactors. The cyclotron segment is projected to reach USD 13.7 billion by 2032.
 

• Cyclotrons are versatile and can produce a wide range of radiopharmaceutical isotopes, including short-lived isotopes like fluorine-18 (F-18) used in PET imaging. This flexibility allows for on-demand production of isotopes, reducing the need for large-scale infrastructure and enabling localized production at medical facilities or radiopharmacies.
   
• Cyclotrons offer enhanced safety and security profiles compared to nuclear reactors. They do not involve the use of highly enriched uranium or plutonium, reducing proliferation risks associated with nuclear materials. These factors contribute to the substantial share of cyclotrons in the global market.
   

Based on end use, the radiopharmaceuticals market is categorized into hospitals, diagnostic imaging centres, and research & academic institutes. The hospital segment is projected to reach USD 9.4 billion by 2032.
 

• Hospitals prioritize patient-centered care by offering comprehensive diagnostic services, including nuclear medicine imaging. Radiopharmaceuticals enable personalized medicine approaches, tailoring treatment plans based on individual patient characteristics and disease profiles.
   
• The rising prevalence of chronic diseases, such as cancer and cardiovascular disorders, necessitates advanced diagnostic tools like radiopharmaceuticals. Hospitals are equipped to handle complex medical cases and offer comprehensive care pathways that integrate nuclear medicine imaging and therapies using radiopharmaceuticals.
   

North America radiopharmaceuticals market size in 2023 was valued at USD 3.3 billion and is predicted to grow at a CAGR of 9.2% over the analysis timeframe.
 

• The adoption of radiopharmaceuticals is increasing in North America due to the growing demand for advanced diagnostic solutions.
   
• The clinical effectiveness of radiopharmaceuticals in improving patient outcomes is well-established in North America. These agents assist healthcare providers in making informed treatment decisions, monitoring therapy response, and assessing disease recurrence. For instance, PET scans using radiopharmaceuticals like FDG (Fluorodeoxyglucose) are pivotal in oncology for staging tumors and evaluating treatment response, thereby influencing patient management strategies. Such factors are expected to create a positive environment for the growth of the radiopharmaceutical market in North America.
   

U.S. radiopharmaceuticals market is anticipated to grow at a CAGR of 9.1% to reach USD 6.7 billion by 2032.
 

• The adoption of radiopharmaceuticals in the U.S. is increasing due to advancements in imaging technology, a growing aging population, and expanded applications in oncology and neurology. The U.S. has a robust healthcare infrastructure with extensive research and development capabilities, supporting innovation in radiopharmaceuticals and their integration into clinical practice.
   
• Furthermore, favorable reimbursement policies and healthcare regulations in North America support the utilization of radiopharmaceuticals.
   

UK radiopharmaceuticals market is projected to grow remarkably in the coming years.
 

• The growth of the UK radiopharmaceutical market is attributed to increasing investments in healthcare technology, government support for medical imaging advancements, and a focus on personalized medicine.
   
• Radiopharmaceuticals play a vital role in diagnostic imaging and targeted therapies, contributing to improved patient outcomes and greater efficiency in healthcare delivery.
   

China is experiencing high market growth in the radiopharmaceuticals market.
 

• China is experiencing increasing adoption of radiopharmaceuticals due to rapid development of healthcare infrastructure, a rising prevalence of chronic diseases, and government initiatives to modernize healthcare services.
   
• The country's expanding middle class and growing healthcare expenditures are driving demand for advanced diagnostic and therapeutic options, including radiopharmaceutical imaging and treatment modalities.