According to the report, the radiopharmaceuticals market was valued at $7.9 billion in 2023 and is estimated to reach $21.8 billion by 2033, growing at a CAGR of 10.6% from 2024 to 2033.
Prime determinants of growth
Rise in the prevalence of chronic diseases, rise in the adoption of strategies by key players, and surge in R&D activities within the radiopharmaceuticals sector are the major factors that drive the growth of the global radiopharmaceuticals market. However, the high cost associated with the development and implementation of radiopharmaceuticals restricts the market growth. Moreover, the rise in the number of pipeline products is expected to present new opportunities in the coming years.
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The radiopharmaceuticals market forecast is driven by increase in prevalence of chronic diseases, particularly cancer, and is fueling the demand for effective diagnostic tools and targeted therapies. In addition, innovations in imaging modalities such as PET (Positron Emission Tomography) and SPECT (Single Photon Emission Computed Tomography) enable precise visualization of physiological processes and anatomical structures, facilitating early detection and accurate diagnosis of diseases such as cancer and cardiovascular disorders.
Rise in prevalence of cancer, cardiovascular and neurological disease, increase in demand for medical imaging, and increase in number of product approval for radiopharmaceuticals fuel the growth of the radiopharmaceuticals market.
Furthermore, increase in the number of clinical trials involving radiopharmaceuticals, and surge in demand for radiopharmaceuticals for various applications are the radiopharmaceuticals market trends that drive the growth of the market. In addition, increase in number of major key players for manufacturing of radiopharmaceuticals, increase in need for radiopharmaceuticals in hospitals & clinics, and surge in number of product approvals further drive the market growth during the forecast period. For instance, Curium announced that its generic version of DaTscan (Ioflupane I 123 Injection) was approved in March 2022, by the U.S. Food and Drug Administration (FDA). Ioflupane I 123 Injection is a single-photon emission computed tomography (SPECT) brain imaging agent used to assist in the evaluation of adult patients with suspected Parkinsonian Syndromes.
Radiopharmaceuticals Market Key Takeaways:
- The therapeutic segment is anticipated to grow at the highest CAGR during the forecast period.
- The cancer segment dominated the radiopharmaceuticals market share in 2023 and is anticipated to grow at the highest CAGR during the forecast period.
- The Technetium 99m segment dominated the market in 2023 and is anticipated to grow at the highest CAGR during the forecast period.
- The hospitals and clinics segment dominated the radiopharmaceuticals market size in 2023 and is anticipated to grow at the highest CAGR during the forecast period.
- North America generated the largest revenue in 2023.
- Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
Radiopharmaceuticals Market Segments:
The hospital and clinics segment to maintain its leadership status throughout the forecast period.
By end user, the hospitals & clinics segment held the largest market share in 2023, accounting for more than half of the global radiopharmaceuticals market revenue and is estimated to maintain its leadership status throughout the forecast period. The same segment is expected to register the highest CAGR of 11.1% during the forecast period. This is attributed to their comprehensive healthcare infrastructure, specialized expertise, and ability to provide a wide range of imaging and treatment services to patients.
The Technetium 99m segment to maintain its leadership status throughout the forecast period
By radioisotope, the Technetium 99m segment held the largest market share in 2023, accounting for more than two-fifths of the global radiopharmaceuticals market revenue and is estimated to maintain its leadership status throughout the forecast period. The same segment is expected to register the highest CAGR of 11.5% during the forecast period. This is attributed to its versatile nuclear properties, established production, clinical utility across diverse medical specialties, ongoing technological advancements, and supportive regulatory environment.
The cancer segment to maintain its lead position during the forecast period
By application, the cancer segment accounted for the largest share in 2023, contributing to more than half of global radiopharmaceuticals market revenue, and is projected to maintain its lead position during the forecast period. The same segment is expected to register the highest CAGR of 10.9% during the forecast period. This is attributed to the clinical need for effective cancer diagnostics and therapies, ongoing advancements in oncology research and molecular imaging technologies, the rise of personalized medicine approaches, and supportive regulatory environments fostering innovation and market access in oncology.
The diagnostic segment to maintain its lead position during the forecast period
By type, the diagnostic segment accounted for the largest share in 2023, contributing to more than two-thirds of global radiopharmaceuticals market revenue, and is projected to maintain its lead position during the forecast period. This is attributed to the essential role of diagnostic radiopharmaceuticals in disease diagnosis and management, advancements in molecular imaging technologies, increase in demand for non-invasive diagnostic imaging services, and supportive regulatory environments fostering innovation and market access.
However, the therapeutic segment is expected to register the highest CAGR of 11.3% during the forecast period. This is attributed to advancements in radiopharmaceutical technology and molecular targeting strategies, increase in the prevalence of chronic diseases, and collaborative efforts fostering innovation and market expansion in therapeutic radiopharmaceuticals.
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North America to maintain its dominance by 2033
By region, North America held the largest market share in terms of revenue in 2023, accounting for two-fifths of the radiopharmaceuticals market revenue and is expected to dominate the market during the forecast period. This is attributed to its advanced healthcare infrastructure, strong pharmaceutical industry, supportive regulatory environment, and collaborative ecosystem fostering innovation and market growth in nuclear medicine. However, the Asia-Pacific region is expected to witness the fastest CAGR of 11.4% from 2024 to 2033. This is attributed to the increasing prevalence of chronic diseases, advancements in radiopharmaceutical technology, and collaborative efforts to improve healthcare infrastructure and innovation in nuclear medicine.
Leading Market Players
- Bayer AG
- Cardinal Health
- Curium Pharma
- Eli Lilly and Company
- Jubilant Pharmova Limited
- Lantheus
- ITM Isotope Technologies Munich Se
- Telix Pharmaceuticals Limited
- Eckert and Ziegler
- Bracco
- South African Nuclear Energy Corporation (Necsa)
- NorthStar Medical Radioisotopes
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