Radiopharmaceuticals Market Size to Hit USD 13.67 Billion by 2033

December 2, 2024 |

1 min read

According to a new report published by Precedence Research, the global radiopharmaceuticals market size was exhibited at USD 6.74 billion in 2024 and is projected to hit around USD 13.67 billion by 2033, growing at a CAGR of 8.2% during the forecast period 2024 to 2033.

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Among other substances, radioactive versions of chemical elements known as radioisotopes are found in medications known as radiopharmaceuticals. Numerous medical diseases can be diagnosed or treated using radioisotopes, depending on the sort of radiation they create. They can be used for everything from cancer treatment and hyperthyroidism management to imaging of several organs, including the brain, heart, kidney, and bone. In the medical field, radiopharmaceuticals are essential. They play a key role in imaging, and each year, millions of nuclear medicine treatments are carried out in the U.S. alone. They play a key role in the management of several cancers and even benign tumors.

Potential uses include improving nuclear imaging methods' contrast and clarity, increasing therapeutic efficacy by giving tumor cells larger radiation doses while preserving healthy tissues, and combining diagnostic and treatment in a theragnostic manner.

Growth Factors in the Radiopharmaceuticals Market

• Diagnosis and treatment: A key nexus of nuclear physics, chemistry, and medicine, radiopharmaceuticals are essential for targeted therapeutics and diagnostic imaging.

• Innovation in developing better procedures: The field of radiopharmaceutical applications is constantly changing due to the creation of new targeting agents, better radionuclide selection, and creative delivery methods.

• Personalized medicine: These medications go beyond conventional medications thanks to the use of radioisotopes, which are essentially invisible indicators. This ushers in a new era of personalized medicine by enabling medical professionals to tailor therapies to the particular needs of each patient, increasing efficacy and minimizing adverse effects.

Radiopharmaceuticals Market Key Takeaways

• The U.S. radiopharmaceuticals market size was estimated at USD 2.43 billion in 2024 and is predicted to be worth around USD 4.86 billion by 2033, at a CAGR of 8% from 2024 to 2033.

• North America led the market with the highest market share of 43.96% in 2023.

• Asia-Pacific is expected to expand at the fastest CAGR of 8.7% during the forecast period.

• By Radioisotopes, the technetium-99m segment has held the largest revenue share of 41.94% in 2023.

• By Radioisotopes, the Gallium-68 segment is anticipated to grow at a noteworthy CAGR of 8.7% during the projected period.

• By Application, the cancer segment generated more than 52.65% of revenue share in 2023.

• By Application, the cardiology segment is projected to expand at the fastest CAGR over the projected period.

• By Type, the therapeutics segment contributed more than 59.58% of revenue share in 2023.

• By End User, the hospitals and clinics segment registered over 54.14% of revenue share in 2023.

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What are radiopharmaceuticals used for?

Healthcare providers mainly use radiopharmaceuticals for nuclear medicine imaging tests. These are called diagnostic radiopharmaceuticals. Providers perform millions of nuclear medicine procedures each year in the U.S.

Providers also sometimes use radiopharmaceuticals to help treat certain conditions. These are called therapeutic radiopharmaceuticals. This field of medicine is relatively new — researchers are actively studying new uses for therapeutic radiopharmaceuticals. They believe therapeutic radiopharmaceuticals will be a significant part of cancer treatment in the future.

Radiopharmaceuticals used to diagnose cancer?

Also known as “tracers,” diagnostic radiopharmaceuticals contain a small amount of radioactive isotopes that emit low-level gamma rays or positrons. Once inside the body, the radiation can be detected by special imaging equipment, such as positron emission tomography (PET) and single photon emission computed tomography (SPECT) scanners. In fact, some radiopharmaceuticals are re-engineered versions of existing compounds used for nuclear imaging.

After radiopharmaceuticals enter the bloodstream, the medications will travel throughout the body and accumulate in areas of high metabolic activity, such as tumor sites with rapidly dividing cancer cells. The emitted radiation can be captured by a PET or SPECT scanner, which will produce detailed images that can help a physician identify the location, size and extent of cancerous tissues. As such, radiopharmaceuticals can aid in the cancer diagnostic and staging process.

How are radiopharmaceuticals used to treat cancer?

Radiopharmaceuticals can also be used to treat cancer by delivering targeted radiation directly to a tumor. After entering the bloodstream, the radioactive compounds will disperse throughout the body, build up in areas of high metabolic activity and emit radiation. The radiation can damage the DNA of rapidly dividing cancer cells, inhibiting their ability to grow and ultimately destroying them.

Radiopharmacology is a highly targeted treatment approach that allows for the delivery of high doses of radiation directly to a tumor while minimizing any damage to the surrounding healthy tissues. As a systemic treatment, radiopharmaceuticals can be particularly useful in treating cancerous cells that have spread throughout the body.

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Radiopharmaceuticals Market Segmentation analysis

By radioisotope:

The Technetium-99m segment dominated the radiopharmaceuticals market in 2023. One of the most often utilized radionuclides is technetium-99m. It is a gamma emitter with a limited therapeutic value that is mostly employed in diagnostic imaging. Imaging of the thyroid, lacrimal glands, pulmonary and vascular perfusion, bones, myocardium, etc., is one of its uses. It is the radionuclide most often utilized in diagnostic tests.

On the other hand, the Gallium-68 segment is estimated to grow at a significant rate during the forecast period. The usage of the radiometal gallium-68 (68Ga) in diagnostic positron emission tomography (PET) is growing, and radiopharmaceuticals labeled with 68Ga have been developed as possible substitutes for conventional 99mTc agents in higher-resolution imaging. PET uses of 68Ga are common in precision medicine.

Global Radiopharmaceuticals Market Revenue (USD Million), By Radioisotopes, 2021 to 2024

By Radioisotope	2021	2022	2023	2024
Iodine I	325.0	353.9	405.0	455.7
Gallium 68	763.7	838.3	967.1	1097.1
Technetium 99m	1993.7	2179.5	2503.8	2828.6
Fluorine 18	1229.5	1341.7	1538.7	1735.3
Others	448.1	486.6	555.4	623.3

By application:

The cancer segment held the largest share of the radiopharmaceuticals market in 2023. A safe and efficient targeted treatment for a variety of cancer types is radiopharmaceutical therapy (RPT). Scientists are creating a brand-new class of medications known as radiopharmaceuticals that target cancer cells precisely and directly with radiation therapy. Research and clinical studies evaluating novel radiopharmaceuticals have exploded in the past several years.

The cardiology segment is estimated to grow at the fastest rate during the forecast period. Globally, cardiovascular disease (CVD) is the primary cause of both mortality and the burden of illness. Recently, a number of radiopharmaceutical tracers that target myocardial perfusion, metabolism, innervation, and inflammation have been created to assess CVD.

Global Radiopharmaceuticals Market Revenue (USD Million), By Application, 2021 to 2024

By Application	2021	2022	2023	2024
Cancer	2506.8	2738.1	3143.0	3547.8
Cardiology	1363.7	1491.9	1715.1	1939.0
Others	889.5	970.1	1111.8	1253.1

By type:

The therapeutics segment dominated the radiopharmaceuticals market in 2023. Targeted radionuclide treatment, a precise technique of delivering radioactive payloads to sick tissues, depends on radiopharmaceuticals in addition to diagnostics. By reducing harm to healthy tissues and increasing therapeutic efficacy, this strategy eventually improves patient outcomes.

The diagnostics segment is projected to grow at the fastest rate during the forecast period of 2024-2034. Radioactive medications can be used to diagnose illnesses and are increasingly being utilized to treat them. The medical community now has greater access to comprehensive data on the features of many illnesses because of the quick increase in the number of radiopharmaceuticals in clinical use.

Global Radiopharmaceuticals Market Revenue (USD Million), By Type, 2021 to 2024

By Type	2021	2022	2023	2024
Diagnostic	1917.5	2098.3	2413.1	2728.9
Therapeutic	2842.5	3101.7	3556.9	4011.1

By end-user:

The hospitals and clinics segment held the largest share of the radiopharmaceuticals market in 2023. Hospitals and clinics have specialized and advanced devices along with multidisciplinary teams that are capable of providing high-quality care. Patients find hospitals and clinics a safer option when it comes to serious health issues.

The medical imaging centers segment is expected to grow significantly during the forecast period. Diagnostic imaging centers are rapidly growing as they provide diagnostic services to individuals or to hospitals. These centers focus on one specialized aspect and provide services related to it, making them an ideal choice for accurate results.

Global Radiopharmaceuticals Market Revenue (USD Million), By End User, 2021 to 2024

By End User	2021	2022	2023	2024
Hospitals and clinics	2571.5	2812.4	3232.4	3653.3
Medical Imaging centers	1243.5	1357.4	1557.1	1756.6
Others	944.9	1030.3	1180.5	1330.1

Radiopharmaceuticals Market Key Regions Analysis

Technological Advancements and FDA Approvals: North America to Sustain as a Leader

North America dominated the radiopharmaceuticals market in 2023, mostly due to the substantial expenditures made in the healthcare industry, which are anticipated to fuel market development. It is anticipated that the United States will lead in this area, mostly because of its quick technological developments in healthcare solutions and creative treatment alternatives. Furthermore, the United States' increasing focus on customized treatment and early illness diagnosis raises demand for radiopharmaceuticals and helps explain the region's market dominance.

The Food and Drugs Act and the Food and Drug Regulations apply to all medications sold in Canada. Schedule C of the Food and Drugs Act has a list of radiopharmaceutical medications. The Canadian regulatory body that controls the market authorization of radiopharmaceutical pharmaceuticals for human use is Health Canada's Biologics and Genetic Therapies Directorate (BGTD). This is done after a satisfactory assessment of the safety, effectiveness, and quality of radiopharmaceutical drug submissions. A radiopharmaceutical medication cannot be sold in Canada unless Health Canada has granted market authorization.

Growing Chronic Conditions, Asia Pacific to Expand as a Major Region

Asia Pacific is estimated to host the fastest-growing radiopharmaceuticals market during the forecast period. The Asia-Pacific region has established its dominance in the radiopharmaceutical market because of many distinctive characteristics. An increased usage of radiopharmaceuticals for both diagnostic and therapeutic purposes is required due to the rise in chronic diseases among its huge and aging population. Furthermore, the market is growing as a result of advancements in healthcare infrastructure, easier access to state-of-the-art medical equipment, and growing awareness of nuclear medicine's advantages.

Global Radiopharmaceuticals Market Revenue (USD Million), By Region, 2021 to 2024

By Region	2021	2022	2023	2024
North America	2094.4	2287.0	2624.6	2961.9
Europe	1332.8	1452.2	1662.8	1872.4
Asia Pacific	1190.0	1306.4	1507.2	1709.9
Latin America	95.2	102.6	116.2	129.4
Middle East and Africa	47.6	51.7	59.1	66.4

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Competitive Landscape & Major Breakthroughs in the Radiopharmaceuticals Market

With growing diseases and demand for diagnostics tools and techniques, the key market players are taking major steps to provide radiopharmaceuticals for diagnostics. Some of the major companies in the market are Cardinal Health Inc., Iso-Tex Diagnostics, Inc., Bayer AG, Jubilant Pharmova Limited, General Electric Company, Novartis AG, Siemens AG, Lantheus Holdings, Inc., Eli Lilly and Company, and Curium Pharma.

* Interested in Company Profiles? Connect with Us for Detailed Profiles

• In November 2024, through a collaboration with U.S.-based startup Ratio Therapeutics, Novartis is strengthening its position as a leader in the radiopharmaceutical industry by developing a somatostatin receptor 2 (SSTR2) radiotherapeutic for the treatment of cancer. The deal includes tiered royalties on sales as well as a maximum of $745 million in upfront and milestone payments for Ratio.

What is Going Around the Globe?

• In October 2024, the most recent radiopharmaceutical company to raise capital, Alpha-9 Oncology secured $175 million in Series C investment to enhance its research and development (R&D) capabilities and move its radiopharmaceutical candidates through clinical trials.

• In September 2024, a $175 million Series B fundraising that was oversubscribed and enlarged was successfully closed, according to Aktis Oncology. RTW Investments and Janus Henderson Investors co-led the fundraising, which was headed by RA Capital Management.

• As of September 2024, AstraZeneca, Eli Lilly, Bristol Myers Squibb, and other pharmaceutical firms have invested around $10 billion in agreements to buy out or collaborate with producers of radiopharmaceuticals. They have acquired smaller startups in order to get technology that, although still in its early stages, has the potential to treat a variety of malignancies.

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Radiopharmaceuticals Market Companies

• Bayer AG

• Iso-Tex Diagnostics, Inc

• Jubilant Pharmova Limited

• Novartis AG

• General Electric Company

• Lantheus Holdings, Inc.

• Eli Lilly and Company

• Siemens AG

• Curium Pharma