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Radiopharmaceuticals Market Highlights:
• In terms of revenue, the radiopharmaceuticals market is worth $7.51 billion in 2025.
• The market is projected to reach to $14.44 billion by 2034.
• The market is expected to grow at a compound annual growth rate (CAGR) of 7.53% from 2025 to 2034.
• North America accounted for the highest revenue share of 43.95% in 2024.
• Asia Pacific is expected to grow at a notable CAGR between 2025 and 2034.
• The technetium 99m segment contributed the largest revenue share of 41.97% in 2024.
• The cancer segment is estimated to be the fastest-growing segment from 2025 to 2034.
• The therapeutic segment captured the biggest revenue share in 2024.
• The hospitals segment held the largest revenue share in 2024.
Radiopharmaceuticals Market Revenue Analysis, By Radioisotope 2022-2024 (USD Million)
|
Radioisotope |
2022 |
2023 |
2024 |
|
Iodine I |
353.9 |
405.0 |
455.7 |
|
Gallium 68 |
838.3 |
967.1 |
1097.1 |
|
Technetium 99m |
2179.5 |
2503.8 |
2828.6 |
|
Fluorine 18 |
1341.7 |
1538.7 |
1735.3 |
|
Others |
486.6 |
555.4 |
623.3 |
Market Overview and Industry Potential
The radiopharmaceutical market is expected to see steady growth owing to the prevalence of major diseases and the increasing need for cancer diagnostics, targeted therapies, and cardiac diagnostic imaging in the current period. The cancer and heart conditions, where radiopharmaceutical treatments are seen as playing a major role in diagnosis, with their radioactive compounds, have been seen in recent years.
Also, the sudden advancement in nuclear medicine and the adoption of non-invasive cancer diagnostic therapies have driven industry growth in the past few years, as per industry environment observation. Furthermore, the global governments are seen as heavy investments in healthcare infrastructure, which has severely contributed to the market potential in recent years.
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Common Diagnostic Tests Involved in Intravenous Radiopharmaceutical Injection
One of the common tests is presently available, which is the PET Scan (Positron Emission Tomography) by automotive diagnostic tools. By injecting the radioactive tracer, such as the fluorodeoxyglucose, which is commonly called the FDG, into the patient's vein, the PET can be conducted. These injected tracers can travel throughout the whole body and be absorbed by some tissues and certain organs, as per the recent observation.
Also, after this procedure, the PET scanner can detect the radiation emitted by certain sites and create an image of the biological activity inside the body at the moment. By providing exact and accurate results, this process is considered the ideal process for detecting cancer, brain disorders, and monitoring heart functions in recent years.
How is Emergence of Radiopharmaceutical Therapy in 2025
The radioactive drugs are used in radiopharmaceutical therapy to deliver targeted radiation to affected cells. By directly targeting the cancer cells while considering the minimal damage to the healthy tissues, radiopharmaceutical therapy is gaining major industry attention compared to traditional medical radiation detection therapies. Also, individuals are increasingly preferring non-invasive surgeries, which is leading the growth through modern technology advancements, as per the recent smart healthcare industry observation.
Also Read: How Tissue Engineering Is Revolutionizing Regenerative Medicine?
Why is the Choice of a Radiopharmaceutical Important in Radioisotope Imaging?
Due to the increasing need for targeting different organs and biological functions, radiopharmaceuticals are mainly important in radioisotope imaging and for cancer biological therapies. Also, the right selection of the therapy ensures better diagnosis and accurate imaging while providing minimal side effects.
Choosing the right radiopharmaceutical ensures targeted delivery to the desired organ or biological pathway, enhancing image resolution while minimizing exposure to healthy tissues. This translates to fewer side effects and more effective patient management.
For instance, PSMA-targeted PET radiopharmaceuticals have shown over 90% accuracy in detecting metastatic prostate cancer, compared to conventional imaging modalities. As the technology advances and more targeted agents are developed, the importance of selecting the appropriate radiopharmaceutical will only continue to grow, both in diagnostics and in theranostic applications.
Also Read: U.S. Prostate Cancer Diagnostics: $3.12B in 2024, Forecast at $9.89 B by 2034
Radiopharmaceuticals Market Spectrum
|
Report Coverage |
Key Statistics |
|
CAGR (2025-2034) |
7.53% |
|
Market Size in 2024 |
USD 6.74 Billion |
|
Market Size in 2025 |
USD 7.51 Billion |
|
Market Size by 2034 |
USD 14.44 Billion |
|
Leading Region |
North America |
|
Fastest Growing Region |
Asia-Pacific |
|
Dominant Application |
Cancer in 2024 |
|
Leading Type |
Therapeutics Type |
|
Significant End User |
Hospitals and Clinics |
|
Base Year |
2024 |
|
Historic Years |
2020 to 2023 |
|
Forecast Years |
2025 to 2034 |
|
Segments Covered |
Radioisotope, Application, Type, End User and Regions |
|
Regions Covered |
North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
|
Companies Covered |
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, Cardinal Health Inc., and Others. |
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Which Region Dominated the Radiopharmaceuticals Market in 2025?
North America held the dominant share of 43.95% in the radiopharmaceuticals market in 2024, owing to having advanced healthcare infrastructure and technology growth in the current period. Moreover, the government bodies and local manufacturers are increasingly seen putting investment in research and development activities for healthcare development in recent years.
How big is the U.S. Radiopharmaceuticals Market?
According to Precedence Research, in 2024, the U.S. radiopharmaceuticals market size was valued at USD 2.43 billion and is estimated to grow from USD 2.70 billion in 2025 to USD 5.13 billion by 2034. The market is expected to expand at a notable CAGR of 7.38% from 2025 to 2034.
U.S. Radiopharmaceuticals Market Trends:
The United States is the major contributor to the market, akin to having a sophisticated and technologically advanced healthcare industry in the current period. Moreover, diseases like cancer and cardiac-related patients have been present in large numbers recorded in the past few years. The adoption and preference for advanced and non-invasive diagnostic procedures are severely contributing to the growth of the industry in the country nowadays.
• For Instance, according to the report published by the American Cancer Society Journals, approximately 2,00140 new cancer cases were detected in 2024.
Source: https://acsjournals.onlinelibrary.wiley.com/doi/10.3322/caac.21820
What Makes Asia Pacific the Fastest Growing Marketplace for Radiopharmaceuticals
Services?
The Asia Pacific is expected to expand notably during the forecast period, owing to the rapid surge in chronic ailments, with factors such as increased elderly population and lifestyle changes as per the recent regional observation. Moreover, the regional countries such as India, China, and South Korea have increasingly developed better healthcare facilities and infrastructure in recent years. Also, countries like China have dominated the growth by technologically advanced machinery in the past few years, which is also expected to create significant opportunities for the radiopharmaceutical market in the region during the forecast period.
Also Read: How the Pharmaceutical CDMO Sector Is Poised for a USD 368.7 B Surge by 2034
Top Asian Countries in Radiopharmaceuticals Market and Their
Initiatives:
|
Country |
Current Growth Factors |
Initiatives & Potential |
|
China |
Largest
market in the region due to high healthcare spending and rapid adoption of
nuclear medicine. Government support for domestic radiopharmaceutical production. |
“Made
in China 2025” policy promotes local manufacturing of medical technologies. |
|
India |
Growing
demand driven by increasing cancer and cardiovascular cases. Strong public-private partnerships in healthcare infrastructure. |
-
Bhabha Atomic Research Centre (BARC) and Board of Radiation & Isotope
Technology (BRIT) supply radiopharmaceuticals. |
|
Japan |
Technologically
advanced and a leader in nuclear medicine innovation. High aging population increases demand for diagnostic imaging. |
-
Advanced regulatory framework enabling rapid approval of radiopharmaceuticals. |
|
South Korea |
Fast
adoption of advanced imaging modalities. Robust R&D in radioisotope production and nuclear medicine. |
-
Government-backed Korea Institute of Radiological & Medical Sciences
(KIRAMS). |
Radiopharmaceuticals Market Segmentation Analysis:
By Radioisotopes Analysis:
Why Did the Technetium-99m Segment Dominate the Radiopharmaceuticals Market in 2024?
The technetium 99m segment dominated the market with the largest revenue share of 41.94% in 2024, owing to its unique properties, offering such as excellent imaging while minimizing the patient radiation exposure. Moreover, by offering compatibility for the various radiopharmaceutical compounds, the TC-99m segment gained immense popularity in recent years.
On the other hand, the gallium-68 segment is expected to grow significantly during the forecast period due to its clinical significance and adaptability, which increases its importance in diagnostics. Also, the monitoring of the cancer treatments is expected to contribute to the growth of the segment in the coming years.
Also Read: Forecasting a USD 354.66 B Cancer Diagnostics Market by 2034
By Application Analysis:
Why Did the Cancer Segment Lead the Radiopharmaceuticals Market in 2024?
The cancer segment held the largest share of the packaging testing market in 2024, owing to the radiopharmaceutical treatment is considered the ideal treatment in the current period. Moreover, the growing preferences for minimally invasive surgeries are contributing to the growth of the segment in recent years, as per the observation.
On the other hand, the cardiology segment is expected to grow at a notable rate. The segment’s growth is attributed to the increasing incidence of heart failure and sudden lifestyle changes, as per the recent survey. By providing accurate information and imaging, the radiopharmaceutical therapies are expected to gain major preference during the forecast period.
By Type Analysis:
What Factors Drove the Therapeutics Segment to Lead the Radiopharmaceuticals Market in 2024?
The therapeutics segment led the radiopharmaceuticals market in 2024, owing to the rising use of targeted treatments for cancer and thyroid disorders. Therapies like Lutetium-177 are helping patients who do not respond to traditional treatments. These radiopharmaceuticals directly attack cancer cells with fewer side effects, making them a preferred choice. The growing need for personalized cancer care and increased approvals for therapeutic radiopharmaceuticals have supported the segment's strong performance across hospitals and cancer treatment centers.
On the other hand, the diagnostic segment is seen to grow at the fastest rate during the forecast period, akin to growing demand for early and accurate disease detection. With increasing cases of cancer, heart disease, and neurological disorders, more patients are undergoing tests like PET and SPECT scans. These tests use radiopharmaceuticals for detailed imaging, helping doctors make better treatment decisions. Advances in imaging technologies and wider availability in medical centers will make diagnostics more common, pushing this segment.
Also Read: Key Trends Driving a USD 272.98 Bn Diagnostic Testing Market by 2034
By End User Analysis:
Why Did the Hospitals and Clinics Segment Dominate the Radiopharmaceuticals Market in 2024?
The hospitals and clinics segment held the largest share of the packaging testing market in 2024, owing to they have the infrastructure, skilled staff, and necessary equipment to safely handle radioactive materials. Patients prefer hospitals for both diagnosis and therapy since multiple services are available under one roof. Also, hospitals perform complex treatments and imaging, which require high-quality radiopharmaceuticals. Their trusted reputation, government funding, and direct access to advanced care make hospitals the main users of these specialized drugs in many regions.
On the other hand, the medical imaging centres segment is expected to grow at a notable rate because they focus only on diagnostics and can serve large numbers of patients quickly. These centers are expanding due to rising demand for quick and accurate scans like PET and SPECT. They are also more affordable and accessible compared to hospitals, especially in urban and semi-urban areas. As technology becomes more compact and cost-effective, standalone imaging centers will play a bigger role in providing radiopharmaceutical-based diagnostic services.
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Top 10 Companies in Radiopharmaceuticals Market & Their Contributions
🔹Bayer AG: Bayer is advancing targeted cancer therapies through strategic collaborations, such as its partnership with Bicycle Therapeutics to develop novel cancer treatments.
In April 2025, Bayer initiated a Phase I study targeting GPC3 with Actinium-225 radiopharmaceuticals in patients with advanced hepatocellular carcinoma, marking a significant step in precision oncology.
🔹Iso-Tex Diagnostics, Inc: Iso-Tex Diagnostics specializes in the production of radiopharmaceuticals for diagnostic imaging, focusing on PET and SPECT agents. While specific recent breakthroughs are not detailed, the company continues to support clinical diagnostics with its radiopharmaceutical offerings.
🔹Jubilant Pharmova Limited: Jubilant Pharmova operates one of the largest radiopharmacy networks in the U.S., with 52 sites, delivering approximately 3 million patient doses annually. The company is expanding its portfolio with new PET and SPECT imaging products and is sponsoring clinical trials for I-131-MIBG, a treatment for high-risk neuroblastoma.
🔹Novartis AG: Novartis is a leader in radioligand therapy, with products like Pluvicto for prostate cancer and Lutathera for certain gastrointestinal tumors. In 2024, Novartis acquired Mariana Oncology for $1 billion to bolster its precision oncology pipeline.
🔹General Electric Company: GE Healthcare provides imaging technologies that are integral to the administration and monitoring of radiopharmaceutical therapies. While specific recent breakthroughs are not detailed, GE continues to support the radiopharmaceutical market through its imaging solutions.
🔹Lantheus Holdings, Inc.: Lantheus is a prominent player in the radiopharmaceutical sector, with its flagship product, PYLARIFY, a PSMA-targeted PET imaging agent for prostate cancer.
In 2025, Lantheus acquired Evergreen Theragnostics and Life Molecular Imaging, expanding its portfolio and pipeline.
🔹Eli Lilly and Company: Eli Lilly has entered the nuclear isotope sector by investing $10 million in Ionetix, a supplier of actinium-225, a critical isotope for radiopharmaceuticals. This strategic move aims to secure a stable supply chain for actinium-225, supporting the development of targeted cancer therapies.
🔹Siemens AG: It offers imaging technologies essential for the application of radiopharmaceuticals in diagnostics and therapy. While specific recent breakthroughs are not detailed, Siemens continues to contribute to the market through its advanced imaging solutions.
🔹Curium Pharma: It is a global leader in the production and distribution of nuclear medicine, providing a wide range of radiopharmaceuticals for diagnostic and therapeutic applications. The company continues to support the radiopharmaceutical market through its extensive product offerings.
🔹Cardinal Health Inc.: Cardinal Health is a key distributor of radiopharmaceuticals, ensuring the delivery of these critical agents to healthcare providers. While specific recent breakthroughs are not detailed, Cardinal Health remains a significant player in the radiopharmaceutical supply chain.
What is Going Around the Globe in Radiopharmaceutical Market?
• In November 2025, Bebiopharm and Oncodesign services created the partnership. The collaboration aims to propel radiopharmaceuticals in preclinical research. Also, for these preclinical services, the companies are going to use AbYlinkTM technology, as per the report published by the company.
• In January 2025, The Lab2Market formed a strategic collaboration with the CPDC. The collaboration aims to introduce the L2M Discover radiopharma program, as per the report published by the company.
• In March 2023, The International Atomic Energy Agency (IAEA) inked a pact with an 11-member consortium comprising Japanese universities and scientific institutions. This collaboration falls under the Rays of Hope initiative, aimed at fortifying the nuclear medicine workforce across Asia and the Pacific region.
• In January 2023, NorthStar Medical Radioisotopes, a notable American pharmaceutical company, embarked on a strategic alliance with Inhibrx, Inc. The primary aim of this collaboration is the co-development and production of innovative radiopharmaceuticals meticulously crafted to combat cancer. Radiopharmaceuticals assume a pivotal role within the domain of medical imaging, serving the dual purpose of diagnosing and treating cancer, making this partnership a significant step in advancing cancer care.
The Radiopharmaceuticals Market categorizes 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
• Diagnostic
• Therapeutic
By Geography
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)
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