Radiopharmaceuticals Market is expected to reach US$ 26.51 Billion by 2031

PRESS RELEASE BY The Insight Partners 23 May 2024

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Oncology Segment to Hold Larger Share of Radiopharmaceuticals Market During 2023–2031


According to our latest study on “Global Radiopharmaceuticals Market Forecast to 2031 – Global Impact and Analysis – by Application, Type, Tracer Type, End User, and Geography,” the market is expected to grow from US$ 9.07 billion in 2023 to US$ 26.51 billion by 2031; it is estimated to register a CAGR of 14.4% from 2023 to 2031. The report emphasizes the key factors driving the market and prominent players' developments. Factors such as the rising prevalence of chronic diseases and the growing number of clinical trials in targeted therapy propel the radiopharmaceuticals market growth. However, the short shelf-life of radiopharmaceuticals impedes the market growth.


Radiopharmaceuticals have proven to handle the diagnosis and treatment of age-related diseases efficiently. The development of radiopharmaceuticals with improved targeting capabilities, longer half-lives, and fewer side effects makes them more attractive for various applications. Research into theranostics that combine diagnostic and therapeutic functions in a single radiopharmaceutical is promising and could further drive the market growth. As governments across the world recognize the value of radiopharmaceuticals in improving health outcomes, an increase in the funding for research and development of new radiopharmaceuticals and supportive regulatory pathways for their approval has been observed. Further, the market is progressing toward meeting the demands of a changing healthcare landscape, and the evolving radiopharmacy facilities using advanced diagnostic techniques are expected to bring new radiopharmaceuticals market trends in the coming years.

Radiopharmaceuticals Market, by Geography, 2023 (%)

Radiopharmaceuticals Market, by Geography, 2023 (%)

Radiopharmaceuticals Market Trends, Size, Top Players 2031

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Radiopharmaceuticals Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Application (Oncology, Cardiology, Neurology, Pulmonary, Urology, and Others), Type (Diagnostic and Therapeutic), Tracer Type (Tc-99m, F-18, Ga-68, TL-201, I-131, Fe-59, Lu-171, RB-82 and N-13, Cr-51 and P-32, Sc-46, Sg-269 and Hs-269, and Others), End User (Hospitals and Clinics, Diagnostic Centers, Academic and Research Institutes, and Others), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America)

Source: The Insight Partners Analysis


Rising Prevalence of Chronic Diseases to Provide Market Opportunities in Coming Years


Chronic diseases such as lung diseases, cancer, stroke, Alzheimer’s, cardiovascular diseases (CVDs), chronic kidney disease, and various neurological disorders are increasing swiftly across the world. As per the World Health Organization (WHO), in 2020, ~10 million deaths were reported due to cancer globally. Likewise, as per the estimations of the American Cancer Society, in 2020, ~1,806,590 new cases of cancer were diagnosed in the US. As per the National Cancer Registry Program Report 2020, in India, 679,421 cancer cases were reported in males, and the number is anticipated to increase to ~763,575 by 2025; whereas in females, 712,758 cancer cases were recorded in 2020, and the number is predicted to reach 806,218 by 2025. According to the American Cancer Society’s report, in 2023, ~43,720 new cases of thyroid cancer (31,180 in women and 12,540 in men) were recorded. CVDs are among the most prevalent types of chronic diseases that result in a high mortality rate. The Centers for Disease Control and Prevention states that heart disease is the leading cause of death in the US. According to the same source, in 2020, ~697,000 deaths, i.e., 1 in 5 deaths, were caused by heart disease in the US. According to the Parkinson’s Foundation, Parkinson’s symptoms are usually observed in individuals aged 60 years and above. The Canadian Psychological Association states that about 2% of the population in Canada suffers from obsessive-compulsive disorder. As per the WHO, neurological diseases contribute to 6.3% of the global disease burden and are also among the leading causes of death worldwide. 13.2% and 16.8% of deaths are reported due to neurological diseases in developed and low- and middle-income countries, respectively. Radiopharmaceuticals have been demonstrated to have high efficiency in diagnosing neurological and neurodegenerative disorders and musculoskeletal conditions. Radiopharmaceuticals are set apart due to their dual functionality. They not only enhance the visualization of diseases but also provide crucial functional information. Among the various methods available, radioisotope cell labelling is one of the most promising techniques to track cells to investigate their biodistribution. Thus, the surging incidence of chronic diseases is driving the radiopharmaceuticals market growth.


Radiopharmaceuticals Market, by Application:


Based on application, the radiopharmaceuticals market analysis is carried out by considering the following segments: oncology, cardiology, neurology, pulmonary, urology, and others. The oncology segment held the largest market share in 2023 and is anticipated to register the highest CAGR of 14.8% during the forecast period. Cancer is one of the major health problems with a high mortality rate. As per the WHO, in 2020, an estimated 10.1 million new cancer cases were diagnosed, and 10 million people died from cancer worldwide. The diagnosis and treatment of patients with cancer require access to imaging to ensure accurate management decisions and optimal outcomes. Nuclear medicine therapy is used to treat cancer, and the most common radiotracer is F-18 fluorodeoxyglucose (FDG). FDG is similar to glucose, and cancer cells are more metabolically active; therefore, they absorb glucose at a higher rate. This can be seen on PET scans and thereby allows the healthcare professional to detect the disease. Fluorine-i8 labeled as flurodeoxyglucose is effective in differentiating malignant from benign tumors and in determining the extent of the disease. People with neuroendocrine tumors (NETs) have wider access to PRRT following the FDA approval of lutetium Lu 177 dotatate (Lutathera) in January 2018.


Radiopharmaceuticals Market, by Type:


In terms of type, the market is bifurcated into diagnostic and therapeutic. The diagnostic segment held a larger radiopharmaceuticals market share in 2023 and is anticipated to register a higher CAGR during 2023–2031.


Radiopharmaceuticals Market, by End User:


By end user, the market is segmented into hospitals and clinics, diagnostic centers, academic and research institutes, and others. The hospitals and clinics segment dominated the radiopharmaceuticals market share in 2023. The diagnostic centers segment is anticipated to register the highest CAGR of 14.8% during 2023–2031. Hospitals and clinics utilize technologically advanced treatment for cardiac aneurysms, oncology tumors, neurology aneurysms, and other treatment procedures. The growing need for cardiovascular and neurology aneurysm treatments has become one of the major factors driving the market growth for the hospitals and clinics segment. Most of the surgeries are being performed in hospitals, owing to the continuous patient care and monitoring.


Radiopharmaceuticals Market, by Geography:


The geographic scope of the radiopharmaceuticals market report covers North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). The market in North America held the largest share in 2023. It was valued at 4.02 billion in 2023 and is expected to register a CAGR of 14.5% during 2023–2031. The growth of the market in North America is attributed to the rising number of patients suffering from chronic conditions and viral diseases and increasing research and development activities in radiopharmaceuticals. Further, the increasing use of nuclear imaging techniques drives the expansion of the radiopharmaceuticals market size. The US held the largest share in 2023 in North America. The market in the US is primarily driven by increasing demand for PET scanners in cancer diagnosis, rising demand for imaging modalities such as SPECT and PET, and a high adoption rate of radioactive tracers. Demand for SPECT and PET scanners in cancer diagnosis has increased remarkably over the past few years. The SPECT and PET offer a sophisticated diagnostic tool that can detect disease progression at each stage, helping in the early diagnosis of disease. Several market players are adopting organic strategies to stay competitive in the market. For instance, in March 2023, Telix Pharmaceuticals received FDA approval for a supplementary New Drug Application (sNDA) for Illuccix, a kit designed to prepare gallium Ga 68 gozetotide injection. The approval allows Illuccix to select patients with metastatic prostate cancer who could benefit from 177Lu 177 PSMA-directed therapy.


Apart from factors driving the market, the radiopharmaceuticals market report emphasizes major developments by prominent players. Medi-Radiopharma (MRP), Rotem Industries Ltd., ABX Advanced Biochemical Compounds GmbH, Invicro LLC, Cardinal Health, Newcastle University, Novartis, Curium, Blue Earth Diagnostics, General Electric Company, and IBA Radiopharma Solutions are among the prominent players operating in the market.


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