North America Radiopharmaceuticals Market to Grow at a CAGR of 9.3% to reach US$ 6,128.36 million by 2028 Million from 2021 to 2028

North America Radiopharmaceuticals Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Diagnostic Nuclear Medicine and Therapeutic Nuclear Medicine), Application (Oncology, Cardiology, Neurology, and Others), and End User (Hospitals, Imaging Centers, Academic and Research Centers, and Others)

  • Report Code : TIPRE00025881
  • Category : Pharmaceuticals
  • Status : Published
  • No. of Pages : 142
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The North America radiopharmaceuticals market is expected to grow from US$ 3,296.97 million in 2021 to US$ 6,128.36 million by 2028; it is estimated to grow at a CAGR of 9.3% from 2021 to 2028.



The US, Canada, and Mexico are economies in North America. Felicity of alpha radio immunotherapy in targeted cancer treatment is expected to surge the market growth. The Targeted alpha therapy (TAT) is the latest and evolving technique used for local and systemic cancer treatment. Preclinical research and clinical trials prove that alpha-emitting radionuclides kill targeted cancer cells and do not harm the healthy cells (selective cytotoxicity). 211At, 213Bi, 225Ac, and 227Th are among the alpha-emitting radioisotopes used to label targeting vectors such as monoclonal antibodies; the monoclonal antibodies labeled with α-emitting radionuclides are emerging as an effective radioimmunotherapy. Shorter-range radioisotopes (α particles) are used for treating patients with hematological cancer. Alpha radiations are suitable for killing isolated cancer cells in the vascular and lymphatic systems as well as in regressing tumors by disturbing tumor capillary networks for targeting and killing tumor capillary endothelial cells (ECs). The Radium-223 dichloride alpha therapy is the only approved concept for internal alpha-emitting radioisotope cancer treatment. The decay of radioactive elements after reaching the malignant tissue releases tumor-destroying radiations without causing significant damage to the adjoining healthy tissues. The alpha radiations are much localized, and they penetrate a maximum of 2–10 cell layers. Healthy cells in the surrounding tissue can recover from any damage caused by the radiation to a certain extent themselves. Nuclear imaging uses gamma emitters that have a long lifespan, which allows blood clearance as the tumor increases its uptake of the conjugate over time, so improving contrast. Nuclear imaging agents allow the diagnosis of tumor and organs. In addition, the rise in awareness about alpha radioimmunotherapy and surge in the availability of therapies for cancer treatment procedures are propelling the demand for nuclear imaging. Thus, the preferred use of alpha radioimmunotherapy in the treatment of cancer is fueling the North America radiopharmaceuticals market growth.  

In case of COVID-19, North America is highly affected especially the US. The COVID-19 pandemic has significantly impacted the US radiopharmaceutical market. As per the Society of Nuclear Medicine and Molecular Imaging (SNMMI), nearly 80% of respondents saw declines of 50%-75% in non-PET nuclear medicine procedures. In addition, it was also reported that COVID-19 had changed policies for radiopharmaceutical preparations in nuclear medicine (NM) departments by negatively impacting the regular operation of radio pharmacy labs. The COVID-19 has a potential economic impact on most of the sectors, including the oncology procedures. The pandemic has hindered cancer diagnosis and surgeries and is likely to negatively impact the market. The radiopharmaceuticals market in the US is expected to witness modest growth driven by an aging population, increases in health risk factors like poor lifestyle, and the adoption of new technology due to favorable regulatory changes. However, the overall market expansion will be hindered by a saturated installed base of large imaging systems and the consolidation of hospitals. Also, the pandemic has dramatically affected the activities in radio pharmacy laboratories globally. The pandemic affected scheduling criteria, with most staff encouraged to stay at home or observe the social distance. In many radio pharmacy labs, diagnostic imaging tests are quantitatively reduced, and certain imaging centers reduced their test procedures to almost half (18.2%). Thus, the market for radiopharmaceuticals region is expected to witness negative growth for a certain period of time.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America radiopharmaceuticals market. The North America radiopharmaceuticals market is expected to grow at a good CAGR during the forecast period.
North America radiopharmaceuticals market

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North America Radiopharmaceuticals Market Segmentation     

North America Radiopharmaceuticals Market – By Type

  • Diagnostic Nuclear Medicine
    • SPECT
    • PET
  • Therapeutic Nuclear Medicine
    • Alpha Emitters
    • Beta Emitters
    • Brachytherapy Isotopes

North America Radiopharmaceuticals Market – By Application

  • Oncology
  • Cardiology
  • Neurology
  • Others

North America Radiopharmaceuticals Market – By End User

  • Hospitals
  • Imaging Centers
  • Academic and Research Centers
  • Others

North America Radiopharmaceuticals Market, by Country

  • US
  • Canada
  • Mexico   

North America Radiopharmaceuticals Market -Companies Mentioned

  • Advanced Accelerator Applications
  • Bayer AG
  • Bracco Imaging S.p.A 
  • Cardinal Health Inc
  • Curium
  • ECZACIBAŞI MONROL NUCLEAR PRODUCTS CO.
  • GENERAL ELECTRIC
  • Lantheus Medical Imaging, Inc.
  • Nordion
  • NTP RADIOISOTOPES 
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

This text is related
to segments covered.

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

  1. Advanced Accelerator Applications
  2. Bayer AG
  3. Bracco Imaging S.p.A
  4. Cardinal Health Inc
  5. Curium
  6. ECZACIBA?I MONROL NUCLEAR PRODUCTS CO.
  7. GENERAL ELECTRIC
  8. Lantheus Medical Imaging, Inc.
  9. Nordion
  10. NTP RADIOISOTOPES

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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