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[Research Report] The radiopharmaceutical theranostics market size is expected to grow from US$ 1,814.58 million in 2022 to US$ 3,441.97 million by 2028; it is estimated to record a CAGR of 11.3% from 2022 to 2028.
The radiopharmaceutical theranostics market is segmented on the basis of product type, radioisotope, source, application, indication, end user, and geography. The report offers insights and in-depth analysis of the market, emphasizing parameters such as dynamics, trends, and opportunities prevailing in the radiopharmaceutical theranostics market. It also provides the competitive landscape analysis of leading market players in global radiopharmaceutical theranostics market.
Market Insights
Rising Application in Treatment of Cardiovascular Disorders Drives Global Radiopharmaceutical Theranostics Market Growth
Cardiovascular diseases (CVDs) are among the most prevalent chronic diseases of the 21st century, with a high mortality rate. Due to their sedentary lifestyle, CVDs are the leading cause of mortality and morbidity in developed countries. In addition, obesity and diabetes, and related diseases are associated with cardiovascular disease and are becoming comorbid. In addition, a complication such as coronary artery obstruction is one of the number one causes of death in adults, resulting in thrombus plaque in the intima of the arterial wall, mainly in the carotid artery. According to data from the National Center for Biotechnology, around 17.7 million people died worldwide in 2015 due to cardiovascular diseases. In this regard, it is estimated that mortality from cardiovascular disease could increase to 22 million by 2030. Therapeutic applications in cardiovascular diseases include nanomedicine in angina pectoris, myocarditis, myocardial infarction, pericardial disease, thrombosis, atherosclerosis, hyperlipidemia, hypertension, pulmonary arterial hypertension, and stroke. Theranostics nanomedicines can prolong systemic circulation, evade host defense systems, and deliver theranostics agents to the target site for imaging and therapy at the cellular and molecular levels.
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Radiopharmaceutical Theranostics Market: Strategic Insights
Market Size Value in US$ 1,814.58 million in 2022 Market Size Value by US$ 3,441.97 million by 2028 Growth rate CAGR of 11.3% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Radiopharmaceutical Theranostics Market: Strategic Insights
| Market Size Value in | US$ 1,814.58 million in 2022 |
| Market Size Value by | US$ 3,441.97 million by 2028 |
| Growth rate | CAGR of 11.3% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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As per the 2022 report by the Centers for Disease Control and Prevention (CDC), heart disease is a leading cause of death among men and women in the US. Heart disease was a cause of ~697,000 deaths, i.e., 1 in 5 deaths, in the US in 2020. A National Institute of Health (NIH) report states that theranostics nanoparticles have gained significant attention in the medical field, as the techniques help overcome complexities and pathophysiological complications associated with CVDs. Cardiovascular imaging of atherosclerosis patients provides pathophysiological evidence that can help treat CVDs. Further, theranostics nanoparticles can be combined with a range of imaging techniques, such as magnetic resonance imaging (MRI), positron emission tomography (PET), and computed tomography (CT). Various clinical research studies have been conducted in clinical laboratories so far. A three-in-one therapeutic complex has been constructed, by combining a polymeric photoacoustic probe with nanoparticles-PLCDP@PMH. Clinical in-vivo evaluations reveal that the PLCDP@PMH provides lucrative advantages for the theranostics approach to early-stage atherosclerosis detection in patients.
Product Type-Based Insights
Based on product type, the radiopharmaceutical theranostics market is segmented into positron emission tomography (PET) tracers, beta emitters, and alpha emitters. In 2022, the positron emission tomography (PET) tracers segment held the largest share of the market of global radiopharmaceutical theranostics market, and it is anticipated to register the highest CAGR during the forecast period.
Radiopharmaceutical Theranostics Market, by Product Type – 2022–2028
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Radioisotope-Based Insights
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Based on radioisotope, the radiopharmaceutical theranostics market is divided into Lutetium (Lu) 177, Gallium-68, Iodine-131, Iodine-123, Technetium-99, Yttrium-90 (Y-90), Copper (Cu) 64, 18F, Copper (Cu) 67, and others. In 2022, the Lutetium (Lu) 177 segment held the largest market share of the global radiopharmaceutical theranostics market and is anticipated to register the highest CAGR during the forecast period.
Source-Based Insights
Based on source, the radiopharmaceutical theranostics market is bifurcated into cyclotrons and nuclear reactors. The cyclotrons segment held a larger share of the market in 2022, and it is expected to record at a higher CAGR during the forecast period.
Application-Based Insights
Based on application, the radiopharmaceutical theranostics market is bifurcated into targeted therapeutic (Rx) and companion diagnostic (CDx). In 2022, the targeted therapeutic (Rx) segment held a larger share of the market, and it is anticipated to register a higher CAGR during the forecast period.
Indication-Based Insights
Based on indication, the radiopharmaceutical theranostics market is segmented into oncology, neurology, cardiology, and others. The oncology segment held the largest share of the market in 2022, and it is anticipated to register the highest CAGR during the forecast period.
End User-Based Insights
Based on end user, the radiopharmaceutical theranostics market is segmented into hospitals, diagnostic imaging centers, academic and research institutes, and others. The hospitals segment held the largest market share in 2022. However, the academic and research institutes segment is anticipated to register the highest CAGR during the forecast period. Hospitals employ technologically advanced systems to treat cardiac aneurysms, neurology aneurysms, oncology tumors, and other similar conditions. The rising prevalence of various diseases and an increasing number of hospitals contribute to the growth of the market for hospitals segment.
The radiopharmaceutical theranostics market players adopt organic strategies, such as product launch and expansion, to expand their footprint and product portfolio and meet growing demands. Inorganic growth strategies witnessed in the market are partnerships and collaborations. These growth strategies have allowed the market players to expand their businesses and enhance their geographic presence. Additionally, acquisitions, partnerships, and other growth strategies help them strengthen their customer base.
- In October 2022, Telix received Health Canada approval for its Illuccix, a kit for the preparation of gallium (68Ga) gozetotide injection. The product can be used in staging and re-staging intermediate and high-risk prostate cancer and localizing tumor tissue in recurrent prostate cancer. Illuccix was the first PSMA PET imaging agent that was granted regulatory approval in Canada. Health Canada was the third regulatory body worldwide to approve Illuccix, which is commercially available in Australia and the US.
- In December 2021, GE Healthcare and Minerva Imaging entered in a strategic partnership to accelerate the commercial launch of targeted radionuclide therapies (theranostics). Radionuclide therapy is a form of precision medicine where a radioactive substance is administered through the bloodstream to target cancer cells and irradiate them specifically. This helps reduce potential side effects compared to traditional cancer therapies.
Company Profiles - Radiopharmaceutical Theranostics Market
- Bayer AG
- GE HealthCare Technologies Inc
- Curium
- Lantheus Medical Imaging, Inc.
- Telix Pharmaceuticals Ltd.
- Cardinal Health Inc
- Advanced Accelerator Applications S.A.
- Jubilant Radiopharma
- Theragnostics
- NuView Life Sciences
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, Radioisotope, Source, Application, Indication, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Radiopharmaceuticals are radioisotopes that are bound to biological molecules that target specific tissues, organs, or cells within the human body. Radioisotopes emitting gamma rays are useful for diagnostic imaging where the radiation escapes the body. Nuclear medicine imaging generally utilizes radioactive isotopes attached to specific molecules to examine biological processes, such as disease pathophysiology. Every radiopharmaceutical is designed to travel to a specific location in the body, and as soon as it reaches the site, it releases radioactive substances that kill the tumor cells. Radiopharmaceuticals can target various malignancies such as prostate cancer, heart disease, thyroid cancer, and others. These drugs can also be used as both therapies and diagnostics, known as 'theranostics’. In theranostics, radiopharmaceuticals are used for therapeutic and diagnostic purposes by targeting one specific tumor receptor.
Key factors that are driving the growth of this market are rising incidence of cancer and the growing application in the treatment of cardiovascular disorders are expected to boost the market growth for the radiopharmaceutical theranostics over the years.
The CAGR value of the biopharmaceuticals market during the forecasted period of 2022-2028 is 11.3%.
The positron emission tomography (PET) tracers segment held the largest share of the market in the global radiopharmaceutical theranostics market and held the largest market share of 44.76% in 2022.
The Lutetium (Lu) 177 segment dominated the global radiopharmaceutical theranostics market and held the largest market share of 24.34% in 2022.
The cyclotrons segment dominated the global radiopharmaceutical theranostics market and held the largest market share of 60.42% in 2022.
Answer: - The targeted therapeutic [Rx] segment dominated the global radiopharmaceutical theranostics market and held the largest market share of 63.28% in 2022.
The oncology segment dominated the global radiopharmaceutical theranostics market and held the largest market share of 62.18% in 2022.
The hospitals segment dominated the global radiopharmaceutical theranostics market and held the largest market share of 36.28% in 2022.
The radiopharmaceutical theranostics market majorly consists of the players such Bayer AG, GE HealthCare Technologies Inc, Curium, Lantheus Medical Imaging, Inc.; Telix Pharmaceuticals Ltd.; Cardinal Health Inc, Advanced Accelerator Applications S.A.; Jubilant Radiopharma, Theragnostics, and NuView Life Sciences amongst others.
The List of Companies - Radiopharmaceutical Theranostics Market
- Bayer AG
- GE HealthCare Technologies Inc
- Curium
- Lantheus Medical Imaging, Inc.
- Telix Pharmaceuticals Ltd.
- Cardinal Health Inc
- Advanced Accelerator Applications S.A.
- Jubilant Radiopharma
- Theragnostics
- NuView Life Sciences
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- 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.
- 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:
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.
- 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.
- 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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