Radiopharmaceutical Therapeutic Market Share and Forecast by 2031

The radiopharmaceutical therapeutic market size is projected to reach US$ 7.30 billion by 2031 from US$ 2.71 billion in 2023. The market is expected to register a CAGR of 13.1% in 2023–2031. The introduction of AI algorithms in nuclear medicine imaging devices to optimize treatment planning is likely to remain a key trend in the radiopharmaceutical therapeutic market.

Radiopharmaceutical Therapeutic Market Analysis

Rapid expansion of the medical imaging industry, growing preference for personalized medications, breakthroughs in radiopharmaceutical therapeutics, and surging technological developments to improve targeting strategies, as well as rising government investments, are factors primarily driving the market revenue of radiopharmaceutical therapeutics.

Radiopharmaceutical Therapeutic Market Overview

Pharmaceutical substances that include radioactive isotopes that are used to treat cancer and other medical conditions are known as radiopharmaceutical therapeutics. In order to minimize damage to healthy tissues, these radiopharmaceuticals are made to specifically target and deliver high doses of radiation directly to the site of the disease.

The radiopharmaceutical therapeutic market future is promising owing to developments in nuclear medicine technology, rising demand for better treatment alternatives, and an increase in the prevalence of chronic diseases. Furthermore, the increased acceptance of personalized medicine and targeted therapies is anticipated to support the market expansion.

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Radiopharmaceutical Therapeutic Market: Strategic Insights

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Radiopharmaceutical Therapeutic Market Drivers and Opportunities

Growing Popularity of Targeted Therapies to Drive Market Growth

Targeted therapy is the latest and evolving technique used for local and systemic cancer treatment. Preclinical research and clinical trials demonstrate that alpha-emitting radionuclides kill targeted cancer cells and do not harm healthy cells in the vicinity. 225Ac and 227Th are among the alpha particle-emitting radioisotopes attached to monoclonal antibodies in order to selectively recognize and kill cancerous cells by locally delivering high doses of radiation. Alpha radiations are suitable for killing isolated cancer cells in the vascular and lymphatic systems and regressing tumors by disturbing tumor capillary networks to target and kill tumor capillary endothelial cells. The Radium-223 dichloride alpha therapy is the only approved concept for internal alpha particle-emitting radioisotope cancer treatment. Targeted radionuclide therapy is a type within the category of targeted therapies. A systemically administered targeted radiotherapeutic that combines the specificity of cancer cell targeting with the known antitumor effects of ionizing radiation has the potential to eradicate both a primary tumor site and cancer that has spread through the body, including malignant cell populations undetectable by diagnostic imaging, simultaneously. There are two commercially approved radioimmunotherapy agents, yttrium-90 ibritumomab tiuxetan (Zevalin; Biogen-Idec Pharmaceuticals, approved in 2002) and iodine-131 tositumomab (BEXXAR, GlaxoSmithKline, approved in 2003), both of which are used to treat indolent B-cell lymphoma and related cancers. Thus, the preferred use of targeted therapies in cancer treatment drives the radiopharmaceutical therapeutic market growth.

Strategic Alliance Between Companies to Favor Market Growth

Strategic alliances and agreements help discover groundbreaking solutions in cancer research while developing deeper relationships with businesses that share a similar vision. The strategic alliance can potentially increase a company's revenue and profitability, as well as help companies progress in the field of radiotherapeutics by increasing their product portfolio. Below are a few companies undergoing strategic alliances:

In June 2021, Nimble Therapeutics and RayzeBio entered a strategic research collaboration to discover and develop novel peptide-based radiopharmaceuticals for the treatment of cancer. RayzeBio has exclusive rights to develop and sell peptides discovered under the collaboration and a choice to expand the collaboration further to include other targets.

In January 2024, Lantheus Holdings, Inc. entered into multiple strategic agreements with Perspective Therapeutics, Inc., a radiopharmaceutical company that is pioneering advanced treatment solutions for cancers throughout the body. Under the agreements, Lantheus gains a choice to exclusively license Perspective’s Pb212-VMT-⍺-NET, a clinical-stage alpha therapy developed for treating neuroendocrine tumors, and an option to co-develop certain early-stage therapeutic candidates targeting prostate cancer using Perspective’s innovative lead platform technology. These strategic transactions will expand Lantheus’s pipeline and create a pathway for impactful advancements in neuroendocrine tumors and prostate cancer.

In March 2024, Ratio Therapeutics Inc. expanded its manufacturing agreement with PharmaLogic, a world-class contract development and manufacturing organization focusing on radiopharmaceutical production and distribution. The collaboration significantly accelerates the development and commercialization of Ratio's pipeline of next-generation radiotherapies, signifying a critical component in advancing Ratio's fibroblast activation protein-alpha (FAP)-targeted radiotherapeutic candidate.

Radiopharmaceutical Therapeutic Market Report Segmentation Analysis

Key segments that contributed to the derivation of the radiopharmaceutical therapeutic market analysis are product type, therapy type, application, and end user.

• Based on product type, the radiopharmaceutical therapeutic market is divided into Technitium-99m, Thallium-201, Gallium-68, Iodine-131, Copper-64, and others. The Technitium-99m segment held the largest market share in 2023 and is anticipated to register the highest CAGR during the forecast period.
• By therapy type, the market is segmented into alpha emitters, beta emitters, and brachytherapy isotopes. The beta emitters segment held the largest share of the market in 2023 and is projected to register the highest CAGR during the forecast period.
• In terms of application, the market is categorized into oncology, neurology, cardiology, and others. The oncology segment held the largest market share in 2023 and is anticipated to register the highest CAGR during the forecast period.
• Based on end user, the radiopharmaceutical therapeutic market is divided into hospitals, oncology clinics, and others. The hospitals segment held the largest market share in 2023 and is anticipated to register the highest CAGR during the forecast period.

Radiopharmaceutical Therapeutic Market Share Analysis by Geography

The geographic scope of the radiopharmaceutical therapeutic market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America has dominated the radiopharmaceutical therapeutic market. The region's dedication to technological innovation and embracing cutting-edge imaging modalities solidify its preeminent position in the field of radiopharmaceutical therapeutics. Targeted radiopharmaceuticals for therapeutic use deliver radionuclides directly to tumors anywhere in the body, and thus, targeted radiopharmaceuticals have triggered interest in clinical development to address ovarian cancers. The National Cancer Institute used prior experience from radiopharmaceutical clinical use in ovarian cancer to further develop conjugated radiopharmaceuticals that might be considered for chemorefractory ovarian cancer patient treatment in the future. Thus, the aforementioned factors are contributing to the dominance of North America in the radiopharmaceutical therapeutic market.

Radiopharmaceutical Therapeutic Market News and Recent Developments

The radiopharmaceutical therapeutic market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments and strategies in the market for radiopharmaceutical therapeutics:

• Bayer and Bicycle Therapeutics entered into a strategic collaboration to discover, develop, manufacture, and commercialize novel targeted radionuclide therapies in oncology. (Source: Bayer AG, Press Release, 2023)
• Novartis received European Commission approval for Pluvicto (INN: lutetium (177Lu) vipivotide tetraxetan), a targeted radioligand therapy. Pluvicto was approved in combination with androgen deprivation therapy with or without androgen receptor pathway inhibition for treating adult patients with prostate-specific membrane antigen (PSMA)–positive metastatic castration-resistant prostate cancer (mCRPC). (Source: Novartis, Press Release, 2022)

Radiopharmaceutical Therapeutic Market Regional Insights

The regional trends and factors influencing the Radiopharmaceutical Therapeutic Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Radiopharmaceutical Therapeutic Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Radiopharmaceutical Therapeutic Market Report Scope

Radiopharmaceutical Therapeutic Market Players Density: Understanding Its Impact on Business Dynamics

The Radiopharmaceutical Therapeutic Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Radiopharmaceutical Therapeutic Market are:

1. Cardinal Health
2. Bayer
3. Novartis
4. Jubilant DraxImage Inc.
5. Curium
6. Yantai Dongcheng Pharmaceutical Group

Disclaimer: The companies listed above are not ranked in any particular order.

Radiopharmaceutical Therapeutic Market Report Coverage and Deliverables

The “Radiopharmaceutical Therapeutic Market Size and Forecast (2023–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles