Radiopharmaceutical Market

Market Overview for Radiopharmaceuticals for 2024 to 2034

Radiopharmaceuticals, in the limelight of heavy healthcare expenditures by affluent economies, is taking long strides in scientific innovations. FMI report suggests an overall global valuation of USD 6972.1 million in 2024.

Increased awareness of the benefits of radioisotope medications has slated this valuation to surpass USD 11635 million by 2034, growing at a CAGR of 3.40% for the forecast period of 2024 to 2034.

Attributes	Details
Radiopharmaceutical Market Value for 2024	USD 6972.1 million
Projected Market Value for 2034	USD 11635 million
Value-based CAGR from 2024 to 2034	3.40%

Radiopharmaceuticals Industry Analysis

• Pandemic-induced readiness in the healthcare and medicare sector, pushing public as well as private entities to invest hefty financial capital in the research and development of new medications, drugs, vaccines, etc.
• Prevalence of chronic diseases in developing and developed economies with well-established healthcare infrastructure, robust reimbursement policies, affluent per capita incomes, and increasing health consciousness.
• The industry-academia collaboration, in the past few decades, especially in the field of radio isotopic medication, bringing into the international marketplace novel formulations of medications, drugs, etc.
• The growing reliance on targeted therapies involving radionuclide-based therapies in cancer treatments to mitigate or control the spread of infection from one specific part of the body to another.
• Adoption of radiopharmaceuticals such as Radium-223, Lutetium-177, Samarium-153, and Actinium-225 to cure metastatic prostate cancer by medical professionals all over the world.
• Usual side-effects and allergic reactions faced by the patients after the dosage of radiopharmaceuticals to study a specific tissue or organ of the body, making patients hesitant to trust the efficacy of these treatments.
• Frequent visits to the hospital for radio chemotherapy due to its small dosages and prolonged treatment process are creating a sense of hesitancy in the minds of patients seeking this treatment which is affecting the adoption
• High costs, inefficient healthcare infrastructure, and long waiting periods for treatments, in underdeveloped parts of the world, are also impeding the market growth. Besides this, the lack of unskilled medical professionals and poor government healthcare policies also hinder market growth.

Consumption Analysis of Radiopharmaceuticals

• Cancer patients, across the world, form one of the largest consumer pools in the market for radiopharmaceuticals. This consumer group uses radionuclide-infused medications, drugs, vaccines, etc. to mitigate or stop the spread of tumors in the body.
• The sales of radiopharmaceuticals are also increasing among patients dealing with cardiovascular diseases such as myocardial perfusion imaging for coronary artery disease, etc. With more than half of the world population having these issues, this sale is very likely to surge in the coming future.
• Industry-wise, healthcare institutions, both public as well as private ones, procure radiopharmaceuticals for medical imaging services such as PET scans, SPECT scans, and other nuclear medicine procedures.
• Medical imaging centers also generate a significant demand for radiopharmaceuticals, such as Radium-223, Lutetium-177, Samarium-153, and Actinium-225, for various scans and tests.

Category-wise Insights

Cancer Therapies Involving Technetium-99 to Gain Popularity

Technetium-99, a metastable nuclear isomer of technetium-99, is one of the most commonly used isotopes in medical imaging. It is accounted to hold a share of 47.20% in the radiopharmaceutical market.

Attributes	Details
Radioisotope	Technetium-99
Market Share (2024)	47.20%

• The demand for Technetium-99, in the modern medicare sector, is touching the skies as it is usually used in single-photon emission computed tomography (SPECT) imaging. This enables medical practitioners to create detailed images of internal organs and tissues.
• Technietium-99-based radiopharmaceuticals can also be combined with other compounds and medications to detect tumors and infections in a wide range of medical conditions, including cardiovascular diseases, bone disorders, renal dysfunction, and cancer.

Oncology Treatments to Benefit from Radiopharmaceutical Medications

Attributes	Details
Application	Oncology
Market Share (2024)	51.40%

• According to World Cancer Research Fund International’s survey, 18.1 million people are diagnosed with cancer currently. This vast number has generated a huge demand for radiopharmaceuticals as it is one of the most important components in cancer diagnosis.
• Radiopharmaceuticals’ efficacy and effectiveness in cancer treatments and the trust shown by medical professionals in it for mitigating tumors, in medical imaging, and for regular monitoring is also augmenting its adoption worldwide.

Country-wise Analysis

Asian countries are set to become some of the lucrative markets for radiopharmaceuticals in the coming future. The growth rates for these countries have been jotted down below. Huge population, government policies, the prevalence of chronic diseases, such as cancer, and rising medical tourism are some of the main reasons for this growth.

Countries	CAGR (2024 to 2034)
India	5.40%
Malaysia	3.90%
Indonesia	3.70%
Thailand	3.20%
Spain	2.90%

Government Policies in India to Become a Boon for the Radiopharmaceuticals Industry

The Indian radiopharmaceutical industry is slated to grow at a healthy CAGR of 5.40% for the forecasted period.

• In the last few years, government policies in India regarding medical inclusion of the poor and middle class have changed the overall health infrastructure of the country. With the recent pandemic, this progress got a substantial boost.
• This medicare transformation has helped healthcare facilities across the country to easily adopt sophisticated methodologies involving the use of radiopharmaceuticals to treat cancers and other chronic diseases.

Malaysian Oncology to Benefit from Medical Tourism Activities

Malaysia is one of the most lucrative markets for radiopharmaceuticals. For the period of 2024 to 2034, the market is very likely to grow at a CAGR of 3.90%.

• The Malaysian market for radiopharmaceuticals is booming, thanks to its expanding medical tourism industry in the past few years. Each year, more than one million patients flock to the nation to take advantage of its advanced medical facilities.
• This cyclic migration of patients automatically generates substantial demand for radiopharmaceutical medications, drugs, vaccines, etc. Radiopharmaceuticals are also needed in medical imaging and regular monitoring of patients' overalls.

Breast and Cervical Cancer to Augment the Adoption of Radiopharmaceuticals in Indonesia

The Indonesian market for radiopharmaceuticals is set to grow at a sluggish CAGR of 3.70% through 2034.

• According to the National Center for Biotechnology Information, 3.80 million of the 270 million Indonesian population is dealing with cancer. This presents a great opportunity for pharmaceutical companies involved in the manufacturing of radiopharmaceuticals to cater to the medication requirements of healthcare facilities in Indonesia.
• Regular awareness policies by the Minister of Health of the Republic of Indonesia have also increased the adoption of radiopharmaceuticals as people are regularly conducting full-body checkups for early detection of cancer and other fatal diseases.

Cancer-treating Radiopharmaceuticals Gain Ground in Thailand

The Thai radiopharmaceutical market also has a promising future like the other Asian countries. It is very much likely to progress at 3.20% CAGR through 2034.

• The International Atomic Energy Association, under its new project, has started the clinical use and distribution of lutetium-177 (Lu-177)-DOTATATE - a radiopharmaceutical for treating neuroendocrine tumors, across various countries including Thailand.
• Distributions like this have made the adoption and implementation of radiopharmaceuticals in Thailand very feasible and affordable for the middle-class population, which in turn is amplifying the market growth.

Rising Incidences of Chronic Diseases to Augment Market Growth in Spain

The Spanish market for radiopharmaceuticals is accounted to grow at a CAGR of 2.90% for 2024 to 2034.

• Just like the majority of European and Western countries, Spain is currently dealing with the problem of rising incidences of chronic diseases such as cardiovascular diseases, cancer, obesity, etc.
• This growing prevalence in the Spanish general population has generated great demand in the international market for radiopharmaceuticals.

Competitive Landscape

The market for radiopharmaceuticals is still in its nascent stages with very few companies dominating the international marketplace. However, with medical advancements and the proliferation of these methodologies in the medical world, the requirement of radiopharmaceuticals will soon experience a drastic surge. This will provide excellent opportunities for new players to enter the market.

Some of the prominent companies in the market are Bayer AG, Bracco Imaging S.p.A., Cardinal Health, Inc., Eli Lilly and Company (Eli Lilly), Curium Pharma, Lantheus Holdings, Inc., Novartis AG, Nordion (Canada) Inc., etc. These companies provide radiopharmaceuticals to healthcare facilities such as hospitals, ambulatory surgical centers, clinics, specialty hospitals, etc.

Innovation and keeping up with the latest medical technology are the key components in this market. This is the reason why, these companies are found to be investing millions of dollars in the development of novel radiopharmaceuticals with better efficiency.

Besides this, collaborative efforts with government bodies are also being carried out to make the offering more affordable, feasible, and easily available, especially in developing and underdeveloped parts of the world.

Recent Developments

• In February 2024, Bayer solidified a partnership with PanTera, obtaining actinium-225 for pioneering radiopharmaceuticals. This collaboration marked PanTera's debut with a major pharmaceutical firm, commencing clinical trial provision in the latter half of the year.
• In March 2024, Ariceum Therapeutics inaugurated its Berlin-based radiopharmaceutical laboratory, enabling internal R&D for upcoming pipeline candidates
• In March 2024, Ratio Therapeutics Inc. revealed an extended manufacturing deal with PharmaLogic, a renowned CDMO for radiopharmaceuticals. The partnership aimed to expedite the production and launch of Ratio's cutting-edge radiotherapies, particularly its FAP-targeted candidate.
• In March 2024, Telix Pharmaceuticals acquired ARTMS Inc. for up to USD 82 million, expanding its radiopharmaceutical capabilities. The deal provided access to advanced isotope production technology, a manufacturing facility, and a reserve of ultrapure rare metals, bolstering Telix's presence in the industry.

Key Companies

• Bayer AG
• Bracco Imaging S.p.A.
• Cardinal Health, Inc.
• Eli Lilly and Company (Eli Lilly)
• Curium Pharma
• Lantheus Holdings, Inc.
• Novartis AG
• Nordion (Canada) Inc.
• Jubilant Radiopharma

Key Coverage in the Radiopharmaceutical Market

• Growth of the Radiopharmaceutical Market
• demand for radiopharmaceuticals in Developing Countries
• North America Radiopharmaceuticals Market
• Industrial Analysis of Nuclear Medicine Market
• Radiopharmaceuticals Demand Analysis

Key Segments Covered in the Radiopharmaceutical Industry Analysis

By Radioisotope Type:

• Technetium-99
• Fluorine-18
• Iodine-131
• Lutetium-177
• Yttrium-90
• Gallium-68
• Gallium-67
• Rubidium-82
• Iodine-123
• Iodine-125
• Indium-111
• Others

By Application:

• Oncology
• Cardiology
• Gastroenterology
• Neuroendocrinology
• Neurology
• Nephrology
• Others

By Source:

• Cyclotrons
• Nuclear Reactors

By End User:

• Hospitals
• Diagnostic Imaging Centers
• Ambulatory Surgical Centers
• Cancer Research Institute

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa (MEA)

Frequently Asked Questions

How Much is the Radiopharmaceutical Market Currently Worth?

The radiopharmaceutical market is expected to be worth USD 6972.1 million by 2024.

What is the Sales Forecast for Radiopharmaceuticals through 2034?

The radiopharmaceutical market is expected to reach USD 11635 million by 2034.

At What Rate is the Radiopharmaceutical Market Expected to Grow?

The radiopharmaceutical market is expected to grow at a CAGR of 3.40% from 2024 to 2034.

Which are the key Companies in the Radiopharmaceutical Market?

Bayer AG, Bracco Imaging S.p.A., Cardinal Health, Inc., Eli Lilly and Company (Eli Lilly), Curium Pharma, etc., are some of the major players in the global radiopharmaceutical market.

What was the overall Value of the Radiopharmaceutical Market in 2023?

The valuation for the global radiopharmaceutical market in 2023 was USD 6742.8 million.