Radiopharmaceutical CDMO/CMO Services Market Size is valued at USD 2.75 billion in 2023 and is predicted to reach USD 5.44 billion by the year 2031 at a 9.0% CAGR during the forecast period for 2024-2031.
Radiopharmaceutical drugs, introduced with radioactive isotopes, are pivotal in both diagnosing and treating medical conditions. These compounds emit detectable radiation, helping in the visualization of specific organs or tissues through techniques like scintigraphy. Radiopharmaceutical CDMO/CMO services offer specialized outsourcing solutions for the development and manufacturing of these drugs, ensuring regulatory compliance and expertise from drug initiation to commercialization.
These services are integral in optimizing the manufacturing process and providing regulatory guidance, enabling pharmaceutical companies to focus on core objectives like drug development. With a growing emphasis on early-stage clinical support, the integration of CRO and CMO capabilities into a unified CDMO model has become prevalent. Selecting the right CDMO or CMO is crucial for comprehensive support throughout the drug development and manufacturing journey, including early-phase research and beyond.
The rise in chronic diseases like cancer and cardiovascular disorders is fueling the demand for radiopharmaceuticals, essential for diagnostic imaging and therapy. This demand pushes pharmaceutical companies to outsource complex manufacturing to CDMOs to cut costs, accelerate product launches, and meet growing needs effectively. Additionally, research advancements and the trend toward personalized medicine are driving the exponential growth of the Radiopharmaceutical CDMO market.
Competitive Landscape
Some of the Radiopharmaceutical CDMO/CMO Services Market Players are:
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NorthStar Medical Radioisotopes
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PharmaLogic
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Eckert & Ziegler
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SOFIE
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Monrol
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Medi-Radiopharma
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Cardinal Health
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CheMatech
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Chelatec
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SpectronRx
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SHINE Technologies, LLC
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Trasis
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IONETIX Corporation
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Seibersdorf Labor GmbH
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Senn Chemicals AG
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Minerva Imaging
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Nucleus RadioPharma
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Evergreen Theragnostics, Inc.
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Global Medical Solutions
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GBI Biomanufacturing
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ITM Isotope Technologies Munich SE
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Macrocyclics Inc
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ABX-CRO
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PSI CRO
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Other Prominent Player
Market Segmentation:
The radiopharmaceutical CDMO/CMO services market is segmented based on application, type of radioisotope, scale of operation, source of manufacturing and therapeutic area. By application the market is segmented into diagnostic radiopharmaceuticals and therapeutic radiopharmaceuticals, Diagnostic radiopharmaceutical segment is categorized into positron emission tomography radiopharmaceuticals and SPECT Radiopharmaceuticals, Therapeutic radiopharmaceutical segment is sub-segmented into alpha emitters, beta emitters and other therapeutic radiopharmaceuticals, By type of radioisotope, market is segmented into technetium-99m, fluorine-18, leutetium-177, gallium-68, actinium-225 and other radioisotopes. Based on source of manufacturing, market is divided into nuclear reactors and cyclotrons, On the basis of scale of operation, market is segmented into preclinical, clinical and commercial. By therapeutic area, market is categorized into cardiovascular disorders, neurological disorders, oncological disorders and other disorders.
Diagnostic Radiopharmaceutical Segment is Expected to Dominate the Market
The diagnostic radiopharmaceutical segment is expected to dominate the market. This segment has shown dominance in the market, with a significant contribution to market growth. Diagnostic radiopharmaceuticals play a crucial role in nuclear medicine by enabling the visualization and diagnosis of various medical conditions through imaging techniques like positron emission tomography (PET) and single-photon emission computed tomography (SPECT). The diagnostic radiopharmaceuticals segment is essential for providing accurate and detailed imaging for medical professionals to diagnose and monitor diseases effectively, making it a key driver in the Radiopharmaceutical CDMO/CMO Services Market. According to World Nuclear Association, over 10,000 hospitals globally use radioisotopes for a range of therapeutic and diagnostic applications.
Oncology Segment is Growing at the Highest Rate in the Radiopharmaceutical CDMO/CMO Services Market
The oncology segment in the radiopharmaceutical CDMO/CMO services market is growing rapidly due to several factors. These include the increasing incidence of cancer, advancements in radiopharmaceutical technology, and supportive regulatory approvals. Strategic collaborations and investments, the trend towards personalized medicine, and the aging population further drive demand. Additionally, increased funding for cancer research and improved production capabilities by CDMOs/CMOs contribute to this growth. Overall, the need for innovative cancer diagnostics and treatments is propelling the expansion of the oncology segment.
North America Led the Radiopharmaceutical CDMO/CMO Services Market
North America dominates half of the world's radiopharmaceutical production, showing that many pharmaceutical companies and services are based there. The region's rising demand for radiopharmaceuticals, driven by the growing number of chronic diseases like cancer and heart problems, is pushing companies to outsource the making of these drugs to CDMOs and CMOs, fueling the growth of this market.
Recent Developments:
- In May 2024, PharmaLogic Holdings Corp., a leading contract development and manufacturing organization (CDMO) and radiopharmacy solutions provider, marks the inauguration of its radiopharmaceutical production and research facility in the Bronx, New York. Following its acquisition in 2022, the facility underwent extensive renovations and now features state-of-the-art equipment. This investment underscores PharmaLogic's commitment to advancing the development of innovative radiopharmaceuticals in the region.
- In Feb 2024, Bristol Myers Squibb finalized its acquisition of RayzeBio, Inc., integrating RayzeBio's distinctive Actinium-based radiopharmaceutical platform. This acquisition marks the conclusion of RayzeBio is a wholly owned subsidiary of Bristol Myers Squibb.
- In Feb 2024, Telix Pharmaceuticals Limited signed an agreement to acquire IsoTherapeutics Group, LLC, a specialized radiopharmaceutical development and bioconjugation company located in Angleton, Texas. IsoTherapeutics offers radiochemistry and bioconjugation development, along with contract manufacturing services to various companies in the radiopharmaceutical sector, including Telix.
Radiopharmaceutical CDMO/CMO Services Market Report Scope
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Report Attribute |
Specifications |
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Market Size Value In 2023 |
USD 2.75 Bn |
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Revenue Forecast In 2031 |
USD 5.44 Bn |
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Growth Rate CAGR |
CAGR of 9.0 % from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Application, By Type of Radioisotope, By Source of Manufacturing, By Therapeutic Area and By Region |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
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Competitive Landscape |
Minerva Imaging, NorthStar Medical Radioisotopes, PharmaLogic, Eckert & Ziegler, SOFIE, Medi-Radiopharma, Cardinal Health, Seibersdorf Labor GmbH, Nucleus RadioPharma, Evergreen Theragnostics, Inc., Global Medical Solutions, GBI Biomanufacturing, among other prominent players. |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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