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Radiopharmaceuticals Market

Radiopharmaceuticals Market Size, Share & Trends Analysis Report By Type (Diagnostic Nuclear Medicine (SPECT Radiopharmaceuticals, PET Radiopharmaceuticals), Therapeutic Nuclear Medicine (Alpha Emitters, Beta Emitters), Brachytherapy Isotopes. By Application (Diagnostic Applications (SPECT Applications, PET Applications), Therapeutic Applications), By Region, And By Segment Forecasts, 2023-2031.

Report ID : 2290 | Published : 2024-09-03 | Pages: 179 | Format: PDF/EXCEL

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Radiopharmaceuticals Market Size is valued at USD 5.7 Bn in 2023 and is predicted to reach USD 12.8 Bn by the year 2031 at a 10.91 % CAGR during the forecast period for 2024-2031.

 radiopharmaceutical

Radiopharmaceuticals are medications that incorporate radioactive isotopes. These chemicals are utilized in the field of nuclear medicine for diagnostic and therapeutic applications. They produce detectable radiation that may be captured in images, enabling healthcare workers to visually examine and evaluate the performance of organs, tissues, and physiological processes in the body. In addition to traditional cancer therapies, the oncologist may consider utilizing radiopharmaceuticals, which employ a blend of radioactive particles and drugs to selectively target and eradicate cancer cells. Radiopharmaceuticals are a specific category of radioactive compounds used in modern medicine. The drugs that contain radionuclides are as follows. Most radiopharmaceuticals employ a radioactive nuclide or radionuclide in combination with a drug or biologically active substance to assess the distribution and localization within the body. 

Furthermore, the rising range of radiopharmaceuticals is finding its way into clinical practice, providing doctors with more specific data about the features of various tumour forms. Many cancers are responding to radionuclides as a soothing and curative therapeutic option.

However, the market growth is hampered by the strict regulatory criteria for the safety and health of the radiopharmaceuticals market and the product's inability to prevent fog in environments with dramatic temperature fluctuations or high radiopharmaceuticals because radiopharmaceuticals are costly to create and execute because the market might not be growing quickly, several possible roadblocks could stop the sector from reaching its maximum potential. In all their manifestations, government regulations are thus deemed a barrier to product introduction. Every nation has several regulatory bodies, and every country has its own distinct set of rules. Strict regulatory and product approval processes are expected to slow the growth of the global radiopharmaceutical market.

The catastrophic COVID-19 pandemic impacts have shocked the world's healthcare institutions and crippled their operations. Consequently, hospitals have ramped up testing to save lives and contain the infection. The COVID-19 pandemic has created significant financial difficulties, and governments worldwide have been forced to reduce spending.

Competitive Landscape

Some Major Key Players In The Radiopharmaceuticals Market:

  • GE HealthCare
  • Cardinal Health
  • Curium 
  • Bayer AG 
  • Lantheus Holdings, Inc.
  • Bracco Imaging S.p.A.
  • PharmaLogic Holdings Corp.
  • Eczacibasi-Monrol Nuclear Products
  • NTP Radioisotopes SOC Ltd
  • Nordion Inc.
  • Novartis (Advanced Accelerator Application)
  • NorthStar Medical Radioisotopes
  • Eckert & Ziegler
  • Isotope JSC
  • Siemens Healthineers
  • Jubilant DraxImage,Inc.
  • Telix Pharmaceuticals Limited
  • IBA Worldwide
  • Other Prominent Players

Market Segmentation:

The radiopharmaceuticals market is segmented on the basis of type and application. Based on type, the market is segmented as Diagnostic Nuclear Medicine (SPECT Radiopharmaceuticals (Tc-99m, I-123, Tl-201, Ga-67, Other SPECT Isotopes), PET Radiopharmaceuticals (F-18, Rb-82, Other PET Isotopes)), Therapeutic Nuclear Medicine (Alpha Emitters(Ra-223), Beta Emitters (I-131, Y-90, Sm-153, Lu-177, Re-186, Other Beta Emitters)), Brachytherapy Isotopes (I-125, Ir-192, Pd-103, Cs-131), Other Brachytherapy Isotopes). The application segment includes Diagnostic Applications (SPECT Applications (Cardiology, Bone Scans, Thyroid Applications, Pulmonary Scans, Other SPECT Applications), PET Applications (Oncology, Cardiology, Neurology, Other PET Applications)), Therapeutic Applications (Thyroid Indications, Bone Metastasis, Lymphoma, Endocrine Tumors, Other Indications).

Based On Application, The Diagnostic Nuclear Medicine Segment Is Accounted As A Major Contributor To The Radiopharmaceuticals Market

The diagnostic nuclear medicine category is expected to hold a major share of the global Radiopharmaceuticals Market in 2021. Due to factors like effective imaging of patients with numerous types of cancer, new product launches for diagnosing various illnesses, and rising procedural volumes globally, this category is also expected to rise at a significant CAGR. Imaging methods used in nuclear medicine diagnostics include planar imaging, single-photon emission computed tomography (SPECT), and positron emission tomography (PET). Each method offers distinct knowledge about the anatomy, physiology, and molecular functions of the organism. 

The Diagnostic Segment Witnessed Growth At A Rapid Rate 

The diagnostic segment division is projected to grow at a rapid rate in the global Radiopharmaceuticals Market. A wide variety of radiopharmaceuticals used in various diagnostic imaging studies are prepared and compounded by commercial nuclear pharmacies. To assure the safety and effectiveness of radiopharmaceuticals, they are prepared in a controlled setting using stringent quality control procedures. Commercial nuclear pharmacies provide support for a variety of medical imaging modalities, including planar imaging, SPECT (Single-Photon Emission Computed Tomography) and Positron Emission Tomography (PET). 

In The Region, The North America Radiopharmaceuticals Market Holds A Significant Revenue Share 

The North American, Radiopharmaceuticals Market, is expected to register the highest market share in terms of revenue in the near future. The region is likely to witness rapid acceptance of technologically advanced and effective medicinal radiopharmaceuticals, as well as an increase in the use of nuclear imaging technology.

In addition, it is anticipated that throughout the projected period, the prevalence of various cancers and other chronic conditions will contribute to the market's rise in North America. As a result of the leading companies' recent product releases and the adoption of cutting-edge radiopharmaceuticals, Europe is predicted to experience significant market expansion. Additionally, this region's market players' acquisitions and mergers are promoting regional expansion. 

Recent Developments:

  • In June 2023, Jubilant Draximage Inc. and Evergreen Theragnostics, Inc. entered into a new arrangement. Under this agreement, Jubilant's radiopharmacy business will be responsible for the preparation, sale, and distribution of OCTEVY™ (Kit for Preparation of Ga 68 DOTATOC Injection) doses to positron emission tomography (PET) customers throughout the United States.

Radiopharmaceuticals Market Report Scope

Report Attribute

Specifications

Market Size Value In 2023

USD 5.7 Bn

Revenue Forecast In 2031

USD 12.8 Bn

Growth Rate CAGR

CAGR of 10.91 % from 2024 to 2031

Quantitative Units

Representation of revenue in US$ Bn and CAGR from 2024 to 2031

Historic Year

2019 to 2023

Forecast Year

2024-2031

Report Coverage

The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends

Segments Covered

By Type, By application

Regional Scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country Scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea

Competitive Landscape

GE HealthCare, Cardinal Health, Curium, Bayer AG, Lantheus Holdings, Inc., Bracco Imaging S.p.A., PharmaLogic Holdings Corp., Eczacibasi-Monrol Nuclear Products, NTP Radioisotopes SOC Ltd, Nordion Inc., Novartis (Advanced Accelerator Application), NorthStar Medical Radioisotopes, Eckert & Ziegler, Isotope JSC, Siemens Healthineers, Jubilant DraxImage,Inc., Telix Pharmaceuticals Limited, IBA Radiopharma Solutions, Other Prominent Players

Customization Scope

Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape.

Pricing And Available Payment Methods

Explore pricing alternatives that are customized to your particular study requirements.

Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Radiopharmaceuticals Market Snapshot

Chapter 4. Global Radiopharmaceuticals Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis of Metaverse Industry
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. COVID-19 Impact on Metaverse Industry

Chapter 5. Market Segmentation 1: By Type Estimates & Trend Analysis
5.1. By Type & Market Share, 2019-2031
5.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following By Type:

5.2.1. Diagnostic Nuclear Medicine

5.2.1.1. SPECT Radiopharmaceuticals

5.2.1.1.1. Tc-99m
5.2.1.1.2. I-123
5.2.1.1.3. Tl-201
5.2.1.1.4. Ga-67
5.2.1.1.5. Other SPECT Isotopes


5.2.1.2. PET Radiopharmaceuticals

5.2.1.2.1. F-18
5.2.1.2.2. Rb-82
5.2.1.2.3. Other PET Isotopes


5.2.2. Therapeutic Nuclear Medicine

5.2.2.1. Alpha Emitters

5.2.2.1.1. Ra-223


5.2.2.2. Beta Emitters

5.2.2.2.1. I-131
5.2.2.2.2. Y-90
5.2.2.2.3. Sm-153
5.2.2.2.4. Lu-177
5.2.2.2.5. Re-186
5.2.2.2.6. Other Beta Emitters


5.2.3. Brachytherapy Isotopes

5.2.3.1. I-125
5.2.3.2. Ir-192
5.2.3.3. Pd-103
5.2.3.4. Cs-131
5.2.3.5. Other Brachytherapy Isotopes


Chapter 6. Market Segmentation 2: By Application Estimates & Trend Analysis


6.1. By Type & Market Share, 2019-2031
6.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following By Application:


6.2.1. Diagnostic Applications


6.2.1.1. SPECT Applications

6.2.1.1.1. Cardiology
6.2.1.1.2. Bone Scans
6.2.1.1.3. Thyroid Applications
6.2.1.1.4. Pulmonary Scans
6.2.1.1.5. Other SPECT Applications


6.2.1.2. PET Applications

6.2.1.2.1. Oncology
6.2.1.2.2. Cardiology
6.2.1.2.3. Neurology
6.2.1.2.4. Other PET Applications


6.2.2. Therapeutic Applications

6.2.2.1. Thyroid Indications
6.2.2.2. Bone Metastasis
6.2.2.3. Lymphoma
6.2.2.4. Endocrine Tumors
6.2.2.5. Other Indications


Chapter 7. Radiopharmaceuticals Market Segmentation 4: Regional Estimates & Trend Analysis


7.1. North America

7.1.1. North America Radiopharmaceuticals Market revenue (US$ Million) estimates and forecasts By Type, 2024-2031
7.1.2. North America Radiopharmaceuticals Market revenue (US$ Million) estimates and forecasts By Application, 2024-2031
7.1.3. North America Radiopharmaceuticals Market revenue (US$ Million) estimates and forecasts by country, 2024-2031


7.1.3.1. U.S.
7.1.3.2. Canada

7.2. Europe

7.2.1. Europe Radiopharmaceuticals Market revenue (US$ Million) by By Type, 2024-2031
7.2.2. Europe Radiopharmaceuticals Market revenue (US$ Million) estimates and forecasts By Application, 2024-2031
7.2.3. Europe Radiopharmaceuticals Market revenue (US$ Million) by country, 2024-2031


7.2.3.1. Germany
7.2.3.2. Poland
7.2.3.3. France
7.2.3.4. Italy
7.2.3.5. Spain
7.2.3.6. UK
7.2.3.7. Rest of Europe


7.3. Asia Pacific

7.3.1. Asia Pacific Radiopharmaceuticals Market revenue (US$ Million) by By Type, 2024-2031
7.3.2. Asia Pacific Radiopharmaceuticals Market revenue (US$ Million) estimates and forecasts By Application, 2024-2031
7.3.3. Asia Pacific Radiopharmaceuticals Market revenue (US$ Million) by country, 2024-2031


7.3.3.1. China
7.3.3.2. India
7.3.3.3. Japan
7.3.3.4. Australia
7.3.3.5. Rest of Asia Pacific


7.4. Latin America

7.4.1. Latin America Radiopharmaceuticals Market revenue (US$ Million) by By Type, 2024-2031
7.4.2. Latin America Radiopharmaceuticals Market revenue (US$ Million) estimates and forecasts By Application, 2024-2031
7.4.3. Latin America Radiopharmaceuticals Market revenue (US$ Million) by country, (US$ Million) 2024-2031

7.4.3.1. Brazil
7.4.3.2. Rest of Latin America

7.5. Middle East & Africa

7.5.1. Middle East & Africa Radiopharmaceuticals Market revenue (US$ Million) by By Type, 2024-2031
7.5.2. Middle East & Africa Radiopharmaceuticals Market revenue (US$ Million) estimates and forecasts By Application, 2024-2031
7.5.3. Middle East & Africa Radiopharmaceuticals Market revenue (US$ Million) by country, (US$ Million) 2024-2031

7.5.3.1. South Africa
7.5.3.2. GCC Countries
7.5.3.3. Rest of MEA

Chapter 8. Competitive Landscape


8.1. Major Mergers and Acquisitions/Strategic Alliances
8.2. Company Profiles

8.2.1 GE HealthCare
8.2.2 Cardinal Health
8.2.3 Curium
8.2.4 Bayer AG
8.2.5 Lantheus Holdings, Inc.
8.2.6 Bracco Imaging S.p.A.
8.2.7 PharmaLogic Holdings Corp.
8.2.8 Eczacibasi-Monrol Nuclear Products
8.2.9 NTP Radioisotopes SOC Ltd
8.2.10 Nordion Inc.
8.2.11 Novartis (Advanced Accelerator Application)
8.2.12 NorthStar Medical Radioisotopes
8.2.13 Eckert & Ziegler
8.2.14 Isotope JSC
8.2.15 Siemens Healthineers
8.2.16 Jubilant DraxImage,Inc.
8.2.17 Telix Pharmaceuticals Limited
8.2.18 IBA Radiopharma Solutions
8.2.19 Other Prominent Players

Segmentation of Radiopharmaceuticals Market-

Radiopharmaceuticals Market By Type-    

  • Diagnostic Nuclear Medicine
    • SPECT Radiopharmaceuticals
      • Tc-99m
      • I-123
      • Tl-201
      • Ga-67
      • Other SPECT Isotopes
    • PET Radiopharmaceuticals
      • F-18
      • Rb-82
      • Other PET Isotopes
  • Therapeutic Nuclear Medicine
    • Alpha Emitters
      • Ra-223
    • Beta Emitters
      • I-131
      • Y-90
      • Sm-153
      • Lu-177
      • Re-186
      • Other Beta Emitters
    • Brachytherapy Isotopes
      • I-125
      • Ir-192
      • Pd-103
      • Cs-131
      • Other Brachytherapy Isotopes

 radiopharmaceuticals

Radiopharmaceuticals Market By Application-

  • Diagnostic Applications
    • SPECT Applications
      • Cardiology
      • Bone Scans
      • Thyroid Applications
      • Pulmonary Scans
      • Other SPECT Applications
    • PET Applications
      • Oncology
      • Cardiology
      • Neurology
      • Other PET Applications
  • Therapeutic Applications
    • Thyroid Indications
    • Bone Metastasis
    • Lymphoma
    • Endocrine Tumors
    • Other Indications

Radiopharmaceuticals Market By Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of the Middle East and Africa

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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Frequently Asked Questions

How big is the Radiopharmaceuticals Market Size?

Radiopharmaceuticals Market is expected to grow at a 10.91% CAGR during the forecast period for 2024-2031.

GE HealthCare, Cardinal Health, Curium, Bayer AG, Lantheus Holdings, Inc., Bracco Imaging S.p.A., PharmaLogic Holdings Corp., and others

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