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Radiopharmaceuticals Market

Radiopharmaceuticals Market Size, Share & Trends Analysis Report By Radioisotope (Technetium 99, Fluorine 18, Iodine 131, Leutetium 177, Yttrium 90, Gallium 67, Gallium 68, Rubidium 82, Iodine 123, Iodine 125, Indium 111 and Other Isotopes), By Indication (Oncology, Cardiology, Gastoenterology, Neuroendocrinology, Neurology, Nephrology and Other Indications), By Source (Cyclotrons, Nuclear Reactors and Other Sources), By Type (Diagnostic and Therapeutic), By End User (Hospitals, Medical Imaging Centers, Cancer Research Institute and Other End Users), By Region, And By Segment Forecasts, 2023-2031.

Report ID : 2290 | Published : 2023-12-19 | Pages: 179 | Format: PDF/EXCEL

Radiopharmaceuticals Market Size is valued at USD 8.8 Bn in 2022 and is predicted to reach USD 15.9 Bn by the year 2031 at a 6.8% CAGR during the forecast period for 2023-2031.

Radiopharmaceuticals Market

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:

  • Bayer
  • Cardinal Health
  • Curium Pharma
  • Eli Lilly
  • General Electric Company
  • Iso-Tex Diagnostics
  • LANTHEUS HOLDINGS, INC
  • Novartis
  • Siemens
  • Bracco Imaging S.P.A.
  • Pharmalogic Holdings Corp
  • Eczacibasi-Monrol Nuclear Products
  • NTP Radioisotopes Soc Ltd.
  • Nordion Inc.
  • Advanced Accelerator Applications (A Novartis Company)
  • 2 Northstar Medical Radioisotopes
  • Eckert & Ziegler
  • Isotope JSC
  • Jubilant Draximage, Inc. (A Subsidiary Of Jubilant Pharma)
  • Global Medical Solutions
  • Shine Technologies, Llc
  • Isotopia Molecular Imaging Ltd.
  • Bwxt Medical Ltd.
  • Institute Of Isotopes
  • China Isotope & Radiation Corporation
  • Yantai Dongcheng Pharmaceutical Group Co., Ltd.
  • Cyclopharm
  • Ire Elit
  • Others

Market Segmentation:

The radiopharmaceuticals market is segmented based on radioisotope, Indication, source, type, and end user. As per the radioisotope, the market is segmented into Technetium 99, Fluorine 18, Iodine 131, Lutetium 177, Yttrium 90, Gallium 67, Gallium 68, Rubidium 82, Iodine 123, Iodine 125, Indium 111, and Other Isotopes. The Indication segment consists of oncology, cardiology, gastroenterology, neuroendocrinology, neurology, nephrology, and other indications. By source, the market is segmented into cyclotrons, nuclear reactors, and other sources. By type, the market is segmented into diagnostic and therapeutic. According to end user, the market is segmented into hospitals, medical imaging centres, and cancer research institutes.

Based On The Radioisotope, The Rubidium 82 Radiopharmaceuticals Market Segment Is A Major Contributor To The Radiopharmaceuticals Market. 

The rubidium 82 radiopharmaceuticals market is expected to lead with a major global market share in 2022. Rubidium (Rb82) injections help people with cardiac disease diagnosis. Medical professionals can use it to create an image of a patient's heart through positron emission tomography (PET) scans. Whether the patient is relaxed or anxious, this medicine monitors the blood flow to the heart.

The Diagnostic Segment To Witness Growth At A Rapid Rate

The diagnostic industry makes up the bulk of radiopharmaceutical usage due to the increased number of medical imaging tests run by hospitals and the rising demand for early disease diagnosis, especially in countries like the US, Germany, the UK, China, and India.

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

The North American radiopharmaceuticals market is expected to record the maximum market revenue share in the near future. It can be attributed to new medicines and medical technology that have emerged. There are a lot of radiopharmaceutical companies in the area, there has been a surge in radiopharmaceutical R&D, and more medicines have been approved for sale in the region. In addition, Asia Pacific is estimated to grow rapidly in the global radiopharmaceuticals market because of fresh government programs, fresh regional initiatives by businesses, fresh advances in radioisotope production technology, and higher R&D expenditure.

Recent Developments:

  • In Nov 2023, Ionetix Corporation entered into a supply deal with Bayer for the medicinal radioisotope actinium-225 (Ac-225). Ionetix will supply Bayer with high-purity, non-carrier added (n.c.a.) Ac-225
  • In June 2023, Jubilant Draximage Inc. and Evergreen Theragnostics, Inc. have 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 2022

USD 8.8 Bn

Revenue Forecast In 2031

USD 15.9 Bn

Growth Rate CAGR

CAGR of 6.8 % from 2023 to 2031

Quantitative Units

Representation of revenue in US$ Bn and CAGR from 2023 to 2031

Historic Year

2019 to 2022

Forecast Year

2023-2031

Report Coverage

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

Segments Covered

By Radioisotope, Indication, Source, Type, End-User

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

Bayer, Cardinal Health, Curium Pharma, Eli Lilly, General Healthcare, Iso-Tex Diagnostics, Lantheus Holdings, Inc, Novartis, Siemens, Bracco Imaging S.P.A., Pharmalogic Holdings Corp, Eczacibasi-Monrol Nuclear Products, NTP Radioisotopes Soc Ltd., Nordion Inc., Advanced Accelerator Applications (A Novartis Company), 2 Northstar Medical Radioisotopes, Eckert & Ziegler, Isotope JSC, Jubilant Draximage, Inc. (A Subsidiary Of Jubilant Pharma), Global Medical Solutions, Shine Technologies, Llc, Isotopia Molecular Imaging Ltd., Bwxt Medical Ltd., Institute Of Isotopes, China Isotope & Radiation Corporation, Yantai Dongcheng Pharmaceutical Group Co., Ltd., Cyclopharm, Ire Elit, Others

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

4.6. Industry Analysis – Porter’s Five Forces Analysis

4.7. Competitive Landscape & Market Share Analysis

4.8. Impact of Covid-19 Analysis

Chapter 5. Market Segmentation 1: By Radioisotope Estimates & Trend Analysis

5.1. By Radioisotope, & Market Share, 2020 & 2031

5.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2020 to 2031 for the following By Radioisotope:

5.2.1. Technetium 99

5.2.2. Fluorine 18

5.2.3. Iodine 131

5.2.4. Leutetium 177

5.2.5. Yttrium 90

5.2.6. Gallium 67

5.2.7. Gallium 68

5.2.8. Rubidium 82

5.2.9. Iodine 123

5.2.10. Iodine 125

5.2.11. Indium 111

5.2.12. Other Isotopes

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

6.1. By Indication & Market Share, 2020 & 2031

6.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2020 to 2031 for the following By Indication:

6.2.1. Oncology

6.2.2. Cardiology

6.2.3. Gastoenterology

6.2.4. Neuroendocrinology

6.2.5. Neurology

6.2.6. Nephrology

6.2.7. Other Indications

Chapter 7. Market Segmentation 3: By Source Estimates & Trend Analysis

7.1. By Source & Market Share, 2020 & 2031

7.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2020 to 2031 for the following By Source:

7.2.1. Cyclotrons

7.2.2. Nuclear Reactors

7.2.3. Other Sources

Chapter 8. Market Segmentation 4: By Type Estimates & Trend Analysis

8.1. By Type & Market Share, 2020 & 2031

8.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2020 to 2031 for the following By Type:

8.2.1. Diagnostic

8.2.2. Therapeutic

Chapter 9. Market Segmentation 5: By End-Users Estimates & Trend Analysis

9.1. By End-Users & Market Share, 2020 & 2031

9.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2020 to 2031 for the following By End-Users:

9.2.1. Hospitals

9.2.2. Medical Imaging Centers

9.2.3. Cancer Research Institute

9.2.4. Other End Users

Chapter 10. Radiopharmaceuticals Market Segmentation 6: Regional Estimates & Trend Analysis

10.1. North America

10.1.1. North America Radiopharmaceuticals Market revenue (US$ Million) estimates and forecasts By Radioisotope, 2019-2031

10.1.2. North America Radiopharmaceuticals Market revenue (US$ Million) estimates and forecasts By Indication, 2019-2031

10.1.3. North America Radiopharmaceuticals Market revenue (US$ Million) estimates and forecasts By Source, 2019-2031

10.1.4. North America Radiopharmaceuticals Market revenue (US$ Million) estimates and forecasts By Type, 2019-2031

10.1.5. North America Radiopharmaceuticals Market revenue (US$ Million) estimates and forecasts By End-Users, 2019-2031

10.1.6. North America Radiopharmaceuticals Market revenue (US$ Million) estimates and forecasts by country, 2019-2031

10.2. Europe

10.2.1. Europe Radiopharmaceuticals Market revenue (US$ Million) By Radioisotope, 2019-2031

10.2.2. Europe Radiopharmaceuticals Market revenue (US$ Million) By Indication, 2019-2031

10.2.3. Europe Radiopharmaceuticals Market revenue (US$ Million) By Source, 2019-2031

10.2.4. Europe Radiopharmaceuticals Market revenue (US$ Million) By Type, 2019-2031

10.2.5. Europe Radiopharmaceuticals Market revenue (US$ Million) By End-Users, 2019-2031

10.2.6. Europe Radiopharmaceuticals Market revenue (US$ Million) by country, 2019-2031

10.3. Asia Pacific

10.3.1. Asia Pacific Radiopharmaceuticals Market revenue (US$ Million) By Radioisotope, 2019-2031

10.3.2. Asia Pacific Radiopharmaceuticals Market revenue (US$ Million) By Indication, 2019-2031

10.3.3. Asia Pacific Radiopharmaceuticals Market revenue (US$ Million) By Source, 2019-2031

10.3.4. Asia Pacific Radiopharmaceuticals Market revenue (US$ Million) By Type, 2019-2031

10.3.5. Asia Pacific Radiopharmaceuticals Market revenue (US$ Million) By End-Users, 2019-2031

10.3.6. Asia Pacific Radiopharmaceuticals Market revenue (US$ Million) by country, 2019-2031

10.4. Latin America

10.4.1. Latin America Radiopharmaceuticals Market revenue (US$ Million) By Radioisotope, (US$ Million) 2019-2031

10.4.2. Latin America Radiopharmaceuticals Market revenue (US$ Million) By Indication, (US$ Million) 2019-2031

10.4.3. Latin America Radiopharmaceuticals Market revenue (US$ Million) By Source, (US$ Million) 2019-2031

10.4.4. Latin America Radiopharmaceuticals Market revenue (US$ Million) By Type, (US$ Million) 2019-2031

10.4.5. Latin America Radiopharmaceuticals Market revenue (US$ Million) By End-Users, (US$ Million) 2019-2031

10.4.6. Latin America Radiopharmaceuticals Market revenue (US$ Million) by country, 2019-2031

10.5. Middle East & Africa

10.5.1. Middle East & Africa Radiopharmaceuticals Market revenue (US$ Million) By Radioisotope, (US$ Million) 2019-2031

10.5.2. Middle East & Africa Radiopharmaceuticals Market revenue (US$ Million) By Indication, (US$ Million) 2019-2031

10.5.3. Middle East & Africa Radiopharmaceuticals Market revenue (US$ Million) By Source, (US$ Million) 2019-2031

10.5.4. Middle East & Africa Radiopharmaceuticals Market revenue (US$ Million) By Type, (US$ Million) 2019-2031

10.5.5. Middle East & Africa Radiopharmaceuticals Market revenue (US$ Million) By End-Users, (US$ Million) 2019-2031

10.5.6. Middle East & Africa Radiopharmaceuticals Market revenue (US$ Million) by country, 2019-2031

Chapter 11. Competitive Landscape

11.1. Major Mergers and Acquisitions/Strategic Alliances

11.2. Company Profiles

 

11.2.1. Bayer

11.2.2. Cardinal Health

11.2.3. Curium Pharma

11.2.4. Eli Lilly

11.2.5. General Electric Company

11.2.6. Iso-Tex Diagnostics

11.2.7. Jubilant Pharmova

11.2.8. Lantheus

11.2.9. Novartis

11.2.10. Siemens

Segmentation of Radiopharmaceuticals Market-

Radiopharmaceuticals Market By Radioisotope-    

  • Technetium 99
  • Fluorine 18
  • Iodine 131
  • Leutetium 177
  • Yttrium 90
  • Gallium 67
  • Gallium 68
  • Rubidium 82
  • Iodine 123
  • Iodine 125
  • Indium 111
  • Other Isotopes

Radiopharmaceuticals Market Seg

Radiopharmaceuticals Market By Indication-

  • Oncology
  • Cardiology
  • Gastroenterology
  • Neuroendocrinology
  • Neurology
  • Nephrology
  • Other Indications

Radiopharmaceuticals Market By Source-

  • Cyclotrons
  • Nuclear Reactors
  • Other Sources

Radiopharmaceuticals Market By Type-

  • Diagnostic
  • Therapeutic

Radiopharmaceuticals Market By End User-

  • Hospitals
  • Medical Imaging Centers
  • Cancer Research Institute

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 6.8% CAGR during the forecast period for 2023-2031.

Global Medical Solutions, Shine Technologies, Llc, Isotopia Molecular Imaging Ltd., Bwxt Medical Ltd., Institute Of Isotopes, China Isotope & Radiatio

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