Radiopharmaceuticals Market By Radioisotope (Technetium 99m, Fluorine 18, Iodine I, Gallium 68, Others), By Application (Cancer, Cardiology, Others), By Type (Diagnostic, Therapeutic), By End User (Hospitals and clinics, Medical Imaging centers, Others):

Radiopharmaceuticals Market By Radioisotope (Technetium 99m, Fluorine 18, Iodine I, Gallium 68, Others), By Application (Cancer, Cardiology, Others), By Type (Diagnostic, Therapeutic), By End User (Hospitals and clinics, Medical Imaging centers, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032

The radiopharmaceuticals market was valued at $5.2 billion in 2022, and is estimated to reach $13.7 billion by 2032, growing at a CAGR of 10.2% from 2023 to 2032. Radiopharmaceutical is defined as the radioactive drugs which are used to monitor, diagnose and treat a wide range of disease. The radiopharmaceuticals are widely used for therapeutic and diagnostic purposes. In therapeutic application, the radiopharmaceuticals are administered in some amount so that the proper therapeutic dose of radiation are delivered to specific disease sites. Meanwhile, in diagnostic procedures, the body is exposed to a small amount of radiation in order to observe the function of the organ. The radioactive drugs possess short half-lives; hence they must reach the patient for administration immediately after they manufacture.

The radiopharmaceuticals market is driven by the rise in prevalence of target disease such as cancer, neurological disease and cardiovascular disease, and increase in use of radiopharmaceutical in medical imaging. According to the World Cancer Research Fund International, in 2020, it was reported that around 18.1 million new cancer cases are diagnosed, globally. Radiopharmaceuticals use the radioactive substances to diagnose and treat cancer. Some of the radiopharmaceuticals that are used in diagnosis of cancer are Axumin, PYLARIFY, CERIANNA, Locametz, and Lymphoseek. In addition, the researchers also aims to develops novel radiopharmaceuticals agents, which is designed to deliver the radiation therapy specifically and directly to cancel cells. The surge in the demand for radiation therapy, and rise in number of diagnosis procedure for cancer and other target disease thus propel the growth of the market.

Furthermore, the radiopharmaceutical is used during the positron emission tomography (PET) imaging, in order to assist the examination of biological tissue. The increase in number of prostate, cardiac and amyloid imaging, surge the need for PET procedure. Increase in demand for medical imaging, surge the need for radiopharmaceuticals and boosts the growth of the radiopharmaceuticals market.Increase in the number of product approvals for radiopharmaceuticals fuels the growth of the market.

For instance, in March 2023, Telix Pharmaceuticals, a biotechnology company, announced the U.S Food and Drug Administration (FDA), approval for Illuccix. It is radiolabel with Ga 68 to form a radioactive diagnostic agent. It is indicated for positron emission tomography (PET) of prostate-specific membrane antigen (PSMA) positive lesions in men with prostate cancer. In addition, in March 2022, the U.S Food and Drug Administration (FDA), announced the approval of Pluvicto, for the treatment of adult patient with prostate cancer. Pluvicto, is the first PSMA-targeted radiopharmaceutical, contain lutetium Lu 177 vipivotide tetraxetan, radioisotopes.

In addition, increase in R&D activities in healthcare industry, propel the growth of the market. The Institute for Nuclear Sciences Applied to Health at the University of Coimbra, actively involved in the R&D activities to meet the present and future demand for application of diagnostic radiopharmaceuticals. Moreover, increase in the number of clinical trials on radiopharmaceuticals boosts the growth of the radiopharmaceuticals market. Furthermore, rise in investment for R&D activities in healthcare further boosts market growth. However, factors that hinder the market growth include side effect associated with the use of radiopharmaceutical such as nausea, vomiting, abdominal pain, and back pain.

On the other hand, the presence of radiopharmaceutical industry, increase in R&D activities for radiopharmaceuticals and growth potential in emerging markets are expected to create immense opportunities for radiopharmaceuticals during the forecast period.

The radiopharmaceuticals market is segmented on the basis of radioisotopes, application, type, end user and region. On the basis of radioisotopes, the market is classified into Technetium-99m, Fluorine-18, Iodine I, Gallium-68, and others. The others include Indium-111, Yttrium-90, Lutetium Lu-177, Copper-64, Carbon-14, Carbon-11, Strontium-89, Rubidium-82, Radium-223, Nitrogen-13, Molybdenum, Gallium-67, Thallium-201, and Xenon-133. On the basis of application, the market is bifurcated into cancer, cardiology and others. On the basis of type, the market is bifurcated into diagnostic, and therapeutics. On the basis of end user, the market is categorized into hospitals and clinics, medical imaging centers, and others. The others segment include diagnostic centers, and research institute.

On the basis of region, the market is studied across North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Spain, Italy, and Rest of Europe), Asia-Pacific (India, China, Australia, Japan, South Korea, and Rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa and Rest of LAMEA).Major key players that operate in the global radiopharmaceuticals market are Cardinal Health Inc., Curium Pharma, Eli Lilly and Company, General Electric Company, Iso-Tex Diagnostics, Inc., Jubilant Pharmova Limited, Lantheus Holdings, Inc., Novartis AG, Siemens AG, and Bayer.

Key Benefits For Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the radiopharmaceuticals market analysis from 2022 to 2032 to identify the prevailing radiopharmaceuticals market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the radiopharmaceuticals market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global radiopharmaceuticals market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

By End User

Hospitals and clinics
Medical Imaging centers
Others

By Radioisotope

Iodine I
Gallium 68
Others
Technetium 99m
Fluorine 18

By Application

Cancer
Cardiology
Others

By Type

Diagnostic
Therapeutic

By Region

North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
Japan
China
Australia
India
South Korea
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
Bayer AG
Cardinal Health Inc.
Curium Pharma
Eli Lilly and Company
General Electric Company
Iso-Tex Diagnostics, Inc
Jubilant Pharmova Limited
Lantheus Holdings, Inc.
Novartis AG
Siemens AG

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