Global Radiopharmaceuticals Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Radiopharmaceuticals Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Nuclear medicine is a medical specialty that uses radioactive tracers (radiopharmaceuticals) to diagnose and treat disease. Radiopharmaceuticals are unique medicinal formulations containing radioisotopes that are used in major clinical areas, and monitored via specific imaging devices, for diagnosis and/or therapy.

Market Overview:

The latest research study on the global Radiopharmaceuticals market finds that the global Radiopharmaceuticals market reached a value of USD 7336.93 million in 2022. It’s expected that the market will achieve USD 14786.83 million by 2028, exhibiting a CAGR of 12.39% during the forecast period.

Assessment of the Overall Impact of COVID-19 on the Industry

The challenges for radiopharmaceuticals in COVID-19 come primarily from the supply chain.
Production of radioisotopes for the production of medical procedures continued during the Covid19 pandemic, but hospitals may face shortages due to bottlenecks in transportation and distribution. While most major actors continue to produce radioisotopes, production facilities have been defined as essential by the relevant governments. However, many airlines are no longer operating and borders are closed due to the epidemic, which has affected sales of medical radioisotopes around the world. Because most research and education activities using isotopes have been put on hold, many hospitals have delayed diagnostic applications. The most common medical radioisotope, technetium-99m (Tc-99m), is used in about 40 million procedures each year. All major producers of this radioisotope continue to operate. Research reactors in Argentina, Australia, Belgium, France, Poland, the Netherlands, Russia, South Africa, and the U.S. are poised to continue to meet demand. mo-99 is delivered by air, primarily as a source of Tc-99m to hospitals and nuclear medicine centers, usually within a few hours of administration to patients.

The North America accounts for about half of the global market, but relies on three suppliers of Mo-99/Tc-99m. Meanwhile, most African countries rely on a single supplier for this radioisotope, which is commonly used for cancer imaging tests. Many countries do not have access to therapeutic tracers because of cost and supply or distributor issues.

Market Development Constraints

Raw material supply challenge
There are generally three preparation methods for radiopharmaceuticals, the first is obtained from generators such as 99mTc which is prepared by molybdenum technetium generator, the second is obtained from 18F only by cyclotron bombardment of stable isotope 18O, the first two require companies to build nuclear pharmacies around hospitals and prepare them for use now; the third type is prepared directly from the reactor, such as 89Sr, which is prepared from a high-pass nuclear reactor, prepared into drugs in a standard GMP plant, and then transported to the hospital, and this type of product generally requires a half-life of several days to tens of days and is mainly used as a therapeutic drug. However, most of the initial raw materials for the preparation of nuclide drugs come from nuclear reactors, and the half-life of many raw materials is relatively short, so raw materials have a certain degree of scarcity and supply is relatively tight, such as 99Mo, the raw material for 99mTc. There are mainly 10 reactors supplying molybdenum worldwide, and with the decommissioning of NRU in Canada and OSIRIS in France, the capacity has been reduced by more than 20%. With the decommissioning of the NRU in Canada and OSIRIS in France, capacity has been reduced by more than 20% and the supply of molybdenum has become tight.

Region Overview:

From 2023-2028, North America is estimated to witness robust growth prospects.

Company Overview:

Curium, Novartis (AAA) , GE Healthcare , Eli Lilly and Bayer AG are the five key players in the global Radiopharmaceuticals market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global Radiopharmaceuticals market in the past 5 years.

Curium Pharma is a company developing, manufacturing, and distributing SPECT, PET, and therapeutic radiopharmaceutical products for the nuclear medicine industry. Its portfolio of products includes generators, cold kits, hot and auxiliary products used in the diagnosis and treatment of a range of diseases affecting the thyroid, lungs, liver, bones, brain, heart, glands, kidneys, and joints.

Novartis is a Switzerland-based pharmaceutical company. The Company develops, manufactures, and markets branded and generic prescription drugs, active pharmaceutical ingredients (APIs), biosimilars and ophthalmic products. The Company uses science and digital technologies for treatments in the disease areas of immunology, dermatology, cancer, ophthalmology, neuroscience, respiratory, cardiovascular, renal and metabolism.

Advanced Accelerator Applications, a Novartis company, is an innovative radiopharmaceutical company developing, producing and commercializing nuclear medicine theragnostics. AAA is also an established leader in radiopharmaceuticals for Positron Emission tomography (PET) and Single-Photon Emission Computed Tomography (SPECT) diagnostic imaging, mainly used in clinical oncology, cardiology and neurology.

Segmentation Overview:

Among different product types, Technetium-99 segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Oncology segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Radiopharmaceuticals market covered in Chapter 3:

Lantheus Medical Imaging
Bayer AG
Sun Pharmaceutical Industries
Cardinal Health
Eli Lilly
Novartis (AAA)
Bracco Imaging
Yantai Dongcheng Pharmaceutical
PeptiDream
Curium
Jubilant Pharma
Eczacıbaşı Monrol Nuclear Products
GE Healthcare
ROTOP Pharmaka GmbH

In Chapter 4 and Chapter 14.2, on the basis of types, the Radiopharmaceuticals market from 2018 to 2029 is primarily split into:

Technetium-99
Fluorine-18
Iodine-131
Lutetium-177
Yttrium-90
Radium-223
Gallium-67
Rubidium-82
Iodine-123
Iodine-125
Indium-111
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Radiopharmaceuticals market from 2018 to 2029 covers:

Oncology
Cardiology
Neurology
Endocrinology
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)