Radiotheranostics Market - By Radioisotope (Iodine-131, Iodine-123, Gallium-68, Lutetium-177, 18F with Y-90), Approach (Targeted Therapeutic, Targeted Diagnostic), Application (Oncology, Non-Oncology), Global Forecast (2024 - 2032)

Radiotheranostics Market - By Radioisotope (Iodine-131, Iodine-123, Gallium-68, Lutetium-177, 18F with Y-90), Approach (Targeted Therapeutic, Targeted Diagnostic), Application (Oncology, Non-Oncology), Global Forecast (2024 - 2032)

Radiotheranostics market size is anticipated to grow at over 14.6% CAGR from 2024 to 2032. As the incidence of cancer increases worldwide, the demand for advanced diagnostic and treatment solutions, including radiation therapy, is significantly surging. As per WHO, in 2022, an estimated 20 million new cancer were reported, resulting in 9.7 million deaths. The growing elderly population, which is more likely to develop cancer, will further drive the demand for radiotheranostics as the elderly require more frequent examinations and individualized treatments.

The development of innovative imaging and medical radiopharmaceuticals will improve the accuracy of diagnosis and treatment, increasing adoption by healthcare providers and patients. The growing collaboration between cutting-edge technologies and medical needs will also contribute to the market growth.

The radiotheranostics industry is classified into radioisotope, approach, application and region.

Based on approach, the market value from the targeted diagnostics segment is anticipated to grow at 14.2% CAGR through 2032, due to its ability to provide personalized and precise diagnosis for various diseases. Targeted diagnostics utilize biomarkers and molecular targets to detect diseases early, enabling personalized treatment and reducing unnecessary procedures and healthcare costs. Healthcare providers and patients are also increasingly interested in personalized diagnostics, spurring the segment growth.

Radiotheranostics market from the non-oncology segment is poised to witness 13.9% growth rate during 2024-2032. Advancements in radiation therapy technologies have increased awareness of the ability of radiation to treat and manage a variety of non-oncology diseases, including neurological diseases, cardiovascular diseases, and endocrine diseases. This versatility has made radiology a valuable tool in healthcare, driving demand among healthcare providers seeking accurate and cost-effective diagnostic solutions for a variety of medical conditions.

Asia Pacific radiotheranostics industry size will record notable expansion at 15.2% CAGR between 2024 and 2032. The rising prevalence of chronic diseases, along with improved healthcare infrastructure and higher incomes is driving the demand for diagnostic and treatment methods across the region, including radiotherapy. Moreover, government initiatives to promote health access and health affordability are driving R&D investments that encourage new radiotherapy technologies, adding to the regional market growth.