Radiopharmaceutical Market Forecasts to 2030 - Global Analysis By Type (Diagnostic, Therapeutic and Other Types), Radioisotope, Source, Application, End User and By Geography

Radiopharmaceutical Market Forecasts to 2030 - Global Analysis By Type (Diagnostic, Therapeutic and Other Types), Radioisotope, Source, Application, End User and By Geography

According to Stratistics MRC, the Global Radiopharmaceutical Market is accounted for $6.55 billion in 2024 and is expected to reach $13.06 billion by 2030 growing at a CAGR of 12.2% during the forecast period. A specific class of pharmaceutical products known as radiopharmaceuticals is made up of isotopes that are radioactive. The majority of applications for these substances in nuclear medicine are both therapeutic and diagnostic. When a patient is given radiopharmaceuticals for diagnostic purposes, the radiation they emit is recorded by imaging technologies like PET and SPECT, which produce fine-grained images of the body's internal organs and systems. Moreover, when used therapeutically, they are used to treat diseases like cancer, in which the radioactive component targets and destroys cancerous cells with radiation.

According to the Society of Nuclear Medicine and Molecular Imaging (SNMMI), radiopharmaceuticals play a critical role in the diagnosis and treatment of various diseases, including cancer, heart disease, and neurological disorders, by providing unique insights into the molecular and physiological processes within the body.

Market Dynamics:

Driver:

Growing rate of chronic illnesses

Chronic illnesses like cancer, heart disease, and neurological conditions are becoming more and more common worldwide. The incidence of cancer in particular has increased significantly, requiring more sophisticated diagnostic and treatment options. In order to improve treatment outcomes, radiopharmaceuticals provide non-invasive methods for early tumor detection and precise tumor targeting. Radiopharmaceuticals play a critical role in the identification of blockages and the evaluation of heart function in cardiovascular diseases. Additionally, they aid in the diagnosis of neurological disorders by identifying abnormalities and visualizing brain activity, which helps with conditions like Alzheimer's disease.

Restraint:

Exorbitant development and production costs

The process of creating and manufacturing radiopharmaceuticals is very expensive and complex. Complex infrastructure and technology, such as nuclear reactors or cyclotrons, which are costly to construct and operate, are needed to produce radioisotopes. In order to assure safety and efficacy, new radiopharmaceuticals must also undergo rigorous research and clinical trialing, which comes at a high cost. Furthermore, these exorbitant expenses may prevent new competitors from entering the market and may limit the amount of money available for innovation and research.

Opportunity:

Extension of medicinal uses

Though their use in diagnostic imaging has long predominated, there is increasing potential to extend the use of radiopharmaceuticals to therapeutic applications. Novel therapeutic approaches for a range of cancers and other illnesses are being made possible by developments in targeted radionuclide therapy (TRT). Radioligand therapy, for instance, has demonstrated potential in the treatment of neuroendocrine tumors and prostate cancer by directly delivering radioactive isotopes to cancer cells. Moreover, treatment options and patient outcomes can be greatly improved by extending the therapeutic uses of radiopharmaceuticals.

Threat:

Disruptions to the supply chain

The manufacturing and distribution of radiopharmaceuticals rely heavily on a delicate and intricate supply chain. Due to their short half-lives, a large number of radioisotopes used in radiopharmaceuticals require prompt and effective administration, transportation, and production. Any disruption in this supply chain be it from geopolitical unrest, natural disasters, technological malfunctions, or logistical difficulties, has the potential to affect patient care and cause shortages. Additionally, the supply of vital radioisotopes may be severely restricted by the shutdown of a cyclotron or nuclear reactor.

Covid-19 Impact:

The COVID-19 pandemic had a substantial effect on the market for radiopharmaceuticals, resulting in production and supply chain disruptions as a result of lockdowns, travel restrictions, and decreased manufacturing facility operational capacities. As healthcare systems gave priority to COVID-19 patients, the pandemic also caused a brief decline in non-essential medical procedures, such as diagnostic imaging and radiopharmaceutical therapies. However, the market also witnessed a spike in R&D endeavours focused on employing radiopharmaceuticals for COVID-19-associated diagnosis and therapies, underscoring the industry's flexibility and inventive capacity in emergency scenarios.

The Oncology segment is expected to be the largest during the forecast period

The radiopharmaceutical market is dominated by the oncology segment. The reason for this dominance is the high global cancer prevalence and the vital role that radiopharmaceuticals play in cancer treatment and diagnosis. In order to identify malignant lesions, gauge the extent of cancer spread, and track the efficacy of treatments, radiopharmaceuticals are widely used in positron emission tomography (PET) and single-photon emission computed tomography (SPECT) imaging. Furthermore, targeted cancer therapy is making greater use of therapeutic radiopharmaceuticals, such as radio labeled peptides and antibodies, which deliver radiation directly to tumor cells while minimizing damage to nearby healthy tissues.

The Cancer Research Institute segment is expected to have the highest CAGR during the forecast period

In the radiopharmaceutical market, the cancer research institute segment is anticipated to have the highest CAGR. The increased funding for cancer research and the creation of innovative radiopharmaceuticals for both therapeutic and diagnostic applications are the main drivers of this growth. Cancer research institutes are at the forefront of developing novel therapies and technologies, such as the highly precise targeting of particular cancer cells with radiopharmaceuticals. Moreover, large-scale research and clinical trials are made possible for these institutions by the significant funding they receive from government grants, private investments, and partnerships with pharmaceutical companies.

Region with largest share:

Due to factors like a high prevalence of chronic diseases, an advanced healthcare infrastructure, and growing investments in nuclear medicine, North America accounted for the largest share of the global radiopharmaceutical market. Due to its substantial R&D efforts and the presence of major market players, the United States in particular has a thriving market. Favourable government programs and reimbursement practices also encourage market expansion in the area. However, the distribution of market share may change in the future due to the quick growth of nuclear medicine applications worldwide and the rising use of radiopharmaceuticals in emerging economies.

Region with highest CAGR:

The radiopharmaceutical market is expected to grow at the highest CAGR in the European region. The region's market is expanding due to factors like rising healthcare infrastructure investments, a growing use of nuclear medicine techniques for diagnostic and therapeutic purposes, and an increase in the prevalence of chronic illnesses like cancer and neurological disorders. Furthermore, the market is expanding due to favourable reimbursement policies, technological advancements in the production of radiopharmaceuticals, and partnerships between pharmaceutical companies and research institutes.

Key players in the market

Some of the key players in Radiopharmaceutical market include Cardinal Health Inc., Eli Lilly and Company, General Electric Company, Covidien Plc, Iso-Tex Diagnostics, Inc, Bayer AG, IBA Radiopharma Solutions, Lantheus Holdings, Inc., Monrol Nuclear Products,Inc, Siemens AG, Novartis AG, BWX Technologies, Inc., Jubilant Pharmova Limited, Nordion,Inc., Curium Pharma and Positron Corporation.

Key Developments:

In April 2024, Bayer AG has entered into a long-term supply agreement for renewable energy with Wuppertaler Stadtwerke (WSW), the public utility company of Wuppertal in North Rhein-Westphalia, Germany. Under the agreement, WSW will provide Bayer with over 120 GWh of wind and/or solar power from German wind and solar parks annually, equivalent to the electricity consumption of approximately 30,000 households.

In January 2024, Cardinal Health Inc. announced an agreement to buy Specialty Networks for $1.2 billion in cash, as the drug distributor and medical products maker looks to enhance its data analytics capabilities. The company said the acquisition expands its offering in therapeutic areas and increases its data and research opportunities with biopharmaceutical manufacturers.

In April 2024, Bayer AG has entered into a long-term supply agreement for renewable energy with Wuppertaler Stadtwerke (WSW), the public utility company of Wuppertal in North Rhein-Westphalia, Germany. Under the agreement, WSW will provide Bayer with over 120 GWh of wind and/or solar power from German wind and solar parks annually, equivalent to the electricity consumption of approximately 30,000 households.

Types Covered:
• Diagnostic
• Therapeutic
• Other Types

Radioisotopes Covered:
• Yttrium-90
• Thallium-201
• Technetium-99
• Strontium -89
• Samarium-153
• Rubidium-82
• Rhenium-186
• Radium-223
• Palladium - 103
• Leutetium-177
• Iridium - 192
• Iodine-131
• Iodine-125
• Iodine-123
• Indium-111
• Holmium-166
• Gallium-68
• Gallium-67
• Fluorine-18
• Fludeoxyglucose - (18F-FDG)
• Erbium-169
• Cesium-131
• Actinium-225
• Other Radiosotopes

Sources Covered:
• Nuclear Reactors
• Cyclotrons

Applications Covered:
• Thyroid
• Theranostics
• Oncology
• Neurology
• Neuroendocrinology
• Nephrology
• Lymphoma
• Inflammation
• Gastroenterology
• Cardiology
• Other Applications

End Users Covered:
• Hospitals and Clinics
• Ambulatory Surgical Centers
• Cancer Research Institute
• Diagnostic Imaging Centers
• Medical Imaging Centers
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements