Radiopharmaceuticals Market is anticipated to value CAGR of 4.3% to reach US$ 9.5 Billion 2022 to 2032

Future Market Insights predicts that shorter half-life of radiopharmaceuticals, and lack of specified guidelines for their use in commercial-scale drug production will restrict the market from growing at higher rate. In the years to come, ageing research reactors from all corners of the world will be closed, which will significantly bring down global production of radiopharmaceuticals.

Future Market Insights (FMI) predicted that the market for radiopharmaceuticals would be valued US$ 6.2 billion in 2022. The market for radiopharmaceuticals is expected to grow at a value CAGR of 4.3% between 2022 and 2032, reaching US$ 9.5 billion.

North America will account for more than 47% of the global market due to the increased incidence of cancer cases and the growth of the healthcare sector in the United States and Canada.

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With respect to sourcing these radiopharmaceuticals, the report predicts that nuclear reactors have accounted for more than 60% of global market revenues till date. Shutting down these reactors, however, has propelled the installation of cyclotrons, which are also a feasible source for radioisotopes. Hence, sales of radiopharmaceuticals derived from cyclotrons will continue to increase, amassing more than US$ 6,500 million by the end of 2026.

Surging Demand for Technetium-99 Radioisotope

Production of radiopharmaceuticals can be classified into several key radioisotopes, the prominent ones include, fluorine-18, leutetium-177, gallium-68, gallium-67 and technetium-99. In 2016, sales of radiopharmaceuticals constituting technetium-99 amassed revenues worth over US$ 2,200 million, globally. By the end of 2026, fluorine-18 radioisotope will continue to account for 16% of global radiopharmaceuticals revenues. On the other hand, global radiopharmaceutical revenues accounted by leutetium-177, gallium-68 and gallium-67, respectively, will soar at more than 6% CAGR through 2026.

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North America – Dominant Region for Sales of Radiopharmaceuticals

Access to advanced medical facilities, highly-trained professionals and lucrative healthcare expenditure adds up to make North America the most dominant region in global radiopharmaceuticals market. North America’s radiopharmaceuticals revenues will grow at more than 6% CAGR, accounting for nearly 50% of global revenues by the end of 2026. Companies such as Positron Corporation, GE Healthcare, Mallinckrodt plc, Lantheus Holdings, Inc., and Nordion, Inc., are observed to be leading players in global radiopharmaceuticals market, and are all based across North America.

Siemens Healthineers is slated to remain the most dominant company in the global radiopharmaceuticals market, accounting for over 40% of global revenues. Due to participation of Siemens and companies such as Advanced Accelerator Applications (France), Bayer AG (Germany), IBA Radiopharma Solutions (Belgium) and Eckert & Zeigler (Germany), Western Europe’s radiopharmaceuticals market is also expected to expand progressively and close in on US$ 1,600 million valuation by the end of 2026.

Radiopharmaceuticals – Scope for Application & End-use

• Favourable growth opportunities for radiopharmaceutical manufacturers from around the world are sited in therapeutic applications such as oncology, cardiology, neuroendocrinology, and neurology, among others.
• In 2017 and beyond, consumption of radiopharmaceuticals for oncological procedures will gain traction, registering revenue growth at 6% CAGR.
• On the other hand, radiopharmaceuticals consumed by neurological studies & treatment procedures will surge at the highest rate, surpassing US$ 700 million valuation by 2026-end.
• Another key insight offered in the report suggests that radiopharmaceuticals used by diagnostic imaging centres will increase over the forecast period.
• Nevertheless, every second radiopharmaceutical product manufactured in the world will be used by hospitals

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Key Segments Covered in the Radiopharmaceuticals Industry Analysis

Radiopharmaceuticals Market by Radioisotope Type:

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

Radiopharmaceuticals Market by Application:

• Oncology
• Cardiology
• Gastroenterology
• Neuroendocrinology
• Neurology
• Nephrology
• Others

Radiopharmaceuticals Market by Source:

• Cyclotrons
• Nuclear Reactors

Radiopharmaceuticals Market by End User:

• Hospitals
• Diagnostic Imaging Centers
• Ambulatory Surgical Centers
• Cancer Research Institute

Radiopharmaceuticals Market by Region:

• • North America Radiopharmaceuticals Market
  • Latin America Radiopharmaceuticals Market
  • Western Europe Radiopharmaceuticals Market
  • Eastern Europe Radiopharmaceuticals Market
  • APEJ Radiopharmaceuticals Market
  • Japan Radiopharmaceuticals Market
  • Middle East & Africa Radiopharmaceuticals Market

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