$21.8 Billion Radiopharmaceuticals Market Booming with 10.6% CAGR from 2024 to 2033.
Radiopharmaceuticals Market Insight:
The global radiopharmaceuticals market was valued at $7.9 billion in 2023, and is projected to reach $21.8 billion by 2033, growing at a CAGR of 10.6% from 2024 to 2033.
The radiopharmaceuticals market forecast is driven by increase in prevalence of chronic diseases, particularly cancer, and is fueling the demand for effective diagnostic tools and targeted therapies. In addition, innovations in imaging modalities such as PET (Positron Emission Tomography) and SPECT (Single Photon Emission Computed Tomography) enable precise visualization of physiological processes and anatomical structures, facilitating early detection and accurate diagnosis of diseases such as cancer and cardiovascular disorders.
Rise in prevalence of cancer, cardiovascular and neurological disease, increase in demand for medical imaging, and increase in number of product approval for radiopharmaceuticals fuel the growth of the radiopharmaceuticals market.
Roshan Deshmukh – Manager
Life Sciences at Allied Market Research
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Key Takeaways:
- The therapeutic segment is anticipated to grow at the highest CAGR during the forecast period.
- The cancer segment dominated the radiopharmaceuticals market share in 2023 and is anticipated to grow at the highest CAGR during the forecast period.
- The Technetium 99m segment dominated the market in 2023 and is anticipated to grow at the highest CAGR during the forecast period.
- The hospitals and clinics segment dominated the radiopharmaceuticals market size in 2023 and is anticipated to grow at the highest CAGR during the forecast period.
- North America generated the largest revenue in 2023.
- Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
Factors affecting the growth of the Radiopharmaceuticals Market:
The growth of the radiopharmaceuticals market can be influenced by various factors, including:
- Increasing Incidence of Cancer: Radiopharmaceuticals are widely used in cancer diagnosis and treatment. With the rising incidence of cancer worldwide, the demand for radiopharmaceuticals for diagnostic imaging and targeted therapy is also increasing.
- Advancements in Imaging Technologies: Technological advancements in imaging techniques such as PET (Positron Emission Tomography) and SPECT (Single Photon Emission Computed Tomography) have led to the development of more accurate and sensitive diagnostic procedures, driving the demand for radiopharmaceuticals.
- Growing Geriatric Population: The aging population is more prone to various chronic diseases, including cancer and cardiovascular diseases, which often require diagnostic imaging and targeted therapy using radiopharmaceuticals. The increasing geriatric population worldwide is thus contributing to the growth of the market.
- Rising Investments in Healthcare Infrastructure: Increasing investments in healthcare infrastructure, especially in emerging economies, are improving access to advanced medical technologies, including radiopharmaceuticals. This, in turn, is fueling market growth.
- Expanding Applications Beyond Oncology: Radiopharmaceuticals are finding applications beyond oncology, such as in neurology, cardiology, and other fields. The expanding range of applications is broadening the market and attracting investment in research and development.
Prime determinants of growth:
The global radiopharmaceuticals market is driven by factors such as rise in prevalence of cancer, cardiovascular and neurological disease, increase in demand for medical imaging, and increase in number of product approval for radiopharmaceuticals. However, side effect associated with radiopharmaceuticals is hampering the radiopharmaceuticals market growth. On the contrary, presence of radiopharmaceutical industry and increase in R&D activities for radiopharmaceuticals are expected to offer remunerative opportunities for expansion of the radiopharmaceuticals market during the forecast period.
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Impact of Covid-19 on Radiopharmaceuticals Market
- The COVID-19 outbreak had a negative impact on the growth of the global radiopharmaceuticals market.
- The pandemic caused major disruptions to the production and supply of radiopharmaceuticals to nuclear medicine department, resulting in shortages of radiopharmaceuticals.
Market Segments:
By End User:
- Hospitals and Clinics
- Medical Imaging Centers
- Others
By Radioisotope:
- Technetium 99m
- Gallium 68
- Iodine I
- Fluorine 18
- Copper 64
- Strontium 89
- Yttrium 90
- Radium 223
- Actinium 225
- Lutetium 177
- Copper 67
- Terbium 161
- Zirconium 89
- Others
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, India, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
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North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global radiopharmaceuticals market revenue and is likely to dominate the market during the forecast period, owing to presence of various radiopharmaceutical industries, rise in R&D activities for radiopharmaceuticals, and increase in number of product approvals. However, the Asia-Pacific region is expected to witness the fastest CAGR of 11.2% from 2023 to 2032.
Leading Market Players:
- 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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