Radiopharmaceuticals Market Expected to Reach USD 14.44 Bn by 2034

According to Precedence Research, the radiopharmaceuticals market size has been estimated at USD 7.51 billion in 2025 and is projected to reach approximately USD 14.44 billion by 2034, growing at a healthy CAGR of 7.53% from 2025 to 2034.

The market is driven by the rising advancements in medical imaging and cancer treatment techniques, the growing prevalence of cancer, and the increasing demand for personalized medicine.

The rising geriatric population across the globe is expected to contribute to the growth of the market. Chronic diseases, such as heart disease and cancer, are becoming more common among elderly people, which boost the need for early detection. However, radiopharmaceuticals are becoming popular in diagnostic imaging procedures, such as SPECT and PET scans, to detect and treat age-related diseases. These procedures enable accurate identification and characterization of various diseases.

The rising development of new oncology radiopharmaceuticals and partnerships between pharmaceutical companies and healthcare providers act as a major driver in the growth of the radiopharmaceutical market.

Radiopharmaceuticals Market Key Takeaways

• North America led the market with the highest market share of 43.95% in 2024.
• Asia-Pacific is expected to expand at the fastest CAGR during the forecast period.
• By Radioisotopes, the technetium-99m segment has held the largest revenue share of 41.97% in 2024.
• By Radioisotopes, the Gallium-68 segment is anticipated to grow at a noteworthy CAGR during the projected period.
• By Application, the cancer segment generated the highest revenue share in 2024.
• By Application, the cardiology segment is projected to expand at the fastest CAGR over the projected period.
• By Type, the therapeutics segment contributed a higher revenue share in 2024.
• By End User, the hospitals and clinics segment registered the highest revenue share in 2024.

Radiopharmaceuticals Market Revenue Analysis by Segments:

Global Radiopharmaceuticals Market Revenue (USD Million), By Radioisotopes, 2021 to 2023

Radioisotope	2021	2022	2023
Iodine I	325	353.9	405
Gallium 68	763.7	838.3	967.1
Technetium 99m	1,993.7	2,179.5	2,503.8
Fluorine 18	1,229.5	1,341.7	1,538.7
Others	448.1	486.6	555.4

Global Radiopharmaceuticals Market Revenue (USD Million), By Application, 2021 to 2023

Application	2021	2022	2023
Cancer	2,506.8	2,738.1	3,143.0
Cardiology	1,363.7	1,491.9	1,715.1
Others	889.5	970.1	1,111.8

Global Radiopharmaceuticals Market Revenue (USD Million), By Type, 2021 to 2023

Type	2021	2022	2023
Diagnostic	1,917.5	2,098.3	2,413.1
Therapeutic	2,842.5	3,101.7	3,556.9

Global Radiopharmaceuticals Market Revenue (USD Million), By End User, 2021 to 2023

End User	2021	2022	2023
Hospitals and Clinics	2,571.5	2,812.4	3,232.4
Medical Imaging Centers	1,243.5	1,357.4	1,557.1
Others	944.9	1,030.3	1,180.5

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North America dominated the radiopharmaceuticals market in 2023, owing to the growing incidence of chronic diseases. The well-established healthcare infrastructure in North America facilitates the development of radiopharmaceuticals, fueling the market. Government support and reimbursement policies encourage investments in the pharmaceutical industry. Moreover, the increasing availability of advanced healthcare and diagnostic solutions contributed to the regional market growth.

The market in Asia Pacific is expected to grow at a significant rate during the forecast period due to the increased healthcare expenditure by government entities, rising research & development activities, and growing incidence of chronic conditions.

The increasing prevalence of cardiovascular disease (CVD) due to lifestyle changes and modernization is further boosting the demand for imaging equipment like nuclear imaging. Ongoing research & developments to develop novel diagnostic solutions, including PET/SPECT systems, further propel the market.

Radioisotope Analysis:

The technetium-99m segment dominated the market in 2024.

Technetium-99m radiopharmaceuticals are the most common diagnostic tools in clinical nuclear medicine. They are very important in diagnosing neurological, cardiac, and cancer disorders. Generally, they are produced by Molybdenum-99/Technetium-99m generators derived from Mo-99 by fission processes of uranium. The development of innovative tracers using 99mTc radiopharmaceuticals has surged in recent years.

• In November 2023, a new domestic radiopharmaceutical, Sentiskan, 99mTc, based on technetium-99m labeled alumina developed by scientists of Tomsk Polytechnic University and Oncology Research Institute of Tomsk National Research Medical Center, was supplied to medical institutions in Russia.

The gallium-68 segment is anticipated to grow at a significant rate during the projected period.

68Ga play a key role in clinical research and routine positron emission tomography (PET). The 68Ga is mostly used in radiopharmaceuticals for the diagnostics of cancer. It is also used for imaging general biologic properties of various compounds.

• In April 2024, RLS Radiopharmacies entered into partnership with Eckert & Ziegler to expand its radiopharmaceutical CDMO capabilities.

Application Analysis:

The cancer segment led the radiopharmaceuticals market in 2024.

Radiopharmaceuticals are key elements in treating cancer that improve diagnosis, staging, and monitoring of treatments. They also play a vital role in radioimmunotherapy and targeted alpha-particle therapy. The increasing cases of cancer worldwide and technological innovations in radiopharmaceuticals contributed to the segmental growth. An emerging area of research focuses on radionuclide delivery carrier systems, with many studies being carried out, further boost the segment.

• In April 2024, FDA approved lutetium Lu 177 dotatate treatment for pediatric patients with somatostatin receptor-positive gastroenteropancreatic neuroendocrine tumors.

The cardiology segment is expected to expand at the fastest growth rate throughout the projection period due to the ability of radiopharmaceuticals to comprehend cardiovascular diseases, which are the main cause of death. Radiopharmaceuticals, especially SPECT and PET imaging, ensure accuracy in identifying cardiac motion, blood transportation, and tissue life, thus allowing for early-stage diagnosis and treatment monitoring. Consequently, there is an increased need for these diagnostic tools due to the rising incidences of cardiovascular diseases. Moreover, continued research and development and the increasing geriatric populations propel the segment.

Type Analysis:

The diagnostic segment dominated the market in 2024, as radiopharmaceuticals play an important role in detecting various diseases. Radiopharmaceuticals, including PET tracers and SPECT, are noninvasive imaging solutions that enable the identification of several medical conditions at the earliest stages. The growing burden of chronic diseases worldwide bolstered the demand for radiopharmaceuticals used in diagnostics, thereby fueling the segment.

The therapeutics segment is expected to grow at the fastest rate over the forecast period.

Radiopharmaceuticals are vital in treating various medical conditions, particularly those associated with cancer. Targeted radionuclide therapies avoid unintended damage to normal body tissues or organs. Given the rising number of cancer patients and people suffering from chronic diseases worldwide, this kind of treatment has become increasingly important. Moreover, the rising research and development efforts to develop effective therapeutics boost the segment.

• In May 2024, Intermountain Health and PharmaLogic Holdings Corp. partnered to develop novel radiopharmaceuticals for cancer diagnosis.

End User Analysis

The hospitals and clinics segment dominated the radiopharmaceuticals market in 2024, as they are central hubs for patient care. Hospitals and clinics heavily used radiopharmaceuticals for the early detection and treatment planning. Moreover, the rising patient pool in hospitals contributed to the segmental growth.

Radiopharmaceuticals Market Dynamics:

Driver:

Increasing adoption of radiopharmaceuticals in medical practice

Radiopharmaceuticals are crucial in medical imaging. They are applied to oncology, cardiology, and theranostics. They aid in identifying certain tumor markers, facilitating customized therapy, and improving treatment monitoring effectiveness.

In cardiology, they assess myocardial function to detect coronary artery disease at an early stage, improving treatment outcomes. Combining radiopharmaceutical techniques with other diagnostic modalities enhances the accuracy of diagnosis in neurology disorders.

• In May 2024, FogPharma and Artbio collaborated to develop a new radiopharmaceutical drug for cancer by leveraging their respective technologies.

Restraint:

Lengthy product approval process

Lengthy product approval procedures make it difficult for companies to market new radiopharmaceuticals. Approval from a recognized authority, such as FDA and EMA, is required to ensure that the product is safe for use. Moreover, stringent regulations for the development of radiopharmaceuticals hamper the market.

Opportunity:

Evolving technologies

Advancements in radiopharmaceuticals are revolutionizing medical practices. Collaboration between radiopharmacologists, nuclear medical practitioners, chemists, and bioengineers is paving the way for precision diagnostics. Moreover, artificial intelligence and machine learning offer predictive modeling, image analysis, and treatment optimization services, enhancing the capability of radiopharmaceuticals.

• In June 2024, the University of Toronto and Centre for Addiction and Mental Health (CMH) received US$3 million to advance radiopharmaceutical technologies in healthcare.

Recent Developments

• In March 2023, the International Atomic Energy Agency (IAEA) inked a pact with an 11-member consortium comprising Japanese universities and scientific institutions. This collaboration falls under the Rays of Hope initiative, aimed at fortifying the nuclear medicine workforce across Asia and the Pacific region.
• In January 2023, NorthStar Medical Radioisotopes, a notable American pharmaceutical company, embarked on a strategic alliance with Inhibrx, Inc. The primary aim of this collaboration is the co-development and production of innovative radiopharmaceuticals meticulously crafted to combat cancer. Radiopharmaceuticals assume a pivotal role within the domain of medical imaging, serving the dual purpose of diagnosing and treating cancer, making this partnership a significant step in advancing cancer care.
• In December 2022, Polarean Imaging Plc, a distinguished player in the medical imaging technology sector, achieved a momentous milestone by securing approval from the U.S. Food and Drug Administration (FDA) for Xenoview. This groundbreaking diagnostic radiopharmaceutical, intended for utilization alongside magnetic resonance imaging, is specifically tailored for evaluating lung ventilation in a broad spectrum of patients, encompassing both pediatric and adult populations.
• in March 2022, pharmaceutical giant Novartis announced a momentous achievement – FDA's approval of Pluvicto. This groundbreaking drug is slated for treating adults grappling with an advanced form of cancer known as prostate-specific membrane antigen–positive metastatic castration-resistant prostate cancer (PSMA-positive mCRPC).

Segments Covered in the Report

By Radioisotope

• Iodine I
• Gallium 68
• Technetium 99m
• Fluorine 18
• Others

By Application

• Cancer
• Cardiology
• Others

By Type

• Diagnostic
• Therapeutic

By End User

• Hospitals and clinics
• Medical Imaging centers
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa 

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or Asia Pacific.

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