Global Radiopharmaceutical Market Size To Reach USD 14.38 Billion By 2032 at CAGR of 9.7% Growth

23-Apr-2024 | Facts and Factors

According to the Facts & Factors report, the global radiopharmaceutical market was worth about 6.25 (USD billion) in 2023 and is predicted to grow to around https://www.fnfresearch.com/radiopharmaceutical-market-report by 2032, with a compound annual growth rate (CAGR) of around 9.7%.

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Radiopharmaceuticals are radioactive substances that can be used for either therapeutic or diagnostic purposes. Chemicals that emit beta particles or gamma rays are frequently used for diagnostics, whereas compounds that emit alpha particles or Auger electrons are typically used for therapeutics. When radiopharmaceuticals are used for diagnostic purposes, they are referred to as "tracers." Diagnostic radiopharmaceuticals contain less radiation than therapy radiopharmaceuticals. Radiopharmaceuticals are essentially one-of-a-kind therapeutic compositions that contain radioisotopes. These radiopharmaceuticals are used to diagnose as well as treat patients. There are four types of radiopharmaceuticals: radionuclide generator, radiopharmaceutical preparation, radiopharmaceutical preparation kit, and radiopharmaceutical precursor.

Browse the full “Radiopharmaceutical Market Size, Share, Insights Report By Type of Product (Diagnostic Radiopharmaceuticals [PET (Positron Emission Tomography), SPECT (Single Photon Emission Computed Tomography)], Therapeutic Radiopharmaceuticals [Alpha-emitters, Beta-emitters]), By Application (Oncology, Cardiology, Neurology, and Others), By End-User (Hospitals and Diagnostic Centers), and By Region – Global Industry Analysis, Emerging Trends, Demand and Forecast Report 2024 – 2032” report at https://www.fnfresearch.com/radiopharmaceutical-market-report

One of the major factors fostering the global radiopharmaceutical market growth is the rising prevalence of acute and chronic diseases such as cancer around the world as a result of various factors. Radiopharmaceuticals allow for the detection of tumor cells in organs or throughout the body. Cancer is the world's second leading cause of death. Rising R&D spending on medical instruments and devices, particularly in developed and developing economies, will create even more lucrative market growth opportunities. The nuclear medicine field's research and development capabilities are also boosting the market's growth rate. Another important factor driving the market growth is the increased emphasis on improving the overall quality of healthcare facilities and the overall healthcare infrastructure.

A growing number of collaborations and strategic partnerships between public and private players in the funding and implementation of technological improvements are creating even more lucrative market opportunities. However, high costs associated with R & D capabilities, short half-lives of radiopharmaceuticals, restricted infrastructural facilities, high equipment prices, and a lack of awareness in primitive economies are expected to stymie market growth.

The global radiopharmaceutical market is segregated on the basis of type of product, application, end-user, and region. By type, the market is divided into therapeutic and diagnostic. Diagnostic radiopharmaceuticals are further subdivided into SPECT radiopharmaceuticals and PET radiopharmaceuticals. SPECT radiopharmaceuticals are further classified as Iodine-123, Thallium-201, Technetium-99m, and others. PET radiopharmaceuticals are classified as 68Ga, FDG-PET/18F, 11c, and others. The diagnostic radiopharmaceuticals segment is expected to dominate the global market due to factors such as effective imaging of patient populations with various cancers, launching new products to diagnose various disorders and rising procedural volumes globally.

By application, the market is classified into cardiology, oncology, neurology, and others. The oncology segment is projected to grow at the fastest rate. A cancer diagnosis is one of the most common imaging procedures performed around the world. This is due to increased awareness of early cancer detection, the high prevalence of cancer, and the benefits of early detection in the management & treatment of various types of cancer. By end-user, the market is divided into diagnostic centers, hospitals & clinics, and others. During the forecast period, the hospitals & clinics segment is projected to grow at a significant CAGR.

Due to the advent of newer technologies for radioisotope production, increased R & D expenditure, government funding, and regional company initiatives, North America is estimated to hold the largest share of the global radiopharmaceutical market.

Report Scope

Report Attribute

Details

Market Size in 2023

USD 6.25 Billion

Projected Market Size in 2032

USD 14.38 Billion

CAGR Growth Rate

9.7% CAGR

Base Year

2023

Forecast Years

2024-2032

Key Market Players

Bayer AG, 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, and Others.

Key Segment

By Type of Product, By Application, By End-User, and By Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

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Some of the main competitors dominating the global radiopharmaceutical market are Bayer AG, 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, and others.

Recent Developments

  • Boosting Nuclear Medicine Workforce (March 2023): The International Atomic Energy Agency (IAEA) joined forces with an 11-member consortium in Japan. This collaboration, under the "Rays of Hope" initiative, aims to strengthen the nuclear medicine workforce across Asia and the Pacific. This ensures a skilled workforce to support the growing use of radiopharmaceuticals in the region.
  • Focus on Cancer Treatment (January 2023): NorthStar Medical Radioisotopes, a US pharmaceutical company, partnered with Inhibrx, Inc. to co-develop and produce innovative radiopharmaceuticals specifically for cancer treatment. This partnership highlights the growing importance of radiopharmaceuticals in targeted cancer therapies.
  • FDA Approval for Lung Imaging (December 2022): Polarean Imaging Plc received FDA approval for Xenoview, a novel diagnostic radiopharmaceutical. Used with MRI scans, Xenoview helps evaluate lung ventilation in a wide range of patients, including children and adults. This approval expands options for non-invasive lung function assessment.
  • New Therapy for Advanced Prostate Cancer (March 2022): Pharmaceutical giant Novartis gained FDA approval for Pluvicto, a groundbreaking radiopharmaceutical for treating adults with a specific type of advanced prostate cancer. This approval offers a new treatment option for patients battling this aggressive form of the disease.

The global radiopharmaceutical market is segmented as follows:

By Type of Product

  • Diagnostic Radiopharmaceuticals
    • PET (Positron Emission Tomography)
    • SPECT (Single Photon Emission Computed Tomography)
  • Therapeutic Radiopharmaceuticals
    • Alpha-emitters
    • Beta-emitters

By Application

  • Oncology
  • Cardiology
  • Neurology
  • Others

By End-User

  • Hospitals
  • Diagnostic Centers

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic countries
      • Denmark
      • Finland
      • Iceland
      • Sweden
      • Norway
    • Benelux Reunion
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • New Zealand
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Southeast Asia
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • Kuwait
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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