North America Radiopharmaceuticals Market Size, Share, Competitive Landscape and Trend Analysis Report, by End User, by Radioisotope, by Application, by Type : Opportunity Analysis and Industry Forecast, 2024-2033

Key Market Dynamics

North America radiopharmaceuticals market growth is driven by the well-developed healthcare infrastructure in North America, while substantial investments in research and development by pharmaceutical companies and research institutions. In addition, technological advancements in nuclear medicine and imaging modalities are also propelling market growth. The introduction of sophisticated imaging techniques, such as positron emission tomography (PET) and single-photon emission computed tomography (SPECT) , enhances the accuracy of diagnoses and allows for better monitoring of disease progression. These advancements not only improve patient care but also drive demand for innovative radiopharmaceuticals that can be used in conjunction with these technologies. The development of new radioisotopes and formulations tailored for specific medical conditions expands the range of applications for radiopharmaceuticals, further stimulating growth during North America radiopharmaceuticals market forecast period.

Furthermore, North America radiopharmaceuticals market trends includes regulatory support and initiatives from governmental agencies also play a vital role in the expansion of the radiopharmaceuticals market. The U.S. Food and Drug Administration (FDA) has streamlined the approval processes for new radiopharmaceuticals, encouraging research and development. Additionally, increasing investments in research and development by pharmaceutical companies and academic institutions contribute to the growth of the North America radiopharmaceuticals market.

However, stringent regulatory environment governing the approval and use of radiopharmaceuticals which may restricts the market growth. Navigating complex regulatory requirements can lead to delays in bringing new products to market, which may deter investment in research and development. On the other hand, the increase in adoption of personalized medicine approaches offers a significant avenue for expansion, as radiopharmaceuticals can be tailored to individual patient needs, enhancing treatment efficacy and minimizing side effects which provides North America radiopharmaceuticals market opportunity. The emerging field of theranostics, which combines diagnostic and therapeutic capabilities, represents a promising frontier for radiopharmaceutical development, potentially revolutionizing cancer treatment and management of other diseases.

Market Segmentation

The North America radiopharmaceuticals market size is segmented on the basis of end user, radioisotope, application, type, and country. On the basis of end user, the market is categorized into hospitals and clinics, medical imaging centers, and others. On the basis of radioisotope, the market is classified into Iodine I, Gallium 68, Technetium 99m, Fluorine 18, Copper 64, Strontium 89, Yttrium 90, Radium 223, Actinium 225, Lutetium 177, Copper 67, Terbium 161, Zirconium 89, and others. The Technetium 99m segment dominated the North America radiopharmaceuticals market share in 2023, owing to its wide availability, favorable nuclear properties, and ability to emit gamma radiation suitable for medical imaging. Its versatility and reliability make it a preferred choice for a wide range of diagnostic imaging procedures, such as myocardial perfusion imaging, bone scans, and thyroid imaging.

On the basis of application, the North America radiopharmaceuticals market share is classified into cancer, cardiology and others. The cancer segment is further classified into prostate cancer, breast cancer, gastrointestinal cancer, lung cancer, brain tumors, and others. The others segment further bifurcated into neurological applications and other applications. On the basis of type, the market is bifurcated into diagnostic and therapeutic. Country-wise the North America radiopharmaceuticals market analysis is classified into U.S. and Canada.

Industry Trends 

• The Radiopharmaceutical Development Initiative (RDI) , established by the National Cancer Institute (NCI) updated in 2024, aims to enhance the clinical evaluation of novel theragnostic radiopharmaceuticals for cancer treatment. This initiative is part of a broader strategy to complement industry efforts by conducting early-phase clinical trials that assess the tolerability and efficacy of radiopharmaceutical agents in combination with other therapies. The RDI focuses on high-priority areas with unmet medical needs, integrating molecular characterization and dosimetry into its clinical trials to improve patient outcomes. The increasing focus on personalized medicine and unmet medical needs also contributes to the market's expansion.
• An article published by National Institute of Health in 2020, the National Cancer Institute (NCI) has been actively promoting the development of radiopharmaceuticals through initiatives such as the Radiopharmaceutical Development Initiative (RDI) , which aims to expedite clinical trials and foster collaborations among different pharmaceutical companies.
• In May 2023, the Government of Canada announced a funding initiative of $382, 740 through the Dementia Strategic Fund. This funding supports McMaster University in evaluating e-learning resources aimed at raising awareness about dementia risk reduction strategies. The initiative is part of a broader national dementia strategy that has allocated over $300 million since 2019 to improve public education and support for Canadians affected by dementia. Increased public education and awareness about dementia may lead to higher demand for imaging techniques using radiopharmaceuticals to diagnose and monitor the disease.
• In June 2023, TRIUMF Innovations and the Centre for Probe Development and Commercialization (CPDC) announced a major $35M funding success for the establishment of the Canadian Medical Isotope Ecosystem (CMIE) , which will support the development, production, and distribution of medical isotopes used in the fight against cancer and in diagnostic imaging. By fostering collaboration and innovation within the radiopharmaceutical sector, this funding initiative can stimulate market growth.

Competitive Landscape

The key players operating in the North America radiopharmaceuticals market report are Cardinal Health, Eli Lilly and Company, Lantheus Holdings, Inc., GE HealthCare, North Star Radioisotopes, SOFIE, Fusion Pharmaceuticals, Actinium Pharmaceuticals, Inc., RadioMedix, and IBA Radiopharma Solutions. These players have adopted various developmental strategies to stay competitive in the North America radiopharmaceuticals industry. For instance, in December 2023, Eli Lilly and Company announced the successful completion of its acquisition of POINT Biopharma Global Inc., a radiopharmaceutical company with a pipeline of clinical and preclinical stage radioligand therapies in development for the treatment of cancer.

Key Benefits for Stakeholders

• The report provides a comprehensive analysis of the current market estimations through 2024-2033, which would enable the stakeholders to capitalize on prevailing market opportunities.
• Major countries are mapped according to their revenue contribution to the North America radiopharmaceuticals market.
• In-depth analysis of the North America radiopharmaceuticals market segmentation assists to determine the prevailing market opportunities.
• Identify key players and their strategic moves in North America radiopharmaceuticals market.
• Assess and rank the top factors that are expected to affect the growth of North America radiopharmaceuticals market.
• Analyze the market factors in various countries and understand business opportunities.
• Player positioning provides a clear understanding of the present position of key market players.