North America Radiopharmaceuticals Market Expected to Reach $8.4 Billion by 2033

The North America radiopharmaceuticals market size was valued at $3.2 billion in 2023, and is projected to reach $8.4 billion by 2033, growing at a CAGR of 10.2% from 2024 to 2033. Radiopharmaceuticals are medicinal drugs that contain radioactive isotopes. They are used in nuclear medicine for both diagnostic and therapeutic purposes. In diagnostics, these compounds emit radiation that can be detected by specialized equipment to create images of internal organs or track biological processes. For therapy, radiopharmaceuticals deliver targeted radiation to specific tissues, often to treat cancers. They combine a radioactive component with a pharmaceutical that determines where the compound will concentrate in the body. 

North America radiopharmaceuticals market growth primarily driven by aging population in North America led to an increase in incidence of cancer, cardiovascular diseases, and neurological disorders, fueling demand for radiopharmaceuticals. This demographic shift coincides with ongoing technological advancements in imaging technologies, such as PET and SPECT scanners, which enhance the efficacy and accuracy of radiopharmaceutical diagnostics. Favorable regulatory policies and fast-track approvals for innovative radiopharmaceuticals are accelerating market growth, while increased awareness among healthcare providers and patients about the benefits of nuclear medicine is driving demand during North America radiopharmaceuticals market forecast period. 

Furthermore, the trend towards personalized medicine also bolstered the radiopharmaceuticals market, as these compounds enable more targeted and precise treatment approaches. Researchers are continually discovering new applications for radiopharmaceuticals beyond oncology, particularly in neurology and cardiology, which is broadening the market scope. Ongoing investments in healthcare infrastructure, including the establishment of new nuclear medicine facilities, are supporting North America radiopharmaceuticals market growth.  

While the market faces challenges such as high costs, complex regulatory requirements, and concerns about radiation safety which may limit the market growth. On the other hand, growing interest in targeted alpha therapy (TAT) for developing more potent and precise radiopharmaceutical treatments, particularly in oncology provides North America radiopharmaceuticals market trends. There's also potential for expanding radiopharmaceutical use in neurology, especially for diagnosing and monitoring neurodegenerative diseases. 

Industry Trends 

• In June 2023, the Government of Canada investment aligns with its broader strategy to strengthen Canada's biomanufacturing and life sciences sectors. Since March 2020, major achievements have been reached, with over $2 billion invested, resulting in 36 major new and expanded projects to boost the Canadian biomanufacturing and life sciences sector’s capacities. This investment not only supports the growth of critical industries but also fosters innovation in the production of biopharmaceuticals, including radiopharmaceuticals. 

• The U.S. Pharmacopeia (USP) updated its General Chapter <825>, which outlines standards for the preparation, compounding, and dispensing of radiopharmaceuticals. This chapter is crucial for ensuring safety and efficacy in handling radioactive materials in clinical settings. On November 1, 2023, revisions to the U.S. Pharmacopeia (USP) General Chapters <795> and <797> officially incorporated references to General Chapter <825>, making it compendially applicable. This change signifies a critical update in the standards governing the preparation, compounding, dispensing, and repackaging of radiopharmaceuticals. Expanding applications in clinical settings further contribute to this growth trajectory. 

• In March 2023, the Commissioner of Competition entered into a consent agreement with Isologic Innovative Radiopharmaceuticals Inc. (Isologic) after an investigation by the Competition Bureau into allegations related to Isologic’s contracting practices in the supply of radiopharmaceuticals in Canada. This position statement summarizes the Bureau’s investigation and the terms of the consent agreement. This agreement emphasizes the importance of maintaining competitive practices to ensure that healthcare providers and patients have access to essential radiopharmaceuticals without undue restrictions. 

Segment Highlights

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 widespread use as a key isotope in diagnostic imaging procedures, particularly in single-photon emission computed tomography (SPECT) scans.  

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. 

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 are the key players operating in the North America radiopharmaceuticals industry. These key players adopt strategies such as product approval, agreement and others to expand the portfolio. For instance, in October 2023 ITM Isotope Technologies Munich SE (ITM) and Canadian Nuclear Laboratories (CNL) , which manages and operates the national laboratory at Chalk River, Ontario on behalf of Atomic Energy of Canada Limited (AECL) launch the Actineer Inc., a new joint venture company between CNL and ITM for the industrial scale production of Actinium-225 (225Ac) .