Radiopharmaceuticals Market Expected to Reach $21.8 Billion by 2033

According to a new report published by Allied Market Research, titled, “Radiopharmaceuticals Market," The radiopharmaceuticals market was valued at $7.9 billion in 2023, and is estimated 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.  

Furthermore, increase in the number of clinical trials involving radiopharmaceuticals, and surge in demand for radiopharmaceuticals for various applications are the radiopharmaceuticals market trends that drive the growth of the market. In addition, increase in number of major key players for manufacturing of radiopharmaceuticals, increase in need for radiopharmaceuticals in hospitals & clinics, and surge in number of product approvals further drive the market growth during the forecast period. For instance, Curium announced that its generic version of DaTscan (Ioflupane I 123 Injection) was approved in March 2022, by the U.S. Food and Drug Administration (FDA). Ioflupane I 123 Injection is a single-photon emission computed tomography (SPECT) brain imaging agent used to assist in the evaluation of adult patients with suspected Parkinsonian Syndromes.

However, high development and production of radiopharmaceuticals cost coupled with uncertainties regarding market acceptance and reimbursement and side effects of radiopharmaceuticals are expected to hamper the market growth. On the other hand, expansion of radiopharmaceuticals beyond diagnostic imaging to therapeutic applications and rise in R&D activities provide lucrative opportunities for the radiopharmaceuticals market growth.

Depending on the type, the market is classified into diagnostic and therapeutic. The diagnostic segment dominated the radiopharmaceuticals market size in 2023. This is attributed to the widespread availability of diagnostic imaging facilities, advancements in radiopharmaceutical technology, and the versatility of radiopharmaceuticals in diagnostic imaging. However, the therapeutics segment is expected to register the highest CAGR during the forecast period. This is attributed to increase in investments in research and development, along with growth in interest from biopharmaceutical companies and investors in the radiopharmaceuticals market, are driving continued innovation and expansion in therapeutic applications.

Depending on the application, the market is classified into cancer, cardiology, and others. The cancer segment dominated the radiopharmaceuticals market share in 2023 and is expected to register the highest CAGR during the forecast period. This is attributed to increasing incidence rates and the need for improved diagnostic and therapeutic approaches. In addition, the shift towards personalized medicine in oncology, which involves tailoring treatments based on individual patient characteristics, has driven the demand for radiopharmaceuticals and propels the segment growth.

Depending on the 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 radiopharmaceuticals market share in 2023 and is expected to register the highest CAGR during the forecast period. This is attributed 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.

The radiopharmaceuticals market analysis is segmented on the basis of end user, radioisotope, application, type, and region. Depending on the end user, the market is classified into hospitals and clinics, medical imaging centers, and others. The hospitals and clinics segment dominated the market share in 2023 and is expected to register the highest CAGR during the forecast period. This is attributed to their comprehensive healthcare infrastructure, specialized expertise, and ability to provide a wide range of imaging and treatment services to patients.

Region wise, North America dominated the radiopharmaceuticals market size in 2023, owing to easy availability of radiopharmaceuticals, governmental initiatives and regulatory support for cancer research, and well-developed healthcare infrastructure. In addition, the presence of leading pharmaceutical and biotechnology companies, as well as academic research institutions and the rise in adoption of key strategies such as product approval and partnerships drive the market growth in this region.  

However, Asia-Pacific is anticipated to register the highest CAGR during the radiopharmaceuticals market forecast period owing to growth in technological advancements in the field of radiopharmaceuticals, including the development of new imaging agents, therapeutic radiopharmaceuticals, and imaging modalities. In addition, improvement in healthcare affordability and accessibility, such as the expansion of health insurance coverage and government-sponsored healthcare programs, are facilitating greater access to radiopharmaceuticals for patients in the region, thereby drive the market growth in this region.

Key Findings of the Study 

• By type, the diagnostic segment was largest contributor to the radiopharmaceuticals industry in 2023.   

• By application, the cancer segment dominated the market in 2023 and is expected to grow at a CAGR during the forecast period.  

• By radioisotope, the Technetium 99m segment was largest contributor to the market in 2023. 

• By end user, the hospitals and clinics segment was largest contributor to the radiopharmaceuticals industry in 2023. 

• Region wise, North America generated the largest revenue in 2023. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.