Radiopharmaceuticals Market: Worldwide Industry Analysis and New Market Opportunities Explored to 2032

 As per Future Market Insights (FMI), driven by rising cases of cancer and cardiovascular diseases, radiopharmaceutical market registered steady year-on-year growth Future Market Insights (FMI) predicted that the market for radiopharmaceuticals would be valued US$ 6.2 billion in 2022. The market for radiopharmaceuticals is expected to grow at a value CAGR of 4.3% between 2022 and 2032, reaching US$ 9.5 billion.

Increasing preference of non-invasive medical therapies and production of radioisotopes for the treatment is another factor that will stabilize the growth of radiopharmaceuticals market. Based on this, FMI projects the market is poised to expand at over 4.66% CAGR during the forecast period of 2021 and 2031.

Government initiatives and research activities undertaken to develop advanced radioisotopes for the treatment of cancer and to develop novel therapeutics will boost the demand. Also, introduction of novel technologies such as Positron Emission Technology and others in nuclear imaging systems will bolster growth.

Although, with increasing development activities and increasing commercialization of radiopharmaceuticals by industry giants have picked up the pace for the growth of market. Alongside this, increasing cases of cancer will accelerate the development of nuclear medicines in the field of radiopharmaceuticals.

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Prominent Players:

  • Siemens AG
  • Positron Corporation
  • Novartis (Advanced Accelerator Applications)
  • Curium
  • GE Healthcare
  • Lantheus Holdings Inc.
  • Sotera Health LLC
  • Bayer AG
  • Eckert & Ziegler

Key Takeaways from FMI’s Radiopharmaceuticals Market Study

In terms of application, oncology will contribute over 50% of global market share owing to the rising prevalence of cancer across the globe.
Cyclotrons are expected to be the primary source of radiopharmaceuticals, accounting for maximum market share
Based on radioisotope type, technetium-99 will remain highly preferred radioisotope in the global radiopharmaceutical market
The U.S. will retain its global dominance backed by the high cancer and cardiovascular cases rising in the country
India will emerge as lucrative market owing to the favorable government initiatives promoting the radiopharmaceuticals market
Germany and the U.K. are spearheading the growth of Europe market, which is projected to grow at over 4.9% CAGR

“Increasing research and development initiatives aimed at the production of advanced radioisotopes and novel technologies will improve growth prospects for the leading players in the radiopharmaceuticals market,” says the FMI analyst.

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Competitive Landscape

Leading radiopharmaceuticals market players are focusing on expanding their customer base through strategic mergers and acquisition. Increasing research and development activities to develop advanced radioisotopes for the cancer treatment is another core strategy adopted by leading players.

Top 5 players including Siemens AG, GE Healthcare, Curium, Lantheus Holdings Inc., and Eckert & Ziegler are dominating the global radiopharmaceuticals market, contributing over 90% of revenue share.

In March 2021, Novartis announced the commercialization and obtained the rights to develop the therapeutic applications of Fibroblast Activation Protein (FAP) targeting agents including FAPI-46 and FAPI-74, through an assignment agreement with iTheranostics, Inc., an affiliate of SOFIE Biosciences, Inc.

Along with it the company announced the production and commercialization of new nuclear medicine, 18F sodium fluoride radiopharmaceutical in France.

In November 2020, Blue Earth Diagnostics, a leading molecular imaging diagnostic company, unveiled that their manufacturing company, Nucleis has manufactured and shipped their first doses of rhPSMA-7.3 (18F), an investigational Prostate-Specific Membrane Antigen (PSMA)-targeted radiohybrid PET imaging agent, for patients with prostate cancer.

Another industry giant, Jubilant Pharma Limited Company, in 2019, announced the integration of its radiopharmaceutical drug development and manufacturing business with its radio-pharmacy business into a global radiopharmaceutical brand, Jubilant Radiopharma.

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Radiopharmaceuticals Market by Category

By Radioisotope Type:

  • Technetium-99
  • Fluorine-18
  • Iodine-131
  • Leutetium-177
  • Yttrium-90
  • Gallium-68
  • Gallium-67
  • Rubidium-82
  • Iodine-123
  • Iodine-125
  • Indium-111
  • Others

By Application:

  • Oncology
  • Cardiology
  • Gastroenterology
  • Neuroendocrinology
  • Neurology
  • Nephrology
  • Others

By Source:

  • Cyclotrons
  • Nuclear Reactors

By End-User:

  • Hospitals
  • Diagnostic Imaging Centers
  • Ambulatory Surgical Centers
  • Cancer Research Institute

By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • Asia Pacific excluding Japan
  • Japan
  • Middle East & Africa (MEA)

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