Radiopharmaceuticals Market size is evaluated at USD 7.6 billion in 2024 and is poised to exceed USD 26.6 billion by the end of 2037, witnessing over 10.2% CAGR during the forecast period i.e., between 2025-2037. In 2025, the industry size of radiopharmaceuticals is estimated at USD 8.3 billion.
The increased frequency of chronic illnesses, the need for more sophisticated tests and treatments, and the development of diagnostic imaging technology are some of the reasons propelling the radiopharmaceuticals market's expansion. For instance, according to a World Health Organization (WHO) estimate, over 350 million of the 3.6 billion diagnostic tests performed globally each year involve pediatric patients.
Healthcare diagnostics have been completely transformed by developments in imaging modalities such as Positron Emission Tomography (PET) and Single Photon Emission Computed Tomography (SPECT). These technologies supplement conventional anatomical imaging techniques like CT and MRI with extensive functional and molecular information provided by radiopharmaceuticals. Market companies have improved diagnostic accuracy by developing novel radiotracers with higher specificity and sensitivity, which allows for earlier identification and more accurate characterization of chronic diseases. For example, in June 2023, GE Healthcare announced the release of the first exploratory PET nuclear imaging agent in history to assess and forecast responses to cancer immunotherapies. The recently created product makes use of 18F-CD8 in its diagnosis.
Growth Drivers
Challenges
Base Year |
2024 |
Forecast Year |
2025-2037 |
CAGR |
10.2% |
Base Year Market Size (2024) |
USD 7.6 billion |
Forecast Year Market Size (2037) |
USD 26.6 billion |
Regional Scope |
|
Type (Therapeutic, Diagnostics)
The diagnostics segment is set to hold over 73.1% radiopharmaceuticals market share by the end of 2037. In imaging modalities like SPECT and PET, radioisotopes including technetium-99m, iodine-131, and fluorine-18 are frequently utilized. These isotopes are added to radiopharmaceuticals, which are given to patients and subsequently monitored with specialist imaging apparatus. Furthermore, by 2032, it is anticipated that the advantages of radioactive imaging over conventional diagnostic imaging would contribute to the growth of the category. Utilizing radioisotopes for functional imaging, as opposed to conventional anatomical imaging techniques (like CT or MRI), which show structural information, discloses metabolic activity, cellular function, and biochemical activities within tissues.
Moreover, during the forecast period, a rising number of industrial advancements by radiopharmaceuticals market players such as alliances, joint ventures, and collaborations are anticipated to accelerate segment expansion. For example, Jubilant Radiopharma and Evergreen Theragnostics inked a strategic collaboration agreement in June 2023 so that the former would produce and market the latter's OCTEVY tumor diagnostic tool in the U.S.
Radioisotopes (Technetium 99m, Gallium 68, Iodine I, Fluorine 18, Copper 64, Radium 223, Zirconium 89, Other radioisotopes)
By the end of 2037, technetium 99m segment is expected to capture around 45% radiopharmaceuticals market share. Tc-99m has advantageous nuclear characteristics for imaging in medicine. With an energy level of 140 keV, the gamma rays it releases have exceptional penetration through tissue and can be detected by gamma cameras. This characteristic allows for high-resolution imaging while exposing patients and medical professionals to the least amount of radiation. Furthermore, Tc-99m's capacity to form stable complexes with a variety of ligands makes it simple to include in a broad spectrum of radiopharmaceuticals. Because of its adaptability, radiopharmaceuticals for specialized diagnostic uses, such as cardiology, oncology, nephrology, and neurology, have been developed.
In addition, due to this radioisotope's adaptability, industry participants are always concentrating on the creation and launch of related products. During the projection period, a favorable environment for category growth is anticipated to be created by such product debuts in conjunction with a considerable pipeline. For example, Curium and NRG inked a strategic agreement in August 2022 to produce molybdenum-99, which is essential to the manufacturing of technetium-99m, a radioisotope. This action has improved the ability to provide uninterrupted nuclear imaging services to patients.
Our in-depth analysis of the radiopharmaceuticals market includes the following segments
Type |
|
Radioisotopes |
|
Application |
|
Source |
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End use |
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North America Market Analysis
North America radiopharmaceuticals market is estimated to capture revenue share of over 49.2% by 2037. There are numerous key reasons for North America's market dominance in radiopharmaceuticals. The demand for radiopharmaceuticals is fueled by the presence of a strong healthcare ecosystem, increasing investments in R&D projects, and high prevalence of chronic illnesses. North American healthcare rules and advantageous reimbursement policies encourage the use of radiopharmaceuticals.
Growing aging populations, new uses in neurology and cancer, and improvements in imaging technology have led to an increase in the use of radiopharmaceuticals in the U.S. The United States has a strong healthcare system and vast resources for research and development, which facilitate the advancement of radiopharmaceuticals and their application in clinical settings.
Asia Pacific Market Analysis
Asia Pacific in radiopharmaceuticals market is expected to experience a stable CAGR during the forecast period. For a variety of reasons, the Asia Pacific area has established itself as a leader in the radiopharmaceuticals industry. In addition, the market is expanding due to improvements in healthcare infrastructure, more accessibility to cutting-edge medical technology, and increased knowledge of the benefits of nuclear medicine.
The prevalence of chronic diseases and rising government measures to upgrade healthcare services are driving the China radiopharmaceutical sector. There is a growing need for sophisticated diagnostic and therapeutic options, such as radio imaging and treatment methods, due to the country's growing middle class and rising healthcare costs.
The Government of India has undertaken actions in the past few years regarding the medical inclusion of the lower and middle classes that have altered the nation's overall health infrastructure. The latest epidemic gave this progress a significant acceleration. The implementation of sophisticated techniques including the use of radiopharmaceuticals to treat cancer and other chronic diseases has become easier for healthcare facilities across the nation due to the Medicare transition.
There are both large pharmaceutical enterprises and specialized businesses in this competitive sector. Leading companies set themselves apart via technological innovations, intensive research and development, and calculated alliances. While rising players concentrate on specialty technologies and novel medicines, established companies make use of their resources and worldwide reach. Quality and regulatory compliance are vital, and businesses must adhere to strict requirements. Pricing and customer service tactics can have an impact on competition since businesses want to provide value and top-notch assistance. All things considered, the radiopharmaceuticals market is dynamic, propelled by ongoing innovation and a concentration on upholding strict standards for both product development and customer service.
Here are some leading players in the radiopharmaceuticals market:
Author Credits: Radhika Pawar
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