Radiopharmaceutical Market Size, Share, 2032
Radiopharmaceutical Market Size and Forecast (2025 - 2032), By Type (Diagnostic Radiopharmaceuticals, Therapeutic Radiopharmaceuticals), By Application (Oncology, Cardiology, Neurology, Thyroid, Others), By End User (Hospitals, Diagnostic Centers, Research Institutes), and Geography.
Market Overview
“The global radiopharmaceutical market reached USD 6.8 billion in 2024 and is expected to reach USD 12.5 billion by 2032, growing with a CAGR of 7.8% during the forecast period 2025-2032.”
North America is expected to be the dominant region. Key growth drivers include increasing prevalence of cancer and cardiovascular diseases, growing adoption of nuclear medicine, and advancements in radiopharmaceutical production. The market is also benefiting from favorable government initiatives and increasing investments in radiopharmaceutical R&D.
Radiopharmaceutical Market Dynamics
Expanding applications in cancer diagnosis and treatment
Radiopharmaceuticals are extensively used in the diagnosis and treatment of various cancers. Oncology is the largest application segment, accounting for over YY% of the radiopharmaceutical market in 2023. Positron Emission Tomography (PET) using radiopharmaceuticals like F-18 FDG has become a standard tool for cancer imaging. Therapeutic radiopharmaceuticals such as Lutathera (Lu-177 dotatate) and Xofigo (Ra-223 dichloride) are transforming the treatment landscape for neuroendocrine tumors and prostate cancer respectively.
Advancements in radiopharmaceutical production and supply chain
Technological advancements are enabling the development of novel radiopharmaceuticals with improved targeting and efficacy. Automation and the use of microfluidic devices are streamlining radiopharmaceutical production, reducing radiation exposure and enhancing quality control. Companies are also investing in building robust supply chain networks to ensure timely delivery of short-lived radioisotopes. In 2023, Cardinal Health opened a new radiopharmaceutical manufacturing facility in Indianapolis, USA to expand its Mo-99 production capacity.
Complex regulatory landscape and reimbursement challenges
Radiopharmaceuticals are subject to stringent regulations given their radioactive nature and potential risks. Varying regulatory requirements across countries can delay product approvals and market access. Reimbursement is another key challenge, as radiopharmaceutical procedures are often expensive. In the US, Medicare reimbursement for certain radiopharmaceutical procedures has been inconsistent, impacting adoption. Collaborations between industry stakeholders and payers are crucial to ensure appropriate reimbursement and patient access to radiopharmaceutical diagnostics and therapies.
Segment Overview
Diagnostic radiopharmaceuticals segment is expected to dominate the market during the forecast period.
Diagnostic radiopharmaceuticals accounted for over YY% of the global radiopharmaceutical market in 2023. The segment includes products used for SPECT (Single Photon Emission Computed Tomography) and PET imaging. Technetium-99m (Tc-99m) based radiopharmaceuticals are the mainstay of SPECT imaging, while F-18 FDG is the most widely used PET tracer. The growing adoption of SPECT and PET imaging for disease diagnosis across oncology, cardiology and neurology is driving the segment growth.
In 2024, the US FDA approved Cerianna (F-18 fluoroestradiol), a novel PET imaging agent for detecting estrogen receptor-positive breast cancer lesions. The product is expected to benefit over 2 million breast cancer patients worldwide. With several new diagnostic radiopharmaceuticals in pipeline and expanding applications, the segment is poised for steady growth in the coming years.
Regional Outlook
North America is expected to lead the global radiopharmaceutical market during 2024-2031.
North America, led by the US, is the largest market for radiopharmaceuticals, accounting for over YY% of global revenue in 2023. Factors such as high cancer prevalence, established nuclear medicine infrastructure, and favorable reimbursement policies are driving regional growth.
In 2024, the US FDA granted priority review to Novartis' Lu-PSMA-617, a potential first targeted radioligand therapy for metastatic castration-resistant prostate cancer. If approved, the product could address a significant unmet need and strengthen Novartis' radiopharmaceutical portfolio.
The US nuclear medicine procedures volume is growing at 10% annually, as per the World Nuclear Association. Over 20 million nuclear medicine procedures are performed in the US each year, with radiopharmaceuticals being the key component.
Canada is emerging as an important radiopharmaceutical market, driven by government investments and industry collaborations. In 2023, BWXT Medical and ITM Isotope Technologies Munich SE announced a partnership agreement for the supply of Actinium-225, a high-potential isotope for targeted alpha therapies.
Competitive Intelligence
The global radiopharmaceutical market is consolidated, with a few large players accounting for a significant market share. Leading companies include Cardinal Health, GE Healthcare, Curium, Lantheus Holdings, Bracco Imaging, and Eczacıbaşı-Monrol Nuclear Products.
Cardinal Health is the market leader, with a strong presence in Mo-99 supply and radiopharmaceutical manufacturing. The company has been investing in capacity expansions and strategic partnerships to strengthen its position. GE Healthcare, another key player, offers a wide range of diagnostic imaging agents and is investing in the development of novel tracers.
Curium, formed through the merger of IBA Molecular and Mallinckrodt Nuclear Medicine, has emerged as a major force in the radiopharmaceutical market. The company has a global footprint and a diversified product portfolio. Lantheus Holdings, known for its cardiology radiopharmaceuticals, has been expanding into the oncology space with the acquisition of Progenics Pharmaceuticals.
The market is also seeing the entry of pharmaceutical giants like Novartis and Bayer, who are leveraging their R&D capabilities and commercial reach to develop and market innovative radiopharmaceutical products.
Looking ahead, the radiopharmaceutical market is expected to witness increasing collaborations between radiopharmaceutical companies, biotechs, and academic institutions to accelerate product development. Mergers and acquisitions are also likely to remain a key strategy for companies to expand their radiopharmaceutical portfolios and geographic reach.
Analyst Opinion
The radiopharmaceutical market is poised for steady growth, driven by the increasing burden of cancer and cardiovascular diseases and the growing adoption of nuclear medicine procedures. Diagnostic radiopharmaceuticals will continue to dominate the market, while therapeutic radiopharmaceuticals are expected to witness significant growth with the approval of novel targeted radioligand therapies.
North America will remain the largest market, but emerging economies like China and India are expected to offer significant growth opportunities due to improving healthcare infrastructure and rising healthcare expenditure.
However, the market also faces challenges such as complex regulatory requirements, high development costs, and reimbursement hurdles. Addressing these challenges through collaborative efforts between industry, regulators, and payers will be key to ensuring patient access to advanced radiopharmaceutical diagnostics and therapies.
Overall, with the increasing focus on precision medicine and targeted therapies, radiopharmaceuticals are poised to play a crucial role in the future of healthcare. The market is likely to witness exciting innovations and collaborations in the coming years, driving improved patient outcomes.
Major Players
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Cardinal Health
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GE Healthcare
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Curium
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Lantheus Holdings
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Bracco Imaging
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Eczacıbaşı-Monrol Nuclear Products
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Bayer AG
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Novartis AG
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Advanced Accelerator Applications (Novartis)
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Jubilant DraxImage
Key Developments
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In July 2024, Cardinal Health received US FDA approval for its new Mo-99 production facility in Missouri, USA.
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In March 2024, Novartis completed the acquisition of Endocyte, strengthening its radiopharmaceutical portfolio.
1. INTRODUCTION
1.1. Market Definitions & Study Assumptions
1.2. Market Research Scope & Segmentation
1.3. Research Methodology
2. EXECUTIVE SUMMARY
2.1. Market Overview & Insights
2.2. Segment Outlook
2.3. Regional Outlook
3. COMPETITIVE INTELLIGENCE
3.1. Companies Financial Position
3.2. Company Benchmarking – Key Players
3.3. Market Share Analysis – Key Companies
3.4. Recent Companies Key Activities
3.5. Pricing Analysis
3.6. SWOT Analysis
4. COMPANY PROFILES (KEY COMPANIES LIST BY COUNTRY) (PREMIUM)*
5. COMPANY PROFILES
5.1. Cardinal Health
5.2. GE Healthcare
5.3. Curium
5.4. Lantheus Holdings
5.5. Bracco Imaging
5.6. Eczacıbaşı-Monrol Nuclear Products
5.7. Bayer AG
5.8. Novartis AG
5.9. Advanced Accelerator Applications (Novartis)
5.10. Jubilant DraxImage
5.11. *LIST NOT EXHAUSTIVE
6. MARKET DYNAMICS
6.1. Market Trends
6.1.1. Expanding applications in cancer diagnosis and treatment
6.1.2. Growing adoption of alpha radioligand therapies
6.1.3. Increasing use of PET imaging in neurology
6.2. Market Drivers
6.2.1. Advancements in radiopharmaceutical production and supply chain
6.2.2. Favorable government initiatives promoting nuclear medicine
6.2.3. Rising prevalence of cancer and cardiovascular diseases
6.3. Market Restraints
6.3.1. Complex regulatory landscape and reimbursement challenges
6.3.2. High capital investments and infrastructure requirements
6.4. Market Opportunities
6.5. Porter's Five Forces Analysis
6.5.1. Threat of New Entrants
6.5.2. Bargaining Power of Buyers/Consumers
6.5.3. Bargaining Power of Suppliers
6.5.4. Threat of Substitute Products
6.5.5. Intensity of Competitive Rivalry
6.6. Supply Chain Analysis
6.7. Value Chain Analysis
6.8. Trade Analysis
6.9. Pricing Analysis
6.10. Regulatory Analysis
6.11. Patent Analysis
6.12. SWOT Analysis
6.13. PESTLE Analysis
7. BY TYPE (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%) – 2025-2032)
7.1. Diagnostic Radiopharmaceuticals
7.1.1. SPECT Radiopharmaceuticals
7.1.2. PET Radiopharmaceuticals
7.2. Therapeutic Radiopharmaceuticals
7.2.1. Beta Emitters
7.2.2. Alpha Emitters
7.2.3. Brachytherapy Isotopes
8. BY APPLICATION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%) – 2025-2032)
8.1. Oncology
8.2. Cardiology
8.3. Neurology
8.4. Thyroid
8.5. Others
9. BY END USER (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%) – 2025-2032)
9.1. Hospitals
9.2. Diagnostic Centers
9.3. Research Institutes
10. BY REGION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%) – 2025-2032)*
10.1. North America
10.1.1. United States
10.1.2. Canada
10.2. Europe
10.2.1. Germany
10.2.2. United Kingdom
10.2.3. France
10.2.4. Italy
10.2.5. Spain
10.2.6. Rest of Europe
10.3. Asia-Pacific
10.3.1. Japan
10.3.2. China
10.3.3. India
10.3.4. Australia
10.3.5. South Korea
10.3.6. Rest of Asia-Pacific
10.4. Latin America
10.4.1. Brazil
10.4.2. Mexico
10.4.3. Rest of Latin America
10.5. Middle East & Africa
10.5.1. Saudi Arabia
10.5.2. UAE
10.5.3. South Africa
10.5.4. Rest of Middle East & Africa
*NOTE: All the regions mentioned in the scope will be covered with MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%) – 2025-2032.
By Type:
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Diagnostic Radiopharmaceuticals
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SPECT Radiopharmaceuticals
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PET Radiopharmaceuticals
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Therapeutic Radiopharmaceuticals
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Beta Emitters
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Alpha Emitters
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Brachytherapy Isotopes
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By Application:
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Oncology
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Cardiology
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Neurology
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Thyroid
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Others
By End User:
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Hospitals
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Diagnostic Centers
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Research Institutes
By Region:
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North America
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Europe
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Asia-Pacific
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Latin America
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Middle East & Africa
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