USD 6.10 billion
Radiopharmaceuticals Market Size, Share, Growth Analysis, By Type (Fluorine-18 Derivatives, Technetium-99), By Indication (Diagnosis, Cardiology), By System (PET, and SPECT), By Application (Oncology, Cardiology), By End User (Hospitals, Diagnostic Labs), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35H2263 |
Region:
Global |
Published Date: November, 2024
Pages:
210
|Tables:
102
|Figures:
69
Radiopharmaceuticals Market Insights
Global Radiopharmaceuticals Market size was valued at USD 6.52 billion in 2022 and is poised to grow from USD 6.74 billion in 2023 to USD 8.81 billion by 2031, growing at a CAGR of 3.4% in the forecast period (2024-2031).
Advances in imaging techniques such as PET (Positron Emission Tomography) and SPECT (Single Photon Emission Computed Tomography) have revolutionized diagnostic capabilities in healthcare. These techniques rely on radiopharmaceuticals to complement traditional anatomy in imaging modalities such as CT, MRI and others with improved specificity and sensitivity. The development of radiotracers has increased the diagnostic accuracy, thus chronic diseases Provides early diagnosis and accurate characterization. For example, in June 2023, GE Healthcare announced the launch of the world’s first investigational PET nuclear imaging product to detect and predict response to cancer immunotherapies.
For example, the world is seeing a dramatic increase in the prevalence of chronic conditions such as cancer, Alzheimer's disease and heart disease. For example, 299,000 new cases of prostate cancer are expected in the US. by 2024, according to the American Cancer Society’s projection released in January 2024. Furthermore, the same data shows that about 1 in 8 men are diagnosed with prostate cancer each year in the US. Furthermore, according to a study published by the Alzheimer's Association in April 2024, there are currently 6.9 million Americans over the age of 65 suffering from the disease and this number is projected to rise to 13.8 million by 2060. It is expected that such high prevalence of chronic conditions would create profitable market growth opportunities.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Diagnostic Nuclear Medicine
Fastest Growth
Bone Scans
Growth Rate
9.8% CAGR
Global Radiopharmaceuticals Market ($ Bn)
Country Share for North America Region (%)
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Radiopharmaceuticals Market Segmental Analysis
Global Radiopharmaceuticals Market is segmented on the type, indication, system, application, end user, and region. By component, market is segmented into fluorine-18 derivatives, technetium-99, lutetium (Lu) 177, gallium-68, zirconium-89, and others. By indication, market is segmented into diagnosis, cardiology, and others. By system, market is segmented into PET, and SPECT. By Application, the market is segmented into Oncology, Cardiology, Gastroenterology, Neuroendocrinology, Neurology, Nephrology, Others. By end user, market is segmented into Hospitals, Diagnostic Labs, and Others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by End User
Hospitals play an important role in the radiopharmaceuticals market as it is a major hub for diagnostic and therapeutic imaging. Hospitals are major users of radiopharmaceuticals where radiopharmaceuticals are used extensively for targeted therapy due to the availability of advanced medical imaging tools such as PET (Positron Emission Tomography) and SPECT (Single Photon Emission Computed). Therefore, the ability of hospitals to provide comprehensive care by consuming state-of-the-art radiopharmaceutical therapy role is crucial for their market growth
Ambulatory surgical centers (ASCs) also contribute significantly to the radiopharmaceuticals market by providing outpatient imaging and treatment services. ASCs offer a cost-effective and convenient option for patients requiring radiopharmaceutical modalities, especially in diagnostic imaging. The increase in outpatient care and the increasing demand for minimally invasive therapies have made ASC attractive for radiopharmaceutical applications, especially in the early detection of cancer and the diagnosis of cardiomyopathy. The increasing adoption of their radiopharmaceutical technology is helping to expand the market beyond traditional clinical settings.
Analysis by Application
Diagnostic applications play an important role in the radiopharmaceuticals market, especially using imaging techniques such as PET (Positron Emission Tomography) and SPECT (Single Photon Emission Computed Tomography) for the detection and monitoring of biological processes. The molecular level diagnosis of various infectious diseases is possible, which is critical to improve clinical outcomes. The increasing demand for early diagnosis and advances in molecular imaging technologies are driving the use of radiopharmaceuticals in diagnostic applications
SPECT (Single Photon Emission Computed Tomography) applications are an important segment of the radiopharmaceuticals market, providing advanced imaging for various conditions, especially in cardiology, neurology and oncology. SPECT imaging uses gamma-emitting radiopharmaceuticals to create 3D images, blood flow, organ function. The technique also provides detailed information about cell function and is particularly effective in detecting conditions such as coronary artery disease, Alzheimer’s disease and some cancers.
The ability of SPECT to provide functional information at a lower cost compared to PET has made it widely available, especially in emerging markets. The increasing use of SPECT in cardiac stress testing and brain imaging is driving the growth of this segment. With continued improvements in SPECT technology, including hybrid systems that combine SPECT and CT imaging for better diagnosis, the application of SPECT in the radiopharmaceuticals market is expected to expand further.
Global Radiopharmaceuticals Market By End User (%)
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Radiopharmaceuticals Market Regional Insights
North America occupies a dominant position in the radiopharmaceuticals market, driven primarily by strong healthcare infrastructure, a well-established pharmaceutical industry, and large investments in R&D. Increased focus on personalized medicine and early diagnosis of diseases also contributes to the growth of the market in North America. U.S. is a key country, with most of the market share in the region due to leading pharmaceutical companies, advanced medical imaging technology, high prevalence of cancer. With the presence of key medical specialists and well-funded research institutes, the North America region is expected to continue to dominate the radiopharmaceuticals market share.
Asia-Pacific is emerging as an important market for radiopharmaceuticals, driven by rapidly developing healthcare infrastructure, increasing awareness of nuclear medicine and rising healthcare costs. It underscores the need for s In Asia-Pacific, too, governments are investing in nuclear medicine, and regional players are expanding their radiopharmaceutical manufacturing. The availability of more patients leading to advanced healthcare positions Asia Pacific as a radiopharmaceuticals market size growing in the coming years. The APAC region is expected to grow the fastest globally due to increasing awareness among individuals and increasing number of diagnoses. This in turn will increase the demand for SPECT and PET equipment. Another factor expected to increase expansion over the forecast period is the increase in the number of healthcare facilities and the improvement in the quality of care. Most of the countries in the region are developing countries they are making progress, working towards a more robust and effective healthcare system. Thus, they offer excellent opportunities to sell radiopharmaceutical products, which are highly profitable in the length and breadth of the healthcare sector.
Global Radiopharmaceuticals Market By Geography
- Largest
- Fastest
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Radiopharmaceuticals Market Dynamics
Drivers
Growing Demand for Cancer Treatment
- The increasing incidence of cancer worldwide has increased the demand for radiopharmaceuticals. Radiopharmaceuticals are widely used in targeted and diagnostic cancer therapy, providing tumor localization and treatment with minimal side effects. This growing need for effective cancer therapy continues to drive the market forward.
Technological Advances in Imaging Techniques
- Technological innovations in imaging modalities, such as PET (Positron Emission Tomography), and SPECT (Single-Photon Emission Computed Tomography) have enhanced the diagnosis and management of disease. These advances for the uptake of radiopharmaceuticals are greater as it improves the efficiency of diagnostic treatment.
Restraints
Strict Legal Requirements
- The regulatory framework governing the manufacture and approval of radiopharmaceuticals is very strict. Compliance with safety and quality standards, as well as lengthy approval processes, create challenges for manufacturers and limit the potential growth of the market.
High Cost of Radiopharmaceuticals
- Radiopharmaceuticals are expensive to develop, manufacture, and administer, making them inaccessible to many health care providers and patients. These costs, coupled with limited reimbursements in some areas, act as a major constraint for the market.
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Radiopharmaceuticals Market Competitive Landscape
The global radiopharmaceuticals market features a highly competitive landscape with several key players vying for market share. A notable example of cooperation in the radiopharmaceuticals market is the collaboration between Novartis and Advanced Accelerator Applications (AAA). Novartis acquired AAA, a leading molecular nuclear medicine company. This partnership allowed Novartis to strengthen its position in the radiopharmaceutical industry, especially with the development of targeted therapies for cancer. AAA theranostics (treatment discovery) expertise helped Novartis' oncology portfolio, especially with radiopharmaceutical agents such as Lutathera, which targets neuroendocrine tumors.
Top Player’s Company Profiles
- Cardinal Health (US)
- Novartis Company (Switzerland)
- Lantheus (US)
- Curium (France)
- GE HealthCare (US)
- Jubilant Pharma Company (India)
- China Isotope & Radiation Corporation (China)
- Siemens Healthcare GmbH (Germany)
- Bracco (Italy)
- NTP (South Africa)
- Eckert & Ziegler (Germany)
- SHINE Technologies, LLC (US)
- Eczacıbaşı-Monrol (Turkey)
- IBA Worldwide (Belgium)
- Global Medical Solutions (US)
- BWX Technologies, Inc. (US)
- Institute of Isotopes (Hungary)
- Coquí Radiopharmaceuticals Corp. (US)
- Evergreen Theragnostics, Inc. (US)
- Isotope JSC (Russia)
- PharmaLogic Holdings Corp. (US)
Radiopharmaceuticals Key Market Trends
- Growing Focus on Personalized Medicine: The trend toward generic drug development is gaining momentum in the radiopharmaceutical market. By tailoring therapy to individual patients’ genetic and disease characteristics, radiopharmaceuticals are highly effective in targeted therapy, particularly for oncology and cardiology.
- Expansion of Theranostics: Theranostics combining diagnostic imaging with targeted therapy is an emerging trend in the radiopharmaceuticals market. The integration of diagnosis and treatment on a single platform enables the precise monitoring of treatment effectiveness, allowing for comprehensive and effective patient care. This trend is expected to significantly increase market growth in coming years.
Radiopharmaceuticals Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to SkyQuest analysis, radiopharmaceuticals market is experiencing significant growth, driven by increasing demand for cancer diagnosis and treatment, and advances in imaging technology. Radiopharmaceuticals play an important role in targeted therapy, especially in oncology, cardiology and neurology, provides diagnostic and therapeutic accuracy with minimal side effects. However, the market faces challenges such as stringent regulatory requirements, high costs associated with the development and manufacture of radiopharmaceuticals. Companies overcome these obstacles by strategic planning, acquisitions and joint ventures for their expansion production and market penetration. Emerging trends such as personalized medicine and treatment (combined with diagnostics) are expected to further drive the market growth, providing new opportunities for growth. With key players investing in new products and expanding their global footprint, the radiopharmaceuticals market is poised for strong expansion in the coming years.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 6.52 billion |
| Market size value in 2031 | USD 8.81 billion |
| Growth Rate | 3.4% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Radiopharmaceuticals Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Radiopharmaceuticals Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Radiopharmaceuticals Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Radiopharmaceuticals Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Radiopharmaceuticals Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Radiopharmaceuticals Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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