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

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).

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. '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)'

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.

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.

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.