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).

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.