Radiopharmaceuticals Market to Reach $21.8 billion, Globally, by 2033 at 10.6% CAGR: Allied Market Research

PORTLAND, Ore., May 29, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Radiopharmaceuticals Market by End User (Hospitals and Clinics, Medical Imaging Centers, and Others), Radioisotope (Technetium 99m, Gallium 68, Iodine I, Fluorine 18, Copper 64, Strontium 89, Yttrium 90, Radium 223, Actinium 225, Lutetium 177, Copper 67, Terbium 161, Zirconium 89, and Others), Application (Cancer, Cardiology, and Others), and Type (Diagnostic and Therapeutic): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the radiopharmaceuticals market was valued at $7.9 billion in 2023 and is estimated to reach $21.8 billion by 2033, growing at a CAGR of 10.6% from 2024 to 2033.

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Prime determinants of growth 

Rise in the prevalence of chronic diseases, rise in the adoption of strategies by key players, and surge in R&D activities within the radiopharmaceuticals sector are the major factors that drive the growth of the global radiopharmaceuticals market. However, the high cost associated with the development and implementation of radiopharmaceuticals restricts the market growth. Moreover, the rise in the number of pipeline products is expected to present new opportunities in the coming years. 

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The hospital and clinics segment to maintain its leadership status throughout the forecast period.

By end user, the hospitals & clinics segment held the largest market share in 2023, accounting for more than half of the global radiopharmaceuticals market revenue and is estimated to maintain its leadership status throughout the forecast period. The same segment is expected to register the highest CAGR of 11.1% during the forecast period. This is attributed to their comprehensive healthcare infrastructure, specialized expertise, and ability to provide a wide range of imaging and treatment services to patients. 

The Technetium 99m segment to maintain its leadership status throughout the forecast period 

By radioisotope, the Technetium 99m segment held the largest market share in 2023, accounting for more than two-fifths of the global radiopharmaceuticals market revenue and is estimated to maintain its leadership status throughout the forecast period. The same segment is expected to register the highest CAGR of 11.5% during the forecast period. This is attributed to its versatile nuclear properties, established production, clinical utility across diverse medical specialties, ongoing technological advancements, and supportive regulatory environment. 

The cancer segment to maintain its lead position during the forecast period

By application, the cancer segment accounted for the largest share in 2023, contributing to more than half of global radiopharmaceuticals market revenue, and is projected to maintain its lead position during the forecast period. The same segment is expected to register the highest CAGR of 10.9% during the forecast period. This is attributed to the clinical need for effective cancer diagnostics and therapies, ongoing advancements in oncology research and molecular imaging technologies, the rise of personalized medicine approaches, and supportive regulatory environments fostering innovation and market access in oncology.

The diagnostic segment to maintain its lead position during the forecast period 

By type, the diagnostic segment accounted for the largest share in 2023, contributing to more than two-thirds of global radiopharmaceuticals market revenue, and is projected to maintain its lead position during the forecast period. This is attributed to the essential role of diagnostic radiopharmaceuticals in disease diagnosis and management, advancements in molecular imaging technologies, increase in demand for non-invasive diagnostic imaging services, and supportive regulatory environments fostering innovation and market access.

However, the therapeutic segment is expected to register the highest CAGR of 11.3% during the forecast period. This is attributed to advancements in radiopharmaceutical technology and molecular targeting strategies, increase in the prevalence of chronic diseases, and collaborative efforts fostering innovation and market expansion in therapeutic radiopharmaceuticals. 

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North America to maintain its dominance by 2033

By region, North America held the largest market share in terms of revenue in 2023, accounting for two-fifths of the radiopharmaceuticals market revenue and is expected to dominate the market during the forecast period. This is attributed to its advanced healthcare infrastructure, strong pharmaceutical industry, supportive regulatory environment, and collaborative ecosystem fostering innovation and market growth in nuclear medicine. However, the Asia-Pacific region is expected to witness the fastest CAGR of 11.4% from 2024 to 2033. This is attributed to the increasing prevalence of chronic diseases, advancements in radiopharmaceutical technology, and collaborative efforts to improve healthcare infrastructure and innovation in nuclear medicine. 

Leading Market Players

• Bayer AG
• Cardinal Health
• Curium Pharma
• Eli Lilly and Company
• Jubilant Pharmova Limited
• Lantheus
• ITM Isotope Technologies Munich Se
• Telix Pharmaceuticals Limited
• Eckert and Ziegler
• Bracco
• South African Nuclear Energy Corporation (Necsa)
• NorthStar Medical Radioisotopes
• The State Atomic Energy Corporation Rosatom
• SOFIE
• Isotopia Molecular Imaging
• Fusion Pharmaceuticals Inc.
• Clarity Pharmaceuticals
• Actinium Pharmaceuticals, Inc.
• Precirix
• Novartis AG
• Nihon Medi-Physics Co. Ltd
• GE Healthcare
• Eczacibasi

The report provides a detailed analysis of these key players in the global radiopharmaceuticals market. These players have adopted strategies such as agreement, acquisition, expansion, clinical trial, product approval, product upgrade, contract, product development, collaboration, geographical expansion, joint venture, and expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.

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