Radiopharmaceuticals Market By Product (Technetium-99, Fluorine-18, Iodine-131, Leutetium-177, Yttrium-90, Gallium-68, Rubidium-82, and Others), Type (Diagnostic Nuclear Medicine and Therapeutic Nuclear Medicine), Application (Neurology, Cardiology, Oncology, and Others), End-user (Hospitals, Ambulatory Surgical Centres, Diagnostic Centres, Cancer Research Institutes, and Others), and Region - Market Perspective, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast for 2023 – 2032
Market Perspective
The global Radiopharmaceuticals Market size was worth around USD 4.3 billion in 2022 and is anticipated to grow to around USD 8.8 billion by 2032 at a CAGR of around 7.4% between 2023 and 2032.
The use of radiopharmaceuticals is on the rise due to the increasing prevalence of chronic diseases, neurological problems, and cancer, among others. Radiopharmaceuticals are small radioactive isotopes that target specific body tissues and organs, making them useful for the diagnosis and treatment of various disorders. In recent years, there has been a growing awareness of the early diagnosis of chronic diseases, which has led to an increased demand for radiopharmaceuticals. Technological advancements in nuclear imaging have also contributed to the growth of the radiopharmaceutical market, as hybrid devices have become more efficient and effective than standalone devices.
Radiopharmaceuticals have several advantages over conventional radiotherapy, including fewer side effects and the ability to treat individual tumors and metastatic cancer spread throughout the body. This has made them increasingly popular, especially in oncology. In addition, radiopharmaceuticals combined with newer, more sensitive, and specific scanning techniques enable doctors to perform pre-treatment, improving patient outcomes.
Despite the many benefits of radiopharmaceuticals, the high cost of equipment and maintenance has limited their accessibility. However, the presence of good reimbursement policies in hospitals is expected to boost revenue growth in this segment. The high production costs and short half-life of radiopharmaceuticals are also significant challenges that limit their adoption in hospitals and clinics.
Preparation and dispensing problems associated with radiopharmaceuticals also pose a challenge to market growth. The chemical reactions involved in preparing radiopharmaceuticals can generate undesired radiochemical impurities, and radiolysis effects may occur with high-intensity radiations, leading to undesired impurities. These issues can ultimately interfere with diagnostic interpretation and limit the adoption of radiopharmaceuticals.
Key Insights
- Based on the product, the technetium-99 segment held the largest market share
- Based on type, the therapeutic nuclear medicine segment generated the highest revenue
- By application, the oncology segment dominated the market share in 2021.
- By end-user, the hospital segment dominated the market share in 2021.
- On the basis of region, North America accounted largest market share
Growing Prevalence of Chronic Diseases Driving the Demand for Radiopharmaceuticals
The prevalence of chronic diseases and various neurological problems is increasing globally, and they remain common causes of death. For instance, in the United States, six out of 10 adults are currently living with a chronic illness such as cancer, heart disease, or diabetes, according to the Centres for Disease Control and Prevention. Preventing chronic diseases involves avoiding smoking and excessive alcohol consumption, which requires regular screening for certain diseases.
Radiopharmaceuticals play an essential role in diagnostic and research applications, and they are used in diagnostic tests such as positron emission tomography (PET) and single photon emission computed tomography (SPECT), which are vital in the treatment of chronic diseases. As the prevalence of chronic diseases continues to increase, the demand for radiopharmaceuticals is also growing, expanding the need for these drugs.
Advancements in Technology Drive the Adoption of Radiopharmaceuticals
The increased use of cutting-edge technology has made it possible to use radiopharmaceuticals more effectively in the diagnosis and treatment of diseases. Nuclear medicine finds its primary applications in the diagnosis of cancer and cardiovascular diseases. Many companies are focused on expanding the general use of radiopharmaceuticals, and the adoption of radiopharmaceuticals is expected to increase in the coming years due to the increase in their applications. Moreover, several companies are diversifying their product portfolio, which increases their market share.
High Production Cost Limits the Market Growth
The market for radiopharmaceuticals is growing due to increased investment in research and development and the presence of significant pipeline products. However, the high costs associated with R&D capabilities, short half-lives of radiopharmaceuticals, restricted infrastructural facilities, high equipment prices, and a lack of awareness in primitive economies are expected to restrict the market growth.
The high costs and short half-life of radiopharmaceuticals are reducing their implementation in hospitals and clinics. The development cost of radiopharmaceuticals is very high compared to that of therapeutic drugs and also undergoes a very lengthy and expensive regulatory process. Therefore, the high cost of radiopharmaceuticals is likely to act as a significant restraint on market growth.
Preparation and Dispensing Problems Associated with Radiopharmaceuticals Pose a Challenge for the Market Growth
The preparation of radiopharmaceuticals involves chemical reactions that may ultimately generate undesired radiochemical impurities. Radiations emitted, especially at a high intensity, may lead to radiolysis effects that may generate undesired impurities. The chemical properties of these drugs, specifically in combination with small mass quantities, may lead to undesired adsorption to the components of the container or even interact with the leached trace. These problems may ultimately lead to unexpected alterations in the bio-distribution or/and inappropriate localization of the organ of interest and hence may interfere with the diagnostic interpretation.
These issues associated with radiopharmaceuticals pose a significant challenge to the adoption of these drugs. However, with ongoing research and development, these challenges are expected to be overcome, making radiopharmaceuticals more widely available and accessible.
Recent Developments
In January 2023: NorthStar Medical Radioisotopes, LLC, and Inhibrx, Inc. entered into a collaboration agreement for the development and production of new radiopharmaceuticals for cancer treatment. The collaboration aims to support a specified number of Inhibrx’s new biological products by providing the supply of Ac-225 and access to integrated radiopharmaceutical contract development and manufacturing organization (CDMO) services.
In June 2021: Telix Pharmaceuticals Limited launched TelixU, a new educational platform focused on radiopharmaceutical research in collaboration with Applied Radiology. This platform is designed specifically for healthcare professionals such as doctors and technicians.
Segmentation Analysis
Based on type, the market is bifurcated into diagnostic nuclear medicine and therapeutic nuclear medicine. The therapeutic nuclear medicine segment is dominating the market due to its low radiation exposure. The segment is likely to grow significantly in the coming years as it offers high-quality images with accurate results.
Based on application, the market is segmented into neurology, cardiology, oncology, and others. The oncology segment dominated the market due to the increasing incidence of cancer. The increased awareness of early cancer diagnosis and treatment is central to the revenue growth of this segment. Patients around the world are increasingly aware of radiopharmaceutical compounds and their use in various medical fields such as oncology, neurology, and cardiology.
By end-user, the market is bifurcated into hospitals and diagnostic centers. The hospital holds the lion’s share due to the increasing number of qualified doctors in the radiology department worldwide. The hospital uses various imaging techniques, including PET, TC, and MRI, which improve quality and information for diagnostic use. The number of nuclear imaging procedures in hospitals is increasing due to the availability of experienced healthcare professionals who can handle sensitive radiopharmaceuticals more efficiently.
North America to Continue Leading the Global Radiopharmaceutical Market
The radiopharmaceuticals market in North America is expected to continue leading globally due to various factors such as the development of new technologies related to radioisotope production, government funding, and business initiatives in the region. The region has a strong foundation of healthcare facilities and a growing overweight population, which increases the number of patients suffering from several chronic diseases such as cancer, coronary heart disease, and strokes.
Moreover, increasing research activities in the region also drive market growth. The rapid adoption of effective nuclear imaging techniques and the use of technologically advanced therapeutic radiopharmaceuticals are expected to contribute to the growth of the market in the region.
Furthermore, the presence of key players and initiatives by public & private organizations in the region to raise awareness about early cancer diagnosis are also expected to boost the market growth. The increasing R&D spending on medical instruments and devices, especially in developed and developing economies, will create more lucrative market growth opportunities. Additionally, the growing number of research and development capabilities in the field of isotope medicine is expected to further fuel the growth of the radiopharmaceutical market.
Asia Pacific is the Fastest Growing Market
The Asia Pacific region is expected to be the fastest-growing market in the radiopharmaceutical market during the forecast period. The region is witnessing significant growth due to government awareness initiatives, increasing medical tourism, and increasing research activities. The rise in cardiovascular disease and growing demand for quality healthcare due to government awareness initiatives and a large population pool accelerate market growth in the region.
Furthermore, the growing demand for non-invasive diagnostic procedures increased awareness of early detection of chronic diseases, and continuous introduction of new products are some of the other factors driving the growth of the radiopharmaceutical market. The growing use of radiopharmacy for diagnosis and treatment in precision medicine, such as targeted therapy and immunotherapy, increasing research & development activities, and the presence of a broad product portfolio in oncology are expected to boost the market growth in the region.
Competitive Landscape
- Bayer AG
- Cardinal Health
- Eckert & Ziegler
- GE Healthcare
- Jubilant Pharma Limited
- NorthStar Medical Radioisotopes, LLC
- NorthStar Medical Radioisotopes, LLC
- Novartis AG
- NTP Radioisotopes SOC Ltd
- Siemens Healthineers
- Telix Pharmaceuticals Limited
The global radiopharmaceuticals market is segmented as follows:
By Product
- Technetium-99
- Fluorine-18
- Iodine-131
- Leutetium-177
- Yttrium-90
- Gallium-68
- Rubidium-82
- Others
By Type
- Diagnostic Nuclear Medicine
- Therapeutic Nuclear Medicine
By Application
- Neurology
- Cardiology
- Oncology
- Others
By End-user
- Hospitals
- Ambulatory Surgical Centers
- Diagnostic Centers
- Cancer Research Institutes
- Others
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Reunion
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Radiopharmaceuticals Market By Product
- March-2023
- 148
- Global
- healthcare-medical-devices-biotechnology
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