Radiopharmaceutical Manufacturing Market

Radiopharmaceutical Manufacturing Market Overview

The radiopharmaceutical manufacturing market is estimated to be worth $10.6 billion in 2030 and is expected to grow at CAGR of 16.4% during the forecast period. Since the discovery of the means to artificially synthesize radioisotopes (early 1930s), they were almost immediately adopted for healthcare applications, by the mid-1940s. Presently, a variety of diagnostic and therapeutic techniques are based on the use of such substances, commonly referred to as radiopharmaceuticals. Despite their inherent toxicity, nuclear medicine is considered an important part of modern healthcare, with applications spanning across a number of therapeutic areas, including infectious diseases, immunological disorders, gastroenteric disease, cardiological disorders, oncological disorders, neurological disorders, and even certain psychiatric conditions. According to an article published by World Nuclear Association in May 2020, more than 10,000 hospitals worldwide claim to be using radioisotopes for various medical procedures; interestingly, of the aforementioned applications, 90% were reported to be related to disease diagnosis Typically, diagnostic tests, involving radiopharmaceuticals, are performed using highly specialized imaging solutions, such as single photon emission computed tomography (SPECT) and positron emission tomography (PET). It is worth highlighting that around 40 million diagnostic procedures, involving the use of the radioisotope Tc-99m alone, are conducted worldwide annually. Further, the introduction of the concept of theranostics, which involves the use of a single active ingredient for both diagnostic and therapeutic purposes, has opened up a new dimension of applications for nuclear medicine.

Over the years, medical research teams across the world have gradually tapped into the vast potential of radiopharmaceuticals and nuclear medicines. In fact, the technology that is now used in this field is reported to have witnessed significant evolution, in terms of technological sophistication. As a result, the demand for such specialized chemicals has grown at an exponential rate. However, the development and production of radiopharmaceuticals is inherently complex, and requires specialized facilities and operational expertise. Therefore, acquiring the necessary technical acumen and infrastructure to support such operations is not a feasible option for pharmaceutical companies, owing to a number of associated clauses and concerns (such as need for high capital investments, unique operating licenses and compliance to special regulatory requirements). Currently, stakeholders in the pharmaceutical industry primarily rely on suppliers and contract manufacturers to fulfill their radiopharmaceutical procurement needs. Moreover, there are a number of specialty service providers that claim to be engaged in this field, offering a variety of radioisotopes and affiliated services for healthcare applications. As more applications are discovered, the demand for nuclear material suppliers and service providers is likely to increase. This, coupled to the anticipated advances in the field of radiopharmaceuticals, affiliated technologies and products, is expected to offer lucrative opportunities to the contract service providers that are engaged in radiopharmaceutical manufacturing market during the forecast period.

Key Contract Manufacturing Organizations in Radiopharmaceutical Manufacturing Market

Examples of key companies engaged in radiopharmaceutical manufacturing (which have also been profiled in this market report; the complete list of companies is available in the full report) include Cardinal Health, GE Healthcare, Jubilant Radiopharma, Lantheus Medical Imaging, Nordion, SOFIE, Advanced Accelerator Applications, SCK•CEN, Curium Pharma, Eckert & Ziegler, PETNET Solutions, China Isotope & Radiation Corporation, DuChemBio, Eczacibasi-Monrol, Nihon Medi-Physics and Sinotau Pharmaceuticals. This market report includes an easily searchable excel database of all the companies providing manufacturing services for radiopharmaceuticals, worldwide.

Recent Developments in Radiopharmaceutical Manufacturing Market:

Several recent developments have taken place in the field of radiopharmaceutical manufacturing market. We have outlined some of these recent initiatives below. These developments, even if they took place post the release of our market report, substantiate the overall market trends that have been outlined in our analysis.

• In February 2023, Telix Pharmaceuticals announced the successful completion of its collaborative research effort with Heidelberg University Hospital. This project's primary objective was to develop and validate a generator-based theranostic compound, designed for urologic oncology applications that target PSMA, using the beta-emitting isotope rhenium-188 (188Re).

Scope Of the Report

The ‘Radiopharmaceutical Manufacturing Market, 2020-2030’ market report provides a detailed study on the current market landscape, market size, market share, market growth, market forecast, market outlook and future opportunities of the radiopharmaceutical manufacturing market. In addition, the market research report features an in-depth analysis, highlighting the capabilities of a diverse set of industry stakeholders. Amongst other elements, the market research report features the following:

• A detailed assessment of the current market landscape with respect to the players (industry and non-industry) involved in manufacturing radiopharmaceuticals. It features information on the year of establishment, company size, purpose of production (fulfilling in-house requirements / for contract services), location of headquarters, location of manufacturing facilities, scale of production, applications of radiopharmaceuticals (in diagnosis, therapeutics and theranostics), type of diagnostic radiopharmaceuticals (PET and SPECT), type of therapeutic radiopharmaceuticals (alpha emitters, beta emitters and others), target therapeutic area (cardiology, oncology, neurology, thyroid and others) and services offered. 
• An insightful four-dimensional comparison of the radiopharmaceutical manufacturers, based on supplier power (year of establishment), product portfolio (number of isotopes being manufactured for various applications targeting different therapeutic areas) of the manufacturer, scale at which they manufacture their respective products and company size. 
• Tabulated profiles of key industry players based in North America, Europe and Asia-Pacific (shortlisted based on the company size of the players), featuring a brief overview of the company, a list of products and manufacturing facilities, recent developments and an informed future outlook.
• An analysis of recent partnerships and collaborations inked in radiopharmaceutical manufacturing market since 2017, based on several parameters, such as the type of partnership, year of partnership, type of radioisotope involved, therapeutic area mentioned in the agreement,  application of the radioisotope mentioned in the agreement, and a schematic representation showcasing the players that have forged the maximum number of alliances. Furthermore, we have provided a world map representation of the deals inked in radiopharmaceutical manufacturing market, highlighting those that have been established within and across different continents. 
• A detailed discussion on the supply chain model of medical isotope Mo-99 (Tc-99m), highlighting the main steps of the supply chain, from irradiation of uranium targets in nuclear research reactors to the administration of Tc-99m to patients. Along with this, it describes the structure of the industry and product market at each step.

The key objective of radiopharmaceutical manufacturing market report is to provide a detailed market analysis in order to estimate the existing market size, market trends, market value, statistics and future opportunity for radiopharmaceutical manufacturing market during the forecast period. Based on various parameters, we have provided an informed estimate of the likely evolution of the market in the short to mid-term and long term, for the forecast period 2020-2030. The market report also provides details on the likely distribution of the current and forecasted opportunity across [A] target therapeutic area (cardiology, neurology, oncology, thyroid and others), [B] application area (diagnostic and therapeutic) and [C] type of diagnostic radiopharmaceuticals (PET and SPECT), [D] type of therapeutic radiopharmaceuticals (alpha emitters, beta emitters and others), [E] purpose of production (in-house / outsourcing) and [F] key geographical regions (North America, Europe, Asia-Pacific and rest of the world). In order to account for future uncertainties and to add robustness to our model, we have provided three market forecast scenarios, namely conservative, base and optimistic scenarios, representing different tracks of the industry’s growth. 

The opinions and insights presented in this market research report were influenced by discussions conducted with multiple stakeholders in radiopharmaceutical manufacturing market. The market report features detailed transcripts of interviews held with the following individuals (arranged in the order of participant’s designation): 

•     James Davis (Vice President Quality / R&D, Shertech Laboratories)
•     Andreas Fotopoulos (Professor of Nuclear Medicine, University of Ioannina Medical School)
•     Jan Pruim (Professor of Medical Imaging / Nuclear Medicine Physician, University Medical Center of Groningen)
•     Michael van Dam (Professor, Crump Institute for Molecular Imaging, Molecular & Medical Pharmacology)
•     Anonymous (ITM Isotopen Technologien München)

All actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. Financial figures mentioned in this market report are in USD, unless otherwise specified.

Frequently Asked Questions

Question 1: What are nuclear medicine and radiopharmaceuticals?

Answer: Nuclear medicine and radiopharmaceuticals are therapeutic and diagnostic techniques involving the use of artificially synthesized radioisotopes for healthcare applications.

Question 2: How big is the radiopharmaceutical manufacturing market?

Answer: The radiopharmaceutical manufacturing market size is estimated to be worth $10.6 billion in 2030.

Question 3: What is the projected market growth of the radiopharmaceutical manufacturing market?

Answer: The radiopharmaceutical manufacturing market is expected to grow at compounded annual growth rate (CAGR) of 16.4% during the forecast period 2020 – 2030.

Question 4: Who are the leading CMO in the radiopharmaceutical manufacturing market?

Answer: Examples of key companies engaged in radiopharmaceutical manufacturing market (which have also been profiled in this market report; the complete list of companies is available in the full report) include Cardinal Health, GE Healthcare, Jubilant Radiopharma, Lantheus Medical Imaging, Nordion, SOFIE, Advanced Accelerator Applications, SCK•CEN, Curium Pharma, Eckert & Ziegler, PETNET Solutions, China Isotope & Radiation Corporation, DuChemBio, Eczacibasi-Monrol, Nihon Medi-Physics and Sinotau Pharmaceuticals.

Question 5: How many diagnostic procedures involving radio isotopes are conducted annually worldwide?

Answer: Around 40 million diagnostic procedures, involving the use of the radioisotopes are conducted worldwide annually.

Question 6: How many partnership deals have been inked between stakeholders engaged in the radiopharmaceutical manufacturing market?

Answer: More than 100 partnership deals have been inked in the past three years with the CMOs engaged in radiopharmaceutical manufacturing market.

Question 7: How many companies are currently engaged in the radiopharmaceutical manufacturing market?

Answer: Over 120 companies are currently engaged in the radiopharmaceutical manufacturing market.