Radiopharmaceuticals Market

Radiopharmaceuticals Market (Distribution by Radioisotope (Technetium 99, Fluorine 18, Iodine 131, Leutetium 177, Yttrium 90, Gallium 67, Gallium 68, Rubidium 82, Iodine 123, Iodine 125, Indium 111 and Other Isotopes), by Indication (Oncology, Cardiology, Gastoenterology, Neuroendocrinology, Neurology, Nephrology and Other Indications), by Source (Cyclotrons, Nuclear Reactors and Other Sources), by Type (Diagnostic and Therapeutic), by End User (Hospitals, Medical Imaging Centers, Cancer Research Institute and Other End Users) and Key Geographical Regions (North America, Europe, Asia-Pacific, Middle East and North Africa and Latin America): Industry Trends and Global Forecasts, 2023-2035

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Radiopharmaceuticals Market Overview 2023-2035

The growing need for accurate diagnosis and the expanding applications of molecular imaging and disease-specific cancer therapies, has enhanced the demand for global radiopharmaceuticals market. Radiopharmaceuticals are drugs that contain radioactive isotopes and are used to diagnose specific medical conditions in organs, tissues, or cells of the human body. These radioactive drugs can be used for both diagnostic and therapeutic purposes. Radiopharmaceuticals are bound to biological molecules that can target specific organs, tissues, or cells within the human body. They can produce images of organs or tissues of interest, a process called scintigraphy, which is non-invasive and reflects the function of the organ or tissue under investigation. The design of these compounds is based solely upon the physiological function of the target organ, unlike radiographic procedures, which depend almost entirely upon tissue density differences. The most widely used radioisotope in diagnostic nuclear medicine is technetium-99m, which can be attached to several specific molecules, allowing the diagnosis of many diseases, including certain types of cancers.

Market Drivers

The key market drivers for the radiopharmaceuticals industry include the increasing prevalence of cancer and cardiovascular disease, which is encouraging market growth. The majority of cases can be prevented through quick detection and treatment, and nuclear medicine plays a substantial role in these areas. According to the American Heart Association, approximately 19.1 million deaths were attributed to cardiovascular disease globally, with a significant age-adjusted death rate and prevalence rate. The market is expected to expand significantly, driven by factors such as research and development activities, increasing private-public funding, and growing awareness about the benefits of radiotherapies. As nuclear medicine plays a substantial role in disease diagnosis and treatment, the growing prevalence of these diseases is projected to drive the market growth during the forecast period.

Market Restraints

The key market restraints for the radiopharmaceuticals market include short half-life of radiopharmaceuticals.

Failure to use radioisotopes within their shelf life can lead to radiation and chemical decomposition, resulting in a decrease in radiochemical purity to an unacceptable level, which can be detrimental during diagnosis and therapy. Additionally, the shorter half-life of radiopharmaceuticals necessitates in-house production in cyclotrons/generators within hospital premises, leading to increased capital expenditure for hospitals.

Market Opportunities

The key market opportunities for the radiopharmaceuticals market is being driven by factors such as the increasing prevalence of chronic diseases, advancements in technology, and rising patient awareness and demand for precise diagnosis.

Nuclear medicine is primarily utilized for diagnosing various neurological disorders such as Alzheimer's disease, Parkinson's disease, cardiovascular diseases, and cancers. The increasing disease burden has led to a focus on expanding the overall applications of radiopharmaceuticals. For instance, in April 2022, Curium (France) received approval from the US Food and Drug Administration (FDA) for DaTscan (loflupane I 123 Injection) to aid in evaluating adult patients with suspected Parkinsonian Syndromes. This approval presents an opportunity for companies to enhance their offerings and market shares by catering to the demand for radiopharmaceuticals in neurological applications. The growing market size and the rise in research and development activities further emphasize the potential for expansion in this sector.

Radiopharmaceuticals Market Segments Overview

The radiopharmaceuticals market forecast on the basis of distribution by radioisotope (Technetium 99, Fluorine 18, Iodine 131, Leutetium 177, Yttrium 90, Gallium 67, Gallium 68, Rubidium 82, Iodine 123, Iodine 125, Indium 111 and other radioisotopes). On the basis of indication (oncology, cardiology, gastoenterology, neuroendocrinology, neurology, nephrology and other indications). On the basis of source (cyclotrons, nuclear reactors and other sources). On the basis of distribution by type (diagnostic and therapeutic). On the basis of end user market is categorized into (hospitals, medical imaging centers, cancer research institute and other end users). By geographical regions, the market is analyzed across North America, Europe, Asia-Pacific, Middle East and North Africa and Latin America.

Therapeutic Indication Analysis Section

Based on therapeutic indications, the radiopharmaceuticals market is analyzed across oncology, cardiology, gastoenterology, neuroendocrinology, neurology, nephrology and other indications. The field of oncology is expected to capture the majority of radiopharmaceutical market, owing to the widespread use of imaging procedures for cancer diagnosis, driven by increasing awareness of early diagnosis, the high prevalence of cancer, and the benefits of early diagnosis in treating and managing various cancer types. Furthermore, cardiology segment is expected to fuel the market growth of radiopharmaceutical industry during the forecast period. 

Regional Analysis Section

Based on region, the radiopharmaceuticals market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America is poised to lead the global radiopharmaceuticals market due to increased investment in the healthcare sector, which is expected to drive market growth. Within North America, the United States is anticipated to dominate due to advancements in healthcare technology and treatment products. In Europe, Germany is expected to take the lead, driven by demand from emerging markets and expansion. Meanwhile, in the Asia-Pacific region, China is projected to dominate due to growing customer inclinations toward advanced technological processes. These trends reflect the significant market potential and opportunities for radiopharmaceuticals globally during the forecast period.

Top Companies Engaged in Radiopharmaceuticals Market

Key market players that are engaged in radiopharmaceuticals market are (in alphabetical order) Bayer, Cardinal Health, Curium Pharma, Eli Lilly, General Electric Company, Iso-Tex Diagnostics, Jubilant Pharmova, Lantheus, Novartis and Siemens. This market report includes an easily searchable excel database of all the radiopharmaceuticals companies worldwide.

Radiopharmaceuticals Market Report Highlights

Aspects Details
by Radioisotope
  • Technetium 99
  • Fluorine 18
  • Iodine 131
  • Leutetium 177
  • Yttrium 90
  • Gallium 67
  • Gallium 68
  • Rubidium 82
  • Iodine 123
  • Iodine 125
  • Indium 111
  • Other Isotopes
by Indication
  • Oncology
  • Cardiology
  • Gastoenterology
  • Neuroendocrinology
  • Neurology
  • Nephrology
  • Other Indications
by Source
  • Cyclotrons
  • Nuclear Reactors
  • Other Sources
by Type
  • Diagnostic 
  • Therapeutic
End User
  • Hospitals
  • Medical Imaging Centers
  • Cancer Research Institute 
  • Other End Users
Key Geographical Regions
  • North America (U.S., Canada, Mexico)
  • Europe (France, Germany, Italy, Spain, UK, Russia, Rest of Europe)
  • Asia-Pacific (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, Rest of Asia-Pacific)
  • LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, Rest of LAMEA)
Key Market Players
  • Bayer
  • Cardinal Health
  • Curium Pharma
  • Eli Lilly
  • General Electric Company
  • Iso-Tex Diagnostics
  • Jubilant Pharmova
  • Lantheus
  • Novartis
  • Siemens

Recent Developments in Radiopharmaceuticals Market

There has been recent activity in the radiopharmaceuticals industry and some of the key developments have been mentioned below:

  • In March 2023, International Atomic Energy Agency (IAEA) entered into an agreement with a consortium of 11 Japanese universities and scientific institutions under the Rays of Hope initiative to enhance the nuclear medicine workforce.
  • In January 2023, NorthStar Medical Radioisotopes announced a collaboration with Inhibrx to develop and manufacture new radiopharmaceuticals for the treatment of cancer.

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