Radiopharmaceuticals Market Size, Industry Status, Growth Opportunity for Leading Players: Curium Pharma PerkinElmer Inc. Thermo Fisher Scientific Inc. Shimadzu Corporation

The global radiopharmaceuticals market, valued at USD 5.30 billion in 2022, is poised for rapid growth with a projected Compound Annual Growth Rate (CAGR) of 10.6% during the forecast period. This surge is driven by advancements in medical imaging, a growing preference for personalized medicine, increased Research and Development (R&D) investments, and continuous technological innovations in the field of radiopharmaceuticals.

Key Growth Drivers

A major factor fueling market expansion is the rising prevalence of chronic diseases such as cancer, cardiovascular conditions, and neurological disorders. As these health issues become more widespread, the demand for radiopharmaceuticals is increasing, especially in diagnostic and therapeutic applications. Moreover, pharmaceutical companies are increasingly focusing on sustainability, which is leading to the development of eco-friendly solutions, further boosting demand in the market.

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For instance, in March 2022, Novartis received U.S. FDA approval for Pluvicto, a treatment for advanced prostate cancer, highlighting the growing role of radiopharmaceuticals in treating chronic diseases.

Technological Advancements

Technological innovation is another key driver of market growth. The integration of Artificial Intelligence (AI), Internet of Things (IoT), and Machine Learning (ML) in radiopharmaceutical production is improving the efficiency and precision of treatments. These advancements are leading to faster, safer, and more accurate diagnostic and therapeutic procedures, which enhance the overall patient experience. The use of automation technologies and robotics is also advancing, contributing to greater productivity and sustainability in radiopharmaceutical production.

Market Restraints

Despite its growth potential, the high cost of radiopharmaceuticals and the short half-life of many radioisotopes present significant challenges. These factors can limit the availability of radiopharmaceuticals in certain regions, making it difficult for patients in some areas to access these advanced treatments. Additionally, a general lack of awareness about radiopharmaceuticals and how to use them also contributes to slower market adoption in certain regions.

Stringent government regulations in some countries are another barrier to market growth, as compliance with these regulations can be costly and time-consuming for companies.

Segment Insights

Radioisotope Segment: Technetium 99m held the largest market share in 2022 due to its widespread use in imaging and diagnostic procedures. As a valuable agent in diagnosing various organ and tissue conditions, Technetium 99m continues to dominate the market.

Gallium 68, a radioisotope commonly used in PET scans for conditions like prostate cancer and neuroendocrine tumors, is expected to witness moderate growth during the forecast period. Its fast localization in target areas and its role in cancer diagnosis make it a key player in the radiopharmaceutical market.

Application Segment: Cancer remains the dominant application for radiopharmaceuticals, with an increasing number of radiopharmaceutical treatments being adopted to combat various forms of cancer, including lung, breast, colorectal, and prostate cancers. The anticipated rise in global cancer cases is expected to further drive demand for radiopharmaceuticals in the coming years.

Cardiovascular disease applications are also growing steadily. The World Health Organization (WHO) reports that cardiovascular diseases account for 32% of global deaths annually, highlighting the increasing need for innovative radiopharmaceuticals to treat heart conditions.

End-Use Segment: Hospitals and clinics represent the largest market share due to their ability to handle large volumes of nuclear imaging procedures. As radiopharmaceuticals require careful handling and administration, hospitals remain the most accessible and trusted locations for treatment.

However, medical imaging centers are projected to experience the fastest growth in the coming years. These centers are crucial in diagnosing and treating diseases using advanced imaging technologies, which continue to gain popularity as awareness of the benefits of radiopharmaceuticals increases.

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Radiopharmaceuticals Top Companies and Competitive Landscape

The global radiopharmaceuticals market is moderately fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective radiopharmaceuticals solutions.

Some major players included in the global radiopharmaceuticals market report are:

Iso-Tex Diagnostics, Inc.
Lantheus Holdings, Inc.
Eli Lilly and Company
Agilent Technologies, Inc.
Curium Pharma
PerkinElmer Inc.
Thermo Fisher Scientific Inc.
Shimadzu Corporation
Polarean Imaging Plc
NorthStar Medical Radioisotopes, LLC

Radiopharmaceuticals Latest Industry Updates

In January 2023, NorthStar Medical Radioisotopes, LLC, a pharmaceutical company headquartered in the U.S, collaborated with Inhibrx, Inc. to develop and manufacture new radiopharmaceuticals for the treatment of cancer. Radiopharmaceuticals are used in medical imaging to diagnose and treat cancer.

In December 2022, Polarean Imaging Plc, a medical imaging technology company, announced the U.S Food and Drug Administration (FDA) approval of Xenoview. Xenoview is a diagnostic radiopharmaceutical, which is used along with magnetic resonance imaging, for evaluation of lung ventilation in pediatric patients and adult.

Radiopharmaceuticals Market Segmentation Analysis
For the purpose of this report, Emergen Research has segmented the global radiopharmaceuticals market on the basis of radioisotope, application, indication, end-use, and region:

Radioisotope Outlook (Revenue, USD Billion; 2019-2032)

Iodine I
Gallium 68
Technetium 99m
Fluorine 18
Others

Application Outlook (Revenue, USD Billion; 2019-2032)

Cancer
Cardiology
Others

Indication Outlook (Revenue, USD Billion; 2019-2032)

Diagnostic
Therapeutic

End-Use Outlook (Revenue, USD Billion; 2019-2032)

Hospitals and Clinics
Medical Imaging Centers
Others

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Regional Outlook (Revenue, USD Billion; 2019-2032)

North America
U.S.
Canada
Europe
Germany
France
UK
Italy
Spain
Benelux
Russia
Rest of Europe
Asia Pacific
China
Japan
South Korea
India
ASEAN Countries
Oceania
Rest of APAC
Latin America
Brazil
Mexico
Rest of LATAM
Middle East & Africa
GCC Countries
Israel
Turkey
South Africa
Rest of Middle East & Africa

Radiopharmaceuticals Market Snapshots

Radiopharmaceuticals Market Size: https://www.emergenresearch.com/industry-report/radiopharmaceuticals-market/market-size
Radiopharmaceuticals Market Share: https://www.emergenresearch.com/industry-report/radiopharmaceuticals-market/market-share
Radiopharmaceuticals Market Trends: https://www.emergenresearch.com/industry-report/radiopharmaceuticals-market/market-trends
Radiopharmaceuticals Regional Market Demand: https://www.emergenresearch.com/industry-report/radiopharmaceuticals-market/regional-market-demand

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