Global Radiopharmaceuticals Market by Type (Diagnostic Nuclear Medicine and Therapeutic Nuclear Medicine), By Application (Oncology, Neurology, Cardiology, and other Applications), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

The Global Radiopharmaceuticals market size is expected to be worth around US$ 10.3 Bn by 2032 from US$ 4.5 Bn in 2022, growing at a CAGR of 8.85% during the forecast period from 2023 to 2032.

Radiopharmaceuticals are the type of pharmaceutical drugs that includes high-energy radioactivity. Radiopharmaceuticals are radioactive isotopes used in clinical centers for therapy and diagnosis. The medicinal drugs are inserted by medical professionals and radio pharmacists who are well-trained in nuclear medicine. They are taken both orally or directly injected into the body. Once medicine reaches the target location, they destroy the tumor cells by releasing radioactive agents. The increase in the prevalence of target diseases and increased demand for alpha radio immunotherapy-based target cancer treatments help grow the radiopharmaceuticals market. The increased use of PET scanners is responsible for the increased procedure volume. Rapidly adapting sophisticated radiopharmaceutical procedures for cancer treatment will boost the market revenue growth. The market is estimated as a challenge due to a lack of funding and technological innovation in emerging countries, reduced hospitals budget during the pandemic, and lack of infrastructure in low-income regions Restrict the market growth. But the increase in the use of neurological applications and healthcare funding supports the growth of the radiopharmaceuticals market in the coming years.

Market Scope

Type Analysis

Diagnostic Nuclear Medicine Dominate the Product Type Segment in Radiopharmaceuticals Market

Based on product type, the radiopharmaceuticals market is classified into Therapeutic nuclear medicine and Diagnostic nuclear medicine. The diagnostic segment dominates the market growth during the forecast period. The Technetium-99m is a radioisotope significantly used in diagnostic nuclear medicine. The radioisotope binds with several certain molecules to diagnose several diseases, such as cancer. Diagnostic nuclear medicine is classified into PET and SPECT radiopharmaceuticals. PET radiopharmaceuticals are segmented into 68Ga, 11C, 68Cu, and others. The SPECT is radiopharmaceuticals also segmented into Technetium-99m, Thallium-201, Xenon-133, and others. Therapeutic radiopharmaceuticals are expected to grow at the highest growth rate. Due to some factors, such as effective treatment advantages associated with treatments and rising interest in therapeutic radiopharmaceuticals by market key players concentrating on clinical trials, the market growth is boosted.

Application Analysis

Oncology holds Largest Shares in the Application Segment

Based on application, the market is segmented into Neurology Devices, Cardiology, Oncology, and others. The Oncology segment holds the largest market share in the radiopharmaceuticals market during the forecast period. Due to the increasing number of diagnosed patients, the market demand increases. The market expansion is boosted by advanced development to provide individuals with monoclonal antibodies and radio-labeled peptides to treat and diagnose malignant tumors. The cardiology segment is also estimated to grow at a significant CAGR during the forecast period. The growth of this segment is due to the increasing use of radiopharmaceuticals for the diagnosis of cardiovascular diseases. The rising incidence of obesity, lifestyle disorder, and tumors caused by poor behaviors among the elderly are the main factors that drive the demand for radiopharmaceuticals.

End-User Analysis

The hospitals & Clinics segment Held the largest Shares in the Market segment.

Based on end-user, the radiopharmaceuticals market is segmented into diagnostic centers, hospitals & clinics, and Other end-users. The hospitals and clinics segment is estimated to expand at the largest CAGR during the projection period due to the high demand for a procedural volume of radiopharmaceutical procedures and higher efficiency for handling such sensitive devices in hospitals and clinics. The diagnostic centers’ segment also held the largest segment in the radiopharmaceuticals market, with the highest CAGR during the projected period. This segment shows a growth rate due to rising diagnostic institutes and organizations.

Key Market Segments

Based on Product Type

• Diagnostic Nuclear Medicine
• Therapeutic Nuclear Medicine

Based on Application

• Neurology
• Cardiology
• Oncology
• Others

Based on End-User

• Hospitals & clinics
• Diagnostic Centers
• Other End-users

Market Dynamics

Drivers:

Increase in Prevalence of Chronic Diseases

The increasing rate of chronic and acute diseases worldwide, such as cancers, is due to the major factors which help to drive the market growth. Radiopharmaceuticals devices diagnose the tumor cells present in the body. Most of the death rate is caused due to presence of cancer across the globe. Increasing advancements in development and research, especially in developing countries affecting medical devices and instruments, create lucrative opportunities in the radiopharmaceutical market. Advanced development and research are conducted in nuclear medicine, driving the market growth rates. A rising number of collaborations and partnerships with private and public companies for funding and innovative technology create enormous opportunities for the radiopharmaceutical market. There is a lack of organized & good manufacturing practice supplies in the radiopharmaceutical sector and strict regulations controlling the use of radiopharmaceuticals. Professionals advocate for establishing radiopharmaceutical pharmacies to solve the quality assurance difficulties and nuclear medicine. A centralized radiopharmacy concept provides various benefits to patients and government authorities, including the capacity to remove patient-specific prescriptions and demand for the items from all services and sources. These activities are estimated to improve market growth during the forecast period.

Restraints:

Expiration of Radiopharmaceuticals due to Short-life

The expiration of radiopharmaceuticals due to a short life span, limited infrastructure, high-cost development and research, expensive equipment, and lack of awareness of such factors restrict the market growth. Moreover, the lack of funding, government policies, and technologies in many countries are responsible for the decline of this market. During the pandemic, many hospital budgets are cut, and the lack of suitable treatments and infrastructure in the low-income region challenges market growth. The radiopharmaceuticals market provides new developments, production analysis, trade regulations, and market shares, affecting the localized and native market players.

Opportunity:

Use of Radiopharmaceuticals in Neurological Application

The increase in private-public funding for research & development activities, growing awareness about the benefits of radiotherapies, and the geriatric population increase this market’s growth. The advanced development & research in radiopharmaceuticals helps with the increase in demand of the market all around the world. Additionally, the rise in demand for the supply gap of mo-99, the increase in applications of radioisotopes in the healthcare industry, and the increasing use of radiopharmaceuticals in neurology will expand the market growth in the coming years.

Trends:

Increase in Prevalence of Chronic Diseases to Boost the Market Growth

Chronic conditions such as cancer, cardiovascular diseases, chronic lung disease, strokes, chronic kidney disease, Alzheimer’s disease, and various neurological problems are becoming more common worldwide. Nuclear substances are utilized for diagnosis, which is used for diagnostic tests such as Positron Emission Tomography (PET) and Single-photon Emission Computerized Tomography (SPECT), which is necessary for treating chronic diseases. With an increase in chronic diseases, there is also an increase in demand for radiopharmaceuticals to drive market expansion. Nuclear medicine includes the diagnosis of CVD and cancer. Many companies and stockholders focus on expanding the overall uses of radiopharmaceuticals in the market. The demand for adaption of radiopharmaceuticals is estimated to rise in the coming years.  Many market players are developing advanced products to treat various medical conditions, boosting the market growth.

COVID-19 Impact Analysis:

COVID-19 has negatively affected the radiopharmaceuticals market. Due to the lack of staff, workforce, and transmission of COVID-19, the decrease in demand for PET-CT and SPECT procedures cause challenges for market growth. COVID-19 Pandemic cause major changes in clinical operations in the radiology department worldwide. Due to the pandemic, there is a delay in several diagnostic procedures and surgeries, which is responsible for the decline in market growth. The complete lockdown in most regions with strict restrictions about travelling, transport of radionuclides, and social distancing directly affects the medical centers and institutes to stop scientific research activities. Less funding for development & research activities negatively affects the radiopharmaceutical market growth.

Regional Analysis:

North America Generates the Largest Revenue Shares in the Radiopharmaceuticals Market

North America dominates the radiopharmaceuticals market due to the presence of healthcare facilities, the increase in number of chronic diseases patients such as strocks, coronary disorder, and cancer, and the number of research activities in this region. The rise in cardiovascular and cancer diseases in the United States drives the growth of the radiopharmaceuticals market. The nuclear medicine rate has increased due to the increasing population and poor lifestyle choices, resulting in a rise in obesity and cancer cases. The adaption of advanced radioisotope manufacturing methods to treat this disease is estimated to boost radiopharmaceuticals in this region. The radiopharmaceuticals in this region provide radiologists with an advantage in treating various diseases. The targeted medicine and advanced technologies incorporated in cyclotrons for the medications of cardiovascular disorders and cancers will help boost the demand for the radiopharmaceutical market in the USA.

Europe is estimated to have the second largest market growth segment due to regional expansion through mergers and acquisitions by the regional market players. Asia-Pacific is estimated to show significant growth during the forecast period. Due to the rise in government initiatives for advanced research & development, growing awareness, availability of markets, huge patient population, and well-developed infrastructure helps market growth. Also, the increase in cardiovascular diseases and major key market players is growing the healthcare demand in the Asia-Pacific region. The increase in radiological procedures due to the number of chronic disorders in the major countries such as India, Japan, and China drives the market growth in the Asia-Pacific region. Latin America and Middle East Africa regions are anticipated to witness an increase in healthcare expenditure and growing awareness of therapeutic and diagnostic medicines for the treatment of disorders.

Key Regions

        North America

• • The US
  • Canada

        Western Europe

• • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe

         Eastern Europe

• • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe

         APAC

• • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC

         Latin America

• • Brazil
  • Colombia
  • Chile
  • Argentina
  • Mexico
  • Costa Rica
  • Rest of Latin America

         Middle East & Africa

• • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Players Analysis

Emerging key players are focused on various strategic policies to develop their respective businesses in foreign markets. Several AI Voice Generator market companies are concentrating on expanding their existing operations and R&D facilities. Furthermore, businesses in the AI Voice Generator market are developing new products and portfolio expansion strategies through investments, mergers, and acquisitions. In addition, several key players are now focusing on different marketing strategies, such as spreading awareness about natural ingredients, which is boosting the target products’ growth.

Key Industry Developments

In August 2021: NorthStar Medical Radioisotopes, LLC, and GE Healthcare are manufacturers of radiopharmaceuticals. Under an exclusive agreement, they begin producing and distributing iodine-123 (I-123) capsules in the United States. GE Healthcare will support its market position by adding the product to its lineup.

In June 2021: PSMA Pharmaceuticals Inc. and Noria Therapeutics Inc. were acquired by Bayer AG. Each radiotherapy industry is focused on developing targeted diagnostic and therapeutic radiopharmaceuticals. As a result, Bayer’s current nuclear medicine and oncology portfolio is anticipated to expand.

Market Key Players:

With many local and regional players’ presence, the radiopharmaceuticals market is fragmented. Market players are subject to intense competition from top market players, particularly those with strong brand recognition and high distribution networks. Companies have gained various expansion strategies, such as partnerships and product launches, to stay on top of the market.

Market Key Players

• Cardinal Health
• GE Healthcare
• Lantheus Medical Imaging
• Bayer AG
• NTP Radioisotopes
• JSC Isotope
• NorthStar Medical Radioisotopes
• Eckert & Ziegler
• Braun Melsungen AG
• Smith & Nephew plc
• Other key players

Report Scope: