Radiopharmaceuticals Market Size Worth USD 14.45 Billion in 2032 | Emergen Research

Vancouver, Jan. 15, 2024 (GLOBE NEWSWIRE) -- The global radiopharmaceuticals market size was USD 5.30 Billion in 2022 and is expected to register a rapid revenue CAGR of 10.6% during the forecast period. Rapid growth of the medical imaging industry, increasing preference of personalized medicines and Research and Development (R&D) activities and government investments, and technological advancements and innovations in radiopharmaceuticals are key factors driving market revenue growth.

Need for radiopharmaceuticals is increasing due to rising prevalence of chronic diseases such as cancer, Cardiovascular Disease (CVD), and neurology.  In addition, demand for eco-friendly and bio solutions is rising by pharmaceutical companies' increasing focus on ecological accountability and sustainability. There is a huge demand for similar products due to their performance and better characteristics and enhanced effect on the user. For instance, in March 2022, Novartis, a pharmaceutical company, announced the U.S. Food and Drug Administration (FDA) approval of Pluvicto, for the treatment of adults with advanced cancer known as Prostate-Specific Membrane Antigen positive metastatic Castration-Resistant Prostate Cancer (PSMA-positive mCRPC).

High cost of radiopharmaceuticals and short half-lives of many radiopharmaceuticals are key factors, which could restrain market revenue growth. Though this revolutionary technology will help people get the best treatment, it might not be available in every place. Radiopharmaceuticals are considered products, which are not easily available everywhere and there is a lack of knowledge about these products. People in most parts across the world are unaware of such products and how to use these to get their benefits. In addition, strict government regulations in some countries is another factor, which could also restrain market revenue growth. Stringent regulations from higher government authorities are required to safeguard the company's reputation, prevent products from being unreliable, and increase trust on the side of consumers.

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Segment Insights

Radioisotope Insights:

On the basis of radioisotope, the global radiopharmaceuticals market is segmented into Iodine I, Gallium 68, Technetium 99m, Fluorine 18, and others. The technetium 99m segment accounted for largest revenue share in the global radiopharmaceuticals market in 2022 owing to rising use of technetium-99m for manufacturing of radiopharmaceuticals. Technetium 99m is basically utilized for imaging and diagnostic purposes of organs and tissue, which describes indications, actions, and contraindications of technetium 99m, as a valuable agent in imaging and diagnostics.

Application Insights:

On the basis of application, the global radiopharmaceuticals market is segmented into cancer, cardiology, and others. The cancer segment is expected to account for significantly large revenue share in the global radiopharmaceuticals market during the forecast period. This is owing to rising adoption of radiopharmaceuticals to cure various diseases including cancers such as lung cancer, breast cancer, colorectal cancer, and prostate cancer. In addition, increasing prevalence of global cancer underscores the imperative for development of additional therapeutic solutions, which is also expected to drive revenue growth of this segment during the forecast period. According to the International Agency for Research on Cancer, expected rise in the global cancer cases is expected to reach 28.4 million cases by 2040, reflecting a 47% increase from the levels observed in 2020.

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Regional Insights:

North America market accounted for largest revenue share in the global radiopharmaceuticals market in 2022. This is due to increasing lifestyle disorders and other health issues especially in the U.S. and Canada. In addition, increasing healthcare prices is also expected to shift consumers toward awareness and care, resulting in a rise in demand for health management for the overall health of an individual. For instance, in April 2023, Lantheus and POINT Biopharma Announced Food and Drug Administration (FDA) Grants Fast Track Designation for Lu-PNT2002 for the treatment of metastatic castration resistant prostate cancer. The company stated that radioligand therapy is quickly becoming another pillar of cancer treatment.

Asia Pacific market is expected to register fastest revenue growth rate in the global radiopharmaceuticals market over the forecast period due to increasing population and more requirement for health management and rising investment and expenditure on healthcare infrastructure and products in these regions owing to increasing per capita income. People are leading healthier, comfortable, and better lifestyles after using these treatments, which satisfy their needs. In addition, government activities and initiatives, increasing senior population base, and rising healthcare expenditures in the Asia Pacific region are also expected to drive market revenue growth of this region during the forecast period.

Scope of Research

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Major 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,

Strategic Development

• 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.

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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
• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Russia
    8. Rest of Europe
  • Asia Pacific
    1. China
    2. Japan
    3. South Korea
    4. India
    5. ASEAN Countries
    6. Oceania
    7. Rest of APAC
  • Latin America
    1. Brazil
    2. Mexico
    3. Rest of LATAM
  • Middle East & Africa
    1. GCC Countries
    2. Israel
    3. Turkey
    4. South Africa
    5. Rest of Middle East & Africa

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