Radiopharmaceutical Theranostics Global Market Report 2024

The radiopharmaceutical theranostics market size has grown rapidly in recent years. It will grow from $2.51 billion in 2023 to $2.86 billion in 2024 at a compound annual growth rate (CAGR) of 14.1%. The increase observed in the historical period can be attributed to the development of radiopharmaceuticals, advances in clinical research, investments in research, regulatory approvals, and progress in nuclear medicine.

The radiopharmaceutical theranostics market size is expected to see rapid growth in the next few years. It will grow to $4.9 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%. The anticipated growth in the forecast period can be attributed to the discovery and validation of biomarkers, advancements in genomic and proteomic technologies, the development of precision radiotherapy, interdisciplinary collaborations, and increased patient advocacy and support. Prominent trends expected during the forecast period include considerations related to ethics and legality, the integration of telemedicine in theranostics, a shift towards patient-centric care, the customization of radiopharmaceuticals, and the development of nano-theranostics.

The radiopharmaceutical theranostics market is poised for growth, driven by the increasing incidence of cancer. Cancer, characterized by abnormal cell growth that can invade and spread, necessitates targeted and personalized approaches for effective treatment. Radiopharmaceutical theranostics plays a crucial role in cancer treatment, offering precision and personalized solutions. In the US alone, the American Cancer Society estimates that 1.9 million new cancer cases may be diagnosed in 2023, resulting in approximately 609,820 deaths. The majority of these diagnoses, 88%, are expected to be in individuals aged 50 and above. The rising prevalence of cancer is a key factor fueling the expansion of the radiopharmaceutical theranostics market.

The growth of the radiopharmaceutical theranostics market is further augmented by the increasing healthcare expenditure. Support from government initiatives, grants, and R&D funding in the radiopharmaceutical theranostics field encourages innovation and the development of new products. According to data from the Centers for Medicare & Medicaid Services (CMS) in June 2023, the national health expenditure in the US reached $4.3 trillion in 2021, contributing to 18.3% of the Gross Domestic Product (GDP). This significant healthcare expenditure is expected to drive the radiopharmaceutical theranostics market.

A prominent trend in the radiopharmaceutical theranostics market is technological advancement. Major companies in the market are actively developing advanced technologies to maintain their competitive positions. In March 2021, GE HealthCare Technologies Inc. introduced StarGuide, its latest SPECT/CT technology designed to advance precision health and theranostics. The system incorporates Cadmium Zinc Telluride (CZT) technology, allowing healthcare providers to gain deeper insights into patient conditions and improve outcomes across various care areas. The digital focus detectors and 360-degree imaging of StarGuide are anticipated to enhance precision health and theranostics capabilities in nuclear medicine.

Companies operating in the radiopharmaceutical theranostics market are also focusing on the development of theranostics for cancer treatment. Theranostic approaches aim to provide targeted therapies and diagnostic solutions for rare diseases, particularly for patients with limited treatment options such as cancer. In November 2023, GE HealthCare Technologies Inc. launched theranostic solutions for cancer, marking a significant stride in precision medicine. Theranostics utilizes therapeutic agents in conjunction with imaging technology to identify and target cancer cells for destruction.

In March 2023, Radiopharm Theranostics, an Australia-based biotechnology company, acquired Pharma15 Corporation for $4 million. This strategic move positions Radiopharm to explore next-generation radiopharmaceuticals for prostate cancer treatment, surpassing PSMA-based therapies, and advancing innovative solutions for patients. Pharma15 Corporation, a US-based pharmaceutical company, specializes in radio-immuno-theranostics platforms and pharmaceutical products' development, aligning with Radiopharm's focus on advancing radiopharmaceutical products.

Major companies operating in the radiopharmaceutical theranostics market report are Cardinal Health Inc., AstraZeneca PLC, GE HealthCare Technologies Inc., Bayer AG, China Grand Pharmaceutical & Healthcare., Lantheus Medical Imaging Inc., Curium Pharma, Advanced Accelerator Applications, Telix Pharmaceuticals Ltd., Bracco Imaging S.p.A, NTP Radioisotopes SOC Ltd., Navidea Biopharmaceuticals Inc., Jubilant DraxImage Inc., NorthStar Medical Radioisotopes LLC, Blue Earth Diagnostics Ltd., Precirix NV, SpectronRx, Viewpoint Molecular Targeting Inc., NuView Life Sciences, Alpha-9 Theranostics Inc., RadioMedix Inc., RayzeBio Inc., Fusion Pharmaceuticals Inc., Actinium Pharmaceuticals Inc., Eckert & Ziegler Strahlen- und Medizintechnik AG, Ariceum Therapeutics GmbH, Radiopharm Theranostics Ltd., Ratio Therapeutics Inc., Primo Biotechnology, Bivision Biomedical Technology (Nanjing) Co. Ltd.

North America was the largest region in the radiopharmaceutical theranostics market in 2023. The regions covered in the radiopharmaceutical theranostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the radiopharmaceutical theranostics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary product categories within radiopharmaceutical theranostics include alpha emitters, beta emitters, and positron emission tomography (PET) tracers. Alpha emitters are radioactive substances emitting alpha particles, characterized by high-energy particles consisting of two protons and two neutrons. Various sources for these include nuclear reactors and cyclotrons, and the diverse radioisotopes encompass technetium-99, gallium-68, iodine-131, iodine-123, 18F, Y-90, lutetium (Lu) 177, copper (Cu) 67, copper (Cu) 64, among others. These radiopharmaceuticals find applications in oncology, cardiology, neurology, and other medical indications, and are utilized by various end-users, including hospitals, diagnostic imaging centers, academic and research institutes, and others.

The radiopharmaceutical theranostics market research report is one of a series of new reports that provides radiopharmaceutical theranostics market statistics, including radiopharmaceutical theranostics industry global market size, regional shares, competitors with a radiopharmaceutical theranostics market share, detailed radiopharmaceutical theranostics market segments, market trends, and opportunities, and any further data you may need to thrive in the radiopharmaceutical theranostics industry. This radiopharmaceutical theranostics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The radiopharmaceutical theranostics market includes revenues earned by providing genetic testing, targeted therapy services, contract development, and manufacturing services, consultation and interpretation, and personalized therapeutic interventions. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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