Radiopharmaceutical Theranostics Market Report 2025

The radiopharmaceutical theranostics market size has grown rapidly in recent years. It will grow from $2.88 billion in 2024 to $3.27 billion in 2025 at a compound annual growth rate (CAGR) of 13.7%. The growth in the historic period can be attributed to radiopharmaceutical development, clinical research advances, investment in research, regulatory approval, and nuclear medicine progress.

The radiopharmaceutical theranostics market size is expected to see rapid growth in the next few years. It will grow to $5.76 billion in 2029 at a compound annual growth rate (CAGR) of 15.2%. The growth in the forecast period can be attributed to biomarker discovery and validation, genomic and proteomic technologies, precision radiotherapy development, interdisciplinary collaborations, patient advocacy and support. Major trends in the forecast period include ethical and legal considerations, telemedicine in theranostics, patient-centric care, radiopharmaceutical customization, and nano-theranostics development.

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.

Increasing healthcare expenditure is playing a significant role in the growth of the radiopharmaceutical theranostics market in the future. Supportive government initiatives, along with grants and funding for research and development in the area of radiopharmaceutical theranostics, promote innovation and facilitate the commercialization of new products. For example, in October 2024, the Centers for Medicare & Medicaid Services, a federal agency in the US, reported that prescription drug spending increased by 8.4%, reaching $405.9 billion in 2022, surpassing the 6.8% growth seen in 2021. Consequently, the rising healthcare expenditure is expected to propel the radiopharmaceutical theranostics market.

Leading companies in the radiopharmaceutical theranostics market are embracing a strategic partnership model to create innovative therapies. These collaborations allow radiopharmaceutical theranostics firms to pool resources and expertise, improve research and development capabilities, broaden market reach, and speed up commercialization, ultimately fostering innovation and growth within the industry. For example, in March 2023, Radiopharm Theranostics, a biotechnology company based in Australia, formed a partnership with Pharma15 Corporation, a US-based venture, to develop next-generation therapeutic radiopharmaceuticals aimed at prostate cancer. The focus is on overcoming resistance to current PSMA-targeted therapies while improving selectivity to reduce toxicity in healthy tissues.

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 include Cardinal Health Inc., 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 2024. 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.

Radiopharmaceutical theranostics involves a combined medical approach that integrates therapeutics (treatment) and diagnostics (diagnosis) through the utilization of radiopharmaceuticals. These substances are employed for patient diagnosis, therapy, and personalized management.

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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