The global radiopharmaceutical market accounted for USD 5.78 billion in 2023 and is expected to reach at USD 16.86 billion by 2034 with a CAGR of 10.23% during the forecast period 2024-2034. The market will grow as a result of factors such as rising rates of cancer and other chronic diseases, improvements in molecular imaging technologies, growing public awareness of and acceptance of nuclear medicine, expanding therapeutic applications, government initiatives and funding support, and rising infrastructure investments in nuclear medicine.
The market for radiopharmaceuticals is significantly influenced by cancer and several chronic illnesses, including neurological disorders and cardiovascular ailments. The demand for radiopharmaceuticals is rising as a result of their critical role in cancer diagnosis, staging, and treatment monitoring. For instance, in January 2023, GE Healthcare declared that it would acquire Zionexa, a molecular imaging business that specializes in the creation and marketing of oncology-related radiopharmaceuticals.
By radioisotope type, the Technetium-99 segment accounted for the highest revenue-grossing segment in the global radiopharmaceutical market in 2023 owing to the widespread availability, established use in diagnostic imaging procedures such as SPECT scans, and continuous innovations in radiopharmaceutical production techniques. For instance, Siemens Healthineers' Biograph Vision Quadra PET/CT system, which aims to enhance cancer detection and treatment, was approved by the FDA in December 2023. Additionally, the Gallium-68 segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing adoption of PET imaging, advancements in radiopharmaceutical labeling techniques, and expanding applications in oncology, neurology, and cardiology diagnostics, which require high-quality imaging agents for precise disease detection and monitoring.
By application, the oncology segment accounted for the highest revenue-grossing segment in the global radiopharmaceutical market in 2023 owing to the growing prevalence of cancer worldwide, increasing demand for early and accurate cancer diagnosis, advancements in targeted radionuclide therapy for cancer treatment, and expanding applications of radiopharmaceuticals in oncology research and drug development. For instance, in November 2023, it was revealed that Curium Pharma was purchasing MAP Medical Technologies, a business that develops diagnostic imaging agents. Additionally, the cardiology segment is predicted to grow at the fastest CAGR during the forecast period owing to the rising incidence of cardiovascular diseases globally, increasing adoption of nuclear imaging techniques such as myocardial perfusion imaging for the diagnosis and management of heart conditions, advancements in radiopharmaceutical formulations targeting specific cardiac biomarkers, and growing emphasis on preventive cardiology and personalized treatment approaches.
By source, the nuclear reactors segment accounted for the highest revenue-grossing segment in the global radiopharmaceutical market in 2023 owing to the significant role in the large-scale production of key radioisotopes like Technetium-99m, which are widely used in diagnostic imaging procedures, as well as its established infrastructure and reliability in supplying radioisotopes to meet the increasing demand from healthcare facilities worldwide. For instance, Cardinal Health stated in September 2023 that it would be opening a new radiopharmaceutical production plant in China to fulfill the growing demand in the Asia-Pacific area for nuclear medicine products. Additionally, the cyclotrons segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing demand for short-lived radioisotopes, such as Fluorine-18, used in positron emission tomography (PET) imaging, advancements in cyclotron technology enabling efficient and cost-effective production of a wide range of radiopharmaceuticals, and expanding applications of PET imaging in oncology, neurology, and cardiology diagnostics.
By end-user, the hospital's segment accounted for the highest revenue-grossing segment in the global radiopharmaceutical market in 2023 owing to the increasing prevalence of chronic diseases, rising demand for diagnostic imaging procedures, such as PET and SPECT scans, in hospital settings for disease diagnosis, treatment planning, and monitoring, as well as advancements in nuclear medicine technologies and infrastructure within hospital facilities. For instance, Bracco Imaging reported in October 2023 that the FDA had approved LumiMIST, a radiopharmaceutical, for use in PET imaging of patients who may have recurrent prostate cancer. Additionally, the diagnostic imaging centers segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing demand for advanced imaging modalities, such as PET and SPECT scans, for accurate disease diagnosis and staging, rising preference for outpatient imaging services, technological advancements enabling higher-resolution imaging and faster scan times, and expanding partnerships between imaging centers and healthcare providers to enhance accessibility and affordability of radiopharmaceutical-based diagnostic services.
North American region is anticipated to have the highest revenue share during the forecast period owing to the well-established healthcare infrastructure, increasing prevalence of chronic diseases, the high adoption rate of advanced medical technologies, favorable reimbursement policies, and significant investments in research and development in the field of nuclear medicine and radiopharmaceuticals. Additionally, the Asia Pacific region is predicted to grow at the fastest CAGR during the forecast period owing to the rapidly expanding healthcare infrastructure, increasing investments in nuclear medicine facilities, rising prevalence of chronic diseases, growing adoption of advanced imaging technologies, and supportive government initiatives aimed at improving access to healthcare services and promoting the development of the radiopharmaceutical industry. For instance, Lantheus Holdings, Inc. reported in August 2023 that the FDA had approved PYLARIFY (piflufolastat F 18), an injectable that targets the prostate-specific membrane antigen (PSMA) and is used to detect prostate cancer.
This extensive research report concentrates on the size and projections of the global and regional markets from 2023 to 2034.
The market for radiopharmaceuticals is significantly influenced by cancer and several chronic illnesses, including neurological disorders and cardiovascular ailments. The demand for radiopharmaceuticals is rising as a result of their critical role in cancer diagnosis, staging, and treatment monitoring. For instance, in January 2023, GE Healthcare declared that it would acquire Zionexa, a molecular imaging business that specializes in the creation and marketing of oncology-related radiopharmaceuticals.
By radioisotope type, the Technetium-99 segment accounted for the highest revenue-grossing segment in the global radiopharmaceutical market in 2023 owing to the widespread availability, established use in diagnostic imaging procedures such as SPECT scans, and continuous innovations in radiopharmaceutical production techniques. For instance, Siemens Healthineers' Biograph Vision Quadra PET/CT system, which aims to enhance cancer detection and treatment, was approved by the FDA in December 2023. Additionally, the Gallium-68 segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing adoption of PET imaging, advancements in radiopharmaceutical labeling techniques, and expanding applications in oncology, neurology, and cardiology diagnostics, which require high-quality imaging agents for precise disease detection and monitoring.
By application, the oncology segment accounted for the highest revenue-grossing segment in the global radiopharmaceutical market in 2023 owing to the growing prevalence of cancer worldwide, increasing demand for early and accurate cancer diagnosis, advancements in targeted radionuclide therapy for cancer treatment, and expanding applications of radiopharmaceuticals in oncology research and drug development. For instance, in November 2023, it was revealed that Curium Pharma was purchasing MAP Medical Technologies, a business that develops diagnostic imaging agents. Additionally, the cardiology segment is predicted to grow at the fastest CAGR during the forecast period owing to the rising incidence of cardiovascular diseases globally, increasing adoption of nuclear imaging techniques such as myocardial perfusion imaging for the diagnosis and management of heart conditions, advancements in radiopharmaceutical formulations targeting specific cardiac biomarkers, and growing emphasis on preventive cardiology and personalized treatment approaches.
By source, the nuclear reactors segment accounted for the highest revenue-grossing segment in the global radiopharmaceutical market in 2023 owing to the significant role in the large-scale production of key radioisotopes like Technetium-99m, which are widely used in diagnostic imaging procedures, as well as its established infrastructure and reliability in supplying radioisotopes to meet the increasing demand from healthcare facilities worldwide. For instance, Cardinal Health stated in September 2023 that it would be opening a new radiopharmaceutical production plant in China to fulfill the growing demand in the Asia-Pacific area for nuclear medicine products. Additionally, the cyclotrons segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing demand for short-lived radioisotopes, such as Fluorine-18, used in positron emission tomography (PET) imaging, advancements in cyclotron technology enabling efficient and cost-effective production of a wide range of radiopharmaceuticals, and expanding applications of PET imaging in oncology, neurology, and cardiology diagnostics.
By end-user, the hospital's segment accounted for the highest revenue-grossing segment in the global radiopharmaceutical market in 2023 owing to the increasing prevalence of chronic diseases, rising demand for diagnostic imaging procedures, such as PET and SPECT scans, in hospital settings for disease diagnosis, treatment planning, and monitoring, as well as advancements in nuclear medicine technologies and infrastructure within hospital facilities. For instance, Bracco Imaging reported in October 2023 that the FDA had approved LumiMIST, a radiopharmaceutical, for use in PET imaging of patients who may have recurrent prostate cancer. Additionally, the diagnostic imaging centers segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing demand for advanced imaging modalities, such as PET and SPECT scans, for accurate disease diagnosis and staging, rising preference for outpatient imaging services, technological advancements enabling higher-resolution imaging and faster scan times, and expanding partnerships between imaging centers and healthcare providers to enhance accessibility and affordability of radiopharmaceutical-based diagnostic services.
North American region is anticipated to have the highest revenue share during the forecast period owing to the well-established healthcare infrastructure, increasing prevalence of chronic diseases, the high adoption rate of advanced medical technologies, favorable reimbursement policies, and significant investments in research and development in the field of nuclear medicine and radiopharmaceuticals. Additionally, the Asia Pacific region is predicted to grow at the fastest CAGR during the forecast period owing to the rapidly expanding healthcare infrastructure, increasing investments in nuclear medicine facilities, rising prevalence of chronic diseases, growing adoption of advanced imaging technologies, and supportive government initiatives aimed at improving access to healthcare services and promoting the development of the radiopharmaceutical industry. For instance, Lantheus Holdings, Inc. reported in August 2023 that the FDA had approved PYLARIFY (piflufolastat F 18), an injectable that targets the prostate-specific membrane antigen (PSMA) and is used to detect prostate cancer.
This extensive research report concentrates on the size and projections of the global and regional markets from 2023 to 2034.
Report Scope:
- Base Year: 2023
- Forecast Period: 2024-2034
- Study Coverage
- Market Forecast by Radioisotope Type, Application, Source, and End-User
- Market Forecast for 5 Regions and 17+ Countries
- North America (U.S. and Canada)
- Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe)
- Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC)
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
- MEA (South Africa, GCC, Rest of MEA)
- Exhaustive Company Profiles of the Top 10+ Major Market Players
Segmentation: Radiopharmaceutical Market Report 2023 - 2034
Radiopharmaceutical Market Analysis & Forecast by Radioisotope Type 2023 - 2034 (Revenue USD Bn)
- Technetium-99
- Fluorine-18
- Iodine-131
- Lutetium-177
- Yttrium-90
- Gallium-68
- Gallium-67
- Rubidium-82
- Iodine-123
- Iodine-125
- Indium-111
- Others
Radiopharmaceutical Market Analysis & Forecast by Application 2023 - 2034 (Revenue USD Bn)
- Oncology
- Cardiology
- Gastroenterology
- Neuroendocrinology
- Neurology
- Nephrology
- Others
Radiopharmaceutical Market Analysis & Forecast by Source 2023 - 2034 (Revenue USD Bn)
- Cyclotrons
- Nuclear Reactors
Radiopharmaceutical Market Analysis & Forecast by End-User 2023 - 2034 (Revenue USD Bn)
- Hospitals
- Diagnostic Imaging Centers
- Ambulatory Surgical Centers
- Cancer Research Institute
Radiopharmaceutical Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Radiopharmaceutical Market: Radioisotope Type Estimates & Trend Analysis
8. Radiopharmaceutical Market: Application Estimates & Trend Analysis
9. Radiopharmaceutical Market: Source Estimates & Trend Analysis
10. Radiopharmaceutical Market: End-user Estimates & Trend Analysis
11. Regional Market Analysis
12. North America Radiopharmaceutical Market
13. Europe Global Radiopharmaceutical Market
14. Asia Pacific Global Radiopharmaceutical Market
15. Latin America Global Radiopharmaceutical Market
16. MEA Global Radiopharmaceutical Market
17. Competitor Analysis
18. Company Profiles
Companies Mentioned
- GE Healthcare
- Siemens Healthineers
- Curium Pharma
- Cardinal Health
- Bracco Imaging
- Lantheus Holdings Inc.
- Jubilant Pharma
- Novartis AG
- Nordion
- Eckert & Ziegler
- IBA Molecular
- NorthStar Medical Radioisotopes
- Telix Pharmaceuticals Limited
- Blue Earth Diagnostics
- Progenics Pharmaceuticals Inc.
