Radiopharmaceuticals Market Size, Share, & Growth Report By Type (Diagnostic Nuclear Medicine, Therapeutic Nuclear Medicine), By Application (Diagnostic Applications, Therapeutic Applications), By Procedural Volume Assessment (Diagnostic Procedures, Therapeutic Procedures), By Source (Nuclear Reactors, Cyclotrons), By End User (Hospitals, Ambulatory Surgical Centers, Diagnostic Centers, Cancer Research Institutes, Others), and By Region – Global and Regional Industry Overview, Market Intelligence, Premium Insights, Complete Analysis, Historical Data, and Forecasts 2022 – 2028
The global radiopharmaceuticals market size was worth USD 4.6 billion in 2021 and is estimated to grow to USD 8.3 billion by 2028, with a CAGR of approximately 8.80 percent over the forecast years.
Radiopharmaceuticals are unique mixtures of radioisotopes utilized in therapeutic settings for treatment and diagnostics. A radio pharmacist, a physician with expertise in nuclear medicine, is responsible for dispensing these medications. They are either swallowed as pills or injected directly into the patient’s vein or body cavity. When they arrive at the desired place, they discharge radioactive substances to eliminate the tumor cells. As a result, radiopharmaceuticals are utilized to treat cancers that have progressed to the bones, including thyroid, lymphoma, brain, and others. The increasing incidence of malignant diseases brought on by an aging population and unhealthful eating habits are the leading causes of the expanding use of radiopharmaceuticals worldwide. Additionally, the market is being supported by the growing number of diagnostic centers. Further, the increasing number of oncologists who advocate disease-targeted cancer therapy, which employs medications to target particular proteins and genes involved in the growth of cancer cells, is helping to boost overall sales. Along with rising healthcare costs, other factors, such as radio-labeled peptides and monoclonal antibodies for identifying and treating malignant tumors, are boosting the market growth.
COVID-19 Impact on the Radiopharmaceuticals Market:
Due to the financial and resource cuts made during this phase, COVID-19 caused a setback in the market. The pandemic caused significant modifications in radiology departments’ clinical practices worldwide. The decline in market income was caused by a delay in the number of non-elective diagnostic procedures and treatment surgeries. In addition, academic medical facilities and universities were urged to stop conducting scientific research to increase the social distance effect. Reduced funding for these research and development projects also slowed the market’s expansion.
Radiopharmaceuticals Market Drivers:
The prevalence of numerous chronic diseases, including cancer, cardiovascular conditions, and others, has increased significantly, which has propelled the demand for radiopharmaceuticals. For example, around 17 million new instances of cancer were reported in 2018, according to a Research UK analysis. The desire for more precise diagnoses for better treatment has increased along with the prevalence of chronic illnesses. This has led to a rise in the widespread use of medical imaging, which uses radiopharmaceuticals as a tracer to find the body’s defective tissue. Additionally, since these medications help improve and reduce pain in treating chronic illnesses, future advancements in radiopharmaceuticals are anticipated to support the expansion of the radiopharmaceutical market throughout the projected year.
Radiopharmaceuticals Market: Restraints
High costs for research and development, a lack of adequate infrastructure, the short half-life of radiopharmaceuticals, expensive equipment, and a lack of knowledge in developing nations are all predicted to hinder market expansion. Additionally, hospital budget cuts, particularly during the pandemic, a lack of suitable infrastructure in low- and middle-income countries, an unfavorable reimbursement scenario, and technology penetration in developing economies are anticipated to pose challenges to the market during the forecast period.
The global radiopharmaceuticals market has been segmented into type, application, procedural volume assessment, source, and end user.
Based on type, the market is divided into diagnostic nuclear medicine and therapeutic nuclear medicine. Among these, the diagnostic nuclear medicine segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period due to causes like practical cancer imaging for patients with different forms of cancer, new product introductions for the diagnosis of other illnesses, and rising procedure volumes globally. Besides, the therapeutic nuclear medicine category is anticipated to grow significantly. The comparative effectiveness of the treatments, the benefits of various treatment alternatives, and the rising interest in therapeutic radiopharmaceuticals by market participants who place a heavy emphasis on clinical trials can all be attributed to the increase.
Based on end users, the market is classified into hospitals, ambulatory surgical centers, diagnostic centers, cancer research institutes, and others. In 2021, hospitals dominated the global market. The increased procedural volume of nuclear imaging operations and the improved efficiency of handling these delicate items at hospitals and clinics are credited with the growth rate. Besides, the diagnostic center’s category is anticipated to grow significantly. The large volume of procedures performed at diagnostic centers across Europe and the rising number of diagnostic institutions are factors in this segment’s rapid expansion.
Radiopharmaceuticals Market: Regional Landscape
In 2021, North America dominated the market for radiopharmaceuticals because of the region’s robust healthcare infrastructure; it was a rising overweight population, a large patient population suffering from chronic diseases like cancer, coronary artery disease, and strokes, and increased research activity. Additionally, the rising incidence of cardiovascular diseases and cancer in the US fuels the market for radiopharmaceuticals. Due to an aging population and poor lifestyle decisions that have led to an increase in cancer and obesity cases, nuclear medicine sales have increased. The development of the nation’s radiopharmaceutical industry is anticipated to be boosted by using novel radioisotope manufacturing techniques to treat these ailments. According to the American Heart Association, cardiovascular disease claims 17.3 million lives yearly.
Some of the main competitors dominating the global radiopharmaceuticals market include- Cardinal Health, GE Healthcare, Curium, Lantheus Medical Imaging, Bayer AG, Bracco Imaging, Eczacýbaþý-Monrol Nuclear Products, Nordion, Advanced Accelerator Applications, NTP Radioisotopes, JSC Isotope, NorthStar Medical Radioisotopes, Eckert & Ziegler, Braun Melsungen AG, Smith & Nephew plc, Zimmer Biomet, Hanger Inc., and Otto Bock Healthcare GmBH.
Recent Developments
March 2021: The conclusion of a solid tumor series was announced by Aktis Oncology, a biotechnology company creating a novel class of targeted radiopharmaceuticals to treat various stable tumor cancer patients.
November 2020: Top Canadian radiopharmaceutical company Fusion Pharmaceuticals has partnered with Anglo-Swedish pharmaceutical behemoth AstraZeneca to market and develop next-generation alpha-emitting radiopharmaceuticals and combination therapies for cancer therapy.
Global Radiopharmaceuticals Market is segmented as follows:
Radiopharmaceuticals Market by Type
Diagnostic Nuclear Medicine
Therapeutic Nuclear Medicine
Radiopharmaceuticals Market by Application
Diagnostic Applications
Therapeutic Applications
Radiopharmaceuticals Market by Procedural Volume Assessment
Diagnostic Procedures
Therapeutic Procedures
Radiopharmaceuticals Market by Source
Nuclear Reactors
Cyclotrons
Radiopharmaceuticals Market by End User
Hospitals
Ambulatory Surgical Centers
Diagnostic Centers
Cancer Research Institutes
Others
Radiopharmaceuticals Market by Region
North America
The U.S.
Canada
Mexico
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
New Zealand
Australia
South Korea
Southeast Asia
Rest of Southeast Asia
The Middle East & Africa
Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
Radiopharmaceuticals Market Report Scope
Report Attribute
Details
Market Size Value in 2022
USD 5 billion
Revenue Forecast in 2028
USD 8.3 billion
Growth Rate
CAGR of 4.5 % from 2022 to 2028
Base Year for Estimation
2021
Historical Data
2017 – 2021
Forecast Years
2022 – 2028
Quantitative Units
Revenue in USD million and CAGR from 2022 to 2028
Report Coverage
Revenue forecast, company ranking, Trends competitive landscape, and growth factors
Segments Covered
Type, Application, Procedural Volume Assessment, Source, End User, and Region
Regional Scope
North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Cardinal Health, GE Healthcare, Curium, Lantheus Medical Imaging, Bayer AG, Bracco Imaging, Eczacýbaþý-Monrol Nuclear Products, Nordion, Advanced Accelerator Applications, NTP Radioisotopes, JSC Isotope, NorthStar Medical Radioisotopes, Eckert & Ziegler, Braun Melsungen AG, Smith & Nephew plc, Zimmer Biomet, Hanger Inc., and Otto Bock Healthcare GmBH.
Table of Content
Radiopharmaceuticals Market Size, Share, Growth, and Forecast Report
1. Introduction 1.1. Report Description 1.1.1. Aim of the Report 1.1.2. Prospective Audience 1.1.3. Unique Selling Prepositions and Key Takeaways from the Report 1.2. Scope of the Research Study 1.3. Approach/Research Methodology 1.3.1. Secondary Research 1.3.2. Primary Research 1.3.3. Expert Panel Review 1.3.4. Market Data Breakdown and Data Triangulation 1.3.5. Research Approach for Market Size Estimation 1.3.5.1. Top-Down Approach 1.3.5.2. Bottom-Up Approach 1.3.6. Key Assumptions 1.4. Market Segmentation 1.4.1. Type 1.4.2. Application 1.4.3. Procedural Volume Assessment 1.4.4. Source 1.4.5. End User
2. Radiopharmaceuticals Market Overview 2.1. Introduction 2.2. Analysis by Type, 2016-2028 (US$ Billion) 2.3. Analysis by Application, 2016-2028 (US$ Billion) 2.4. Analysis by Procedural Volume Assessment, 2016-2028 (US$ Billion) 2.5. Analysis by Source, 2016-2028 (US$ Billion) 2.6. Analysis by End User, 2016-2028 (US$ Billion) 2.7. Market Analysis by Region, 2016-2028 (US$ Billion)
3. Radiopharmaceuticals Market Dynamics 3.1. Introduction 3.2. Growth Drivers 3.3. Growth Restraints 3.4. Growth Opportunities 3.5. Porter’s Five Forces Analysis 3.5.1. Threat of New Entrants 3.5.2. Bargaining Power of Buyers/Consumers 3.5.3. Bargaining Power of Suppliers 3.5.4. Threat of Substitute Types 3.5.5. Intensity of Competitive Rivalry 3.6. Attractiveness Analysis 3.6.1. Type 3.6.2. Application 3.6.3. Procedural Volume Assessment 3.6.4. Source 3.6.5. End User 3.6.6. Region 3.7. Value Chain Analysis
4. Radiopharmaceuticals Market Competition Analysis 4.1. Radiopharmaceuticals Market Share Analysis by Company, 2019 – 2021 4.1.1. Top 3 Players, 2019 – 2021 4.1.2. Top 6 Players, 2019 – 2021 4.2. Strategic Initiatives 4.2.1. New Products Launch 4.2.2. Mergers/Acquisitions 4.2.3. Agreement and Collaborations 4.2.4. Partnerships, Joint Ventures, Expansion, and Distribution
5. Global Radiopharmaceuticals Market Analysis by Type, Application, Procedural Volume Assessment, Source and End User, 2016-2028 (US$ Billion) 5.1. Type 5.1.1. Global Radiopharmaceuticals Market Share, by Type, 2021 and 2028 5.1.2. Global Radiopharmaceuticals Market Revenue, by Type, 2016-2028 (US$ Billion) 5.1.3. By Diagnostic Nuclear Medicine Market Analysis 2016-2028 (US$ Billion) 5.1.4. By Therapeutic Nuclear Medicine Market Analysis 2016-2028 (US$ Billion)
5.2. Application 5.2.1. Market Share, by Application, 2021 and 2028 5.2.2. Market Revenue, by Application, 2016-2028 (US$ Billion) 5.2.3. By Diagnostic Applications Market Analysis 2016-2028 (US$ Billion) 5.2.4. By Therapeutic Applications Market Analysis 2016-2028 (US$ Billion)
5.3. Procedural Volume Assessment 5.3.1. Market Share, by Procedural Volume Assessment, 2021 and 2028 5.3.2. Market Revenue, by Procedural Volume Assessment, 2016-2028 (US$ Billion) 5.3.3. By Diagnostic Procedures Market Analysis 2016-2028 (US$ Billion) 5.3.4. By Therapeutic Procedures Market Analysis 2016-2028 (US$ Billion)
5.4. Source 5.4.1. Market Share, by Source, 2021 and 2028 5.4.2. Market Revenue, by Source, 2016-2028 (US$ Billion) 5.4.3. By Nuclear Reactors Market Analysis 2016-2028 (US$ Billion) 5.4.4. By Cyclotrons Market Analysis 2016-2028 (US$ Billion)
5.5. End User 5.5.1. Market Share, by End User, 2021 and 2028 5.5.2. Market Revenue, by End User, 2016-2028 (US$ Billion) 5.5.3. By Hospitals Market Analysis 2016-2028 (US$ Billion) 5.5.4. By Ambulatory Surgical Centers Market Analysis 2016-2028 (US$ Billion) 5.5.5. By Diagnostic Centers Market Analysis 2016-2028 (US$ Billion) 5.5.6. By Cancer Research Institutes Market Analysis 2016-2028 (US$ Billion)
6. Global Radiopharmaceuticals Market Type Analysis by Region, 2016-2028 (US$ Billion) 6.1. Diagnostic Nuclear Medicine Market Analysis 2016-2028 (US$ Billion) 6.1.1. North America 6.1.2. Europe 6.1.3. Asia Pacific 6.1.4. Latin America 6.1.5. Middle East & Africa 6.2. Therapeutic Nuclear Medicine Market Analysis 2016-2028 (US$ Billion)
7. Global Radiopharmaceuticals Market Application Analysis by Region, 2016-2028 (US$ Billion) 7.1. Diagnostic Applications Market Analysis 2016-2028 (US$ Billion) 7.1.1. North America 7.1.2. Europe 7.1.3. Asia Pacific 7.1.4. Latin America 7.1.5. Middle East & Africa 7.2. Therapeutic Applications Market Analysis 2016-2028 (US$ Billion)
8. Global Radiopharmaceuticals Market Procedural Volume Assessment Analysis by Region, 2016-2028 (US$ Billion) 8.1. Diagnostic Procedures Market Analysis 2016-2028 (US$ Billion) 8.1.1. North America 8.1.2. Europe 8.1.3. Asia Pacific 8.1.4. Latin America 8.1.5. Middle East & Africa 8.2. Therapeutic Procedures Market Analysis 2016-2028 (US$ Billion)
9. Global Radiopharmaceuticals Market Source Analysis by Region, 2016-2028 (US$ Billion) 9.1. Nuclear Reactors Market Analysis 2016-2028 (US$ Billion) 9.1.1. North America 9.1.2. Europe 9.1.3. Asia Pacific 9.1.4. Latin America 9.1.5. Middle East & Africa 9.2. Cyclotrons Market Analysis 2016-2028 (US$ Billion)
10. Global Radiopharmaceuticals Market End User Analysis by Region, 2016-2028 (US$ Billion) 10.1. Hospitals Market Analysis 2016-2028 (US$ Billion) 10.1.1. North America 10.1.2. Europe 10.1.3. Asia Pacific 10.1.4. Latin America 10.1.5. Middle East & Africa 10.2. Ambulatory Surgical Centers Market Analysis 2016-2028 (US$ Billion) 10.3. Diagnostic Centers Market Analysis 2016-2028 (US$ Billion) 10.4. Cancer Research Institutes Market Analysis 2016-2028 (US$ Billion)
11. Radiopharmaceuticals Market Analysis by Geography, 2016-2028 (US$ Billion) 11.1. North America Radiopharmaceuticals Market Analysis 2016-2028 (US$ Billion) 11.1.1. U.S. Radiopharmaceuticals Market Analysis 2016-2028 (US$ Billion) 11.1.1.1. Type 11.1.1.2. Application 11.1.1.3. Procedural Volume Assessment 11.1.1.4. Source 11.1.1.5. End User 11.1.2. Canada Radiopharmaceuticals Market Analysis 2016-2028 (US$ Billion) 11.1.3. Mexico Radiopharmaceuticals Market Analysis 2016-2028 (US$ Billion)
11.2. Europe Radiopharmaceuticals Market Analysis 2016-2028 (US$ Billion) 11.2.1. UK Radiopharmaceuticals Market Analysis 2016-2028 (US$ Billion) 11.2.1.1. Type 11.2.1.2. Application 11.2.1.3. Procedural Volume Assessment 11.2.1.4. Source 11.2.1.5. End User 11.2.2. France Radiopharmaceuticals Market Analysis 2016-2028 (US$ Billion) 11.2.3. Germany Radiopharmaceuticals Market Analysis 2016-2028 (US$ Billion) 11.2.4. Spain Radiopharmaceuticals Market Analysis 2016-2028 (US$ Billion) 11.2.5. Russia Radiopharmaceuticals Market Analysis 2016-2028 (US$ Billion) 11.2.6. Italy Radiopharmaceuticals Market Analysis 2016-2028 (US$ Billion) 11.2.7. Rest of Europe Radiopharmaceuticals Market Analysis 2016-2028 (US$ Billion)
11.3. Asia Pacific Radiopharmaceuticals Market Analysis 2016-2028 (US$ Billion) 11.3.1. China Radiopharmaceuticals Market Analysis 2016-2028 (US$ Billion) 11.3.1.1. Type 11.3.1.2. Application 11.3.1.3. Procedural Volume Assessment 11.3.1.4. Source 11.3.1.5. End User 11.3.2. Japan Radiopharmaceuticals Market Analysis 2016-2028 (US$ Billion) 11.3.3. South Korea Radiopharmaceuticals Market Analysis 2016-2028 (US$ Billion) 11.3.4. India Radiopharmaceuticals Market Analysis 2016-2028 (US$ Billion) 11.3.5. Australia Radiopharmaceuticals Market Analysis 2016-2028 (US$ Billion) 11.3.6. Southeast Asia Radiopharmaceuticals Market Analysis 2016-2028 (US$ Billion) 11.3.7. Taiwan Radiopharmaceuticals Market Analysis 2016-2028 (US$ Billion) 11.3.8. Rest of Asia Pacific Radiopharmaceuticals Market Analysis 2016-2028 (US$ Billion)
11.4. Latin America Radiopharmaceuticals Market Analysis 2016-2028 (US$ Billion) 11.4.1. Brazil Radiopharmaceuticals Market Analysis 2016-2028 (US$ Billion) 11.4.1.1. Type 11.4.1.2. Application 11.4.1.3. Procedural Volume Assessment 11.4.1.4. Source 11.4.1.5. End User 11.4.2. Argentina Radiopharmaceuticals Market Analysis 2016-2028 (US$ Billion) 11.4.3. Rest of Latin America Radiopharmaceuticals Market Analysis 2016-2028 (US$ Billion)
11.5. Middle East Radiopharmaceuticals Market Analysis 2016-2028 (US$ Billion) 11.5.1. Israel Radiopharmaceuticals Market Analysis 2016-2028 (US$ Billion) 11.5.1.1. Type 11.5.1.2. Application 11.5.1.3. Procedural Volume Assessment 11.5.1.4. Source 11.5.1.5. End User 11.5.2. Turkey Radiopharmaceuticals Market Analysis 2016-2028 (US$ Billion) 11.5.3. Saudi Arabia Radiopharmaceuticals Market Analysis 2016-2028 (US$ Billion) 11.5.4. UAE Radiopharmaceuticals Market Analysis 2016-2028 (US$ Billion) 11.5.5. Rest of Middle East Radiopharmaceuticals Market Analysis 2016-2028 (US$ Billion)
11.6. Africa Radiopharmaceuticals Market Analysis 2016-2028 (US$ Billion) 11.6.1. Egypt Radiopharmaceuticals Market Analysis 2016-2028 (US$ Billion) 11.6.1.1. Type 11.6.1.2. Application 11.6.1.3. Procedural Volume Assessment 11.6.1.4. Source 11.6.1.5. End User 11.6.2. South Africa Radiopharmaceuticals Market Analysis 2016-2028 (US$ Billion) 11.6.3. Rest of Africa Radiopharmaceuticals Market Analysis 2016-2028 (US$ Billion)
12. Company Profiles 12.1. Cardinal Health 12.1.1. Company Overview 12.1.2. Financial Performance 12.1.3. Product Benchmarking 12.1.4. Strategic Initiatives 12.2. GE Healthcare 12.3. Curium 12.4. Lantheus Medical Imaging 12.5. Bayer AG 12.6. Bracco Imaging 12.7. Eczacýbaþý-Monrol Nuclear Products 12.8. Nordion 12.9. Advanced Accelerator Applications 12.10. NTP Radioisotopes 12.11. JSC Isotope 12.12. NorthStar Medical Radioisotopes 12.13. Eckert & Ziegler 12.14. Braun Melsungen AG 12.15. Smith & Nephew plc 12.16. Zimmer Biomet 12.17. Hanger Inc. 12.18. Otto Bock Healthcare GmBH.
13. COVID-19 Impact Analysis 13.1. Global Radiopharmaceuticals Market, 2020 – 2028, Pre-V/S Post COVID 19 13.2. Estimated Impact of The Coronavirus (Covid-19) Epidemic on the Radiopharmaceuticals Market Size In 2022, By Scenario 13.3. Impact on Supply Chain and Production in Radiopharmaceuticals Market 13.4. Impact on Import and Export
14. Import-Export Analysis 14.1. North America Radiopharmaceuticals Import-Export, 2016 – 2021 14.2. Europe Radiopharmaceuticals Import-Export, 2016 – 2021 14.3. Asia Pacific Radiopharmaceuticals Import-Export, 2016 – 2021 14.4. Latin America Radiopharmaceuticals Import-Export, 2016 – 2021 14.5. Middle East America Radiopharmaceuticals Import-Export, 2016 – 2021 14.6. Africa Radiopharmaceuticals Import-Export, 2016 – 2021
15. Radiopharmaceuticals Marketing Channel Analysis 15.1. Marketing Channel 15.1.1. Direct Marketing 15.1.2. Indirect Marketing 15.1.3. Development Trend 15.2. Market Positioning
16. Radiopharmaceuticals Manufacturing Cost Analysis 16.1. Key Raw Materials 16.2. Key Raw Material Suppliers 16.3. Market Concentration Rate 16.4. Manufacturing Cost Structure 16.5. Process Analysis
17. Conclusion
Cardinal Health
GE Healthcare
Curium
Lantheus Medical Imaging
Bayer AG
Bracco Imaging
Eczacýbaþý-Monrol Nuclear Products
Nordion
Advanced Accelerator Applications
NTP Radioisotopes
JSC Isotope
NorthStar Medical Radioisotopes
Eckert & Ziegler
Braun Melsungen AG
Smith & Nephew plc
Zimmer Biomet
Hanger Inc.
Otto Bock Healthcare GmBH.
Radiopharmaceuticals Market by Type
Diagnostic Nuclear Medicine
Therapeutic Nuclear Medicine
Radiopharmaceuticals Market by Application
Diagnostic Applications
Therapeutic Applications
Radiopharmaceuticals Market by Procedural Volume Assessment
Diagnostic Procedures
Therapeutic Procedures
Radiopharmaceuticals Market by Source
Nuclear Reactors
Cyclotrons
Radiopharmaceuticals Market by End User
Hospitals
Ambulatory Surgical Centers
Diagnostic Centers
Cancer Research Institutes
Others
Research Methodology
Frequently Asked Questions
Which key factors will influence radiopharmaceuticals market growth over 2022-2028?
The increased incidence of malignant diseases brought on by an aging population and unhealthful eating habits are the leading causes of the expanding use of radiopharmaceuticals.
What will be the value of the radiopharmaceuticals market during 2022-2028?
According to Beyond Market Insights, the global radiopharmaceuticals market size was worth USD 4.6 billion in 2021 and is estimated to grow to USD 8.3 billion by 2028, with a compound annual growth rate (CAGR) of approximately 8.80 percent over the forecast period.
Which region will contribute notably toward the radiopharmaceuticals market value?
In 2021, North America dominated radiopharmaceuticals because of the region’s robust healthcare infrastructure.
Which are the significant players leveraging the radiopharmaceuticals market growth?
Some of the main competitors dominating the global radiopharmaceuticals market include – Cardinal Health, GE Healthcare, Curium, Lantheus Medical Imaging, Bayer AG, Bracco Imaging, Eczacýbaþý-Monrol Nuclear Products, Nordion, Advanced Accelerator Applications, NTP Radioisotopes, JSC Isotope, NorthStar Medical Radioisotopes, Eckert & Ziegler, Braun Melsungen AG, Smith & Nephew plc, Zimmer Biomet, Hanger Inc., and Otto Bock Healthcare GmBH.
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