Radio Pharmaceutical Market Analysis

Radiopharmaceutical Market Overview

The radiopharmaceutical market size was valued at USD 3.3 billion in 2021 and is projected to grow from USD 3.5 billion in 2022 to USD 5.3 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.9% during the forecast period (2024 - 2032). One of the key market driver for the growth of the market is the rising prevalence of acute and chronic diseases like cancer throughout the world as a result of numerous factors.

Source Secondary Research, Primary Research, MRFR Database, and Analyst Review

There has been a rise in the prevalence of chronic diseases all over the world, including cardiovascular diseases (CVDs), cancer, chronic lung ailments, stroke, Alzheimer's disease, chronic kidney disease, and numerous neurological issues. These diseases are major contributors to the death toll.

Tests like positron emission tomography (PET) and single-photon emission computerized tomography (SPECT), which are crucial in the treatment of chronic illnesses, make use of nuclear substances for diagnostic and evaluation purposes. As a result, the growth of the radiopharmaceuticals market is being fueled by the increasing incidence of chronic diseases. Because of this, the market's CAGR is rising.

Nuclear medicine is mostly used for cancer and cardiovascular disease diagnostics. Due to market saturation, many companies and interested parties are working to broaden the applications of radiopharmaceuticals. Because of the expanding markets for which radiopharmaceuticals are useful, their use is expected to increase in the coming years. Businesses can broaden their offerings and potentially enhance their market share by catering to the growing demand for radiopharmaceuticals in neurological applications.

The rising awareness of the positive impact early and timely diagnosis can have on the management and treatment of chronic illnesses is another major reason driving the expansion of the nuclear medicine imaging industry. Since the advent of PET/PET-CT and other nuclear imaging technologies, nuclear medicine has found application in fields as diverse as oncology, cardiology, neurology, and infection detection.

In October 2023, Nucleus RadioPharma received $56 million in funding from Eclipse and GE HealthCare in a Series A funding round. Nucleus RadioPharma is the first organization to fully integrate the development, manufacture, and supply chain of radiopharmaceuticals. Additional investors in the project included Echo Global, Fox Chase Cancer Center, Granger Management, Mayo Clinic, Mercy Health, and the University of Missouri. Nucleus RadioPharma will utilize the funds raised in this round to establish many additional production facilities across the nation, particularly in Rochester, Minnesota, in close proximity to the Mayo Clinic. These facilities will be dedicated to the development, manufacturing, and distribution of radiopharmaceuticals. Nucleus RadioPharma will not only contribute to the development of production processes, but also to the establishment of an innovative supply chain network that will enhance the speed and efficiency of product movement, tracking, and distribution to patients. This network will facilitate the identification of target molecules, testing of cures, support for regulatory clearances, and ultimately the delivery of medicine to patients.

In October 2023, there was a 220 percent increase in sales of Pluvicto (lutetium vipivotide tetraxetan), and Novartis anticipates that this upward trend will persist due to favorable data findings. Adjusted for the influence of foreign exchange rates, this income increase was 12% larger than the corresponding time of the previous year. Novartis has published its initial quarterly financial outcomes subsequent to terminating its association with Sandoz, a previously owned generics pharmaceutical enterprise. Had Novartis not faced supply constraints that significantly restricted patient access during 2023, the sales growth of Pluvicto would have been far more remarkable.  Novartis offers the radioligand therapy Lutathera (lutetium Lu 177 dotatate) as well, alongside Pluvicto. Lutathera is specifically employed for the treatment of certain neuroendocrine cancers. The revenue generated from the sales of Lutathera amounted to $159 million during the third quarter of 2023.

August 2023, Telix Pharmaceuticals Limited's radiopharmaceutical production plant in Belgium, Telix Manufacturing Solutions, officially opened in August 2023. According to the firm, their 2,800-square-meter building is one of the largest radiopharmaceutical production facilities in all of Europe. For patients in the EMEA region and beyond, this facility will be Telix's principal radioisotope and commercial/clinical product production hub. After considerable renovation, during which two cyclotrons were safely decommissioned, the facility's license to generate a wide variety of radioisotopes was renewed, allowing it to support the company's R&D, commercial, and clinical endeavors.

Radiopharmaceutical Market Trends

• Rising prevalence of chronic diseases to propel market growth

Chronic conditions such cardiovascular diseases (CVDs), cancer, chronic lung illnesses, stroke, Alzheimer's disease, chronic kidney disease, and various neurological problems are becoming more and more common worldwide. Among the top causes of death are these illnesses. The World Health Organization (WHO) estimates that cancer will be responsible for 10 million deaths worldwide in 2020. Additionally, the American Cancer Society projects that in the US in 2020, 1,806,590 new cases of cancer will be diagnosed. According to the European Heart Network, CVDs account for about 1.8 million of the 3.9 million annual deaths in the European Union (EU) and in Europe as a whole. They make up 37.0% of all deaths in the EU and 45.0% of all fatalities in Europe. In the US, congestive heart failure (CHF) affects 5 million people in 2018, according to Emory Healthcare. Additionally, 1.71 billion individuals worldwide suffer from musculoskeletal problems, according to the WHO. Nuclear substances are utilised for diagnosis and examination reasons, and they are used in diagnostic tests like positron emission tomography (PET) and single-photon emission computerized tomography, which are essential for the treatment of chronic disorders (SPECT). Thus, as the prevalence of chronic diseases rises, so does the demand for radiopharmaceuticals, fueling market expansion. Thus, this factor is driving the market CAGR.

The main applications of nuclear medicine are in the diagnosis of cancer and CVD. Numerous businesses and stakeholders are concentrating on extending the overall uses of radiopharmaceuticals as a result of the saturation of these markets. The demand for and adoption of radiopharmaceuticals are anticipated to rise in the upcoming years as a result of their growing application fields. By meeting the need for radiopharmaceuticals in neurological applications, businesses may be able to diversify their product portfolios and increase their market shares.

Another main factors influencing the growth of the nuclear medicine imaging market is an increased understanding of the potential effects of early and timely diagnosis and the related favorable influence in the management and treatment of chronic illnesses. The development of nuclear imaging technologies, notably PET/PET-CT, has helped to expand the field of uses for this modality from oncology to cardiology, neurology, and infection detection. The number of PET and SPECT procedures has significantly increased as a result of these technological advancements. In 2020, there were 2,220,300 PET treatments carried out in the United States, up from 2,200,800 in 2019. Thus, it is anticipated that this aspect will accelerate radiopharmaceutical market revenue.

Radiopharmaceutical Market Segment Insights

Radiopharmaceutical Type Insights

The radiopharmaceutical market segmentation has been segmented by type into Diagnostic and Therapeutic. The diagnostic segment dominated the market growth in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Technetium-99m is a radioisotope that is frequently used in nuclear medicine diagnostics. The radioisotope binds to a number of certain molecules, making it possible to diagnose a number of illnesses, including some forms of cancer.

Figure 2 Radiopharmaceutical Market by Type, 2023 & 2030 (USD Billion)

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Radiopharmaceutical Application Mode Insights

The radiopharmaceutical market segmentation has been segmented by application mode into Neurology, Cardiology, Oncology and Others.. The oncology segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030 ascribed to the rise in cancer incidence. One of the serious health issues with a high mortality rate is cancer. It poses a risk to world health. According to the WHO, there were 9.6 million cancer-related deaths and an estimated 18 million new cancer cases worldwide in 2018.

In July 2023, Ratio Therapeutics, a pharmaceutical company based in Boston, has begun dosing participants in a phase 1 study of RTX-1363S, a novel fibroblast activation protein-alpha (FAP)-targeted radiopharmaceutical for PET imaging. PharmaLogic, a contract development and manufacturing organization (CDMO) specializing in radiopharmaceuticals, and Lantheus, a firm producing diagnostics, radiotherapeutics, and artificial intelligence solutions, are working together to perform the trial.

In July 2023, Ratio Therapeutics, a pharmaceutical company based in Boston, has begun dosing participants in a phase 1 study of RTX-1363S, a novel fibroblast activation protein-alpha (FAP)-targeted radiopharmaceutical for PET imaging. PharmaLogic, a contract development and manufacturing organization (CDMO) specializing in radiopharmaceuticals, and Lantheus, a firm producing diagnostics, radiotherapeutics, and artificial intelligence solutions, are working together to perform the trial.

Radiopharmaceutical Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America radiopharmaceutical market accounted for USD 1.5 billion in 2021 and is expected to exhibit a 44.20% CAGR during the study period. Due to the quick uptake of effective nuclear imaging technologies and the expanding usage of technically sophisticated and advanced therapeutic radiopharmaceuticals in the region, the market is expected to grow. Additionally, it is anticipated that the market expansion in North America would be fueled by the increased prevalence of various cancers as well as other chronic illnesses throughout the forecast period.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3 RADIOPHARMACEUTICAL MARKET SHARE BY REGION 2023 (%)

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Asia Pacific radiopharmaceutical market accounts for the fastest growing market share due to the rise in government initiatives to spread awareness, the rise in medical tourism, the expansion of research activities in the region, the presence of significant market players, the availability of vast untapped markets, a large population pool, the availability of well-established infrastructure, the rise in cardiovascular disease cases, and the expanding demand for high-quality healthcare in the region. Further, the China market of radiopharmaceutical held the largest market share, and the India market of radiopharmaceutical was the fastest-growing market in the region.

Europe radiopharmaceutical market is expected to grow at a substantial CAGR from 2022 to 2030 due to increased research spending, an increase in the prevalence of cardiovascular disorders, a larger patient base, and the existence of major players. The market is expanding as a result of an increase in the approval of radioisotopes for particular therapies, such as Tc-99m and F-18 radioisotopes. Moreover, UK market of radiopharmaceutical held the largest market share, and the Germany market of radiopharmaceutical was the fastest-growing market in this region

Radiopharmaceutical Key Market Players & Competitive Insights

Major market players are spending a lot on R&D to increase their product lines, which will help the radiopharmaceutical industry grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, market developments and collaboration with other organizations. Competitors in the industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market industry.

One of the primary business strategies manufacturers adopt in the radiopharmaceutical industry to benefit clients and expand the sector is manufacturing locally to reduce operating costs. In recent years, radiopharmaceutical industry has provided medicine with some of the most significant benefits. The radiopharmaceutical market major player such as GE Healthcare, Lantheus Medical Imaging Inc., Novartis AG, BWX Technologies Inc., Siemens Healthineers, IRE EliT, JSC Isotope, NTP Radioisotopes SOC Ltd, Curium and Australian Nuclear Science and Technology Organization (ANSTO).

A multinational provider of medical technology, GE HealthCare Technologies Inc., doing business as GE Healthcare, has its corporate office in Chicago, Illinois. On January 4, 2023, it was separated from GE, with GE keeping 20% of the company. In March 2022, the first patient dosed in the phase III clinical trials for GE Healthcare's PET radiopharmaceutical imaging agents was revealed. The strategic approach seeks to enhance patient care by more accurately identifying adult Parkinson's disease. GE Healthcare will broaden its portfolio of radiation patents.

A worldwide pharmaceutical company with offices in Basel, Switzerland, and Cambridge, Massachusetts, the United States, is known as Novartis AG ( research). The company is one of the biggest in the pharmaceutical industry. Novartis is a full member of the Pharmaceutical Research and Manufacturers of America (PhRMA), the International Federation of Pharmaceutical Manufacturers and Associations (IFPMA), and the European Federation of Pharmaceutical Industries and Associations (EFPIA) (PhRMA)

Key companies in the radiopharmaceutical market includes

• GE Healthcare


• Lantheus Medical Imaging Inc.


• BWX Technologies Inc.


• Siemens Healthineers


• IRE ELiT


• JSC Isotope


• Novartis AG


• NTP Radioisotopes SOC Ltd


• Curium


• Australian Nuclear Science and Technology Organization (ANSTO)

Radiopharmaceutical Industry Developments

In August 2021, GE Healthcare and NorthStar Medical Radioisotopes, LLC, a manufacturer of radiopharmaceuticals, will begin producing and distributing iodine-123 (I-123) capsules in the United States under an exclusive agreement. By adding the item to its lineup, GE Healthcare will strengthen its position in the market.

In June 2021, Bayer AG bought PSMA Pharmaceuticals Inc. and Noria Therapeutics Inc. Each radiotherapy company is working on developing targeted therapeutic and diagnostic radiopharmaceuticals. Bayer's current nuclear medicine oncology portfolio is anticipated to grow as a result of the acquisition.

Radiopharmaceutical Market Segmentation

Radiopharmaceutical Type Outlook (USD Billion, 2018-2030)

• Diagnostic


• Therapeutic

Radiopharmaceutical Application Outlook (USD Billion, 2018-2030)

• Neurology


• Cardiology


• Oncology


• Others

Radiopharmaceutical Regional Outlook (USD Billion, 2018-2030)

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  

• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  

• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  

• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America