Radiopharmaceuticals Market By Type (Diagnostic {SPECT, PET, and, Others} and Therapeutic {Alpha Emitters, Beta Emitters, Neutron Capture Therapy (NCT), and Others}), By Radioisotope (Technetium-99m, Fluorine-18, Iodine-131, Lutetium-177, Gallium-68, and Others), By Application (Oncology, Cardiology, Neurology, Orthopedics, Infectious Diseases, and Others), By Source (Nuclear Reactors and Cyclotrons), and By End-user (Hospitals, Diagnostic Imaging Centers, Cancer Treatment Centers, and Research Institutions), Global Market Size, Segmental analysis, Regional Overview, Company share analysis, Leading Company Profiles And Market Forecast, 2025 – 2035

Industry Outlook

The Radiopharmaceuticals market accounted for USD 6.75 Billion in 2024 and is expected to reach USD 16.48 Billion by 2035, growing at a CAGR of around 8.45% between 2025 and 2035. The radiopharmaceuticals market is the industry involved in producing and applying radioactive medicinal substances for treatment. Most applications of radiopharmaceuticals are in diagnostics and therapy, with compounds referred to as radiotracers or radiolabeled drugs.

These compounds are used in techniques such as PET and SPECT to detect and treat cancer cardiovascular diseases and neurological disorders. All of these facets drive growth within the market such as advancing imaging technology, increasing cases of chronic diseases, and increasing awareness regarding personalized medicine. The global market for radiopharmaceuticals is growing, and advancements in both diagnosis and therapy radiopharmaceuticals fuel this. Regulatory challenges and radiation safety issues remain a drag on the market growth curve.

Report Scope:

Market Dynamics

Government Funding and Support Accelerating Innovation and Access in the Radiopharmaceuticals Market

Enhanced government funding of cancer research, and developing radiopharmaceuticals, is also an essential growth driver for this market. Governments across the globe are investing heavily in oncology research to enhance cancer's diagnostic and treatment processes. For instance, the National Cancer Institute (NCI) has allocated around $7.3 billion for cancer-related research for 2023, with present funds flowing into NCI for radiopharmaceutical research.

The US FDA also fast-tracked the approvals of radiopharmaceutical drugs for the treatment of cancers, and over 10 new radiopharmaceutical drugs have acquired approvals in the past decade. Besides, different governments have implemented subsidies to lower the cost of diagnostic imaging systems, hence increasing adoption in clinics. These factors contribute not only to increased innovation in radiopharmaceuticals but also provide increased access to the technology, thereby speeding up market growth.

Advancements in Radionuclide Production Driving Specialized Applications in Radiopharmaceuticals

Improvements in radionuclide production are necessary to meet the increasing requirements of targeted radiopharmaceutical therapies. New production technologies, like new radionuclide generators and methods, are bringing precision and more effective treatments. Government support through initiatives aimed at boosting the domestic supply of medical isotopes, especially those for treating cancer, also accelerates these innovations.

Next, regulatory agencies, like the FDA, approve novel radionuclides for use as therapies, allowing for more specific applications of radiopharmaceuticals increasing the breadth of available treatments, and improving patient outcomes, which in turn will fuel growth in this market.

The demand for more targeted medicine and its consequently increasing applications in diagnostic imaging continues to grow, which further fuels the need for new radionuclides. With the discovery of new therapeutic areas, the role of specialized radionuclides will be critical for meeting unmet medical needs.

High Production Costs and Cyclotron Dependency Limiting Radiopharmaceutical Market Accessibility

Production costs in radiopharmaceuticals are high, especially for those requiring special equipment, such as cyclotrons in radioisotope production. Cyclotrons operate at a high cost of maintenance, and the act of producing the radioisotopes is a complicated process requiring many resources. Thus, the radiopharmaceuticals add to the high total production cost, which automatically reduces their entry into healthcare systems or makes them scarcely available in developing health setups.

Beyond this, regulatory compliance and proper quality control add to the cost of production. The high production costs can thus become a barrier to the accessibility and affordability of the medicines, thereby limiting their widespread adoption in cancer treatment and diagnosis. Such constraints can also slow down innovation and expansions in the market.

Moreover, the restricted infrastructure facilities and expertise in performing cyclotron services in specific regions can become additional barriers to the growth of the market. Also, the financial burden on healthcare providers may delay the uptake of advanced radiopharmaceutical treatments.

Theranostics Advancing Personalized Medicine and Boosting Radiopharmaceutical Market Growth

The development of theranostics, which combines diagnostic and therapeutic functions in a single radiopharmaceutical, is creating new opportunities in personalized medicine. Governments recognize the potential of the area and support its development. Such momentous projects have already been funded by the U.S. National Institutes of Health (NIH), with significant funds allocated for research aimed at the betterment of target therapies in cancer.

Theranostics allows for more targeted therapies through the use of diagnostic imaging to tailor the therapy for an individual patient, hence tailoring outcomes for treatment in a patient. This innovation is opening new markets for radiopharmaceuticals and creating an increased demand for more personalized and effective healthcare solutions.

With increased regulatory support and funding through research efforts, theranostics are poised to revolutionize cancer care and other therapeutic areas. Advances in the technology also promise the treatment of a wider spectrum of diseases than what is treated with oncology further driving the market growth.

Radiopharmaceuticals Unlocking New Opportunities in Veterinary Medicine and Oncology

The use of radiopharmaceuticals in veterinary medicine offers a niche area for market expansion, especially in veterinary oncology and diagnostic imaging. Governments have become aware of this type of therapy in animal health and are initiating programs to facilitate research and development in this field. Radiopharmaceuticals are now being considered viable more definitive diagnostic and therapeutic agents for animals, particularly in the management of cancer.

Veterinary practice is increasingly adopting advanced imaging and cancer treatments. It is, therefore, the growing demand for radiopharmaceuticals in this sector. It presents an emerging market with considerable growth potential. This is being driven by the need to have better veterinary care and the increasing awareness of the potential of radiopharmaceuticals in treating animals. The veterinary sector will gain much growth with further research and regulation support.

Industry Experts Opinion

“I am honoured to join NUCLIDIUM at this pivotal moment on its journey. The company's innovative copper-based radiopharmaceutical platform holds significant promise for advancing precision oncology. I look forward to collaborating with the board and leadership team to drive the development of targeted cancer diagnostics and therapies that can make a meaningful impact on patient care.”

• Tony Rosenberg, Chairman-Elect of the NUCLIDIUM Board

"To reach their full potential as treatments for millions of patients with limited options, theranostic radiopharmaceuticals must be available close to those who need them."

• Charles S. Conroy, CEO of Nucleus RadioPharma

Segment Analysis

Based on the type, the Radiopharmaceuticals market has been classified into diagnostic and therapeutic. The market is further segmented by diagnostic segment into SPECT, PET, and, others. Based on the therapeutic the market is further classified as alpha emitters, beta emitters, neutron capture therapy (NCT), and others. The diagnostic segment dominates the market primarily due to the high demand for medical imaging techniques such as PET and SPECT, which serve as key indicators for early and accurate diagnosis in oncology, cardiology, and neurology. These modalities are a prerequisite for practical, non-invasive perception of internal body processes, thus required for cancer and heart disease diagnosis.

Based on the radioisotope, the Radiopharmaceuticals market has been classified into Technetium-99m, Fluorine-18, Iodine-131, Lutetium-177, Gallium-68, and others. Technetium-99m leads the market due to its properties offering an ideal base for diagnostic imaging, particularly in SPECT. The half-life is around about 6 hours, which causes a lower exposure to radiation in patients while making high-quality images. Its flexibility allows its usage for an enormous number of medical problems such as cancer, heart diseases, neurological conditions, and a lot more.

Regional Analysis

The North American radiopharmaceutical market is the global market leader. It is mainly driven by the U.S. a leader in demand and innovation supported by a developed health infrastructure, a high rate of advanced medical technology adoption, and strong government support for research and development. Innovation is a result of key pharmaceutical and radiopharmaceutical firms, as new types of diagnostic and therapeutic agents keep entering the marketplace.

Additionally, diseases such as cancer, cardiovascular conditions, and neurological disorders have a high incidence rate, thus leading to an increased application of radiopharmaceuticals in diagnostics and treatment procedures.

The Asia-Pacific radiopharmaceutical market is the fastest-growing region, driven by rapid economic growth, improving healthcare infrastructure, and increasing cancer and chronic disease awareness. China, India, and Japan, in particular, are sizzling on healthcare investment, which has led to the wide acceptance of diagnostic imaging technologies like PET and SPECT.

The aging population in the region will also increase the demand for early disease detection and person-centric treatments which radiopharmaceuticals provide. The development and availability are accelerated with government initiatives along with an increase in the number of research centers and clinical trials conducted in the region. Expanding health access and economic growth are themselves contributing to making Asia-Pacific a key player in the global radiopharmaceutical market.

Competitive Landscape

The major players that describe the competitive landscape of the radiopharmaceutical market are GE Healthcare, Siemens Healthineers, Cardinal Health, Bayer AG, Novartis, and Lantheus Medical Imaging. Many of these firms have significantly contributed innovatively to research within this field to create radiopharmaceuticals for medical diagnosis and therapy.

Most recently, Lantheus Medical Imaging has beefed up its portfolio with its win of approval for a PyL (PSMA-targeted) imaging agent used to probe prostate cancer, with a further enhanced outlook in the oncology segment. Siemens Healthineers further strengthens its presence with PET and SPECT systems for the growing precision medicine through diagnostic imaging innovation. Along with constant research, acquisitions, and strategic collaborations among these companies, they are supporting major growth and innovation in the radiopharmaceutical market.

Radiopharmaceuticals Market, Company Shares Analysis, 2024

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Recent Developments:

• In November 2024, NorthStar Medical Radioisotopes, LLC announced that it has entered into a strategic Master Supply Agreement with Cellectar Biosciences, Inc. According to the agreement, Cellectar acquire and integrate NorthStar's n.c.a. Ac-225 into Cellectar's proprietary Phospholipid Ethers (PLE) delivery platform to expand the capability of that platform in producing a diverse range of radiotherapeutic molecules.
• In October 2024, Nucleus RadioPharma developed two new facilities with over 100,000 square feet in Mesa, Arizona, and Springhouse, Pennsylvania. This expansion will provide the entire radiopharmaceutical industry with new capabilities in various areas.
• In October 2024, Jubilant Radiopharma, the second-largest network of radiopharmacies in the United States (U.S.), and Simplified Imaging Solutions (SIS), a leading Diagnostic Services Organization (DSO), announced a strategic partnership to help streamline operational efficiencies of nuclear medicine services to healthcare facilities and physician offices nationwide.

Report Coverage:

By Type

• Diagnostic
  • SPECT
  • PET
  • Others
• Therapeutic
  • Alpha Emitters
  • Beta Emitters
  • Neutron Capture Therapy (NCT)
  • Others

By Radioisotope

• Technetium-99m
• Fluorine-18
• Iodine-131
• Lutetium-177
• Gallium-68
• Others

By Application

• Oncology
• Cardiology
• Neurology
• Orthopedics
• Infectious Diseases
• Others

By Source

• Nuclear Reactors
• Cyclotrons

By End-user

• Hospitals
• Diagnostic Imaging Centers
• Cancer Treatment Centers
• Research Institutions

By Region

North America

• U.S.
• Canada

Europe

• U.K.
• France
• Germany
• Italy
• Spain
• Rest of Europe

Asia Pacific

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

Latin America

• Brazil
• Argentina
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC Countries
• South Africa
• Rest of the Middle East & Africa

List of Companies:

• GE Healthcare
• Siemens Healthineers
• Cardinal Health
• Bayer AG
• Eli Lilly and Company
• Novartis
• Thermo Fisher Scientific
• United Radiopharmaceuticals
• Telix Pharmaceuticals
• Lantheus Medical Imaging
• NorthStar Medical Radioisotopes
• Advanced Accelerator Applications (AAA)
• Isologic Innovative Radiopharmaceuticals
• Bracco Imaging
• Ion Beam Applications (IBA)

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