Global Radiopharmaceuticals Market Report and Forecast 2024-2032

Global Radiopharmaceuticals Market Outlook

The global radiopharmaceuticals market value was USD 5.38 billion in 2023, driven by the increasing prevalence of chronic diseases across the globe. The market value is anticipated to grow at a CAGR of 7.5% during the forecast period of 2024-2032 to achieve a value of USD 10.31 billion by 2032.

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North America Market to Continue Dominating the Overall Market Over the Forecast Period

Owing to the presence of prominent pharmaceutical key players and well-funded research facilities, the North America region is estimated to maintain its dominance over the market share for radiopharmaceuticals. Meanwhile, the steady growth of the industry in leading Asia Pacific countries make a worthwhile contribution to the rising regional industry, which is projected to witness the fastest growth in the coming years. The SPECT segment, among the diagnostic radiopharmaceuticals, is extensively utilised in the maintenance of thyroid-related medical issues. Attributing to the commonality of these issues, the thyroid applications of radiopharmaceuticals is likely to witness robust growth during the forecast period. Moreover, under the therapeutic segment, oncology applications are estimated to grow in the coming years owing to a continual rise in the number of cancer cases. Although, due to the higher presence of alternatives in the therapeutic segment, the diagnostic pharmaceuticals are projected to achieve higher growth.

Radiopharmaceuticals: Market Segmentation

A radiopharmaceutical, also known as a medicinal radio compound, is a pharmaceutical drug containing radioisotopes that can be used as a diagnosis medication, as well as a therapeutic agent. Radiopharmaceuticals can be used for both chronic and critical diseases and are widely used in molecular imaging as biomarkers.

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By generators type, the market is segmented into:

• W-188/Re-188 Generators
• Mo-99/Tc-99m Generators
• Sr-82/Rb-82 Generators
• Sr-90/Y-90 Generators
• Ge-68/Ga-67,68 Generators

Based on application, the industry can be divided into:

• Diagnostic Radiopharmaceuticals
  • SPECT (Single-Photon Emission Computed Tomography)
  • PET (Positron Emission Tomography)
• Therapeutic Radiopharmaceuticals
  • Oncology
  • Cardiology and Neurology
• Theranostics

The end uses for radiopharmaceuticals include:

• Hospitals
• Diagnostic Centres

The EMR report looks into the regional markets of radiopharmaceuticals like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Higher Prevalence of Chronic Diseases Likely to Bolster the Market Growth for Radiopharmaceuticals

The radiopharmaceuticals sector is the fastest-growing segment in the pharmaceutical industry. The global market of radiopharmaceuticals is primarily propelled by the worldwide need for timely diagnostics and treatment of fatal diseases. Unhealthy lifestyles of people all over the world has resulted in a higher prevalence of chronic diseases in recent years, and subsequently, the revolutionary utilisation of radiopharmaceuticals in diagnostics is gaining popularity in the healthcare sector.

Moreover, rising acceptance of disease specific therapy, enhanced patient awareness regarding accurate and timely diagnosis, and expanding applications of molecular imaging are some other factors providing a boost to the market growth for radiopharmaceuticals. Meanwhile, various factors including supply volatility and competition from conventional diagnostic procedures, are likely to impede the market growth. Nevertheless, constant growth in the research and development sector, and high capital investment are estimated to counter any such hurdles.

Key Industry Players in the Global Radiopharmaceuticals Market

The report presents a detailed analysis of the following key players in the global radiopharmaceuticals market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Jubilant Pharma Holdings Inc.
• Clarity Pharmaceutical
• Cardinal Health
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report

Radiopharmaceuticals Market Report Snapshots

Radiopharmaceuticals Market Size

Radiopharmaceuticals Market Companies