According to the Market Statsville Group (MSG), the global radiopharmaceuticals market size is expected to grow around USD 45.3 billion by 2033, at a CAGR of 18.4% from 2023 to 2033.

Medicinal radio compounds, often termed radiopharmaceuticals, are medications that include radioactive isotopes. Radiopharmaceuticals can be utilized as both therapeutic and diagnostic tools. They are unique radioisotope-infused pharmaceutical formulations utilized for diagnosis or treatment in key clinical settings. Radiopharmaceutical therapy has become one of the most effective treatments in several specialties, including cardiology, neurology, oncology, and others, over the past several years.

The rising prevalence and incidence of heart disease and cancer and measures to close the Mo-99 demand-supply gap are among the main factors driving the radiopharmaceuticals market's growth. However, hospital budget constraints and costly equipment prices are anticipated to restrain market growth somewhat. Additionally, the short half-life of radiopharmaceuticals limits their potential for adoption.

COVID-19 Impact on the Global Radiopharmaceuticals Market

In 2020, the market was significantly damaged by the COVID-19 epidemic. A problem for the market's expansion in 2020 was the scarcity of workers and employees, the possibility of COVID-19 transmission, and the drop in imaging procedures, including PET-CT SPECT treatments. The reduction in procedures can be attributed to the breakdown of supply chains, logistical challenges, and the implementation of difficult safety safeguards for the centers to sustain.

Scope of the Global Radiopharmaceuticals Market

The study categorizes the radiopharmaceuticals market based on type, application, and end-users at the regional and global levels.

By Type Outlook (Sales, USD Billion, 2019-2033)

• Diagnostic Radiopharmaceuticals
  • PECT Radiopharmaceuticals
    • Technetium-99m
    • Thallium-201
    • Gallium-67
    • Iodine-123
    • Others
  • PET Radiopharmaceuticals
    • F-18
    • Ru-82
    • Others
• Therapeutic Radiopharmaceuticals
  • Alpha Emitters
    • Ra-223
  • Beta Emitters
    • Iodine-131
    • Yttrium-90
    • Samarium-153
    • Lutetium-177
    • Rhenium-186
    • Others
• Brachytherapy Isotopes
  • Iodine-125
  • Palladium-103
  • Cesium-131
  • Iridium-192
  • Others    

By Application Outlook (Sales, USD Billion, 2019-2033)

• Neurology
• Cardiology
• Oncology
• Others

By End-User Outlook (Sales, USD Billion, 2019-2033)

• Hospitals & Clinics
• Diagnostic Centers
• Others

By Region Outlook (Sales, USD Billion, 2019-2033)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

Therapeutic Radiopharmaceuticals segment accounts for the largest market share during the forecast period by Type

Based on type, the market is bifurcated into diagnostic radiopharmaceuticals, therapeutic radiopharmaceuticals, and brachytherapy isotopes. Therapeutic radiopharmaceuticals is accounted for the highest market share in 2021, owing to the comparative effectiveness of the treatments, and the benefits of various treatment alternatives. Further, market participants who place a heavy emphasis on clinical trials can all be attributed to the rising interest in therapeutic radiopharmaceuticals. In October 2021, for instance, the U.S. The FDA permitted Curium to start its Phase-III trial with their investigational medication, lutetium Lu 177 PSMA I&T. It is a therapeutic radiopharmaceutical that binds to the PSMA protein, which stands for prostate-specific membrane antigen. It is anticipated that these new approvals would fuel segmental growth during the projected year.

North America is projected to account for the largest market share, by Region

Based on the regions, the global radiopharmaceuticals market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. North America will dominate the global radiopharmaceuticals market in 2021. The region is likely to see quick acceptance of technologically advanced and effective medicinal radiopharmaceuticals, as well as a rise in the use of nuclear imaging technology. In addition, it is anticipated that throughout the projected period, the prevalence of various cancers and other chronic conditions would contribute to the market's rise in North America.

Key Market Players in the Global Radiopharmaceuticals Market

The global radiopharmaceuticals market is fiercely competitive, and major market participants are using a variety of tactics to get an advantage over rivals, including product development, alliances, partnerships, acquisitions, and growth. The majority of market businesses concentrate on growing operations globally, improving their capabilities, and cultivating solid partner relationships.

Major players in the global radiopharmaceuticals market are:

• Lantheus Medical Imaging, Inc.
• Cardinal Health
• Norgine B.V.
• Nordion (Canada) Inc.
• Bayer AG
• Curium
• Advanced Accelerator Applications (Novartis AG)
• Bracco Diagnostic Inc.
• Jubilant Pharmova Limited
• GE Healthcare (General Electric Company)

Key Issues Addressed

• What is the market size by various segmentation of the radiopharmaceuticals by region and its respective countries?
• What are the customer buying behavior, key takeaways, and Porter's 5 forces of the radiopharmaceuticals market?
• What are the key opportunities and trends for manufacturers involved in the radiopharmaceuticals supply chain?
• What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
• What and how regulations, schemes, patents, and policies are impacting the growth of the market?
• What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
• The market player positioning, top winning strategies by years, company product developments, and launches will be?
• How has COVID-19 impacted the demand and sales of radiopharmaceuticals in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
• Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.