Radiopharmaceuticals Market

The global Radiopharmaceuticals Market was valued at USD 5.2 Billion in 2022 and is projected to reach a value of USD 9.75 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 9.4% between 2023 and 2030.

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Radiopharmaceuticals are radioisotopes used to diagnose specific medical conditions in specific organs, tissues, or human body cells. In recent years, Radiopharmaceuticals have been in high demand due to their high effectiveness and non-invasive external monitoring. The expansion of the nuclear medicine market is primarily attributable to the increasing prevalence of chronic diseases. In addition, technological advancements that enable Radiopharmaceuticals to diagnose and treat malignant tumors contribute to expanding the market. In addition, market participants employing diverse strategies, such as introducing new products and mergers, are also anticipated to increase market revenue in the coming years. For example, Bayer AG announced the acquisition of Noria Therapeutics Inc. and PSMA Therapeutics Inc. in June 2022. Both radiotherapy firms are developing therapeutic and imaging Radiopharmaceuticals with a specific target. The acquisition is anticipated to expand Bayer's existing nuclear medicine oncology portfolio.

The market-active companies are consistently focused on the advancement of nuclear medicine therapies. The comparative clinical efficacy of this treatment option compared to other therapies propels its global demand. In addition, factors such as an increase in the sophistication of therapeutic application outcomes in treating cancer and other disorders are expected to drive the demand for nuclear medicine therapies in countries with a high cancer burden. Advanced Accelerator Applications obtained FDA Therapy designation for 177Lu-PSMA-617 in patients with metastatic castration-resistant prostate cancer (mCRPC) in June 2021. Similarly, numerous market participants are developing new therapeutic products to treat various medical conditions, propelling market expansion.

Increased awareness of the potential impact of early and expeditious diagnosis and the consequential positive impact on managing and treating chronic disorders is one of the most important growth drivers for the nuclear medicine imaging market. Nuclear imaging technology advancements, primarily PET/PET-CT, have facilitated the expansion of this modality's applications beyond oncology to cardiology, neurology, and the detection of infections. Due to these technological advancements, PET and SPECT procedures have increased significantly. In addition, advancements such as the development of cadmium zinc telluride (CZT)-based detectors, which enable simultaneous visualization of physiological and anatomical structures, are anticipated to drive the adoption of SPECT-CT systems.

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Economic Insights

The entire economy is preparing for the fallout of the Russia-Ukraine conflict. Russia's incursion is expected to harm economic progress. Despite their best efforts, the economy may regress. The world is eagerly awaiting the outcome. Russia and Ukraine's escalating conflict threatens the global economy. The Russian invasion has sent global shockwaves, threatening economic growth and progress. This crisis might slow progress toward a $100 trillion economy by 2022. This economic trend is in jeopardy despite their efforts to reconcile. The globe anxiously awaits the outcome.

Top Market Trends

1. Rising Number of Product Launches: Among the most important market drivers is the commitment of numerous market participants to introduce new products. Increasing demand for nuclear imaging has resulted in new products and robust diagnostic Radiopharmaceuticals. In addition, the prevalence of patients with chronic diseases encourages manufacturers to introduce new products to the global market. In addition, several market leaders have engaged in agreements and partnerships to develop and launch diagnostic Radiopharmaceuticals. For example, in August 2021, Cardinal Health signed a distribution agreement with IRE-ELiT S.A., specializing in producing Radiopharmaceuticals. As demand in the United States continues to rise, they are expanding patient access to new Radiopharmaceuticals for Positron Emission Tomography (PET) imaging.
2. Rising Prevalence of CVD Disorders: The Radiopharmaceuticals market is primarily driven by the increasing prevalence of a variety of diseases, such as cancer, dementia, CVD, and Parkinson's disease, as well as the growing awareness of the therapy among patients and the increasing technological advancements in the field of cancer. In 2017, approximately 92.1 million Americans were diagnosed with cardiovascular disease, according to the American Heart Association. According to the International Journal of Cardiology, more than 38 million people worldwide suffered heart failure in 2016. According to the National Research University Higher School of Economics, approximately 60 million people had Alzheimer's and other dementia-related disorders in 2015, contributing to the market's continued expansion.
3. Development of Centralized Pharmacies: In the Radiopharmaceuticals industry, there is a lack of codified good manufacturing practice (GMP) requirements and strict regulations governing the use of Radiopharmaceuticals. Nuclear medicine practitioners advocate for establishing centralized radio pharmacies to address quality assurance issues. This is because administrators and legislators are becoming more interested in Radiopharmaceuticals, Positron Emission Tomography (PET), and clinical trial laws. A centralized radiopharmacy concept offers numerous advantages to patients and governing authorities, such as dispensing patient-specific prescriptions and providing requested items from all accessible sources and services. These activities are anticipated to promote market expansion throughout the forecast period.

Market Segmentation

The global Radiopharmaceuticals market can be categorized on the following: Type, Application, Source, End User, and Region. Based on Type, the market can be categorized into Diagnostics Nuclear Medicine, Therapeutic Medicine, and Brachytherapy Isotope. Additionally, based on Application, the market can be split further into Diagnostic Applications. Moreover, the global market can be differentiated by Source into Nuclear Reactors and Cyclotrons. Additionally, based on the End User, the market can be broken down into Hospitals, Ambulatory Surgical Centers, Diagnostic Centers, Cancer Research Institutes, and Other End Users. Likewise, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Type

Diagnostic Nuclear Medicine to Account for Widest Revenue Owing to Rising Prevalence of Cancer

In 2022, the diagnostic nuclear medicine segment was anticipated to hold the lion's global market share. This segment is also anticipated to grow at a significant CAGR due to factors such as the efficient imaging of patients with various types of cancer, the introduction of new products to diagnose various disorders, and the rise in global procedural volumes. In December 2020, for instance, the Food and Drug Administration of the United States approved Gallium 68 PSMA-11 (Ga 68 PSMA-11), the first drug for PET imaging to diagnose prostate cancer. Radiopharmaceuticals therapeutics are anticipated to develop fastest. The growth can be attributed to factors such as the comparative efficacy of the treatment, the advantages associated with these treatment options, and market participants' increasing interest in therapeutic Radiopharmaceuticals by focusing heavily on clinical trials.

Based on Application

Oncology to Accommodate Largest Market Birth Due to Increasing Number of Cancer Cases

Oncology is anticipated to be the application segment with the greatest CAGR. Cancer diagnosis is one of the most common imaging procedures conducted worldwide. This is due to the increasing awareness of early diagnosis, the high prevalence of cancer, and the benefits of early diagnosis in treating and managing various cancer types. Many nuclear medicine therapy pipeline products are aimed at oncology, which is anticipated to contribute to the segment's growth in the coming years. According to the WHO, more than 19.3 million new cancer cases were diagnosed worldwide in 2020. The cardiology segment is anticipated to grow at a significant CAGR over the forecast period. The increasing use of nuclear medications to diagnose and treat cardiovascular diseases has contributed to the expansion of the cardiology segment.

Based on the End User

Diagnostic Nuclear Medicine to Account for Widest Revenue Owing to Rising Prevalence of Cancer

The hospitals & clinics segment is expected to grow at a significant CAGR during the forecast period. The growth rate is attributable to the high volume of nuclear imaging procedures and the increased efficiency of hospitals and clinics handling these sensitive products. For example, out of the 499,729 PET procedures performed in France in 2017, an estimated 323,073 were performed in hospitals and clinics. The diagnostic center segment held the second-largest market share in 2022 and is anticipated to grow at the fastest CAGR over the forecast period. This segment's high growth rate can be attributed to the increasing number of diagnostic institutions and the enormous volume of procedures performed in European diagnostic centers.

Based on Region

North America to Exert its Dominance Due to Rising Prevalence of Chronic Disorders

North America is anticipated to maintain its dominant position during the forecast period. The rapid adoption of effective nuclear imaging technologies and the rising use of technologically advanced and effective therapeutic Radiopharmaceuticals are anticipated to drive market growth in the region. In addition, the increasing prevalence of various malignancies and other chronic disorders is anticipated to drive market growth in North America over the forecast period.

Due to the adoption of advanced Radiopharmaceuticals and recent product introductions by industry leaders, Europe is anticipated to experience the second-highest market growth. In addition, regional market actors' acquisitions and mergers contribute to regional growth. In March 2020, for instance, Norgine B.V. acquired the Danish biopharmaceutical company Azanta A/S. The company acquired Azanta's portfolio of pharmaceuticals, which included Angusta for labor induction and Nimorazole, a hypoxic radiosensitizer used to treat cancer.

Competitive Landscape

The predominant market participants are Cardinal Health, Advanced Accelerator Applications (Novartis AG), Bayer AG, GE Healthcare, Curium, and Jubilant Pharmova Limited. These market participants account for a majority of the global market. These businesses are concentrated on various strategies, including new product launches, acquisitions, mergers, and continuous research and development, resulting in robust regulatory approvals.

The key players in the global Radiopharmaceuticals market include - Cardinal Health (U.S.), GE Healthcare (U.S.), Lantheus Medical Imaging (U.S.), Bayer AG (Germany), Bracco Imaging (Italy), Nordion (Canada), Advanced Accelerator Applications (France), NTP Radioisotopes (South Africa), NorthStar Medical Radioisotopes (U.S.), Eckert & Ziegler (Germany), Braun Melsungen AG (Germany), Smith+Nephew (Germany), Zimmer Biomet (U.S.), Hanger Inc. (U.S.) and Otto Bock Healthcare GmBH (Germany) among others.

Recent Market Developments

• October 2021: Curium received a Study May Proceed letter from the U.S. FDA to commence its Phase-III trial with its investigational product, lutetium Lu 177 PSMA I&T. It is a Radiopharmaceuticals that binds to the PSMA protein. These new approvals are anticipated to drive segment growth over the forecast period.
• September 2021: MyoSPECT is a cardiac-specific nuclear medicine scanner of the next iteration introduced by GE Healthcare. It provides a unique perspective of cardiac anatomy and pathology to aid clinicians in determining the most effective treatment for patients.
• August 2021: NorthStar Medical Radioisotopes, LLC, a global leader in Radiopharmaceuticals, and GE Healthcare announced an exclusive agreement to manufacture and distribute iodine-123 (I-123) capsules in the United States.

Segmentation of the Global Radiopharmaceuticals Market