Radiopharmaceuticals Market to Reach Valuation of USD 9.75 Billion by 2028 – Growth in the Adoption of Cloud and Big Data Drives the Market

In terms of revenue, the Global Radiopharmaceuticals Market is expected to reach USD 9.75 Billion by 2030, growing at a CAGR (Compound Annual Growth Rate) of 9.4% from 2023 to 2030.

The rising incidence of cancer globally is one of the critical drivers of the Radiopharmaceuticals market. Radiopharmaceuticals are used for the diagnosis and therapy of cancer, and the growing incidence of this disease will likely fuel demand for these products. Radiopharmaceuticals are a vital component of nuclear medicine, becoming increasingly popular as a diagnostic and therapeutic tool. The growth of the nuclear medicine market is expected to drive demand for Radiopharmaceuticals. The development of newer and more advanced imaging technologies, such as positron emission tomography (PET) and single photon emission computed tomography (SPECT), has increased demand for Radiopharmaceuticals. Companies operating in the Radiopharmaceuticals market are investing heavily in research and development activities to develop innovative products. This is expected to expand the market in the coming years.

Key Highlights from the Report

·Based on Application, the Oncology market segment is anticipated to dominate the Radiopharmaceuticals market with the largest market share in the forecast period, considering the increasing prevalence of cancer globally.

·Based on End User, the Hospitals market segment accounted for the maximum CAGR during the forecast period owing to the high patient footfall.

·Based on Product Type, the Diagnostic Radiopharmaceuticals market segment accounted for the maximum CAGR during the forecast period. These are used for diagnostic purposes such as identifying the presence and location of cancer, neurological disorders, cardiovascular diseases, and other medical conditions.

·In terms of Region, North America held the major market share in 2021 and is likely to be the most gainful market in the future. North America dominates the market due to the high adoption of nuclear medicine and favorable government initiatives.

Market Dynamics

The Radiopharmaceuticals market is a rapidly growing sector within the healthcare industry that focuses on developing, producing, and using Radiopharmaceuticals products. Radiopharmaceuticals are radioactive materials used in diagnostic and therapeutic procedures to diagnose and treat various medical conditions such as cancer, neurological disorders, and cardiovascular diseases. The market is broadly classified into diagnostic and therapeutic Radiopharmaceuticals. Diagnostic Radiopharmaceuticals are used to diagnose and identify the location and severity of conditions or to assess the functionality of organs, tissues, and cells in the body. Therapeutic Radiopharmaceuticals are administered to patients with cancer or other diseases to destroy or shrink tumors or to alleviate pain.

According to the World Health Organization (WHO), cancer is the second leading cause of death globally and cardiovascular diseases are the leading cause of death worldwide. Radiopharmaceuticals are widely used for the diagnosis and treatment of these diseases. Nuclear medicine is a type of medical imaging that uses Radiopharmaceuticals to diagnose and treat various diseases. With the increasing demand for nuclear medicine, the demand for Radiopharmaceuticals is also increasing. Governments worldwide are taking steps to support the development of the Radiopharmaceuticals market. For instance, in the U.S., the Medicare Modernization Act has increased reimbursement rates for diagnostic imaging services, likely boosting demand for these products.

However, high costs associated with the manufacturing and development of Radiopharmaceuticals remain a significant restraint for market growth. Developing and manufacturing Radiopharmaceuticals require advanced infrastructure and expensive equipment, which adds to the overall production costs.

North America Radiopharmaceuticals market is expected to witness a noteworthy development with a significant growth rate over the analysis period. Notable industry participants like Tableau Software, LLC, Oracle Corporation, IBM Corporation, and Microsoft Corporation are anticipated to accelerate market growth in the area. Additionally, the region accounted for the highest market share due to the increasing prevalence of cancer and cardiovascular diseases, rising awareness regarding the benefits of nuclear medicine, and increasing investments in the development of new Radiopharmaceuticals. Moreover, technological advances in nuclear medicine imaging and the presence of well-established healthcare infrastructure in the region are also driving market growth. Additionally, government initiatives and increasing investments in oncology research and development are expected to fuel growth in the region in the coming years.

The Global Radiopharmaceuticals Market is Segmented as follows

• Type
  • Diagnostic Nuclear Medicine
  • SPECT Radiopharmaceuticals
  • Technetium-99m
  • Thallium-201
  • Gallium-67
  • Iodine-123
  • Other
  • PET Radiopharmaceuticals
  • F-18
  • RU-82
  • Others
  • Therapeutic Nuclear Medicine
  • Alpha Emitters
  • Ra-223
  • Brachytherapy Isotopes
  • Intoiodine-125
  • Palladium-103
  • Cesium-131
  • Iridium-192
  • Other brachytherapy isotopes
  • Beta Emitters
  • Intoiodine-131
  • Yttrium-90
  • Samarium-153
  • Lutetium-177
  • Rhenium-186
  • Other beta emitters
• Application
  • Diagnostic Applications
  • SPECT Applications
  • Cardiology
  • Bone Scans
  • Thyroid Applications
  • Pulmonary Scans
  • Other SPECT Applications
  • PET applications
  • Oncology
  • Cardiology
  • Neurology
  • Other PET applications
  • Therapeutic Applications
  • Thyroid Indications
  • Bone Metastasis
  • Lymphoma
  • Endocrine Tumors
  • Other Indications
• Procedural Volume Assessment
  • Diagnostic Procedures
  • Therapeutic Procedures
  • Source
• Source
  • Nuclear Reactors
  • Cyclotrons
• End User
  • Hospitals
  • Ambulatory Surgical Centers
  • Diagnostic Centers
  • Cancer Research Institutes
  • Others
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Radiopharmaceuticals Market is

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)

The Global Radiopharmaceuticals Market Scope can be Tabulated as below