Global Radiopharmaceutical Market Size, Share, Growth Analysis Report - Forecast 2034

Radiopharmaceutical Market: Industry Perspective

The global radiopharmaceutical market size was worth around USD 6.45 Billion in 2024 and is predicted to grow to around USD 13.98 Billion by 2034 with a compound annual growth rate (CAGR) of roughly 8.1% between 2025 and 2034. The report analyzes the global radiopharmaceutical market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the radiopharmaceutical industry.

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Radiopharmaceutical Market: Outlook

Radiopharmaceuticals are a class of radioactive substances that can be utilized for therapeutic purpose or diagnostic purpose. Moreover, radiopharmaceuticals find large-scale applications in breast cancer and neuroendocrine tumors. In addition to this, the product also finds myriad utility in nuclear medicine. However, administration of radiopharmaceuticals is systemic and they are projected to be restricted to particular tissues owing to its bio-molecular features. Additionally, radiopharmaceuticals actively emit radiation and this makes their storage difficult in comparison to non-radioactive pharmaceuticals. This has restricted use of radiopharmaceuticals.

Key Insights

• As per the analysis shared by our research analyst, the global radiopharmaceutical market is estimated to grow annually at a CAGR of around 8.1% over the forecast period (2025-2034).
• Regarding revenue, the global radiopharmaceutical market size was valued at around USD 6.45 Billion in 2024 and is projected to reach USD 13.98 Billion by 2034.
• The radiopharmaceutical market is projected to grow at a significant rate due to increasing use of nuclear medicine in diagnostics and therapeutics, growing cancer prevalence, and advancements in pet and spect imaging.
• Based on Radioisotope Type, the Technetium-99 segment is expected to lead the global market.
• On the basis of Application, the Oncology segment is growing at a high rate and will continue to dominate the global market.
• Based on the Source, the Cyclotrons segment is projected to swipe the largest market share.
• By End-User, the Hospitals segment is expected to dominate the global market.
• Based on region, North America is predicted to dominate the global market during the forecast period.

Radiopharmaceutical Market: Growth Drivers

Rise in occurrence of ailments such as heart disorders, neurological ailments, and cancer will boost radiopharmaceutical market trends. Prominent surge in use of nuclear medicine in oncology has prompted demand for radiopharmaceuticals in recent years. In addition to this, launching of new technologies in nuclear imaging systems including PET and SPECT will prop up expansion of radiopharmaceutical industry. Nevertheless, huge costs of producing radiopharmaceuticals against ROI and strict laws governing radioactive emissions will put brakes on growth of radiopharmaceutical industry.

Furthermore, surge in research & development activities is projected to steer growth of radiopharmaceutical industry. Moreover, surge in patient awareness, need of precise diagnosis, and rise in use of molecular imaging techniques will embellish growth of radiopharmaceutical market. Use of monoclonal antibodies & radiolabeled peptides for identifying and treating malignant tumors will steer expansion of radiopharmaceuticals industry. Need for treating various kinds of diseases and massive use of targeted treatments such as radiopharmaceutical therapy will proliferate expansion of radiopharmaceutical market.

Radiopharmaceutical Market: Segmentation Analysis

The global radiopharmaceutical market is segmented based on Radioisotope Type, Application, Source, End-User, and region.

Based on Radioisotope Type, the global radiopharmaceutical market is divided into Technetium-99, Fluorine-18, Iodine-131, and Leutetium-177.

On the basis of Application, the global radiopharmaceutical market is bifurcated into Oncology, Cardiology, Gastroenterology, Neuroendocrinology, Neurology, and Nephrology.

By Source, the global radiopharmaceutical market is split into Cyclotrons and Nuclear Reactors.

In terms of End-User, the global radiopharmaceutical market is categorized into Hospitals and Diagnostic Labs.

Radiopharmaceutical Market: Report Scope

Radiopharmaceutical Market: Regional Landscape

North America To Make Notable Contributions Towards Regional Market Size By 2028

Expansion of radiopharmaceutical market in North America over forecasting years can be attributed to rise in occurrence of chronic disorders such as heart ailments and cancer in countries such as the U.S. In addition to this, surging aging populace and changing lifestyles    has resulted in obesity leading to huge sale of nuclear drugs. This has driven growth of regional market. Acceptance of new technologies for radioisotope production for treating chronic ailments will result in expansion of radiopharmaceuticals market in countries such as the U.S.

Breakthroughs in Radiopharmaceutical Market

• In March 2022, GE Healthcare declared first patient dosed in its phase III clinical experiments for PET radiopharmaceutical imaging agents. It is likely to carry out clinical trial for SPECT radiopharmaceutical imaging agent in next phase. The strategic move is aimed at diagnosing adult population for Parkinson syndrome along with enhancing patient care services. Reportedly, GE Healthcare is planning to augment its radiopharmaceutical portfolio through these two pipeline radiopharmaceuticals, one for PET and another for SPECT.  
• In March 2022, Novartis AG won approval of U.S. Food and Drug Administration for selling radiopharmaceutical for treating advanced stage of prostate cancer.
• In April 2022, Iran has unleashed new generation of radiopharmaceutical referred as LU-177. It is developed by Iranian scientists and is used for diagnosing as well as curing various kinds of cancerous tissues. Moreover, LU-177 has ability to kill cancer tumor tissues by linking to tumor receptors. The mechanism of LU-177 is expected to prevent metastatis through disruption of circulating blood near tumors.

Radiopharmaceutical Market: Competitive Analysis

The report provides a company market share analysis to give a broader overview of the key market players. In addition, the report also covers key strategic developments of the market, including acquisitions & mergers, new product launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the radiopharmaceutical market on a global and regional basis.

The global radiopharmaceutical market is dominated by players like:

• Jubilant Pharmova
• Lantheus Holdings Inc.
• Mallinckrodt Pharmaceuticals
• Cardinal Health Inc.
• GE Healthcare
• Advanced Accelerator Applications
• The Bracco Group
• Eczacibasi-Monrol Nuclear Products
• Nordion Inc.
• Bayer AG
• IBA Molecular Imaging Private Limited
• Siemens Healthineers AG.

The global Radiopharmaceutical Market is segmented as follows:

By Radioisotope Type

• Technetium-99
• Fluorine-18
• Iodine-131
• Leutetium-177

By Application

• Oncology
• Cardiology
• Gastroenterology
• Neuroendocrinology
• Neurology
•  Nephrology

By Source

• Cyclotrons
• Nuclear Reactors

By End-User

• Hospitals
• Diagnostic Labs

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa