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Radiopharmaceutical Market To Reach USD 14.11 Billion By 2034, Growing At 7.57% CAGR
| Metric | Details | |
| Market Size in 2024 | USD 6.8 Billion | |
| Projected Market Size in 2034 | USD 14.11 Billion | |
| CAGR (2025 - 2034) | 7.57 | % |
| Leading Region | North America | |
| Market Segmentation | By Radioisotope, By Application, By Type, By End User and By Region | |
| Top Key Players | Jubilant Pharmova Limited, Bayer AG, Novartis AG, Iso-Tex Diagnostics, Inc., Eli Lilly and Company, Cardinal Health Inc., General Electric Company, Curium Pharma, Lantheus Holdings, Inc., Siemens AG. |
What are the Key Drivers in the Radiopharmaceutical Market?
A prominent driver is the increasing global prevalence of chronic conditions, particularly cancer, cardiovascular diseases, and neurological disorders. Continuous innovation in imaging technologies and novel radionuclide developments enhances diagnostic accuracy and therapeutic efficacy, thereby boosting market demand. The rise of theragnostic, which combines diagnostic imaging and targeted therapy using the same molecule, is a significant growth catalyst. The rising geriatric population is expanding, and this demographic is more susceptible to age-related conditions that require diagnosis and treatment using radiopharmaceuticals.
What are the Major Trends in the Radiopharmaceutical Market?
- In March 2025, Actinium Pharmaceuticals (Actimab-A for AML), Oncoinvent (Radspherin for body cavity cancers), and Clarity Pharmaceuticals (67Cu-SAR-bisPSMA for prostate cancer) are advancing their lead candidates in clinical trials. In October 2024, PharmaLogic are opening new production and research facilities to expand its service areas and ensure a reliable supply of short-life radiopharmaceuticals across North America.
What is the Emerging Challenge in the Radiopharmaceutical Market?
The market is mainly facing a hurdle in navigating stringent regulatory requirements, and addressing high production costs poses ongoing hurdles. Overcoming these obstacles is crucial for sustaining market expansion and ensuring consistent patient access to these advanced diagnostic and therapeutic tools.
Regional Analysis
How did North America Dominate the Market in 2024?
In 2024, North America captured the biggest revenue share by 44% of the market. The robust healthcare infrastructure, high technological adoption, significant investments in research and development, and a high prevalence of chronic diseases. The region, especially the United States, has a well-developed network of nuclear medicine facilities and advanced imaging technologies like PET and SPECT scanners. Robust reimbursement policies and a favourable regulatory environment, with swift approvals for new therapies, have further accelerated market expansion.
For instance,
- In September 2025, Cardinal Health invested in expanding its radiopharmaceutical manufacturing capabilities in Indianapolis and Ohio, increasing production capacity for both PET and SPECT agents.
How is Asia Pacific Growing Rapidly in Radiopharmaceutical Market?
Asia Pacific is anticipated to expand at a rapid CAGR during 2025-2034 in the radiopharmaceutical market. The rising prevalence of chronic diseases, increasing healthcare expenditure across the region, especially in countries like China and India. The growing awareness about the benefits of nuclear medicine, coupled with technological advancements in imaging and the development of new radioisotopes, has increased the adoption of advanced nuclear medicine technologies and a growing focus on personalized medicine, further boosting demand.
For instance,
- In January 2024, The Bhabha Atomic Research Centre (BARC) launched advanced nuclear medicine services at its Radiation Medicine Research Centre (RMRC) in Kolkata providing new diagnostic and therapeutic options.
US FDA and EMA: Approved Radiopharmaceutical in 2024-2025
| US FDA | |
| Flyrcado (flurpiridaz F-18) | For Flyrcado, a PET myocardial perfusion imaging (MPI) agent used for detecting coronary artery disease. |
| Locametz (gallium Ga 68 gozetotide) | For prostate cancer |
| EMA | |
| Pluvicto (lutetium (177Lu) vipivotide tetraxetan) | For Medicinal Products for Human Use (CHMP) issued a positive opinion recommending the granting of a marketing authorization for Pluvicto for the treatment of prostate-specific membrane antigen (PSMA)-positive metastatic castration-resistant prostate cancer (mCRPC). |
| Lutathera (lutetium (177Lu) oxodotreotide) | For the treatment of unresectable or metastatic, progressive, well-differentiated (G1 and G2) somatostatin receptor-positive gastroenteropancreatic neuroendocrine tumors (GEP-NETs) |
| Jubbonti (technetium (99mTc) tetrofosmin) | For Jubbonti, recommending approval for myocardial imaging and localization of parathyroid tissue. |
Segmental Insights
By Radioisotope Type Analysis
Which Radioisotope Type Led the Radiopharmaceutical Market in 2024?
The Technetium-99m segment accounted for a dominant share of the market in 2024. The its ideal properties and widespread use in SPECT imaging. Its optimal half-life and cost-effectiveness facilitated a reliable supply chain and diverse clinical applications in areas like cardiology and bone scans. Accounting for the majority of all nuclear medicine procedures globally, its established infrastructure and affordability ensured consistent high demand.
- In July 2024, the FDA granted Fast Track Designation to Serac Healthcare for 99mTc-maraciclatide, a novel agent for diagnosing endometriosis, indicating ongoing innovation and new uses for the isotope.
However, the Gallium 68 segment is predicted to expand at a lucrative CAGR. The excellent properties for Positron Emission Tomography (PET) imaging, with a short half-life of 68 minutes, make it ideal for quick diagnostics. The increasing adoption of Ga-68 labelled agents in theragnostic, particularly for diagnosing neuroendocrine tumours (NETs) and prostate cancer. The availability of portable, on-site generators for Ga-68, which are relatively cost-effective and eliminate the need for expensive cyclotrons.
Get the latest insights on life science industry segmentation with our Annual Membership:By Application Type Analysis
What Made the Cancer Segment Dominant in the Market in 2024?
The cancer segment held a major revenue share of the radiopharmaceutical market in 2024. The rising global incidence of various cancers. The high demand for both advanced diagnostics and targeted therapies, especially within the rapidly growing field of theranostics, propelled this growth. Key products for prostate and neuroendocrine cancers generated significant revenue, highlighting the efficacy and increasing adoption of these treatments.
On the other hand, the cardiology segment is estimated to expand rapidly in the predicted timeframe. The rising global prevalence of cardiovascular diseases (CVDs) and an ageing population are significantly boosting the demand for effective diagnostic and therapeutic options. Technological advancements, particularly in PET imaging and the approval of new, highly effective imaging agents like Flyrcado (flurpiridaz F-18), are expanding the clinical utility of radiopharmaceuticals in cardiology.
By Type Analysis
What Made the Therapeutic Segment Dominant in the Market in 2024?
The therapeutic segment held a major revenue share of the radiopharmaceutical market in 2024. The high volume of imaging procedures using radioisotopes like Technetium-99m. The advances in theranostics and targeted cancer therapies. Continued innovation and a strong pipeline for new cancer treatments
On the other hand, the diagnostic segment is estimated to expand rapidly in the predicted timeframe. The high demand for early and accurate disease diagnosis. This is supported by technological advancements in PET and SPECT imaging and the development of novel diagnostic tracers for chronic diseases. The increasing focus on non-invasive diagnostics and preventive healthcare ensures robust expansion.
By End-user Analysis
What Made the Hospitals and Clinics Segment Dominant in the Market in 2024?
The hospitals and clinics segment held a major revenue share of the radiopharmaceutical market in 2024. Due to their comprehensive infrastructure, high patient volume, and integration of care. These institutions have the necessary specialized equipment, such as SPECT and PET scanners, and skilled personnel to conduct both diagnostic and therapeutic nuclear medicine procedures.
On the other hand, the medical imaging centers segment is estimated to expand rapidly in the predicted timeframe. The rising preference for convenient, cost-effective outpatient care and specialized diagnostic services. These centers are adopting advanced imaging technologies, such as PET and SPECT scanners, to meet the increasing demand for early and accurate diagnosis of chronic diseases.
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What are the Revolutionary Developments in the Radiopharmaceutical Market?
- In October 2024, NorthStar Medical Radioisotopes are offering CDMO services, including clinical trial support and commercial supply upon approval, to other developers. In October 2024, Jubilant Radiopharma and Simplified Imaging Solutions (SIS), aim to enhance the operational efficiencies of nuclear medicine services by combining manufacturing and mobile diagnostic solutions.
Radiopharmaceutical Market Key Players List
- Siemens AG Jubilant Pharmova Limited Lantheus Holdings, Inc. Bayer AG Curium Pharma Novartis AG General Electric Company Iso-Tex Diagnostics, Inc Cardinal Health Inc. Eli Lilly and Company
Segments Covered in this Report
By Radioisotope
- Iodine I Gallium 68 Technetium 99m Fluorine 18 Others
By Application
- Cancer Cardiology Others
By Type
- Diagnostic Therapeutic
By End User
- Hospitals and clinics Medical Imaging centers Others
By Region
- North America
- U.S. Canada
- China Japan India South Korea Thailand
- Germany UK France Italy Spain Sweden Denmark Norway
- Brazil Mexico Argentina
- South Africa UAE Saudi Arabia Kuwait
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