Radiopharmaceutical Manufacturing Market

Radiopharmaceutical Manufacturing Market Size, Share and Growth Forecast by Type of Radioisotope, by Application, by Source, by End User, and by Region for 2024-2031

Report ID: PMRREP34582

Report Type: Ongoing

Format: PPT*, PDF, EXCEL

Industry: Healthcare

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Radiopharmaceutical Manufacturing Market Size and Share Analysis

The global market for radiopharmaceutical manufacturing is estimated to value at US$9.6 Bn by the end of 2031 from US$6.8 Bn anticipated in 2024. The market is expected to secure a CAGR of 5.0% from 2024 to 2031.

Market Attributes

Key Insights

 Market Size (2024E)

US$6.8 Bn

Projected Market Value (2031F)

US$9.6 Bn

Forecast Growth Rate (CAGR 2024 to 2031)

5.0%

Historical Growth Rate (CAGR 2019 to 2023)

3.9%

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Radiopharmaceutical Manufacturing Market Introduction

The demand for radiopharmaceuticals in these procedures is driven by technological advancements like single photon emission computed tomography (SPECT), and positron emission tomography (PET) that enable more accurate disease diagnosis, and monitoring.

Furthermore, the growing number of chronic disease patients, especially the elderly, is driving demand for diagnostic imaging and broader applications, driving the radiopharmaceutical manufacturing market growth.

Additionally, healthcare professionals are becoming more aware of the advantages of adopting radiation therapy techniques, which has increased acceptance rates and is pushing the market's rise.

Investments in healthcare infrastructure, such as nuclear medicine facilities equipped with cutting-edge imaging equipment, are the reason for the rise of the radiopharmaceuticals manufacturing market.

The growing usage of therapeutic applications, such as targeted radionuclide therapy for cancer treatment, has also offered growth potential. New radiopharmaceuticals that are customized for patient groups have been developed in the wake of the changing environment of precision medicine, and personalized healthcare - thereby stimulating innovation, and investment in the industry.

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Historical Growth and Course Ahead

The period from 2018 to 2023 witnessed significant growth and evolution in the field of radiopharmaceutical manufacturing in medical imaging, driven by considerable advancements in diagnostic imaging technologies, especially in PET, and SPECT imaging.

These innovations enhanced the accuracy and utility of radiopharmaceuticals, leading to their increased adoption in clinical settings.

The development of personalized medicine approaches and theranostic applications will drive the demand for specialized radiopharmaceuticals. This will enhance treatment outcomes and expand the scope of nuclear medicine.

Moreover, the developing markets in Asia Pacific, and Latin America are expected to witness substantial growth due to increasing healthcare expenditure, expanding nuclear medicine infrastructure, and rising awareness about advanced diagnostic and therapeutic options.

Key Trends and Innovations in the Market

•  Increasing demand for personalized therapy and the aging populace

•  Reimbursement structures and imaging modalities also impact the market dynamics

•  Emerging markets invest in nuclear medicine infrastructure

•  Regulatory complexities and approval processes are significant challenges in the radiopharmaceuticals sector

One of the main market trends is the production of radiopharmaceuticals based on cyclotrons.

The growing incidence of chronic diseases, and the developments in medical imaging technologies are the two main factors driving the market for radiopharmaceuticals.

A major area of this industry is nuclear medicine, which uses radioisotopes for both medicinal and diagnostic purposes.

Radioisotopes are used in medical imaging to visualize internal physiological processes associated with a variety of ailments, such as cancers, and cardiovascular diseases.

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Key Growth Drivers

Increasing Prevalence of Cancers, and Other Chronic Diseases

The rising incidence of cancer and other chronic diseases such as cardiovascular and neurological disorders fuels demand for both diagnostic and therapeutic radiopharmaceuticals.

The global incidence of cancer is rising, according to the World Health Organization (WHO), cancer is one of the leading causes of death worldwide, accounting for nearly 10 million deaths in 2020, or nearly one in six deaths.

Radiopharmaceuticals play a crucial role in the early detection and diagnosis of cancer. For instance, Fluorodeoxyglucose (FDG) is widely used in PET scans to detect and monitor various types of cancer, including lung, breast, and colorectal cancers.

The increased use of PET imaging in oncology boosts the demand for FDG and other diagnostic radiopharmaceuticals. Furthermore, Cardiovascular diseases (CVDs) are another major area where radiopharmaceuticals are extensively used.

Technetium-99m (Tc-99m) is commonly used in SPECT imaging for myocardial perfusion scans to diagnose coronary artery disease and evaluate heart function.

The increasing prevalence of CVDs, driven by factors like aging populations and lifestyle changes, enhances the demand for such diagnostic imaging agents.

Factors Impeding the Market

Limited Awareness and Acceptance

Limited awareness and acceptance of radiopharmaceuticals among patients and healthcare providers represent significant barriers to the growth of the radiopharmaceutical manufacturing market.

There is a need for more robust public awareness campaigns to educate both patients and healthcare providers about the safety, effectiveness, and benefits of radiopharmaceuticals. Without these campaigns, misinformation can spread, further hindering acceptance.

Additionally, the complexity of radiopharmaceutical use necessitates specialized training for medical professionals. However, the availability of training programs is limited, resulting in a shortage of qualified personnel to administer and manage these treatments effectively.

The expansion of the industry is greatly hindered by limited awareness and acceptance of radiopharmaceuticals. To overcome this challenge, concerted efforts are needed to inform the public and medical professionals about the advantages and security of radiopharmaceuticals.

Future Opportunities for the Radiopharmaceutical Manufacturing Companies

Development of New Radiopharmaceuticals

Continuous research and development can lead to the discovery of new radiopharmaceuticals for diagnosing and treating a broader range of diseases, including rare and underserved conditions.

New radiopharmaceuticals can target diseases and conditions that currently lack effective diagnostic or therapeutic options. This includes rare diseases, specific cancer subtypes, and emerging health challenges.

Innovative radiopharmaceuticals have the potential to improve treatment outcomes by offering more targeted and personalized approaches.

This can lead to better disease management, increased survival rates, and enhanced quality of life for patients.

Category-wise Analysis

Category

Projected CAGR through 2031

Type of Radioisotope - Technetium-99m

4.4%

End-use-Hospitals

4.6%

Technetium-99m Continues to be the Bestseller Category

The radiopharmaceutical’s manufacturing market was dominated by the Technetium 99m segment in 2023, and this sector is anticipated to grow at the fastest rate over the next several years.

Technetium-99m (Tc-99m) remains a bestseller in the radiopharmaceutical manufacturing market due to several compelling reasons.

Its advantageous qualities, such as its appropriate physical properties, availability from generator systems, and compatibility with a range of radiopharmaceutical formulations, are the reason it is one of the most widely used radioisotopes in nuclear medicine.

Cardiology to be the Dominant Application Area

In 2023, the radiopharmaceuticals market share was dominated by the cancer category, which is anticipated to grow at the fastest rate over the next several years.

This is explained by the rising incidence of cancer, the development of new technologies, the move to individualized medicine, and the expenditures made on oncology care.

Furthermore, the increasing utilisation of personalized medicine techniques in the field of oncology, fueled by breakthroughs in genomics, molecular profiling, and biomarker identification, is driving the need for customized treatment approaches, such as precision oncology based on radiopharmaceuticals.

Hospitals Set to Record Heavy Demand Generation

In 2023, the hospitals sector held the largest market share for radiopharmaceuticals manufacturing, and it is anticipated to grow at the fastest rate over the next several years.

This is ascribed to the aging population and rising rates of chronic diseases like cancer, which have increased the need for therapeutic interventions and diagnostic imaging in hospitals and clinics.

Furthermore, new radiopharmaceuticals and improvements in imaging technology have increased the uses of nuclear medicine in clinics and hospitals, which has supported the segment's rise.

Country-wise Analysis

Region

CAGR through 2031

North America

4.6%

Asia Pacific

5.4%

North America Maintains the Largest Share of Revenue

North America is expected to account for a significant share in the global radiopharmaceutical manufacturing market.

This region's dominance is projected to continue throughout the forecast period, driven by its advanced healthcare infrastructure and robust pharmaceutical industry, which support the development, production, and distribution of radiopharmaceuticals.

Additionally, favorable regulatory policies and supportive reimbursement frameworks in North America stimulate investment in radiopharmaceutical research and development, further propelling market growth in the region.

Asia Pacific Gains a Significant Boost with the Growth of Pharma and Radiopharma Sectors

The Asia Pacific market for radiopharmaceutical manufacturing is projected to secure a CAGR of 5.4% in the forecast period from 2024 to 2031.

Governments, and private sectors in countries like China, India, and Japan are significantly increasing their healthcare expenditures, leading to the expansion of healthcare infrastructure, and services.

Additionally, several Asian countries are investing in the development of nuclear medicine infrastructure, including the establishment of new cyclotrons and radioisotope production facilities.

Furthermore, collaborations between local healthcare providers, and international pharmaceutical companies are fostering the exchange of knowledge, technology, and expertise, enhancing the region’s radiopharmaceutical capabilities.

Competitive Landscape Analysis

Strong rivalry among major players, ongoing technological breakthroughs, and a supportive regulatory environment define the radiopharmaceutical manufacturing market.

The increasing incidence of cancer, improvements in diagnostic and treatment technologies, and higher R&D spending are driving the market's expansion. Theranostics and personalized medicine are predicted to drive further innovation and market growth as the sector develops.

Recent Developments in the Radiopharmaceutical Manufacturing Market

April 2024

The Bracco Group announced the creation of Bracco Japan. By offering a wide range of goods and services in the diagnostic imaging industry, Bracco Japan is anticipated to increase its market share in Japan.

April 2024

A clinical supply agreement was signed by Clarity Pharmaceuticals, and NorthStar Medical Radioisotopes, LLC targeting production of 67Cu-SAR-bisPSMA – the therapeutic product for Phase I/II and Phase III trials.

Report Scope

Attributes

Details

Forecast Period

2024 to 2031

Historical Data Available for

2018 to 2023

Market Analysis

US$ Billion for Value

Key Regions Covered

  • North America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa
  • Latin America

Key Market Segments Covered

  • By Type of Radioisotope
  • By Application
  • By Source
  • By End User
  • By Region

Key Companies Profiled in the Report

  • Bayer AG
  • Bracco Imaging S.p.A.
  • Cardinal Health, Inc.
  • Eli Lilly and Company (Eli Lilly)
  • Curium Pharma
  • Lantheus Holdings, Inc.
  • Novartis AG
  • Nordion (Canada) Inc.
  • Jubilant Radiopharma
  • Others

Report Coverage

  • Market Forecast and Trends
  • Company Share Analysis
  • Competitive Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives  

Customization & Pricing

Available upon request

Market Segmentation

By Type of Radioisotope

  • Technetium-99m
  • Fluorine-18
  • Leutetium-177
  • Gallium-68
  • Yttrium-90
  • Other

By Application

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

By Source

  • Cyclotrons
  • Nuclear Reactors

By End User

  • Hospitals
  • Diagnostic Imaging Centers
  • Ambulatory Surgical Centers
  • Cancer Research Institute

By Region

  • North America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africas
  • Latin America

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Companies Covered in This Report

Frequently Asked Questions

The demand for radiopharmaceutical manufacturing is being driven by several key factors globally. These include advancements in medical imaging and cancer treatment technologies, rising cancer prevalence, increasing use of personalized medicine, and supportive regulatory environments.

Some of the key players operating in the market are Bayer AG, Bracco Imaging S.p.A., Cardinal Health, Inc., and Eli Lilly and Company (Eli Lilly).

Asia Pacific expects high growth rates in the radiopharmaceutical manufacturing market, driven by economic development, healthcare infrastructure improvements, increasing prevalence of cancers, and supportive government initiatives.

Leutetium-177 segment is expected to grow at the fastest growth during the forecast period.

The North America holds the largest share in the global radiopharmaceutical manufacturing in medical imaging market.

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