Radiopharmaceuticals/Nuclear Medicine Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product Type (Diagnostic Radiopharmaceuticals (SPECT Radiopharmaceuticals and PET Radiopharmaceuticals) and Therapeutic Radiopharmaceuticals (Beta Emitters, Alpha emitters, Brachytherapy, and Others)), By Application (Oncology, Neurological disorders, Cardiovascular diseases, Thyroid, and Others), By Route of Administration (Oral, Inhalation, and Parenteral) By End User (Hospitals, Clinics, Diagnostic Centers, and Research Institutes) and Region Forecast 2020-2031

Radiopharmaceuticals/Nuclear Medicine Market size was valued at US$ 6,126.3 million in 2024 and is expected to reach US$ 11,416.6 million by 2031, growing at a significant CAGR of 9.3% from 2025-2031. The use of radioactive chemicals in study, diagnosis, and treatment is referred to as nuclear medicine. The primary drivers for the market evaluation are rising cancer and heart disease prevalence. The Market has a lot of promise in terms of treating heart and cancer problems.

According to a report from the National Cancer Institute (NCI), 1,735,350 new cases of cancer were detected in the United States in 2018, with nuclear medicine being more widely used. Other reasons, including as the expanding use of SPECT and PET scans and public awareness of healthcare, are projected to propel the industry further in the future. Translational research and clinical trials are also hampered by regulatory regulations. In the United States, the FDA regulates all pharmacologic agents, including diagnostic radiopharmaceuticals and radiotherapies. Radiopharmaceuticals are subjected to further examination and follow a separate regulatory and approval process. Extensive toxicological testing can often put investigators in a financial bind.

Furthermore, reimbursement challenges for manufacturers and costly capital expenditure are limiting market expansion. The development of effective radiopharmaceuticals for diagnosis and treatment expected to drive the market revenue growth over the forecast period. The advances in imaging devices with radioactivity are aiding healthcare professionals in effective diagnosis. Moreover, radio-imaging diagnosis is considered as an effective alternative to the conventional diagnosis techniques such as X-rays which are expected to boost the market demand for diagnostic radiopharmaceuticals across the globe. In addition, increase in the healthcare expenditure, radiopharmaceuticals abundance, and non-invasiveness in the treatment and diagnostic procedure might bolster the nuclear medicine market over the forecast period.

Facts & Figures

• Technetium-99m (Tc-99m) remains the most widely used radioisotope in nuclear medicine, accounting for approximately 85% of all diagnostic imaging procedures. It is utilized in over 20 million diagnostic nuclear medical procedures annually worldwide. This isotope is integral for imaging various organs, including the brain, myocardium, thyroid, lungs, liver, gallbladder, kidneys, skeleton, blood, and tumors.
• Fluorine-18 (F-18) is a radioactive isotope with a half-life of approximately 110 minutes, commonly used in Positron Emission Tomography (PET) imaging due to its longer shelf life and optimal decay characteristics. F-18 Fluorodeoxyglucose (FDG) PET/CT imaging is widely utilized for the diagnosis, staging, and restaging of various cancers, offering high accuracy and sensitivity
• Gallium-68 (Ga-68) has gained substantial momentum since 2003 as a versatile radiometal useful in the development of novel oncology imaging agents. It is particularly effective for imaging neuroendocrine tumors using PET/CT scans.
• As per WHO by 2050, the number of new cancer cases is expected to rise to over 35 million annually, marking a 77% increase from 2022 levels.

Key Developments

• On 8th April 2024 - Curium, a world leader in nuclear medicine, announced that it has entered into an agreement with Eczac?ba?? Holding and Bozlu Group for the acquisition of Eczac?ba??-Monrol Nuclear Product Co. (Monrol), a dedicated specialist in nuclear medicine. The acquisition is expected to bring together highly complementary geographical footprints, lutetium-177 (Lu-177) capabilities, and PET & SPECT nuclear medicine infrastructure, as well as facilitate the development of cutting-edge radionuclides and radiopharmaceuticals pipelines for diagnostic and therapeutic purposes.
• On March 19, 2024 - AstraZeneca has entered into a definitive agreement to acquire Fusion Pharmaceuticals Inc., a clinical-stage biopharmaceutical company developing next-generation radioconjugates (RCs). The acquisition marks a major step forward in AstraZeneca delivering on its ambition to transform cancer treatment and outcomes for patients by replacing traditional regimens like chemotherapy and radiotherapy with more targeted treatments.
• On August 12, 2024 - OXFORD, England--(BUSINESS WIRE)--Blue Earth Therapeutics Ltd, a Bracco company and emerging leader in the development of innovative next generation therapeutic radiopharmaceuticals, today announced an expansion of its manufacturing agreements with Seibersdorf Labor GmbH to include manufacture of its investigational 225Ac-based radioligand therapy. The agreement provides future supply to UK, EU and US clinical trial sites. (225Ac) rhPSMA?1, an investigational radiohybrid (rh) Prostate?Specific Membrane Antigen?targeted therapeutic radiopharmaceutical, is the second candidate in Blue Earth Therapeutics’ oncology development program of next generation therapeutic radiopharmaceuticals.
• On August 12, 2024 - Blue Earth Therapeutics Ltd, a Bracco company and emerging leader in the development of innovative next generation therapeutic radiopharmaceuticals, announced an expansion of its manufacturing agreements with Seibersdorf Labor GmbH to include manufacture of its investigational 225Ac-based radioligand therapy. The agreement provides future supply to UK, EU and US clinical trial sites. (225Ac) rhPSMA?1, an investigational radiohybrid (rh) Prostate?Specific Membrane Antigen?targeted therapeutic radiopharmaceutical, is the second candidate in Blue Earth Therapeutics’ oncology development program of next generation therapeutic radiopharmaceuticals.