Radiopharmaceuticals are drugs containing radioisotopes that emit radiation detectable by imaging equipment such as gamma cameras and PET scanners. These isotopes are combined with molecules to target specific organs or tissues. They play a crucial role in diagnostic imaging, functional examinations, and treatment of diseases, including developing more potent antibody-drug conjugates (ADCs).

The global Radiopharmaceuticals market was valued at USD 7.9 billion in 2023 and is estimated to reach USD 21.8 billion by 2033, registering a CAGR of 10.6% from 2024 to 2033.

In 2024, approximately 129 million people in the U.S. have at least one major chronic disease, and over 50 million nuclear medicine procedures are performed annually. 

While diagnostics currently lead the market, the therapeutic segment is experiencing rapid growth. Recent approvals, such as Novartis's Lutathera® and Pluvicto™, and ongoing clinical trials—114 in total, with 8 in late-stage Phase 3—underscore this trend. Key candidates include TLX591 by Telix Pharmaceuticals, targeting the PSMA antigen for prostate cancer, and others like Iomab-B, RYZ101, Iopofosine, Lu-177-PSMA-I&T, ITM-11, PNT2002, and PNT2003.

This growth is driven by advancements in imaging technology (PET, SPECT), rising chronic diseases, and increased use of radiation therapy. However, high development and production costs, the short half-life of radioisotopes, and accessibility issues remain challenges.

The report also presents a detailed quantitative analysis of the current market trends and future estimations from 2024 to 2033. The forecasts cover 3 End User Types, 14 Radioisotope Types, 3 Application Types, 4 Regions, and 23 Countries. 

The report has the following key findings:

• The global radiopharmaceuticals market was valued at $7.9 billion in 2023 and is projected to reach $21.8 billion by 2033, growing at a CAGR of 10.6% from 2024 to 2033.

• By type, the diagnostic segment was the largest contributor to the market in 2023. However, the therapeutic segment is anticipated to grow at the highest CAGR during the forecast period.

• By application, the cancer segment dominated the radiopharmaceuticals market share in 2023 and is anticipated to grow at the highest CAGR during the forecast period.

• By radioisotope, the Technetium 99m segment dominated the market in 2023 and is anticipated to grow at the highest CAGR during the forecast period.

• By end user, the hospitals and clinics segment dominated the radiopharmaceuticals market size in 2023 and is anticipated to grow at the highest CAGR during the forecast period.

• Region-wise, North America generated the largest revenue in 2023. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.

• June 6, 2024: ITM Isotope Technologies Munich SE (ITM) secured €188 million in equity investment, led by Temasek and other investors, to advance its radiopharmaceutical pipeline, including the Phase III candidate ITM-11 for treating GEP-NETs. 

• May 2, 2024: Novartis announced an acquisition of Mariana Oncology, enhancing its radioligand therapies (RLTs) pipeline and research infrastructure, with a deal valued at USD 1 billion upfront and an additional USD 750 million upon achieving milestones. 

• April 2024: Curium acquired Eczacibasi Monrol Nuclear Product Co. (Monrol), enhancing its capabilities in lutetium-177 and PET & SPECT infrastructure. Telix completed the acquisition of ARTMS Inc., boosting its isotope production and supply chain capabilities. 

• April 2024: Clarity Pharmaceuticals signed a clinical supply agreement with NorthStar Medical Radioisotopes, LLC for 67Cu-SAR-bisPSMA trials. 

• April 2024: The Bracco Group launched Bracco Japan to expand its diagnostic imaging presence in Japan. 

• April 23, 2024: The FDA approved Lutathera® (lutetium Lu 177 dotatate) for treating pediatric patients with somatostatin receptor-positive GEP-NETs. 

• February 2024: Lantheus Holdings, Inc. collaborated with the CLARiTI consortium to use its F18-labeled PET imaging agent MK-6240 in Alzheimer’s disease research. 

• January 2024: Novartis presented Phase III NETTER-2 trial data showing that Lutathera plus long-acting release octreotide significantly reduced disease progression or death in patients with SSTR+ GEP-NETs.

• March 23, 2023: Novartis announced the FDA approval of Pluvicto™ (lutetium Lu 177 vipivotide tetraxetan) for treating advanced PSMA-positive prostate cancer.