Radiopharmaceutical Market Size, Share & Trends Analysis Report By Type (Diagnostic Nuclear Medicine, Therapeutic Nuclear Medicine), By Application (Cardiology, Oncology, Neurology, Bone Metastasis, Thyroid, Endocrine Tumors), By Radioisotope (Iodine I, Gallium 68, Others, Technetium 99m, Fluorine 18), By End User (Hospitals and clinics, Medical Imaging centers, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2025-2033

Global Radiopharmaceutical Market Insights

The global radiopharmaceutical market size was valued at USD 6.80 billion in 2024 and is projected to grow from USD 7.92 billion in 2025 to reach USD 16.87 billion by 2033, growing at a CAGR of 9.9% during the forecast period (2025-2033).

Radiopharmaceuticals are specialized radioactive compounds used in medical imaging and targeted therapy. These drugs play a crucial role in diagnosing and treating various conditions, particularly cancer, cardiovascular diseases, and neurological disorders. By emitting radiation detectable by imaging systems such as PET and SPECT scans, radiopharmaceuticals enable precise disease localization and monitoring. Moreover, therapeutic radiopharmaceuticals deliver targeted radiation to diseased cells, minimizing damage to healthy tissues.

With advancements in nuclear medicine and a growing demand for personalized treatment approaches, the market for radiopharmaceutical is expanding rapidly, offering innovative solutions for improved patient care and disease management. The global market is witnessing significant growth, fueled by increasing investments in research and development, rising regulatory approvals, and the integration of artificial intelligence in medical imaging for enhanced diagnostic accuracy.

Moreover, the growing prevalence of chronic diseases, the rising adoption of theranostics (a combination of therapy and diagnostics), and government initiatives supporting nuclear medicine further contribute to market expansion. As technological innovations continue to enhance precision and efficacy, radiopharmaceuticals are poised to revolutionize modern healthcare by enabling more targeted, efficient, and minimally invasive treatment options.

The below table represents the radiopharmaceuticals approved by the FDA for medicinal use;

Source: Cardinal Health 414, LLC & Straits Analysis

Such approval of several radiopharmaceuticals by the FDA for medicinal use further emphasizes healthcare importance, especially in areas such as oncology and cardiology, expanding uses of radiopharmaceuticals for the diagnosis and treatment of severe diseases.

Global Radiopharmaceutical Market Trends

Incorporation of on-site cyclotron facilities for radioisotope production 

The integration of on-site cyclotron facilities is transforming the radiopharmaceutical market by enabling in-house production of critical radioisotopes, particularly for PET imaging. This advancement reduces reliance on third-party suppliers, minimizes logistical challenges, and ensures a steady, on-demand supply of short-lived isotopes, which are essential for high-precision medical imaging.

• For instance, the MD Anderson Cancer Center in Texas operates an advanced on-site cyclotron within its Cyclotron and Radiochemistry Program. This facility produces vital radiopharmaceuticals, such as Fluorine-18, ensuring a reliable and continuous supply for PET imaging applications.

Advanced imaging techniques using radiopharmaceutical

Breakthroughs in imaging techniques, particularly PET and SPECT, are driving significant growth. These cutting-edge technologies enable superior visualization of physiological and pathological processes, enhancing the early detection and management of complex diseases such as cancer, neurodegenerative disorders, and cardiovascular conditions. The continuous development of novel radiotracers and hybrid imaging modalities has further strengthened the role of radiopharmaceuticals in precision diagnostics.

• For instance, a review published in the International Journal of Molecular Sciences in September 2024 highlighted the emergence of novel radiopharmaceuticals in medical imaging, such as 18F-labeled tracers like [18F]-FDG. These advancements have significantly improved PET and SPECT imaging applications, particularly in oncology and neuroimaging.

Global Radiopharmaceutical Market Growth Factors

Government investments and regulatory approvals

Governments worldwide are playing a pivotal role in advancing the radiopharmaceutical sector through strategic investments, regulatory approvals, and funding for nuclear medicine research and infrastructure. These initiatives not only drive innovation but also address critical supply chain challenges, particularly for short-lived radioisotopes essential for diagnostic and therapeutic applications.

• For instance, in October 2023, India's Department of Atomic Energy (DAE) announced a ‚Çπ250 crore (approximately USD 30 million) investment in setting up a dedicated nuclear reactor under a Public-Private Partnership (PPP) model. This initiative aims to boost the production of Molybdenum-99 (99Mo), a key precursor for Technetium-99m (99mTc)-based gamma imaging, helping to address the ongoing global supply crisis of this essential isotope.

Such government-led initiatives are strengthening the production and availability of radiopharmaceuticals, ensuring supply chain stability, and fostering innovation in nuclear medicine.

Market Restraining Factors

High production cost

One of the primary restraints in the global radiopharmaceutical market is the high production cost associated with manufacturing these specialized drugs. Producing radiopharmaceuticals requires state-of-the-art cyclotrons or nuclear reactors, highly controlled environments, and skilled personnel trained in nuclear medicine and radiation safety. Moreover, stringent quality control measures, regulatory compliance, and advanced safety protocols further escalate operational expenses. The short half-life of many radioisotopes adds logistical challenges, requiring specialized storage and rapid distribution, increasing overall costs.

Market Opportunity

Integration of artificial intelligence in radiopharmaceuticals

The integration of AI in radiopharmaceuticals is revolutionizing drug discovery, development, and clinical applications by enhancing target selection, optimizing imaging accuracy, and streamlining production processes. AI-driven models assist in radiotracer design, accelerating the identification of novel compounds and reducing research time and costs. Moreover, AI-powered image analysis improves diagnostic precision in PET and SPECT scans, aiding early disease detection and treatment planning.

• For instance, A study published in PET Clinics in October 2021 explores the transformative role of AI in the development of diagnostic and therapeutic radiopharmaceuticals. The authors discuss how AI-based in silico computational modeling can expedite the design and optimization of radiopharmaceuticals by predicting molecular interactions, pharmacokinetics, and toxicity profiles.

By enabling faster, cost-effective drug development and improved diagnostic imaging, AI presents a transformative opportunity in the market for radiopharmaceutical.

Regional Insights

North America: Dominant region with 40.2% market share

North America holds the largest share in the global radiopharmaceuticals market, driven by its well-established healthcare infrastructure, significant investments in nuclear medicine research, and the presence of leading pharmaceutical and biotechnology companies. The region benefits from supportive regulatory frameworks that streamline radiopharmaceutical approvals and usage, fostering continuous innovation. Moreover, the high prevalence of chronic diseases, including cancer and cardiovascular disorders, has amplified the demand for advanced diagnostic and therapeutic radiopharmaceuticals.

Asia Pacific: Fastest growing region with the highest market CAGR

Asia-Pacific is projected to witness the fastest CAGR during the forecast period, driven by several key factors. The rising incidence of cancer and cardiovascular diseases has significantly boosted the demand for nuclear medicine applications, leading to increased adoption of radiopharmaceuticals for both diagnostic and therapeutic purposes. Moreover, growing awareness among healthcare professionals and patients regarding the benefits of nuclear medicine is accelerating market growth.

Country Insights

• U.S.- The U.S. leads the radiopharmaceutical market, benefiting from advanced nuclear medicine infrastructure, prominent market players, and continuous innovations. Government funding further drives growth, such as the December 2024 initiative to establish a domestic Mo-99 supply, which is crucial for over 75% of nuclear imaging exams. This move enhances the country's self-sufficiency and positions the U.S. as a global leader in radiopharmaceutical development and application.
• Germany- Germany stands as one of Europe’s largest market for radiopharmaceutical, supported by government initiatives and strategic collaborations. In June 2024, ITM raised $205 million to advance cancer treatment research and established a new facility in partnership with Canada’s Nuclear Laboratories to produce actinium-225. These advancements strengthen Germany’s position in the global radiopharmaceutical industry, highlighting its leadership in nuclear medicine and treatment development.
• China- China has become a key player in the market, propelled by significant investments in nuclear medicine infrastructure, research, and production. As of November 2021, the country has developed over 40 radiopharmaceuticals, with isotopes like Tc-99m, F-18, and I-131 integral to clinical applications. China’s growing capabilities in radiopharmaceutical production, combined with increasing healthcare demand, position it as a global market leader.
• France- In France, the radiopharmaceutical market is expanding through strategic partnerships and heavy investment. In November 2024, Orano Med launched the €250 million Advanced Thorium Extraction Facility project, supported by €22 million in government funding under the "France 2030" plan. This initiative focuses on the production of thorium-228, accelerating the development of innovative biotherapies, particularly for cancer treatment, positioning France as a prominent player in the sector.
• Saudi Arabia- Saudi Arabia’s market for radiopharmaceutical is benefiting from strategic investments in nuclear medicine and healthcare infrastructure under its Vision 2030 plan. The country is making significant strides in the production of medical isotopes and radiopharmaceuticals, boosting its position in global markets. Vision 2030’s focus on healthcare and technological advancements is enhancing the nation’s capabilities, and fostering growth and innovation in radiopharmaceutical services.
• Japan- Japan’s market for radiopharmaceutical is expanding due to its well-established healthcare system, cutting-edge technology, and a long-standing commitment to nuclear medicine research. Known for its pioneering work in medical isotopes for cancer diagnosis and treatment, Japan boasts a strong nuclear engineering sector. Extensive collaboration between academia, research centers, and pharmaceutical companies further strengthens the country’s radiopharmaceutical industry.

Segmentation Analysis

The global radiopharmaceutical market is segmented into radioisotopes type, application, source, and end-user.

By Radioisotopes Type

Technetium-99m dominates the global market due to its widespread use in diagnostic imaging, particularly in SPECT scans for cardiovascular diseases, bone conditions, and cancers. With its optimal half-life of six hours and high gamma emission efficiency, Tc-99m is ideal for clinical applications.

• For example, in February 2024, Kane et al. confirmed its use as an FDA-approved agent for diagnostic imaging in various organs, such as the brain, heart, and lungs. Its versatility and efficiency make it the preferred choice for many medical applications.

By Application

The diagnostics segment holds the largest share of the market due to the vital role it plays in evaluating organ functions and metabolic processes. By attaching radioisotopes to biologically active substances, it allows for non-invasive imaging of blood flow, organ function, and bone growth, minimizing patient radiation exposure.

• For instance, in January 2025, the World Nuclear Association highlighted Tc-99m's application in myocardial perfusion imaging (MPI) for diagnosing coronary artery disease, proving its significance in inefficient, low-radiation imaging techniques.

By Source

Nuclear reactors remain the dominant source in the market, supplying large quantities of critical isotopes like technetium-99m and iodine-131, essential for diagnostics and therapeutic applications. These isotopes are key to medical imaging techniques such as SPECT scans, which are widely used in various medical fields. Nuclear reactors' ability to produce significant quantities of these isotopes efficiently makes them the primary source of the market, ensuring a steady supply for hospitals and medical institutions worldwide.

By End-User

Hospitals are the leading end-users in the market, capturing the largest share due to their crucial role in providing diagnostic and therapeutic services, especially in oncology, cardiology, and neurology. With advanced imaging techniques and targeted treatments requiring specialized radiopharmaceuticals, hospitals are the primary consumers of these products. Their infrastructure, specialized equipment, and dedicated nuclear medicine units allow hospitals to efficiently integrate radiopharmaceuticals into patient care, further solidifying their dominant position in the market.

Company Market Share

Key players in the global radiopharmaceutical industry are increasingly adopting a variety of business strategies to solidify their market position. In addition to strategic collaborations, product approvals, acquisitions, and product launches, companies are also focusing on expanding their research and development (R&D) capabilities to introduce innovative therapies. Many are forging partnerships with academic institutions, healthcare providers, and government agencies to accelerate the development of new radiopharmaceuticals.

Curium: An emerging player in the radiopharmaceutical market

Curium, a U.S.-based leader in nuclear medicine, specializes in the production, development, and distribution of both diagnostic and therapeutic radiopharmaceuticals. With a strong focus on innovation, Curium offers a broad portfolio of radiopharmaceuticals that play a pivotal role in imaging and treating various diseases, including cancer and cardiovascular conditions.

Recent developments by Curium:

• In June 2021, Curium Pharma concluded its acquisition of the Austrian radiopharmaceutical company IASON, thereby strongly expanding its European footprint and strengthening its portfolio of diagnostic solutions.

Recent Developments

• May 2024 – Eli Lilly formed a strategic partnership with Aktis Oncology to advance the discovery and development of next-generation anticancer radiopharmaceuticals. The collaboration seeks to combine Aktis' expertise in targeted radiotherapy technology with Lilly’s extensive oncology research capabilities.
• April 2024 – Telix Pharmaceuticals completed the acquisition of ARTMS Inc., a global leader in cyclotron-based isotope generation technology. This strategic acquisition strengthens Telix's position in the market for radiopharmaceutical by enhancing its control over isotope production and boosting supply chain resilience.

Analyst Opinion

As per our analyst, the global radiopharmaceutical market is set for substantial growth, driven by advancements in molecular imaging and targeted therapies, particularly in oncology, where the demand for precision medicine continues to rise. This growth is further propelled by innovations in diagnostics, personalized medicine, and therapies.

Collaborations and acquisitions among market players, coupled with a growing emphasis on early disease diagnosis and an increasing number of clinical trials, are all contributing to enhanced production levels and the continued expansion of the market. However, the market faces challenges such as the high cost of radiopharmaceutical production, limited availability of isotopes, and regulatory hurdles.

Moreover, the need for specialized infrastructure and skilled professionals presents operational constraints. Despite these challenges, the sector remains resilient, with ongoing research and strategic partnerships expected to drive innovation and maintain the market’s upward trajectory in the near term.