Report: Radiopharmaceutical Market Expected to Reach $26.51 Billion by 2031

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A new report by the Insight Partners projects that by 2031, the radiopharmaceutical market is expected to reach $26.51 billion, increasing from $9.07 billion in 2023 at a compound annual growth rate (CAGR) of 14.4%. According to the report, the increase will be driven by a growing number of chronic diseases such as cancer and Alzheimer disease.

The trend is particularly notable in developing countries where these diseases are becoming more common. In developed countries, advancements in technology and increasing healthcare expenditures are driving market expansion.¹

“Many medical market players focus on emerging countries in Asia, South America, and Africa due to a rise in the prevalence of various diseases in these regions. The medical field in India is growing rapidly, and it has undergone several significant changes over the last few decades. The modernization of residential, corporate, and commercial facilities is leading to a reduction in physical activities, while stress levels are continuously on the rise due to factors related to livelihood,” reported Insight Partners, in a press release

In recent years, radiopharmaceuticals have been used more frequently in diagnosing neurological and neurodegenerative disorders and musculoskeletal conditions, with radioisotope cell labeling demonstrating promise in tracking cells and investigating biodistribution. As a result, this is supporting the increase of the radiopharmaceutical market as well, according to the report.

Other trends that are expected to support this growth are the emergence of a combination of diagnostics and therapy, called theragnostics, and the increasing use of artificial intelligence in drug development and personalized medicine.¹

According to BioSpace, North America accounted for 44% of the total revenue for radiopharmaceuticals in 2022, the highest globally. North America was supported by the region’s well-established regulatory environment, advantageous reimbursement systems, and substantial concentration of top pharmaceutical and radiopharmaceutical companies. Despite the Asia-Pacific region only accounting for 22%, it was expected to experience the fastest growth rate due to a large aging population with chronic illnesses, resulting in the greater use of radiopharmaceuticals for both diagnostic and therapeutic applications.²

According to statistics from the World Nuclear Association, more than 50 million nuclear medicine procedures are performed annually, further demonstrating an increased need for radioisotopes. Around 10,000 hospitals globally rely on radioisotopes, including 90% of diagnostic procedures. Currently, radioligand therapies are used in a small number of cancers and are expected to treat more forms of cancer as times goes on.³

A previous report by Precedence Research indicated that by 2033, the market will increase to $13.67 billion, up from $6.74 billion this year, with a CAGR of 8.2%. As with 2022, North America once again led the globe in radiopharmaceuticals with 43.96% in 2023. During this period, the Asia-Pacific market is estimated to increase by 8.7% Additionally, the technetium-99m segment of radioisotopes and the Gallium-68 segment is projected to expand at a CAGR of 8.7% during the forecast period.⁴

“Growth and invention within the radiopharmaceutical market are primarily due to rising technological developments, increasing need for targeted treatment, and surging applications of personalized medicines. The landscape changes with the growing dynamics of innovative radioisotopes and artificial intelligence, which are bound to revolutionize the management of diseases through diagnosis and treatment. Continuous research and development activities provide hope beyond the current paradigms of radiopharmaceuticals. In addition, expansion into new regions and the focus on sustainability will help improve the availability of radiopharmaceuticals,” concluded Insight Partners, in the press release.

References

1. Radiopharmaceuticals Market Size To Reach $26.51 Billion By 2031 | CAGR 14.4%: The Insight Partner. PR Newswire. October 24, 2024. Accessed October 25, 2024. https://www.prnewswire.com/news-releases/radiopharmaceuticals-market-size-to-reach-26-51-billion-by-2031--cagr-14-4-the-insight-partner-302285981.html

2. Radiopharmaceuticals Market Size to Surpass USD 13.67 Bn by 2032. BioSpace. November 10, 2023. Accessed October 25, 2024. https://www.biospace.com/radiopharmaceuticals-market-size-to-surpass-usd-13-67-bn-by-2032#:~:text=2023%20to%202032.-,The%20global%20radiopharmaceuticals%20market%20size%20is%20projected%20to%20surpass%20around,dynamics%2C%20and%20potential%20future%20growth.

3. Radiopharmaceutical Industry Outlook: Growth Trends and Future Prospects. BioSpace. June 25, 2024. Accessed October 25, 2024. https://www.biospace.com/radiopharmaceutical-industry-outlook-growth-trends-and-future-prospects#:~:text=The%20widespread%20use%20of%20nuclear,with%202%20million%20being%20therapeutic.

4. Radiopharmaceuticals Market Size to Achieve USD 13.67 Billion by 2033. GlobeNewswire. September 12, 2024. Accessed October 25, 2024. https://www.globenewswire.com/news-release/2024/09/12/2945383/0/en/Radiopharmaceuticals-Market-Size-to-Achieve-USD-13-67-Billion-by-2033.html