Press Release   -

Radiopharmaceuticals Market Gains Momentum as Nuclear Medicine Innovations Transform Diagnostic and Therapeutic Landscapes

The global radiopharmaceuticals market is poised for substantial growth, driven by expanding applications in diagnostics and therapeutics, rising incidence of chronic diseases (notably oncology and neurological disorders), and increasing adoption of nuclear medicine and theranostics. According to a report by Vantage Market Research (VMR), the market was valued at approximately USD 6.8 billion in 2024 and is projected to reach around USD 19.15 billion by 2035, representing a compound annual growth rate (CAGR) of about 9.95% from 2025 to 2035. This growth trajectory emphasises the increasing importance of radiopharmaceuticals in modern medicine, from imaging to targeted therapy. This press release provides a detailed overview of market trends, segmentation insights, regional dynamics, company strategies, recent developments, and future scope to inform stakeholders across healthcare, diagnostics, pharmaceutical, and investment fields.

Key Takeaways

1. The radiopharmaceuticals market is expected to nearly triple in value from 2024 to 2035, signalling robust growth and expanding commercial opportunity.
2. Growth is underpinned by rising use of PET/SPECT imaging, enhanced accessibility to nuclear diagnostics, increased incidence of cancer and neurological disorders, and growth of targeted radionuclide therapies (theranostics).
3. Diagnostic radiopharmaceuticals continue to hold a larger share due to widespread imaging usage; however, therapeutic radiopharmaceuticals (including alpha & beta emitters) are growing faster in relative terms.
4. North America holds the largest share of the market today, while Asia Pacific is emerging as the fastest-growing region, driven by expanding healthcare infrastructure and unmet need.
5. Leading industry players are actively entering the space via acquisitions, partnerships and pipeline expansion — demonstrating increasing strategic priority for radiopharmaceuticals in the broader healthcare portfolio.

Key Market Trends & Insights

The radiopharmaceuticals market is evolving under several key trends. Firstly, the shift toward precision medicine and theranostics (diagnostics + therapeutic) is elevating radiopharmaceuticals from solely imaging agents to targeted treatment modalities. Research and regulatory approvals of novel alpha- and beta-emitting isotopes (such as lutetium-177, actinium-225) are pushing therapeutic uses. Secondly, increasing prevalence of cancer, neurological disorders and cardiovascular diseases is expanding the addressable patient population for both diagnostic and therapeutic radiopharmaceuticals. Thirdly, investments in isotope production, cyclotron and reactor infrastructure, and improved supply chains are enabling wider adoption. Additionally, improvements in imaging technologies (PET/CT, SPECT/CT) and shorter half-life isotopes are facilitating outpatient and ambulatory use. Lastly, emerging regions are catching up, but regulatory, reimbursement and logistics challenges remain part of the adoption equation.

Market Size & Forecast

As per the VMR report, the global radiopharmaceuticals market size stood at approximately USD 6.8 billion in 2024. It is projected to grow to around USD 19.15 billion by 2035, representing a CAGR of about 9.95% over the period 2025-2035. This projected growth underscores both volume expansion and value escalation as therapeutic radiopharmaceuticals gain traction and new indications are approved.

The radiopharmaceuticals market is moderately concentrated. A handful of large global players (imaging, diagnostics and pharmaceuticals) hold significant share in diagnostic radiopharmaceuticals, isotope supply and global distribution networks. At the same time, therapeutic radiopharmaceuticals segment is more competitive and fragmented, with many biotechnology and radiopharmacy companies developing next-generation isotopes, theranostics and personalised radionuclide therapies. Key characteristics of this market include high regulatory complexity (due to radioactivity, safety, manufacturing, logistics), short-half-life supply chain constraints, need for specialised imaging or therapy infrastructure (cyclotrons, radiopharmacies), and growing requirement for reimbursement pathways for expensive targeted therapies. Additionally, innovation in isotope chemistry, delivery vectors and theranostic pairing are defining drivers of competitive differentiation.

Type Insights

The Radiopharmaceuticals Market by type is segmented into diagnostic and therapeutic radiopharmaceuticals. Diagnostic types such as PET and SPECT tracers dominate due to their growing use in early and accurate disease detection, particularly in oncology and cardiology. Therapeutic radiopharmaceuticals are expanding rapidly with advancements in targeted alpha therapy and personalized medicine. The increasing prevalence of chronic diseases and rising demand for precision diagnostics are driving growth across both segments, supported by continuous product innovation and nuclear medicine advancements.

Application Insights

This segment includes oncology, cardiology, neurology, and others. Oncology remains the leading application segment, propelled by the rising incidence of cancers and the growing use of PET and SPECT scans for tumor detection and treatment monitoring. Cardiology applications are also growing as nuclear imaging enables better diagnosis of cardiovascular disorders. Neurology applications are expanding with advancements in imaging agents for brain disorders such as Alzheimer’s and Parkinson’s diseases, emphasizing radiopharmaceuticals’ role in precision diagnostics and therapy.

Procedural Volume Assessment Insights

The procedural volume assessment segment evaluates the usage of radiopharmaceuticals across diagnostic and therapeutic procedures. Diagnostic procedures, particularly PET and SPECT scans, account for the largest share due to their role in cancer staging and cardiac imaging. Therapeutic procedures are witnessing steady growth, driven by the increasing use of radionuclide therapy in oncology. The global rise in chronic disease prevalence and greater awareness of early detection through nuclear medicine are expected to further increase procedural volumes across healthcare settings.

Source Insights

Based on source, the market is segmented into nuclear reactors, cyclotrons, and others. Cyclotron-produced isotopes dominate due to their short half-life and growing adoption for PET imaging. Reactor-based isotopes remain significant, especially for therapeutic purposes such as molybdenum-99 and iodine-131 production. The shift toward cyclotron-based isotopes is supported by technological innovations and decentralized isotope production facilities, reducing dependence on aging reactors. Investments in nuclear medicine infrastructure and isotope production capacity continue to fuel growth in this segment.

End User Insights

End users include hospitals, diagnostic centers, and academic & research institutions. Hospitals dominate the market due to their advanced imaging infrastructure and integration of nuclear medicine departments. Diagnostic centers are rapidly growing, supported by the rising demand for outpatient imaging services and quicker access to radiopharmaceutical-based diagnostics. Academic and research institutions contribute significantly through innovation in radioisotope development and imaging technologies. The growing focus on personalized medicine and nuclear imaging advancements further enhance radiopharmaceutical demand across these end users.

Regional Insights

North America Radiopharmaceuticals Market Trends

North America leads the radiopharmaceuticals market, supported by advanced nuclear medicine infrastructure, high imaging/therapy uptake, strong oncology care and favourable reimbursement frameworks. VMR identifies North America as the largest region for the radiopharmaceuticals market. Growth is driven by the United States’ adoption of PET/CT, SPECT, cyclotron networks and therapeutic radionuclide programmes. Moreover, US regulatory approval pathways, theranostic programs and high per-capita healthcare spend contribute to premium pricing and high value per dose. For players, North America remains a key value centre, albeit with strong competition, regulatory scrutiny and pricing pressure.

Europe Radiopharmaceuticals Market Trends

Europe represents a mature radiopharmaceutical market with strong imaging infrastructure, nuclear medicine tradition, and regulatory expertise. Growth in Europe is driven by expanding therapeutic radiopharmaceuticals in oncology, patient demand for personalised medicine and improving access in Eastern European markets. However, challenges include regulatory heterogeneity across countries, reimbursement variability and supply-chain constraints for short-half-life isotopes. European players must navigate differing national health systems, dual regulatory regimes and localisation of isotope supply. Nonetheless, Europe remains an critical market for launch, scale and volume for radiopharmaceutical manufacturers.

Asia Pacific Radiopharmaceuticals Market Trends

The Asia Pacific region is projected to be the fastest-growing market for radiopharmaceuticals, driven by rising healthcare investment, growing incidence of cancer and neurological disorders, increasing access to nuclear medicine imaging and therapy, and improving infrastructure in countries such as China, India, Japan and Southeast Asia. According to VMR, Asia Pacific is the fastest region for the radiopharmaceuticals market. Challenges remain in supply-chain, isotope access, regulatory alignment and reimbursement, but the large patient populations and underpenetrated imaging/therapy markets make Asia Pacific a major growth frontier.

Latin America Radiopharmaceuticals Market Trends

Latin America is an emerging region for radiopharmaceutical adoption, supported by increasing private healthcare investment, rising imaging capacity and growing demand for advanced diagnostics and targeted therapies. Growth is moderate but promising, driven by improving access in Brazil, Mexico and regional hubs. Key constraints include reimbursement limitations, regulatory delays, infrastructure gaps and shortage of trained nuclear medicine professionals. For manufacturers, Latin America offers potential via strategic partnerships, localised isotope supply and tailored pricing models to gain foothold in the region.

Middle East & Africa Radiopharmaceuticals Market Trends

The Middle East & Africa region currently represents a smaller share of the global radiopharmaceuticals market but offers long-term growth potential as governments invest in healthcare infrastructure, imaging/therapy centres expand and demand for specialised diagnostics grows. Uptake is driven by GCC countries and South Africa, where nuclear medicine programmes are increasing. However, challenges include limited isotopic supply logistics, regulatory fragmentation, workforce shortages and affordability issues. For entrants, MEA requires custom strategies, local training, partnerships with imaging/therapy centres and supply-chain solutions to capture future value.

Top Key Players Radiopharmaceuticals Market

1. Cardinal Health
2. GE Healthcare
3. Lantheus Medical Imaging
4. Bayer AG
5. Bracco Imaging
6. Nordion
7. Advanced Accelerator Applications
8. NTP Radioisotopes
9. NorthStar Medical Radioisotopes
10. Eckert & Ziegler
11. Braun Melsungen AG
12. Smith+Nephew
13. Zimmer Biomet

These companies are deploying strategies such as M&A, partnerships, pipeline advancement (theranostics, alpha emitters), localisation of isotope supply and extension of imaging/therapy platforms. Their actions and investments will heavily shape competitive dynamics, pricing, access and innovation in the radiopharmaceuticals domain.

Recent Developments

1. In October 2024, Sanofi announced an exclusive licensing and investment agreement with Orano Med (and RadioMedix) to develop next-generation lead-212 (⁽²¹²Pb⁾) based radioligand therapies for rare cancers, establishing a new entity under the Orano Med brand to accelerate discovery and manufacturing of alpha-emitting radiopharmaceuticals.
2. In May 2024, Novartis announced the acquisition of Mariana Oncology (USA) for USD 1 billion upfront (plus up to USD 750 m milestones) to bolster its radiopharmaceutical/theranostic portfolio.

Market Scope

This report covers the global radiopharmaceuticals market for the base year 2024 and provides a forecast through 2035. It encompasses market size, forecast, segmentation by product type (diagnostic vs therapeutic radiopharmaceuticals and radioisotopes/generators), segmentation by application (oncology, neurology, cardiology, others), segmentation by end-use (hospitals, diagnostic imaging centres, therapy centres, research institutes), regional analysis (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), competitive landscape (key companies, strategies, recent developments) and market dynamics (drivers, restraints, opportunities, challenges). The scope is tailored to support radiopharmaceutical manufacturers, isotope producers, imaging & therapy providers, diagnostics companies, healthcare providers, investors and policy stakeholders.

Market Dynamics

Driver:

One of the primary drivers is the growing prevalence of chronic diseases—especially cancer, neurological disorders and cardiovascular diseases—and the increasing demand for precise diagnostics and targeted therapies. As outlined by VMR, rising incidence of diseases and growing nuclear medicine adoption are expected to fuel radiopharmaceuticals market growth.

Restraint:

Key restraints include the high cost of radiopharmaceuticals, short half-lives of isotopes imposing supply chain and logistics constraints, manufacturing and regulatory complexity, and limited reimbursement in many markets. These factors hinder adoption in certain geographies and slow deployment of next-generation therapeutic radiopharmaceuticals.

Opportunity:

Significant opportunities exist in therapeutic radiopharmaceuticals (theranostics), expansion into emerging markets, development of new isotopes (alpha-emitters), and growth in non-oncology indications (neurology, cardiology). Improved isotope supply chain, decentralised radiopharmacy models and supportive regulatory pathways also present expansion possibilities.

Challenges:

Challenges include isotope shortage, complex/expensive production infrastructure (cyclotrons, radiochemistry labs), stringent safety/regulatory requirements for radioactive materials, need for trained personnel, reimbursement uncertainty and competition from alternative diagnostics/therapies. Additionally, ensuring timely delivery of short-half-life agents and avoiding logistical delays remain critical.

Market Segmentation

1. By Product: Diagnostic Radiopharmaceuticals, Therapeutic Radiopharmaceuticals, Radioisotopes & Generators
2. By Application: Diagnostic Applications, SPECT Applications, Cardiology, Bone Scans, Thyroid Applications, Pulmonary Scans, Other SPECT Applications, PET applications, Oncology, Cardiology, Neurology, Other PET applications, Therapeutic Applications, Thyroid Indications, Bone Metastasis, Lymphoma, Endocrine Tumors, Other Indications
3. By Procedural Volume Assessment: Diagnostic Procedures, Therapeutic Procedures, Source
4. By Source: Nuclear Reactors, Cyclotrons
5. By End User: Hospitals, Ambulatory Surgical Centers, Diagnostic Centers, Cancer Research Institutes, Others
6. By Region: North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Frequently Asked Questions

1. What was the size of the global radiopharmaceuticals market in 2024?

USD 6.8 billion.

1. What is the projected market size by 2035 and what is the CAGR from 2025-2035?

The market is projected to reach around USD 19.15 billion by 2035, with a CAGR of 9.95%.

1. Which region currently holds the largest market share for radiopharmaceuticals?

North America holds the largest share, supported by strong nuclear medicine infrastructure, imaging/therapy adoption and supply-chain maturity.

1. Which application segment dominates the radiopharmaceuticals market?

The oncology application segment dominates, due to high volume in imaging and therapeutic radiopharmaceuticals for cancer detection and treatment.

1. Who are some of the leading companies in the radiopharmaceuticals market?

Key companies include Novartis AG, Bayer AG, GE Healthcare, Telix Pharmaceuticals, Lantheus Holdings Inc. and ITM Isotopen Technologien München AG.