Radiopharmaceuticals Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Diagnostic Radiopharmaceuticals, Therapeutic Radiopharmaceuticals), By Source (Nuclear Reactors and Cyclotrons), By End user (Hospitals & Clinics, Diagnostics imaging centre, Others), By Region and Competition, 2021-2031F

Forecast Period	2027-2031
Market Size (2025)	USD 6.12 Billion
CAGR (2026-2031)	5.25%
Fastest Growing Segment	Diagnostic Radiopharmaceuticals
Largest Market	North America
Market Size (2031)	USD 8.32 Billion

Market Overview

The Global Radiopharmaceuticals Market will grow from USD 6.12 Billion in 2025 to USD 8.32 Billion by 2031 at a 5.25% CAGR. Radiopharmaceuticals are medicinal formulations comprising radioactive isotopes and pharmaceutical agents used for diagnostic imaging and targeted therapeutic interventions. The market is primarily supported by the escalating global prevalence of chronic conditions such as oncology and cardiovascular disorders which necessitates high precision diagnostic tools. Furthermore, the aging global population ensures a sustained demand for nuclear medicine procedures as elderly patients require more frequent medical monitoring and intervention. According to the World Nuclear Association, in 2025, over 50 million nuclear medicine procedures are performed annually worldwide which underscores the critical integration of these products into modern healthcare systems.

However, the market faces a significant impediment regarding the intricate logistics required for product distribution. The rapid radioactive decay of many clinically essential isotopes mandates a strictly timed supply chain since even minor transportation delays can result in product expiration and waste. This logistical fragility is further exacerbated by a reliance on a limited number of nuclear reactors for isotope production which creates severe supply vulnerabilities and restricts the broader accessibility of these essential treatments in emerging markets.

Key Market Drivers

The rapid expansion of targeted radionuclide therapy adoption is fundamentally reshaping the global market, shifting the sector’s focus from purely diagnostic imaging to precision therapeutic interventions. Unlike traditional external beam radiation, these systemic treatments utilize specific biomarkers to deliver radioactive payloads directly to tumor cells, thereby maximizing efficacy while preserving healthy tissue. The commercial scalability of this modality is evidenced by the substantial revenue growth of approved agents. According to BioSpace, October 2024, in the 'Novartis Gets Q3 Beat on Strong Cosentyx Sales, But Pluvicto Disappoints' article, the prostate cancer therapy Pluvicto generated $386 million in sales during the third quarter of 2024 alone, representing a 50% year-over-year increase. This uptake demonstrates the clinical value of theranostics and validates the transition towards personalized nuclear medicine in oncology.

Simultaneously, a surge in government funding and private investment in nuclear medicine is resolving historical supply chain constraints and fueling innovation. Major pharmaceutical entities are actively acquiring specialized biotechnology firms to secure proprietary radioisotope manufacturing capabilities and expand their oncology pipelines. According to Pharmaceutical Technology, February 2024, in the 'Bristol Myers Squibb acquires RayzeBio for $4.1bn' article, Bristol Myers Squibb completed the acquisition of RayzeBio for approximately $4.1 billion to gain access to its actinium-based radiopharmaceutical platform. This trend of strategic consolidation is further establishing the sector's long-term financial viability; according to AstraZeneca, in 2024, the company completed its acquisition of Fusion Pharmaceuticals for approximately $2.4 billion, reinforcing the industry-wide commitment to scaling next-generation radioconjugates.

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Key Market Challenges

The "Global Radiopharmaceuticals Market" faces a substantial barrier to growth driven by the intricate logistics required for product distribution and the inherent instability of its supply chain. Since radiopharmaceuticals contain isotopes with short half-lives, they decay rapidly and cannot be stockpiled, necessitating a strictly synchronized "just-in-time" delivery model. This constraint means that even minor transportation delays inevitably lead to product expiration and financial wastage, directly reducing the volume of treatable patients and curbing revenue potential. Consequently, healthcare facilities in regions with less developed logistical infrastructure often struggle to access these essential diagnostics and therapies, severely limiting the market’s geographical expansion.

This fragility is compounded by the market’s heavy reliance on a small number of nuclear reactors, where a single operational disruption can trigger a global crisis. According to Nuclear Medicine Europe, in 2024, unexpected delays in the restart of a major production reactor resulted in supply shortages of critical medical isotopes ranging from 50% to 100% across various global regions. Such severe supply interruptions force hospitals to cancel or postpone procedures, undermining confidence in nuclear medicine and hampering the overall trajectory of the industry.

Key Market Trends

The Commercialization of Novel Radioisotopes is expanding the sector's diagnostic capabilities, moving beyond legacy agents like Gallium-68 to next-generation options such as Copper-64 which offer superior imaging characteristics and logistical advantages. These novel isotopes provide extended half-lives that facilitate centralized manufacturing and broader geographic distribution, effectively overcoming the supply chain constraints inherent to shorter-lived tracers. Highlighting the significant economic opportunity for these advanced diagnostics, according to Clarity Pharmaceuticals, January 2025, in the 'Clarity receives U.S. FDA Fast Track Designation for Cu-64 SAR-bisPSMA' article, the current market for first-generation diagnostic PSMA PET imaging is valued at approximately $2 billion in the U.S. alone, positioning copper-based alternatives to capture substantial market share by improving clinical scheduling flexibility.

Concurrently, the Development of Fibroblast Activation Protein (FAP) Inhibitors is establishing a new paradigm in oncology by targeting the tumor microenvironment rather than the malignant cells directly. This mechanism allows for the pan-cancer imaging and treatment of various epithelial tumors, addressing the limitations of antigen-specific radioligands that are restricted to single indications. Validating the industrial commitment to scaling this promising modality, according to Contract Pharma, May 2025, in the 'Ratio Therapeutics to Build a Radiopharmaceutical Manufacturing Facility in Utah' article, Ratio Therapeutics announced an agreement to construct a 65,000 square foot facility dedicated to the vertical integration and commercial production of its FAP-targeted pipeline. This infrastructure investment underscores the rapid transition of FAP inhibitors from experimental research to scalable clinical solutions.

Segmental Insights

The Diagnostic Radiopharmaceuticals segment represents the fastest-growing category within the Global Radiopharmaceuticals Market, driven by the escalating global burden of chronic diseases such as cancer and cardiovascular disorders. This surge is underpinned by the critical need for early disease detection and the industry-wide transition toward precision medicine. Advancements in molecular imaging technologies, specifically PET and SPECT, have improved diagnostic accuracy, prompting widespread clinical adoption. Additionally, continued authorizations of novel tracers by regulatory bodies like the U.S. Food and Drug Administration (FDA) support this expansion, ensuring that healthcare providers have access to effective tools for patient management.

Regional Insights

North America maintains a dominant position in the global radiopharmaceuticals market due to the widespread adoption of nuclear medicine for both diagnostic and therapeutic applications. This leadership is largely driven by a well-established healthcare infrastructure and substantial investment in research and development. The active role of the U.S. Food and Drug Administration (FDA) in streamlining the approval process for new radiotracers further supports market expansion. Additionally, the high prevalence of chronic conditions, particularly in oncology and cardiology, ensures a consistent demand for nuclear imaging and therapy across the region.

Recent Developments

• In October 2024, Sanofi announced a major collaboration with Orano Med to accelerate the development of next-generation radioligand medicines. The pharmaceutical company agreed to make an equity investment of approximately €300 million into a newly formed entity dedicated to advancing therapies based on the alpha-emitting isotope lead-212. This partnership aimed to combine the partner's expertise in rare nuclear isotopes with the company's global development and commercialization resources. The joint venture focused on progressing a pipeline of targeted alpha therapies, including a late-stage candidate for neuroendocrine tumors, thereby reinforcing the company's strategic entry into the high-growth global radiopharmaceuticals market.
• In July 2024, Eli Lilly significantly expanded its footprint in the radiopharmaceuticals landscape by establishing a strategic partnership with Radionetics Oncology. The agreement involved a $140 million upfront payment, granting the company the exclusive option to acquire the biotechnology firm for $1 billion following a specified exercise period. This collaboration provided access to a novel pipeline of small-molecule radioligands targeting G protein-coupled receptors, which are highly expressed in various solid tumors. The deal highlighted the company’s strategy to leverage external innovation and broaden its portfolio of precision medicines in the competitive global radiopharmaceuticals market.
• In April 2024, Novartis achieved a significant regulatory breakthrough when the FDA approved its radioligand therapy, Lutathera, for pediatric patients aged 12 and older with somatostatin receptor-positive gastroenteropancreatic neuroendocrine tumors. This authorization represented the first time a radiopharmaceutical was approved specifically for this rare pediatric indication, expanding the product's commercial scope beyond the adult market. The approval was supported by positive results from the NETTER-P study, which evaluated the safety and dosimetry of the treatment. This launch demonstrated the company's continued leadership in researching and commercializing targeted radioligand therapies for diverse patient demographics.
• In March 2024, AstraZeneca entered into a definitive agreement to acquire Fusion Pharmaceuticals, a clinical-stage company specializing in next-generation radioconjugates. This strategic acquisition, valued at approximately $2 billion upfront, included contingent value rights that could increase the total transaction size to $2.4 billion. The deal was designed to strengthen the company’s oncology pipeline by integrating a proprietary Targeted Alpha Therapies platform and a lead program targeting metastatic castration-resistant prostate cancer. This collaboration underscored the biopharmaceutical sector's increasing focus on securing advanced manufacturing capabilities and supply chains for actinium-based radiopharmaceuticals within the global market.

Key Market Players

• PharmaLogic Holdings LLC
• Jubilant Radiopharma
• China Isotope & Radiation Corporation
• Siemens Healthineers AG
• SHINE Technologies, LLC
• Ion Beam Applications SA
• Global Medical Solutions
• BWX Technologies. Inc
• Coquí Radio Pharmaceuticals Corp.
• Evergreen Theragnostics, Inc.

By Type	By Source	By End user	By Region
Diagnostic Radiopharmaceuticals Therapeutic Radiopharmaceuticals	Nuclear Reactors and Cyclotrons	Hospitals & Clinics Diagnostics imaging centre Others	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Radiopharmaceuticals Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Radiopharmaceuticals Market, By Type:

• Diagnostic Radiopharmaceuticals
• Therapeutic Radiopharmaceuticals

• Radiopharmaceuticals Market, By Source:

• Nuclear Reactors and Cyclotrons

• Radiopharmaceuticals Market, By End user:

• Hospitals & Clinics
• Diagnostics imaging centre
• Others

• Radiopharmaceuticals Market, By Region:

• North America
• United States
• Canada
• Mexico
• Europe
• France
• United Kingdom
• Italy
• Germany
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE