Radiopharmaceuticals Market Set to Reach USD 14.44 Billion by 2034

The global radiopharmaceuticals market continues its upward trajectory, valued at USD 6.74 billion in 2024, and projected to grow to USD 7.51 billion in 2025. By 2034, the market is expected to nearly double to USD 14.44 billion, expanding at a CAGR of 7.53% from 2025 to 2034. This rapid expansion is being driven by technological advancements, increasing chronic disease prevalence, and the growing role of personalized medicine.

Key Market Takeaways

• North America held the largest share in 2024, accounting for 43.95% of global revenue.
• Asia-Pacific is anticipated to register the fastest CAGR through 2034.
• The therapeutic radiopharmaceuticals segment is set to grow at the fastest rate during the forecast period.
• Hospitals and clinics dominated the end-user landscape in 2024.
• By source, Technetium-99m led in 2024, while Gallium-68 is projected to exhibit the highest growth from 2025 to 2034.

The Role of AI in Radiopharmaceuticals

Artificial Intelligence (AI) is revolutionizing the development and application of radiopharmaceuticals. From drug discovery using in silico modeling to precision imaging and personalized dose calculation, AI enhances both diagnostic accuracy and therapeutic effectiveness.

AI’s impact includes

• Advanced PET/SPECT image reconstruction and lesion detection
• Personalized treatment planning via imaging data analytics
• Improved decision-support tools for therapy suitability and monitoring

As theranostics gain prominence, AI will play an increasingly critical role in creating integrated diagnostic-therapeutic solutions.

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Regional Insights

North America

Valued at USD 2.43 billion in 2024, the U.S. radiopharmaceuticals market is projected to reach USD 5.13 billion by 2034. The region’s growth is fueled by:

• Advanced healthcare infrastructure

• High R&D investment

• Regulatory and reimbursement support

• Strong presence of key market players

Asia-Pacific

This region is the fastest-growing market, driven by:

• Aging population and chronic disease burden

• Expanding access to nuclear medicine

• Growing R&D and favorable regulations

• Rising demand for advanced diagnostic imaging

Market Scope

Market Dynamics

Drivers

1. Personalized Medicine

Radiopharmaceuticals align perfectly with personalized treatment paradigms, allowing clinicians to target specific biomarkers for enhanced treatment accuracy, minimized side effects, and improved outcomes. The synergy between genetic profiling and targeted radioisotopes is reshaping clinical strategies.

2. Rising Chronic Disease Prevalence

Increasing incidence of cancer, cardiovascular, and neurological disorders is accelerating demand for accurate diagnostics and targeted therapies, particularly in aging populations.

Market Restraints

• Stringent regulatory environments slow product development and approval.

• Reimbursement inconsistencies globally create adoption barriers.

• Logistical challenges due to the short half-life of many radioisotopes require efficient supply chains and infrastructure.

• High setup costs limit market entry for smaller firms.

Market Opportunities

Neurological Applications

As cases of Alzheimer’s, Parkinson’s, and other neurological conditions rise, radiopharmaceuticals are proving essential in both diagnostics and R&D for novel therapies. Their increasing use in PET imaging for neurodegenerative diseases offers significant untapped potential.

Segment Insights

By Radioisotope

Technetium-99m remains the market leader due to its versatility, safety, and widespread diagnostic application. Meanwhile, Gallium-68 is rapidly gaining traction in PET imaging, particularly for oncology and neurology.

By Application

Cancer remains the dominant application, but cardiology is the fastest-growing segment, driven by improved cardiac imaging techniques and a high global disease burden.

By Type

Therapeutic radiopharmaceuticals are gaining momentum thanks to targeted radionuclide therapy, especially in oncology. However, diagnostic radiopharmaceuticals continue to dominate in imaging applications.

By End User

Hospitals and clinics remain the primary users, but imaging centers are set to grow faster due to rising demand for outpatient diagnostics and theranostics.

Recent Developments

• February 2025: Eli Lilly announced a collaboration with AdvanCell to develop lead-212-based radiopharmaceutical therapies targeting hard-to-treat cancers.

• January 2025: Novartis acquired Mariana Oncology for $1 billion, expanding its radiopharmaceutical pipeline and reinforcing its position in precision oncology.

Leading Companies

• Bayer AG

• Iso-Tex Diagnostics

• Jubilant Pharmova Limited

• Novartis AG

• GE Healthcare

• Lantheus Holdings

• Eli Lilly and Company

• Curium Pharma

• Siemens AG

• Cardinal Health

Market Segmentation

By Radioisotope:
Iodine I, Gallium-68, Technetium-99m, Fluorine-18, Others

By Application:
Cancer, Cardiology, Others

By Type:
Diagnostic, Therapeutic

By End User:
Hospitals and Clinics, Imaging Centers, Others

By Region:
North America, Europe, Asia-Pacific, Latin America, Middle East & Africa