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The international radiopharmaceuticals market is expected to reach $13.67 billion by 2032, with a compound annual growth rate of 10.2% from 2023, according to a recent report by Precedence Research, a global insights provider of the market.
The market where Pluvicto and Lutathera from Novartis (NYSE:NVS) (OTCPK:NVSEF) are among some of the best-known radiopharmaceuticals that, according to Precedence, reached $5.7 billion in 2023, up from about $3.9 billion in 2017.
Its report coincided with a flurry of deal-making activity in the radiopharmaceutical sector in recent months. In December, Eli Lilly (NYSE: LLY) acquired Point Biopharma Global (PNT), a biotech focused on radioligand therapies, for $1.4 billion.
Shortly before, Bristol Myers Squibb (NYSE:BMY) offered $4.1 billion to acquire radiopharmaceutical company RayzeBio (RYZB) in a deal expected to close in the first half of 2024. BMY rejected two other significant offers from rivals in its bid for the newly listed biotech stock exchange, according to RayzeBio’s (RYZB) prosecutor’s office statement.
In May 2023, Bayer (OTCPK:BAYRY) partnered with Bicycle Therapeutics (BCYC) to develop a new class of cancer radiopharmaceuticals.
More than 50 radiopharmaceuticals are currently available on the market and many more are in clinical trials, most designed to treat cancer.
In the case of radiopharmaceuticals containing radioactive elements, the growth of the radiopharmaceutical market mainly depends on government funding and its support for nuclear medicine research and studies.
However, speed and accuracy are critical and expose the industry to potential supply-side problems, including the timely availability of radioactive elements as radioactive compounds decay within days.
With the use of radiopharmaceuticals as treatments and diagnostics, particularly in oncology, the increasing prevalence of cancer and aging population are among the factors conducive to market growth.
The diagnostics sector was expected to hold the largest market share of 67% in the radiopharmaceuticals space in 2022. However, the therapeutic products segment is expected to grow at the fastest pace over the forecast period amid rising global prevalence of cancer and chronic diseases.
In terms of medical applications, cancer accounted for over 53% of radiopharmaceuticals revenues in 2022. However, cardiology is expected to experience the fastest growth over the forecast period due to the use of radiopharmaceuticals in diagnostics.
Against this backdrop, North America contributed the highest revenue share in the radiopharmaceutical sector in 2022, generating 44% of global revenues, driven by factors such as supportive regulatory frameworks, technological advancements and high prevalence of chronic diseases.
However, Asia Pacific is expected to generate the fastest growth over the forecast period due to the region’s aging population, rapidly evolving regulatory environment and improving healthcare infrastructure.
Other players in the radiopharmaceuticals market include Lantheus (LNTH), Perspective Therapeutics (CATX), PeptiDream (OTCPK:PPTDF), Telix Pharma (OTCPK:TLPPF), Actinium Pharma (ATNM), Fusion Pharma (FUSN) and its partner AstraZeneca (NASDAQ:AZN), CASI Pharma (CASI), Radiopharm Theranostics (OTCPK:RDPTF), Cellectar Bio (CLRB), Clovis Oncology (CRDF) and QSAM Bio (OTCQB:QSAM).