Chicago, Oct. 23, 2025 (GLOBE NEWSWIRE) -- The global radiopharmaceuticals market was valued at US$ 6.8 billion in 2024 and is expected to reach US$ 13.4 billion by 2033, growing at a CAGR of 7.8% during the forecast period 2025–2033.
The radiopharmaceuticals market is experiencing a tidal wave of strategic investment, signaling immense confidence from major industry players. Mega-mergers are rapidly consolidating the landscape as pharmaceutical giants acquire specialized expertise and promising late-stage assets.
- Bristol-Myers Squibb committed to a landmark $4.1 billion acquisition of RayzeBio for its actinium-based pipeline.
- AstraZeneca fortified its position with a $2 billion acquisition of Fusion Pharmaceuticals, while Eli Lilly made a decisive entry through a $1.4 billion deal to acquire Point Biopharma.
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Not to be outdone, radiopharmaceuticals market leader Novartis expanded its formidable portfolio by acquiring Mariana Oncology for $1 billion upfront. The Novartis-Mariana deal also includes a significant $750 million in potential milestone payments, underscoring the perceived value. Further demonstrating the trend, Lantheus Holdings agreed to acquire Evergreen Theragnostics, a deal involving a $250 million upfront payment and up to an additional $752.5 million in performance-based milestones.
Venture capital in the radiopharmaceuticals market is simultaneously fueling a new generation of innovators, enabling emerging companies to accelerate their research and development efforts. In a major 2024 funding round,
- German biotech ITM Radiopharma secured an impressive $205 million to advance its pioneering cancer treatment research.
- AdvanCell completed an oversubscribed Series C financing round, raising a substantial $112 million. Radiopharm Theranostics received commitments from key investors to raise $70 million for its development programs.
- Nucleus RadioPharma successfully closed an oversubscribed Series A funding round of $56 million.
- Radionetics Oncology completed a fundraising effort for $52.5 million to push its pipeline forward.
- Meanwhile, Ratio Therapeutics raised $50 million to finance the launch of clinical trials for its solid tumor candidates
- United Theranostics closed a $15 million senior debt facility to expand its nationwide network, showcasing broad investor enthusiasm across the sector.
Key Findings in Radiopharmaceuticals Market
| Market Forecast (2033) | US$ 13.4 billion |
| CAGR | 7.8% |
| Largest Region (2024) | North America (45%) |
| By Radioisotope | Technetium 99m (42%) |
| By Type | Diagnostic (70%) |
| By Application | Cancer (53%) |
| By End Users | Hospitals and clinics (52%) |
| Top Drivers |
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| Top Trends |
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| Top Challenges |
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Blockbuster Sales and High-Value Licensing Deals Affirm Strong Commercial Viability
The commercial success of products in the radiopharmaceuticals market highlights their immense market demand. Novartis’s Pluvicto generated blockbuster sales of $1.04 billion in just the first nine months of 2024. Meanwhile, Lantheus’s diagnostic imaging agent Pylarify was projected to surpass $1 billion in sales by year-end 2024, emphasizing the importance of both therapeutic and diagnostic radiopharmaceuticals. Additionally, the well-established isotope Technetium-99m remains critical, utilized in over 40 million diagnostic procedures annually, which forms a substantial foundation for future market growth.
High-value licensing and collaboration deals further confirm the long-term commercial promise of these therapies across the global radiopharmaceuticals market. Eli Lilly’s strategic agreement with Aktis Oncology has a potential value of $1.1 billion, signaling confidence in next-generation radiotherapies. In 2024, Sanofi’s $100 million licensing deal with RadioMedix and Orano Med targets innovative neuroendocrine tumor treatments. Eli Lilly initiated its partnership with Aktis with a $60 million upfront payment focused on solid tumor pipelines, while Lantheus’s $3 million licensing deal for two experimental assets from Radiopharm Theranostics reflects ongoing vibrant innovation and collaboration across large and smaller entities.
Aggressive Infrastructure Expansion Prepares Industry for Unprecedented Production Demand Growth
To meet surging demand, companies in the radiopharmaceuticals market are heavily investing in manufacturing and distribution capacity expansions. NorthStar Medical Radioisotopes is constructing a 52,000-square-foot commercial-scale radioisotope production facility, critical for supply chain stability. Ionetix is expanding its Michigan manufacturing site by over 5,000 square feet, adding a second cyclotron with dual target stations to boost isotope output. These enhancements are pivotal for reliable production of existing and novel isotopes powering market growth.
Distribution infrastructures are also ramping to ensure timely patient access to these sensitive therapies. Jubilant Radiopharma runs a national network of 43 SPECT radiopharmacies and 3 PET manufacturing facilities. Novartis activated its fourth global manufacturing site in early 2024 to support Pluvicto’s robust demand. Additionally, Minerva Imaging in Denmark received its first commercial production module for Astatine-211, advancing new alpha-emitter therapies.
A Vibrant and Advancing Clinical Pipeline Signals a Wave of Innovation
The radiopharmaceuticals market’s promising future is backed by a robust clinical development pipeline. By early 2025, 34 active Phase 3 trials were underway to evaluate novel therapies. These late-stage studies, including the RaRe study on bone metastases treatment options, demonstrate a maturing and rapidly evolving field.
Pipeline diversity is notable, with over 30 companies developing theranostic pairs combining diagnostics and therapeutics. The Phase 3 SIERRA trial’s outcome for Acute Myeloid Leukemia, expected in 2025, could revolutionize hematologic cancer treatments. Bristol Myers Squibb’s RYZ101, acquired with RayzeBio, is in advanced trials targeting neuroendocrine tumors. Eli Lilly, strengthened by its acquisition of Point Biopharma, is progressing Lu-177-based candidates through Phase 3 studies, promising impactful new therapies.
Favorable US Regulatory and Reimbursement Changes Pave Way for Radiopharmaceuticals Market Access
The U.S. regulatory environment increasingly favors radiopharmaceutical innovation and market entry. CMS finalized a November 2024 rule adjusting reimbursement for diagnostic agents, instituting a $630 per day cost threshold that encourages the development of advanced imaging products. Starting January 2026, a $10 per dose add-on will be implemented for therapies using domestically produced Technetium-99m, bolstering the supply chain.
The FDA released draft guidance in August 2025 to optimize dosage design in oncology radiopharmaceutical trials, facilitating clearer development pathways for the radiopharmaceuticals market. The Nuclear Regulatory Commission’s August 2024 information notice addressed safety improvements following review of medical events from 2021-2023. Further regulatory clarity is expected with the Office of Inspector General’s update to Advisory Opinion No. 21-13, anticipated in February 2025.
Proactive International Regulatory Actions Secure Global Supply Chains and Patient Access
Globally, regulatory agencies are advancing strategies to stabilize radiopharmaceuticals market supply and access. The European Medicines Agency issued strategic recommendations in April 2025 to address supply chain vulnerabilities. Since 2024, all European Union member states uniformly regulate radiopharmaceuticals, including hospital-prepared products, ensuring consistent quality and safety standards.
Infrastructure projects such as the Netherlands’ PALLAS research reactor under construction are critical for European isotope production. Broader market access is supported by pan-national initiatives like Canada’s Pharma Alliance including Novartis’s Pluvicto in public health plans, expanding patient reach. Collaborative efforts continue under the European Radioisotope Valley Initiative, upgrading production and fostering cross-border cooperation. Expansion plans by companies like Best Cyclotron Systems into Europe and India, plus strategic transatlantic partnerships such as ITM’s joint facility with Canada’s Nuclear Laboratories, underscore vibrant global growth.
Breakthroughs in Isotope Production Technology Unleash Next-Generation Therapeutic Potential
Innovations in isotope production underpin the growth of next-gen alpha and beta therapies in the radiopharmaceuticals market. In 2024, TerraPower secured sufficient Thorium-229 supplies to support commercial-scale Actinium-225 production, enabled by IsoTek’s extraction of over 15 grams of this rare element at Oak Ridge National Laboratory, overcoming prior constraints.
Canada’s Darlington Nuclear Generating Station became the world’s first commercial power reactor to produce Molybdenum-99, a vital diagnostic isotope, marking a milestone in supply reliability. This facility is also preparing to produce Yttrium-90, an essential therapeutic isotope. Kinectrics launched Ytterbium-176 production, precursor to Lutetium-177, and plans to add Gadolinium-160 to its portfolio, enhancing therapy options. Ontario’s $6.8 million funding to McMaster Nuclear Reactor further strengthens domestic isotope production for research and patient care.
Escalating Global Cancer Burden Fundamentally Drives Long-Term Market Expansion
The vast and growing global cancer burden underlies the radiopharmaceuticals market’s expansion. April 2024 data estimates 20 million new cancer cases worldwide occurred in 2022, with 9.7 million deaths attributable to the disease. This glaring unmet need emphasizes demand for precise, targeted therapies like radiopharmaceuticals that deliver radiation directly to cancer cells, minimizing collateral damage.
The cancer challenge intensifies, with projections of 29.9 million new cases and 15.3 million deaths annually by 2040. Cancer now accounts for nearly 1 in every 6 global deaths, driving investments in innovative treatments. Pediatric approvals, such as 2024 FDA’s greenlight for Tovorafenib in low-grade glioma patients as young as six months, indicate widening treatment scope. Longstanding standards like radioactive iodine (I-131) therapy underscore persistent therapeutic roles.
Established Leaders and Agile Newcomers Intensify Therapeutic Oncology Competition
The competitive landscape features pharmaceutical giants and agile newcomers driving innovation. Novartis leads, with two blockbuster therapeutics, Pluvicto and Lutathera, setting high commercial benchmarks. Bayer AG holds a strong position with its alpha-emitter Xofigo, widely used for prostate cancer bone metastases. GE HealthCare reinforced its commitment by acquiring full ownership of Nihon Medi-Physics, a major radiopharmaceutical manufacturer.
Other major players include Cardinal Health, leveraging extensive distribution and product offerings to ensure market reach; Curium Pharma, spanning comprehensive diagnostic and therapeutic products; Telix Pharmaceuticals, rapidly growing with a pipeline of molecularly targeted radiation agents challenging incumbents; and Jubilant Pharmova, contributing to global industry diversity and competitiveness.
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Top Companies in the Radiopharmaceuticals Market
- Bayer AG
- Boehringer Ingelheim International GmbH
- Bracco
- Cardinal Health Inc.
- Curium Pharma
- Eckert & Ziegler
- F. Hoffmann-La Roche Ltd
- GE HealthCare
- GSK plc
- Iso-Tex Diagnostics, Inc
- Jubilant Radiopharma
- Lantheus
- Lilly
- Mallinckrodt
- McKesson Corporation
- Novartis AG
- PharmaLogic
- Siemens Healthineers AG
- Telix Pharmaceuticals Limited
- Other Prominent Players
Market Segmentation Overview
By Type
- Diagnostic
- Therapeutic
By Radioisotope
- Iodine I
- Gallium 68
- Technetium 99m
- Fluorine 18
- Others
By Application
- Cancer
- Cardiology
- Others
By End User
- Hospitals and clinics
- Medical Imaging centers
- Others
By Region
- North America
- The US
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Western Europe
- Asia Pacific
- China
- India
- Japan
- Australia and New Zealand
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- UAE
- Rest of MEA
- South America
- Argentina
- Brazil
- Rest of South America
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