Radiotheranostics Market Size, Share & Trends Analysis Report By Radioisotope (Iodine-131, Iodine-123, Gallium-68, Lutetium-177, 18F with Y-90), By Approach, By Application (Oncology, Non-oncology), By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global radiotheranostics market size was valued at USD 7.51 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 13.49% from 2023 to 2030. The increasing scope of nuclear medicine in management of wide range of chronic disorders and a surging trend for precision medicine are anticipated to drive global radiotheranostics market. In addition, an increasing demand for radiotheranostics with biological activity to target specific disorder and monitor outcomes of the ongoing treatment is positively impacting the global market. However, short half-life of radioisotopes and high treatment cost are likely to impede market growth. The increasing prevalence of cancer is positively influencing the global radiotheranostics market. According to the American Cancer Society, the U.S. reported 1.9 million new cancer cases with 609,360 deaths. The increasing prevalence of cancer has created a robust demand for nuclear medicine and so for radiotheranostics as nuclear medicine has a significant role in disease diagnosis and treatment.

Growing trend of personalized medicine in cancer management is a vital factor fueling market growth. Also, advances understanding cancer biology, advances in diagnostics, and expansion of therapeutic options have all contributed to the concept of personalized medicine in cancer management. Moreover, favorable regulatory framework and rising research activities in radiotheranostics are anticipated to provide momentum to the global market. For instance, in June 2022, the SNMMI announced an initiative to raise USD 100 million to support and strengthen research in molecular imaging, nuclear medicine and therapy.

Moreover, radiotheranostics has gained traction in recent years owing to its efficient disease management ability and positive patient outcomes. Also, an introduction radiotheranostic approach has boosted the outcomes of radiotherapy, immunotherapy and chemotherapy. Thus, owing to higher traction of radiotheranostics, various organizations have opened their own theranostic centers. For instance, in April 2022, the Jules Bordet Institute inaugurated its “Radiotheranostic Centre of Excellence” in its nuclear medicine department. In addition, in November 2021, M Health Fairview opened its all-new 5 bed theranostic unit to facilitate cancer care.

Furthermore, rising efforts from pharmaceutical companies to develop newer radiotheranostics with longer half-life and better treatment outcomes is likely to create new avenues for the market. For instance, in April 2022 ITM announced a successful completion of patient recruitment for its phase III trial, COMPETE, with lead Targeted Radionuclide Therapy candidate, ITM-11. Moreover, in March 2022, Novartis announced that the U.S. FDA approved Pluvicto (Lu177) for treating adults with certain types of metastatic cancers.

Radioisotope Insights

The Lutetium-177 segment held the revenue share of 40.91% in 2022 and is anticipated to expand at a lucrative rate during the projected period. The growth of Lutetium-177 segment is driven by the rising availability and adoption of LU-177 product in the market. In addition, Lu-177 has a longer half-life as compare other therapeutic isotopes, which allows for a longer duration of treatment and potentially better outcomes for patients. For instance, according to Springer L-177 has a physical half-life of 6.7 days. Moreover, recent product approvals and new launches are further escalated segment expansion. For instance, in December 2022 Novartis received an EC approval for Pluvicto as a targeted radioligand therapy for management of prostate cancer.

The Gallium-68 segment is anticipated to capture a high revenue share for the market. Advancements in imaging technology, growing trend for precision diagnostics and personalized medicine has driven segment to a significant extent. For instance, Ga-68-based radiopharmaceuticals can be customized to target specific receptors on cancer cells, allowing for more personalized and effective treatment options. Some of the recently approved Ga-68 products include Illucix and Locametz.

Approach Insights

The targeted therapeutic segment expected to expand at a CAGR of 20.70% over the forecast period. The segment growth is accounted to the presence of robust investigation pipeline coupled with rising significance of radiotheranostics in cancer treatment. In addition, growing trend for nuclear medicine, recent commercialization of therapeutic products, and rising efforts from pharmaceutical companies to strengthen their supply chain are further accelerating segment uptake. For instance, in April 2023, Radiopharm Theranostics signed an agreement with TerThera for the supply of Terbium-161.

Presence of large patient base, availability of advanced imaging techniques such as PET, SPECT, and growing adoption of diagnostic isotopes in imaging modalities are driving targeted diagnostic segment. According to the World Nuclear Association Analysis 2021, the demand for radioisotopes rising by around 5% each year and around 40 million nuclear medicine procedures are performed annually. Thus, an increase in demand for radioisotopes in diagnostic modalities is pushing segment uptake.

Application Insights

The oncology segment dominated the market in 2022 with a share of 72.93%. This high share can be attributed to the high availability of oncology radiotheranostics products in space. In addition, evolving demand for developing advanced imaging tools and therapeutics solutions, recent product approvals, and anticipated product launches are expected to drive segment growth. Some of the oncology theranostics include, Pluvicto, LUTATHERA, AZEDRA, and others. The higher preference by healthcare professionals to nuclear medicine has escalated the performance of oncology radiotheranostic agents.

Moreover, increasing investment in research of novel nuclear medicine for oncology diseases is projected to contribute industry expansion. For instance, in September 2022 ITM Isotope Technologies started phase III trial of 177lu-edotreotide to evaluate the viability of the product for managing patients with neuroendocrine tumors.

The non-oncology segment is likely to grow fast during the coming years. Disease such as neurological conditions, arthritis is on the rise in recent years, so managing such conditions is creating a huge opportunity for precision diagnostic and imaging solutions. For instance, Life Molecular Imaging developed Neuraceq- a radioactive tracer to be used during PET scan of neurological conditions such as Alzheimer’s disease.

Regional Insights

North America held the largest revenue share of 45.40% in 2022 and is anticipated to capture highest revenue share in the forecast period. Rising adoption of efficient imaging technologies coupled with rising inclination towards precision medicine and robust demand for therapeutic radiopharmaceuticals are the factors driving North America radiotheranostics market. In addition, presence of large number of market players and various strategic initiatives undertaken by them is further pushing the industry in the region. For instance, in March 2023 Ratio Therapeutics Inc. announced licensing of a targeted agent used for PET imaging from Merck.

Asia Pacific is likely to exhibit a lucrative CAGR throughout the forecast period. High prevalence of cancer in the region and increasing investment in nuclear medicine space are the key factors supporting regional market growth. For instance, in March 2021 Global Medical Solutions, Ltd and BWXT Medical Ltd. announced a joint venture to produce and distribute radiopharmaceuticals and radioisotopes in the APAC region. Furthermore, an increase in procedural volumes for nuclear imaging in the region is further escalating market uptake in APAC.

Key Companies & Market Share Insights

Key players are adopting strategies such as new product development, merger and acquisition, and partnership to increase their market share. Market players such as Novartis AG, Bayer AG, Life Molecular Imaging, and others dominated the global radiotheranostics market. These key players have been developing advanced product portfolio to meet global demand. In addition, they have been introducing various innovations in the market and expanding their product portfolios to stay competitive in the market. For instance, in March 2023 Radiopharm Theranostics signed an agreement to acquire Pharma15 Corporation to strengthen its therapeutic radiopharmaceuticals capabilities. Some of the prominent players in the global radiotheranostics market include:

• Novartis AG

• Bayer AG

• Progenics Pharmaceuticals, Inc.( Lantheus)

• Telix Pharmaceuticals Limited.

• ITM Radiopharma

• Life Molecular Imaging. 

• RadioMedix

• IsoTherapeutics Group, LLC

• Q BioMed Inc.

• Nordic Nanovector ASA

Radiotheranostics Market Report Scope

Global Radiotheranostics Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this report, Grand View Research has segmented the global radiotheranostics market report on the basis of radioisotope, application, approach, and region:

• Radioisotope Outlook (Revenue, USD Million, 2018 - 2030)

  • Iodine-131

  • Iodine-123

  • Gallium-68

  • Lutetium-177

  • 18F with Y-90

  • Others

• Approach Outlook (Revenue, USD Million, 2018 - 2030)

  • Targeted Therapeutic

  • Targeted Diagnostic

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Oncology

    • Thyroid Cancer

    • Neuroendocrine Tumor

    • Hepatocellular Carcinoma

    • Prostate Cancer

    • Others

  • Non-oncology

    • Neurological Disorders

    • Arthritis

    • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • Japan

    • China

    • India

    • South Korea

    • Australia

    • Thailand

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait