The oncology radiopharmaceuticals market includes radiopharmaceutical products that are used for both diagnostic and therapeutic applications in oncology. Radiopharmaceuticals play a vital role in cancer detection at an early stage by using PET and SPECT scans. These drugs can also effectively treat certain types of cancers by delivering radiation directly to the tumor sites. Some of the common radiopharmaceutical drugs used in oncology are fluorodeoxyglucose (FDG), lutetium Lu 177 dotatate, iodine I 131 and yttrium Y 90 ibritumomab tiuxetan.

The Global oncology radiopharmaceuticals Market is estimated to be valued at US$ 8468.36 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in The Oncology Radiopharmaceuticals are Accord Healthcare Inc., Viatris Inc., Sandoz Inc., Sun Pharmaceutical Industries Inc., Vintage Pharmaceuticals Inc., Zydus Pharmaceuticals USA Inc., Watson laboratories Inc., Torrent Pharmaceuticals Ltd., Dr Reddy's Laboratories Ltd., Unichem Laboratories Ltd., Apotex Inc. and Intas Pharmaceuticals Ltd. As per estimations, approximately 1.8 million new cancer cases are diagnosed in the US annually. Rising prevalence of various cancers including lung cancer, breast cancer, prostate cancer, and colorectal cancer is fueling the demand for accurate diagnostic procedures and effective treatment options.

Major companies are focusing on expanding their geographic presence into emerging markets of Asia Pacific, Latin America, and Middle East & Africa. For instance, RadioMedix and Curium entered into a partnership deal in 2022 to offer diagnostic radiopharmaceuticals in over 35 countries across South America, Africa, and Asia. Strategic collaborations between key stakeholders are also helping to increase the availability of novel oncology radiopharmaceuticals.

Market Drivers

Increasing incidences of various cancers around the world owing to lifestyle changes, environmental pollution, and other factors is a major driver for the oncology radiopharmaceuticals market. According to WHO estimates, global cancer burden is expected to rise by around 70% in the next 20 years. Radiopharmaceuticals plays a crucial role in staging, restaging and monitoring of cancer through non-invasive diagnostic imaging techniques such as PET and SPECT scans. This surging demand for accurate disease diagnosis and management is expected to propel market growth over the forecast period. Introduction of latest radiotracers, expansion of production facilities by key players, and improving reimbursement policies are other factors expected to positively impact the oncology radiopharmaceuticals industry.

The current geopolitical situation is impacting the growth of the Oncology Radiopharmaceuticals market in several ways. The ongoing Russia-Ukraine conflict and supply chain disruptions arising from it have severely affected the availability of crucial raw materials for radiopharmaceutical production. Russia and Ukraine are key suppliers of Krypton-85, Xenon-133 and other radioisotopes used extensively in molecular imaging diagnostics and radiotherapy. Reduced access to these inputs from the conflict-hit regions has led to shortages and price rises, constraining market expansion. Moreover, international trade sanctions on Russia are also restraining partnerships between Western companies and Russian isotope facilities, exacerbating the supply challenges.

To counter these impediments and sustain market growth in the forecast period, manufacturers will need to form new strategic collaborations to secure alternative long-term supply sources. More investments are required in accelerating the development of accelerator-based radioisotope production techniques to reduce dependence on Russia and Ukraine. Companies also need to optimize manufacturing and distribution infrastructure to minimize disruptions from geopolitical turbulences. Diversifying supply chains across multiple regions will make the market more resilient amid fluctuating global trade dynamics.

In terms of value, North America accounted for the largest share of around 40% of the global Oncology Radiopharmaceuticals market in 2024. This was mainly due to the high adoption of nuclear medicine diagnostics and therapeutic procedures in the region's developed healthcare systems. Europe was the second largest regional market, supported by rising cancer incidence and favorable reimbursement scenario in major countries. Asia Pacific is projected to emerge as the fastest growing regional market between 2024-2030, powered by increasing healthcare investments, growing cancer burden and expanding radiopharmaceutical facilities in densely populated China and India.

Among individual countries, the United States dominated with the highest market value in 2024 led by heavy spending on advanced cancer care and presence of leading industry players. Germany possessed second largest national market share supported by growing molecular imaging applications. China displayed strongest growth momentum and was identified as the most lucrative regional market, which can be attributed to massive cancer cases, healthcare infrastructure developments and government initiatives to enhance radiopharmaceutical access.

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