Radiotheranostics Market Size To Reach $20.69 Billion By 2030

Radiotheranostics Market Growth & Trends

The global radiotheranostics market size is expected to reach USD 20.69 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 13.49% from 2023 to 2030. The increasing incidence of cancer coupled with an increasing adoption of injectable radiopharmaceuticals with antitumor effects is the major factor driving the global radiotheranostics market. Radiotheranostics have paved the way for novel cancer diagnostics and treatment approaches as these agents are becoming increasingly popular among healthcare professionals owing to various benefits of these agents.

Radiotheranostics is becoming increasingly important in diagnosis and treatment of wide range of diseases including cancer. Advancements in screening technology for efficient disease diagnosis, widespread application of existing products, and rising approvals of novel radiotheranostic agents are further accelerating the industry expansion. For instance, approval of agents like Lu-PSMA-617, Lu-DOTATAT have facilitated the interest in this field.

Injectable radiopharmaceuticals with antitumor effects have witnessed a rapid development in the recent years. Most of the products are already approved for human use and the more radiotheranostics are under development phase, potentially introducing novel therapeutic choices for the patients. The rising efforts from market players to develop newer route of administrations for radiotheranostic products to reduce toxicity instances is likely to cater market growth. For instance, most of these products are given by IV route, but sometimes it might present some challenge in delivering right amount of dose in patients with localized disease. Hence to overcome this the market players are developing catheter-delivered intra-arterial radiotheranostics.

Moreover, increased inclination towards precision medicine and nuclear medicine, and presence of favorable reimbursement framework for nuclear medicine diagnostics is creating momentum for the industry. For instance, majority of health insurance programs of U.S. and Centers for Medicare & Medicaid Services cover all PET through NCD which include tracers important for diagnosis of solid tumors. In addition, CMS has given certain reimbursement guidelines for radiopharmaceuticals including Tc labeled products, Iodine labeled products, and miscellaneous products.

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Radiotheranostics Market Report Highlights

• The lutetium-177 segment held the largest share of 40.91% in 2022 owing to the increasing prevalence of cancer and high availability of Lu177 based products

• The targeted therapeutic segment accounted for the fastest growth rate over the forecast period due to factors such as presence of robust investigation pipeline coupled with rising significance of radiotheranostics in cancer treatment.

• Based on application, the oncology segment dominated the market in 2022, whereas non-oncology application is projected to be the fastest-growing segment.

• Asia Pacific is projected to exhibit the fastest growth over the forecast period due to large patient pool and increasing investment in nuclear medicine space.

Radiotheranostics Market Segmentation

Grand View Research has segmented the global radiotheranostics market based on radioisotope, application, approach, and region:

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

• Iodine-131

• Iodine-123

• Gallium-68

• Lutetium-177

• 18F with Y-90

• Others

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

• Targeted Therapeutic

• Targeted Diagnostic

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

• Oncology

  • Thyroid Cancer

  • Neuroendocrine Tumors

  • Hepatocellular Carcinoma

  • Prostate Cancer

  • Others

• Non-oncology

  • Neurological Disorders

  • Arthritis

  • Others

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

• North America

  • U.S.

  • Canada

• Europe

  • U.K.

  • 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

List of Key Players of Radiotheranostics Market

• 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