DIAGNOSTIC RADIOISOTOPES MARKET ANALYSIS

Global diagnostic radioisotopes market size is expected to reach US$ 10.36 Bn by 2030, from US$ 5.67 Bn in 2023, at a CAGR of 9% during the forecast period. Diagnostic radioisotopes are radioactive elements that are used for medical imaging to diagnose various diseases like cancer, cardiovascular diseases, neurological disorders etc. these help in early and accurate disease diagnosis. Global diagnostic radioisotopes market is segmented by radioisotope, application, imaging modality, end user, indication and region. By radioisotope, the market is segmented into Technetium-99m, Thallium-201, Gallium-67 and others. Technetium-99m is the largest segment due to its wide usage in nuclear medicine diagnostics. 

Global Diagnostic Radioisotopes Market- Regional Insights

• North America is expected to be the largest market for diagnostic radioisotopes during the forecast period, accounting for over 41.5% of the market share in 2023. The growth of the market in North America is attributed to the high healthcare expenditure and developed healthcare infrastructure.
• Europe is expected to be the second-largest market for diagnostic radioisotopes, accounting for over 28.2% of the market share in 2023. The growth of the market in is attributed to the rising cancer cases and product launches.
• Asia Pacific is expected to be the fastest-growing market for diagnostic radioisotopes, with a CAGR of over 22.6% during the forecast period. The growth of the market in Asia Pacific is attributed to the large patient pool and increasing awareness.

Analyst View: Global diagnostic radioisotopes market is expected to witness steady growth due to increasing demand for advanced medical imaging technologies. Rising prevalence of chronic diseases such as cancer and cardiovascular diseases will boost need for early diagnosis using tools like SPECT and PET scans. Asia Pacific is likely to emerge as the fastest growing regional market, owing to improving access to healthcare and expanding medical infrastructure in major economies. However, the market potential could be constrained by the shortage of fissile materials required for isotope production. Most producers are heavily dependent on ageing research reactors for supplying molybdenum-99, the parent isotope of technetium-99m which is the most widely used diagnostic radioisotope. Any disruption in supplies due to reactor breakdowns will negatively impact the availability of critical isotopes. Secondly, stringent regulations surrounding the transportation of radioactive materials across borders add to the operating challenges for market players. The development of accelerator-based production techniques can help to address the supply security issues and reduce dependency on reactor-produced isotopes. Moreover, investment in new processing facilities and international collaboration for isotope sharing between countries will bolster available capacities. The market witness opportunities from the emergence of novel diagnostic agents that provide enhanced diagnostic accuracy and enable early-stage disease detection.

Figure 1. Global Diagnostic Radioisotopes Market Share (%), By Region, 2023

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Global Diagnostic Radioisotopes Market- Drivers

• Rising Prevalence of Chronic Diseases: Rising prevalence of chronic diseases like cancer, cardiovascular diseases, and others boosts demand for diagnostic radioisotopes for early diagnosis. For instance, according to the WHO, in 2020, around 10 million cancer cases were diagnosed globally.
• Advancements in Diagnostics Imaging Modalities: Technological advancements in diagnostic imaging modalities like PET and SPECT boosts adoption of diagnostic radioisotopes. For example, in 2021, United Imaging, a provider of digital radiotherapy and life science equipment, launched uMI 550 Digital PET/CT scanner
• Growing Demand for Alpha Radioisotopes: Growing demand for alpha radioisotopes like Actinium-225 for targeted alpha therapy contributes to the market growth. For instance, in 2022, Telix Pharmaceuticals, a pharmaceutical company, and Tecma Group of Companies, a biotechnology company, collaborated to manufacture lutetium-177 and actinium-225 in South America.
• Rising Investments in Nuclear Medicine: Rising public and private investments to expand nuclear medicine infrastructure globally is driving market growth. For instance, in 2021, NTP Radioisotopes, leading global supplier of parent isotope Mo-99, invested around US$ 35 million to upgrade its radioisotope production facilities.

Global Diagnostic Radioisotopes Market- Opportunities

• Targeted Radiotherapy Agents: The emergence of targeted radiotherapy using alpha and beta emitters opens new opportunities for players. Radiopharmaceuticals like lutetium-177 are gaining traction in precision oncology.
• Radioisotopes for Theranostics Applications: The use of diagnostic radioisotopes like gallium-68, zirconium-89 as theranostics agents provides growth opportunities. These can help in personalized therapy for patients.
• Cyclotron Production of Radioisotopes: The use of cyclotrons to locally produce radioisotopes like fluorine-18, copper-64 overcomes global supply chain constraints. Companies are establishing in-house cyclotron radioisotope production.
• Radiopharmaceuticals for Neurological Applications: The growing R&D on developing radioisotopes and radiopharmaceuticals for neurological conditions like Alzheimer’s, Parkinson’s, and others is expected to drive the market growth

Global Diagnostic Radioisotopes Market- Trends

• Shift Towards Value-based Care: The shift towards value-based care and bundled payments in healthcare increases need for accurate diagnostics like nuclear imaging with radioisotopes. This supports the market growth.
• Growing Use of Artificial Intelligence: The integration of artificial intelligence in medical imaging like PET and SPECT scans improve workflow efficiency. Companies are actively developing AI-based imaging solutions.
• Advancements in Radiochemistry: The advancements in radiochemistry and automated radiosynthesis methods help to efficiently produce high-quality radioisotopes. This enhances safety and productivity.
• Increasing Use of Radiohybrid Imaging: The use of hybrid imaging systems combining functional modalities like PET/MRI, SPECT/CT is rising. This improves diagnostic accuracy and supports radioisotope adoption.

Global Diagnostic Radioisotopes Market- Restraint

• Short Half-life of Radioisotopes: The short half-life of commonly used radioisotopes like FDG (Fluorine-18) and technetium-99m poses logistics challenges for just-in-time delivery. This hampers the widespread adoption.
• High Costs of Radioisotope Production: The high costs and complex infrastructure associated with radioisotope production is challenging for many countries. This limits market growth in cost-sensitive markets.
• Stringent Regulatory Policies: The stringent regulatory policies for approval and production of radioisotopes and radiopharmaceuticals makes the process lengthy and expensive. This restricts growth opportunities.

Figure 2. Global Diagnostic Radioisotopes Market Share (%), By Application, 2023

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Global Diagnostic Radioisotopes Market- Recent Developments

New Product Launches & Approval

• On July 28, 2023, Curium, a leader in nuclear medicine, announced that the European Commission had granted marketing authorization for PYLCLARI (INN: Piflufolastat (18F) formerly known as (18F)-DCFPyL) that is indicated for the detection of prostate-specific membrane antigen (PSMA) positive lesions with positron emission tomography (PET) in adults with prostate cancer (PCa)
• On February 2, 2023, RefleXion Medical, a therapeutic oncology company, announced that the U.S. Food and Drug Administration (FDA) had granted the first marketing clearance for its SCINTIX biology-guided radiotherapy, a cutting-edge treatment applicable for early and late-stage cancers
• On May 27, 2021, Lantheus Holdings, Inc., a leader and fully integrated provider of innovative imaging diagnostics, targeted therapeutics, announced that the U.S. Food and Drug Administration (FDA) had approved PYLARIFY, an F 18-labeled prostate-specific membrane antigen (PSMA) targeted positron emission tomography (PET) imaging agent to identify suspected metastasis or recurrence of prostate cancer. PYLARIFY is the first and only commercially available approved PSMA PET imaging agent for prostate cancer.

Acquisitions, Collaboration, Agreement and Partnerships

• On August 29, 2023, NorthStar Medical Radioisotopes, LLC, a global innovator in the development, production and commercialization of radiopharmaceuticals, and Curadh MTR Inc. (Curadh), a global MTR that focuses clinical, research and advisory organization, announced that both has signed a strategic long term supply agreement for the therapeutic radioisotope non-carrier added (n.c.a.) actinium-225 (Ac-225)
• On July 18, 2023, NorthStar Medical Radioisotopes, LLC, a global innovator in the development, production and commercialization of radiopharmaceuticals used for therapeutic applications and medical imaging, announced that it had signed a supply agreement for the therapeutic medical radioisotope, actinium‐225 (Ac‐225) with Bayer AG, a pharmaceutical company. Under the terms of the agreement, NorthStar will provide Bayer AG with its environmentally preferred, non‐carrier added (n.c.a.) Ac‐225.
• NorthStar’s Ac‐225 will be used by Bayer AG for several of its radiopharmaceutical programs.
• On June 21, 2023, Telix Pharmaceuticals Limited., a pharmaceutical company, announced acquisition of Lightpoint Medical, a medical device company specializing in the intra-operative detection of targeted radiopharmaceuticals, to expand into other urologic and non-urologic malignancies
• On January 4, 2023, NorthStar Medical Radioisotopes, LLC, a global innovator in the development, production and commercialization of radiopharmaceuticals used for therapeutic applications and medical imaging, and Inhibrx, Inc, a biopharmaceutical company dedicated to the development of therapeutics for oncology and rare diseases, announced a collaboration to develop and produce novel radiopharmaceuticals for the treatment of cancer
• In August 2020, Siemens Healthineers, a pharmaceutical company, acquired Varian, a precision oncology company, to expand its precision oncology portfolio by entering radiotherapy space

Top companies in Global Diagnostic Radioisotopes Market

• GE Healthcare
• Siemens Healthineers
• Koninklijke Philips N.V.
• Cardinal Health
• Lantheus Holdings, Inc.
• Bayer AG
• Bracco
• Eckert & Ziegler
• Nordion (Canada) Inc.
• NTP Radioisotopes
• Curium
• Jubilant Life Sciences Ltd
• IRE
• Isotopia Molecular Imaging Ltd.
• Mallinckrodt Nuclear Medicine LLC
• Jubilant DraxImage Inc.
• Sumitomo Heavy Industries, Ltd.
• Telix Pharmaceuticals Limited

*Definition: Global diagnostic radioisotopes market refers to the market for radioactive isotopes used for medical imaging and diagnostic procedures. Diagnostic radioisotopes are radioactive tracers administered to the patient and imaged using nuclear imaging systems like PET and SPECT to diagnose various diseases and conditions like cancer, neurological disorders, cardiac diseases, and others. Technetium-99m, Thallium-201, Gallium-67, Iodine-123, FDG are some commonly used diagnostic radioisotopes. The market growth is driven by rising prevalence of chronic diseases, advancements in diagnostic and imaging techniques, growing clinical research on radiopharmaceuticals etc. It comprises products, services and solutions for the production, preparation, supply and usage of diagnostic radioisotopes and radiopharmaceuticals for clinical diagnosis and medical imaging applications.