The radiopharmaceutical therapeutic market is expected to grow from US$ 2.71 billion in 2023 to US$ 7.30 billion by 2031; the market is anticipated to register a CAGR of 13.1% from 2023-2031.

The radiopharmaceutical therapeutic market growth is attributed to the growing popularity of targeted therapies and the increasing prevalence of cancer. However, the short shelf-life of radiopharmaceuticals hinders the growth of the radiopharmaceutical therapeutic market.

According to the World Cancer Research Fund International Data, ~1.02 million cancer cases were diagnosed in 2020 in Japan. The age-standardized rate for all cancers was 282.9 per 100,000 in 2020. As per the American Cancer Society's 2023 report, ~43,720 new thyroid cancer cases (12,540 in males and 31,180 in females) were recorded in 2023. In addition, 2,120 deaths occurred from thyroid cancer (970 in males and 1,150 in females) in the same year. As per the American Society of Clinical Oncology, prostate cancer is a common type of cancer in males. In the US, ~34,500 people died due to this disease in 2020. Radiopharmaceutical therapeutics are currently used to treat thyroid cancer, prostate cancer, and well-differentiated neuroendocrine tumors. Radiopharmaceutical therapy specifically targets cancer cells, reducing damage to healthy tissue. For instance, I-131 is used in therapy for hyperthyroidism and thyroid cancer. Thus, the need for radiopharmaceutical therapeutics is increasing, thereby driving the radiopharmaceutical therapeutic market growth.

Application-Based Insights

Based on application, the radiopharmaceutical therapeutic market is categorized into oncology, neurology, cardiology, and others. The oncology segment held a significant radiopharmaceutical therapeutic market share in 2023 and is projected to register the highest CAGR during the forecast period. Clinicians and patients are seeing success with the usage of radiopharmaceutical therapeutics in prostate cancer. In March 2022, Novartis received the US Food and Drug Administration approval for Pluvicto (lutetium Lu-177 vipivotide tetraxetan) for treating adult patients with prostate-specific membrane antigen-positive metastatic castration-resistant prostate cancer.

End User-Based Insights

Based on end user, the radiopharmaceutical therapeutic market is categorized into hospitals, oncology clinics, and others. The hospitals segment held a significant radiopharmaceutical therapeutic market share in 2023 and is estimated to register the highest CAGR during 2023-2031. The need for cardiovascular and oncology treatments has become the foremost factor for the growth of the market in the hospital segment. In addition, other factors fueling the market's growth are reduced hospital stays, the finest facilities with the best care, and others. Furthermore, the reimbursement plans provided by the government bodies contribute to the significant growth of the segment. The rising prevalence of various diseases, an increasing number of hospitals across the globe, and the rapid growth of various surgical procedures positively influence the radiopharmaceutical therapeutic market growth.

The US Food and Drug Administration, World Cancer Research Fund International, and the American Cancer Society are among the primary and secondary sources referred to while preparing the radiopharmaceutical therapeutic market report.