Global Radiotheranostics Market Overview

The global radiotheranostics market was valued at USD 7.51 billion in 2022 and is projected to reach USD 20.69 billion by 2030, growing at a CAGR of 13.49% from 2023 to 2030. The expanding use of nuclear medicine in managing a wide range of chronic diseases, along with the rising adoption of precision medicine, is expected to drive market growth.

Additionally, the growing demand for radiotheranostics that exhibit biological activity to target specific disorders and monitor treatment outcomes is positively influencing the market. However, factors such as the short half-life of radioisotopes and high treatment costs may hinder growth to some extent.

The rising incidence of cancer is a major factor fueling demand for radiotheranostics. According to the American Cancer Society, the U.S. reported 1.9 million new cancer cases and 609,360 deaths. This increasing cancer burden has intensified the need for nuclear medicine, which plays a vital role in both disease diagnosis and treatment.

Order a free sample PDF of the Radiotheranostics Market Intelligence Study, published by Grand View Research.

The trend toward personalized medicine in cancer management is another key growth driver. A deeper understanding of cancer biology, advancements in diagnostics, and the expansion of therapeutic options have strengthened the concept of individualized treatment approaches. Moreover, a supportive regulatory framework and growing research activities in radiotheranostics are expected to further propel market expansion.

For example, in June 2022, the Society of Nuclear Medicine and Molecular Imaging (SNMMI) announced an initiative to raise USD 100 million to support and enhance research in molecular imaging, nuclear medicine, and therapy.

Key Market Trends and Insights

• North America accounted for the largest revenue share of 45.40% in 2022.
• The Asia Pacific region is expected to register a significant CAGR during the forecast period.
• By application, the oncology segment dominated the market in 2022, holding a 72.93% share.
• Based on radioisotope, the Lutetium-177 segment captured a 40.91% revenue share in 2022.
• By approach, the targeted therapeutic segment is projected to expand at a CAGR of 20.70% through 2030.

Market Size and Forecast

• 2022 Market Size: USD 7.51 Billion
• 2030 Projected Market Size: USD 20.69 Billion
• CAGR (2023–2030): 13.49%
• Leading Region (2022): North America

Key Companies and Market Share Insights

Leading players in the global radiotheranostics market are focusing on strategies such as new product development, mergers and acquisitions, and strategic partnerships to enhance their market presence. Companies such as Novartis AG, Bayer AG, and Life Molecular Imaging dominate the market, continually innovating and expanding their product portfolios to meet global demand.

In March 2023, Radiopharm Theranostics announced the acquisition of Pharma15 Corporation to strengthen its position in therapeutic radiopharmaceuticals.

Prominent companies operating 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

Explore Horizon Databook – The world's most expansive market intelligence platform developed by Grand View Research.

Conclusion

The global radiotheranostics market is on a strong growth trajectory, driven by the increasing prevalence of cancer, advancements in personalized medicine, and expanding applications of nuclear medicine. While challenges such as high treatment costs and limited isotope half-life remain, ongoing research, favorable regulatory initiatives, and strategic industry collaborations are expected to sustain market momentum through 2030.