Radiopharmaceuticals Market Projected to Reach $12.8B–$21.8B by 2033–2036 on Cancer Therapy Boom

The global radiopharmaceuticals market is projected to reach between $12.8 billion and $21.8 billion by 2033–2036, driven by rising cancer prevalence, increasing nuclear medicine adoption, and expanding oncology imaging demand. The market was valued at $7,786.8 million in 2026 and is expected to reach $12,805.2 million by 2036, expanding at a compound annual growth rate (CAGR) of 5.2%, according to Future Market Insights. Separately, Allied Market Research projects the market will reach $21.8 billion by 2033, registering a CAGR of 10.6%.

By application, cancer treatments accounted for 52.2% of market revenue in 2023, remaining the largest segment due to the adoption of personalised medicine and molecular profiling, according to Allied Market Research. Future Market Insights similarly reports oncology as the leading application segment at 50.6%, driven by high imaging frequency in cancer care and expanding use of radiopharmaceuticals in tumor detection, staging, and monitoring.

Within the radioisotope category, Technetium-99m remains the dominant isotope, accounting for 47.6% of the segment, due to its extensive use across diagnostic imaging procedures, broad applicability across organ systems, and established role in routine hospital workflows. It is used in approximately 80% of nuclear medicine procedures globally.

North America held the largest market share in 2023, accounting for more than 40% of the industry, and is expected to maintain this position through 2033, supported by pharmaceutical infrastructure and regulatory frameworks governing reimbursement and research. The Asia-Pacific region is projected to record the highest growth rate during the forecast period, supported by expanding healthcare infrastructure and rising investment in hospitals, diagnostic centres, and research facilities. China is expected to grow at an 8.5% CAGR, India at 5.9%, and Brazil at 6.2%.

By product category, diagnostic radiopharmaceuticals hold the majority share, whilst the therapeutic segment is expanding through targeted radionuclide therapies for prostate cancer and neuroendocrine tumours. Hospitals and clinics are the primary end users and are expected to maintain the highest growth rate amongst user segments.

Growth constraints include the high costs associated with development and implementation, as well as potential side effects, whilst pipeline products under development present future opportunities for the sector. Regulatory policies from oversight agencies affect market entry timelines and regional competitiveness, and reimbursement frameworks influence adoption in clinical settings.

The market is moderately consolidated, with competition centered on isotope availability, supply reliability, and clinical alignment. Key players include Siemens AG, Curium, Lantheus Holdings, Inc., Bayer AG, Eckert & Ziegler, Advanced Accelerator Applications, and GE Healthcare.

Separately, in Australia's PET/CT imaging sector, the market is expected to grow at a 5% CAGR from 2025 to 2035, driven by rising cancer cases and increasing demand for immunotherapy and precision medicine, according to GlobalData. Australia accounted for 2% of the Asia-Pacific PET/CT systems market in 2025. In May 2026, Monash University, in partnership with The Alfred, announced the launch of the Australian Cancer Research Foundation Centre for Dynamic Immuno-Oncology (CDIO), which will utilise Quadra PET/CT technology alongside immuno-oncology research to support the development of more precise and targeted cancer treatment strategies.