Radioactive Tracer Market Size, Share, Growth by 2030

The market for radioactive tracers is projected to expand from $14,675.73 million in 2022 to approximately $54,296.57 million by 2030, reflecting a compound annual growth rate (CAGR) of 17.8% during this period.

Key factors driving this growth include the rising incidence of sleep apnea and an increasing demand for diagnostic devices and therapeutic solutions related to this condition. Nonetheless, the limited awareness surrounding sleep apnea is a significant barrier to the growth of the radioactive tracer market.

Numerous companies and research institutions within the radioactive tracer sector are actively developing innovative products to enhance their offerings and capture a larger market share. They are committing substantial resources to research and development to create advanced solutions. Below are some notable recent advancements in the field of sleep apnea:

In June 2021, IBA introduced the Cyclone IKON, a versatile high-energy cyclotron that provides the largest energy SPECT range for PET and SPECT isotopes, spanning from 13 MeV to 30 MeV. This next-generation system is a redesign of the previous Cyclone 30 MeV model, offering a more compact and adaptable design capable of large-scale, high-purity production of emerging PET isotopes, SPECT isotopes, and parent isotopes.

In January 2022, IBA also launched the Cyclone? KEY, a compact low-energy cyclotron aimed at enabling small and medium-sized hospitals to produce their own radiopharmaceuticals in-house. This innovation is expected to enhance global access to diagnostic solutions in oncology, neurology, and cardiology. The Cyclone? KEY is designed to be more compact, user-friendly, and cost-effective, making it easier to integrate into existing hospital infrastructures.

Such advancements are likely to set new trends in the radioactive tracer market throughout the forecast period.

Many industry participants are concentrating on innovative product strategies to satisfy the increasing demand for radioactive tracers. For example, in June 2022, Curium submitted a Marketing Authorization Application for [18F]-DCFPyL to the European Medicines Agency. The favorable outcomes from the Phase III PYTHON clinical trial in Europe support the diagnostic efficacy of [18F]-DCFPyL, as demonstrated in the pivotal OSPREY and CONDOR clinical trials across various stages of prostate cancer, highlighting its potential to transform cancer diagnostics. Additionally, in June 2021, Curium acquired the Austrian radiopharmaceutical company IASON, further extending its presence in Europe with a comprehensive portfolio of life-saving diagnostic solutions. IASON has been supplying essential radiopharmaceutical products from its two GMP manufacturing sites in Austria since 1994. Such innovative product launches and strategic mergers are expected to create lucrative opportunities for market players during the forecast period.

Insights Based on Test Type

The global radioactive tracer market is categorized into PET, SPECT, and other types. The SPECT segment accounted for the largest market share in 2022, while PET is projected to experience the highest CAGR of 18.1% during the forecast period.

Insights Based on Tracer Type

The market is also segmented by tracer type, including Technetium-99m & Tc-97m, Iodine-131, Iron-59, Lutetium-171, Rubidium (Rb-82) Chloride & Ammonia (N-13), Scandium-46, Seaborgium-269, Hassium-269, Gallium Citrate Ga 67, Prostate-Specific Membrane Antigen (PSMA) (Ga-68), FDDNP (F-18) & FDOPA (F-18), Phosphorus-32 & Chromium-51, Thallium-201, F-18 FDG, F-18 FAPI, Ga-68 FAPI, F-18 PSMA, DOTATOC/DOTANOC/DOTATATE (Ga-68), and others. The 'others' category held the largest market share in 2022, with Seaborgium-269 and PSMA GA68 expected to achieve the highest CAGR of 28.4% during the forecast period.

Insights Based on Application

The radioactive tracer market is divided into applications such as oncology, pulmonary, neurology, cardiology, and others. The oncology segment dominated the market in 2022, while the neurology segment is anticipated to exhibit the highest CAGR during the forecast period.

Insights Based on End-User

The market is segmented by end-user into hospitals & clinics, diagnostic centers, academic & research institutes, and others. The hospitals & clinics segment represented the largest market share in 2022, with academic & research institutes expected to show the highest CAGR in the coming years.

Geographical Insights

The radioactive tracer market is analyzed across five key regions: North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. In 2020, North America held the largest share of the global market, with Asia Pacific projected to register the highest CAGR from 2022 to 2030.

North America, particularly the US, is the leading market for radioactive tracers, driven by the increasing demand for PET scanners in cancer diagnostics, a growing need for imaging modalities like SPECT and PET, and a high adoption rate of radioactive tracers. The demand for SPECT and PET scanners has surged in recent years, as these technologies provide advanced diagnostic capabilities that can track disease progression, facilitating early diagnosis. Immuno-PET, which utilizes radioactive tracers to target specific cancer cells, enhances the visualization of immunotherapy drug distribution in tumors, aiding personalized treatment planning. Consequently, there is a significant demand for radioactive tracers in the US.

The field of nuclear medicine in the US has advanced considerably due to technological innovations, including hybrid imaging, the introduction of new radiopharmaceuticals for diagnosis and treatment, and the development of molecular imaging based on tracer principles.

Several market players are employing organic strategies to maintain competitiveness. For instance, in March 2023, Telix Pharmaceuticals received FDA approval for a supplementary New Drug Application (sNDA) for Illuccix, a kit for preparing gallium Ga 68 gozetotide injection, which allows for the selection of patients with metastatic prostate cancer who may benefit from 177Lu 177 PSMA-directed therapy.

Key sources referenced in the preparation of this report on the radioactive tracer market include the World Health Organization (WHO), the US Census Bureau, and the US National Library of Medicine, among others.