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Global Diagnostic Radiopharmaceuticals and Contrast Media Market Size (2024 - 2029)

The diagnostic radiopharmaceuticals and contrast media market is projected to experience growth over the forecast period, driven by technological advancements, increasing diagnostic applications, and rising government support. The market's expansion is further supported by the growing prevalence of chronic diseases, such as cancers and cardiovascular conditions, which heightens the demand for effective diagnostics and treatments. Additionally, the development of minimally invasive therapeutic procedures and increased demand for imaging guidance are expected to propel the market. However, challenges such as the short half-life of radiopharmaceuticals, stringent regulations, and high capital investments may impede market growth.

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Market Size of Global Diagnostic Radiopharmaceuticals and Contrast Media Industry

Diagnostic Radiopharmaceuticals and Contrast Media Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 9.36 Billion
Market Size (2029) USD 13.01 Billion
CAGR (2024 - 2029) 6.81 %
Fastest Growing Market Asia Pacific
Largest Market North America
Market Concentration Low

Major Players

Diagnostic Radiopharmaceuticals and Contrast Media Market Major Players

*Disclaimer: Major Players sorted in no particular order

Diagnostic Radiopharmaceuticals and Contrast Media Market Analysis

The Global Diagnostic Radiopharmaceuticals and Contrast Media Market size is estimated at USD 9.36 billion in 2024, and is expected to reach USD 13.01 billion by 2029, growing at a CAGR of 6.81% during the forecast period (2024-2029).

The COVID-19 pandemic is expected to have impacted the growth of the studied market. According to the research study published in the Journal of Nuclear Medicine, in July 2020, many countries were experiencing radiopharmaceutical supply issues, with lower-income regions suffering the worst. Furthermore, according to a survey conducted in the study 'Nuclear medicine volume plummets due to COVID-19' published in September 2020, the scheduled diagnostic and therapeutic nuclear imaging procedures were quantitatively reduced by 50% to 75% respectively in the United States during the pandemic. Thus, the studied market is expected to witness a short-term negative impact during the pandemic due to the aforementioned factors.

The diagnostic radiopharmaceuticals and contrast media market is expected to grow over the forecast period due to technological developments, increasing diagnostic applications in various diseases, growing government support, and rising cases of chronic diseases such as cancers and cardiovascular diseases globally. According to the Globocan 2020 fact sheet, an estimated 19,292,789 new cancer cases were diagnosed worldwide, with nearly 9,958,133 deaths due to cancers globally. Additionally, according to estimates from the International Agency for Research on Cancer (IARC), by 2040, the global burden of cancers is expected to grow to 27.5 million new cancer cases and 16.3 million deaths worldwide. Hence, the growing burden of cancers is expected to drive the demand for diagnostics and effective treatment, which drives the growth of the studied market. Furthermore, the development of minimally invasive therapeutic procedures has encouraged the usage of imaging equipment. This increase in the demand for image guidance is expected to propel the market. Also, Government initiatives and funding for the development of new techniques are anticipated to drive the growth of the studied market. For instance, in July 2019, a new bill named the Medicare Diagnostic Radiopharmaceutical Payment Equity Act of 2019 was passed by the government of the United States. The new bill aims to extend access to high-targeted and more precise diagnosis and treatment of severe neurological diseases by changing the way of making medicare payments for imaging services. However, a shorter half-life of radiopharmaceuticals, stringent regulatory framework, and high capital investments are expected to hinder market growth.

Diagnostic Radiopharmaceuticals and Contrast Media Industry Segmentation

Radiopharmaceuticals are a group of pharmaceutical drugs that have radioactivity and can be used as diagnostics and therapeutic agents. Contrast media is the substance used to enhance the contrast of an image, hence, making an image more detailed and apparent. Contrast media is increasingly being used in various medical imaging techniques, such as MRI and CT. This report analyzes and discusses the global radiopharmaceuticals and contrast media market. The diagnostic radiopharmaceuticals and contrast media market is segmented by radiopharmaceuticals (by radiopharmaceuticals (by type of imaging modality (SPECT (Tc-99, Tl-201, Ga-67, I-123, and other SPECTs), PET (F-18, Rb-82, and other PETs), and application (diagnostic application (SPECT applications (cardiology, neurology, thyroid, and other SPECT applications) and PET application (oncology, cardiology, neurology, and other pet applications)), therapeutic application (thyroid, lymphoma, endocrine tumors, and other therapeutic applications), contrast media (type (iodinated contrast media, gadolinium-based contrast media, microbubble contrast media, and barium-based contrast media), procedure (X-ray/computed tomography (CT), magnetic resonance imaging (MRI), and ultrasound) and applications (cardiovascular disease, oncology, gastrointestinal disorders, neurological disorders, and other indications), and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers the value (in USD million) for the above-mentioned segments.

Radiopharmaceuticals
By Type of Imaging Modality
SPECT
Tc-99
Tl-201
Ga-67
I-123
Other SPECTs
PET
F-18
Rb-82
Other PETs
By Application
Diagnostic Application
SPECT Applications
Cardiology
Neurology
Thyroid
Other SPECT Applications
PET Application
Oncology
Cardiology
Neurology
Other PET Applications
Therapeutic Application
Thyroid
Lymphoma
Endocrine Tumors
Other Therapeutic Applications
Contrast Media
By Type
Iodinated Contrast Media
Gadolinium-based Contrast Media
Microbubble Contrast Media
Barium-based Contrast Media
By Procedure
X-ray/Computed Tomography (CT)
Magnetic Resonance Imaging (MRI)
Ultrasound
By Application
Cardiovascular Disease
Oncology
Gastrointestinal Disorders
Neurological Disorders
Other Indications
Geography
North America
United States
Canada
Mexico
Europe
United Kingdom
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle-East and Africa
GCC
South Africa
Rest of Middle-East and Africa
South America
Brazil
Argentina
Rest of South America
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Global Diagnostic Radiopharmaceuticals and Contrast Media Market Size Summary

The diagnostic radiopharmaceuticals and contrast media market is poised for significant growth over the forecast period, driven by technological advancements and increasing diagnostic applications across various diseases. The market is expected to expand due to the rising prevalence of chronic conditions such as cancers and cardiovascular diseases, which necessitate effective diagnostic and therapeutic solutions. Government support and funding for new techniques, along with the development of minimally invasive procedures, are further propelling market growth. However, challenges such as the shorter half-life of radiopharmaceuticals, stringent regulatory frameworks, and high capital investments may hinder progress. The market's recovery from the COVID-19 pandemic, which had a short-term negative impact due to supply issues and reduced diagnostic procedures, is also anticipated to contribute to its growth trajectory.

North America currently leads the diagnostic radiopharmaceuticals and contrast media market, with the United States being a major contributor. The region's dominance is supported by a high burden of cardiac disorders and significant advancements in nuclear imaging services. The market's competitive landscape is characterized by the presence of key players like Bayer AG, GE Company, Cardinal Health Inc., Siemens Healthineers, Bracco Imaging SpA, Curium Pharma, and Guerbet Group, who are actively engaging in strategic alliances and product innovations to enhance their market positions. The approval of new products and government initiatives, such as grants and legislative acts, are expected to further bolster market growth in North America.

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Global Diagnostic Radiopharmaceuticals and Contrast Media Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Technology Advancements in Medical Imaging

      2. 1.2.2 Increasing Demand for Image-guided Procedures and Diagnostics

      3. 1.2.3 High Prevalence of Cancers and Cardiac Diseases

    3. 1.3 Market Restraints

      1. 1.3.1 High Costs of the Techniques

      2. 1.3.2 Limited Health Insurance Coverage

      3. 1.3.3 Short Half-life of Radiopharmaceuticals

    4. 1.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Radiopharmaceuticals

      1. 2.1.1 By Type of Imaging Modality

        1. 2.1.1.1 SPECT

          1. 2.1.1.1.1 Tc-99

          2. 2.1.1.1.2 Tl-201

          3. 2.1.1.1.3 Ga-67

          4. 2.1.1.1.4 I-123

          5. 2.1.1.1.5 Other SPECTs

        2. 2.1.1.2 PET

          1. 2.1.1.2.1 F-18

          2. 2.1.1.2.2 Rb-82

          3. 2.1.1.2.3 Other PETs

      2. 2.1.2 By Application

        1. 2.1.2.1 Diagnostic Application

          1. 2.1.2.1.1 SPECT Applications

            1. 2.1.2.1.1.1 Cardiology

            2. 2.1.2.1.1.2 Neurology

            3. 2.1.2.1.1.3 Thyroid

            4. 2.1.2.1.1.4 Other SPECT Applications

          2. 2.1.2.1.2 PET Application

            1. 2.1.2.1.2.1 Oncology

            2. 2.1.2.1.2.2 Cardiology

            3. 2.1.2.1.2.3 Neurology

            4. 2.1.2.1.2.4 Other PET Applications

        2. 2.1.2.2 Therapeutic Application

          1. 2.1.2.2.1 Thyroid

          2. 2.1.2.2.2 Lymphoma

          3. 2.1.2.2.3 Endocrine Tumors

          4. 2.1.2.2.4 Other Therapeutic Applications

    2. 2.2 Contrast Media

      1. 2.2.1 By Type

        1. 2.2.1.1 Iodinated Contrast Media

        2. 2.2.1.2 Gadolinium-based Contrast Media

        3. 2.2.1.3 Microbubble Contrast Media

        4. 2.2.1.4 Barium-based Contrast Media

      2. 2.2.2 By Procedure

        1. 2.2.2.1 X-ray/Computed Tomography (CT)

        2. 2.2.2.2 Magnetic Resonance Imaging (MRI)

        3. 2.2.2.3 Ultrasound

      3. 2.2.3 By Application

        1. 2.2.3.1 Cardiovascular Disease

        2. 2.2.3.2 Oncology

        3. 2.2.3.3 Gastrointestinal Disorders

        4. 2.2.3.4 Neurological Disorders

        5. 2.2.3.5 Other Indications

    3. 2.3 Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Mexico

      2. 2.3.2 Europe

        1. 2.3.2.1 United Kingdom

        2. 2.3.2.2 Germany

        3. 2.3.2.3 France

        4. 2.3.2.4 Italy

        5. 2.3.2.5 Spain

        6. 2.3.2.6 Rest of Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 Japan

        3. 2.3.3.3 India

        4. 2.3.3.4 Australia

        5. 2.3.3.5 South Korea

        6. 2.3.3.6 Rest of Asia-Pacific

      4. 2.3.4 Middle-East and Africa

        1. 2.3.4.1 GCC

        2. 2.3.4.2 South Africa

        3. 2.3.4.3 Rest of Middle-East and Africa

      5. 2.3.5 South America

        1. 2.3.5.1 Brazil

        2. 2.3.5.2 Argentina

        3. 2.3.5.3 Rest of South America

Global Diagnostic Radiopharmaceuticals and Contrast Media Market Size FAQs

The Global Diagnostic Radiopharmaceuticals and Contrast Media Market size is expected to reach USD 9.36 billion in 2024 and grow at a CAGR of 6.81% to reach USD 13.01 billion by 2029.

In 2024, the Global Diagnostic Radiopharmaceuticals and Contrast Media Market size is expected to reach USD 9.36 billion.

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