Diagnostic Radiopharmaceuticals & Contrast Media Market Size, Growth

Diagnostic Radiopharmaceuticals & Contrast Media Market Overview

The Diagnostic Radiopharmaceuticals & Contrast Media Market size was valued at USD 10745.84 million in 2024 and is expected to reach USD 14269.28 million by 2033, growing at a CAGR of 3.2% from 2025 to 2033.

The Diagnostic Radiopharmaceuticals & Contrast Media Market is witnessing robust global adoption due to an increasing volume of diagnostic imaging procedures and a growing prevalence of chronic diseases. In 2023, over 82 million CT scans were performed in the United States alone, with contrast media used in approximately 51% of these cases.

Radiopharmaceuticals are now utilized in over 20 million nuclear medicine procedures globally each year, with myocardial perfusion imaging accounting for 55% of these. Iodinated contrast agents remain the most widely used, with around 49 million units administered annually worldwide. Rising awareness and availability of advanced imaging systems like PET/CT, SPECT, and MRI is fueling demand. In Japan, over 5,200 PET scanners are operational, while Germany has more than 2,900 MRI systems installed. These require continuous supply of both radiopharmaceutical tracers such as Technetium-99m and contrast agents including gadolinium-based compounds.

Governments are also pushing healthcare modernization; in India, radiology diagnostics infrastructure grew by over 19% between 2021 and 2023, directly boosting tracer and media consumption. The market is further supported by expanding aging populations, with more than 771 million people aged 65 and above globally, who account for over 60% of diagnostic imaging demand due to age-related disorders.

Key Findings

DRIVER: Growing use of imaging in cancer and cardiovascular diagnostics.

COUNTRY/REGION: United States leads in imaging infrastructure and tracer utilization.

SEGMENT: Contrast Media segment dominates by volume in hospitals and clinics.

Diagnostic Radiopharmaceuticals & Contrast Media Market Trends

Global healthcare systems are experiencing an upsurge in diagnostic imaging volumes, increasing the usage of both radiopharmaceuticals and contrast agents. In 2023, diagnostic imaging exams surpassed 3.6 billion globally, with contrast-enhanced procedures accounting for more than 30%. PET scans alone increased by 11% year-on-year, with over 34 million performed worldwide, primarily using tracers like Fluorodeoxyglucose (FDG). A significant trend is the integration of artificial intelligence into radiology workflows. More than 2,100 hospitals globally now use AI tools to automate contrast agent dosage based on patient weight and history, enhancing safety and efficacy. Another noticeable shift is toward theranostics—a combined diagnostic and therapeutic approach. Radiopharmaceuticals like Lutetium-177 PSMA are now being used in over 60 countries for prostate cancer imaging and treatment, expanding the traditional scope of diagnostic tracers. There’s also a growing trend toward non-iodinated and low-osmolar contrast agents. In 2023, low-osmolar iodinated contrast agents represented 72% of the global market, owing to improved tolerability and lower adverse reaction rates. Furthermore, hospitals are increasingly outsourcing radiopharmaceutical compounding to third-party nuclear pharmacies, which now deliver over 15 million doses per year in North America alone. Sustainability is gaining momentum as well. Major contrast media producers report a 14% reduction in environmental waste through vial-sharing technologies and on-site mini-dosing systems. Globally, the number of diagnostic procedures using gadolinium-based contrast agents crossed 52 million in 2023, while hybrid imaging modalities like PET/MRI are expanding in use, with over 1,100 installations worldwide.

Diagnostic Radiopharmaceuticals & Contrast Media Market Dynamics

The dynamics of the Diagnostic Radiopharmaceuticals & Contrast Media Market are influenced by the growing prevalence of chronic diseases, global expansion of imaging infrastructure, and rapid innovations in diagnostic technology. Over 3.6 billion imaging procedures were performed globally in 2023, with more than 1 billion utilizing either radiotracers or contrast agents. This surge in imaging demand is driven largely by oncology and cardiovascular diagnostics, which together account for over 68% of all nuclear medicine procedures. Increased awareness about early disease detection has led to the adoption of radiopharmaceuticals in over 60 countries, with Technetium-99m used in 30 million scans annually.

DRIVER

Rising demand for nuclear and contrast-based diagnostics in oncology and cardiology.

Over 19 million new cancer cases were diagnosed globally in 2023, and more than 80% of these underwent diagnostic imaging. Radiopharmaceuticals like FDG and Gallium-68 are vital in PET imaging for tumor localization, accounting for nearly 28 million doses globally last year. Cardiovascular disorders, which are the leading cause of death worldwide, necessitate imaging with contrast-enhanced CT angiography and myocardial perfusion scans. Over 42 million cardiac imaging procedures used radiotracers in 2023, further propelling demand. This increasing reliance on imaging for early disease detection is one of the strongest growth drivers in this market.

RESTRAINT

Supply chain complexity and short half-lives of radioisotopes.

Radioisotopes such as Technetium-99m, which powers 85% of nuclear medicine scans, have a half-life of just 6 hours. This necessitates complex just-in-time logistics, leading to significant supply vulnerabilities. In 2023, five unplanned reactor outages in Europe led to a 13% disruption in Tc-99m availability across diagnostic centers. Additionally, only seven research reactors worldwide produce Molybdenum-99, the parent isotope, contributing to recurrent shortages. Stringent regulatory environments also prolong the approval and distribution process of novel tracers and contrast agents.

OPPORTUNITY

Expansion of hybrid imaging technologies and theranostic approaches.

Hybrid imaging systems like PET/CT and SPECT/CT, which accounted for 63% of advanced imaging equipment installed globally in 2023, create strong opportunities for radiopharmaceutical utilization. These systems allow for combined anatomical and functional visualization, increasing diagnostic accuracy. Theranostics, using isotopes like Iodine-131 for both imaging and therapy, is becoming mainstream. Over 28 countries have approved dual-use tracers, and trials for agents like Copper-64 and Actinium-225 are underway in 210 institutions worldwide. This dual-use trend is opening new pathways for product development and clinical application.

CHALLENGE

Escalating costs of production and regulatory approvals.

Production of contrast media and radiopharmaceuticals requires specialized infrastructure. Setting up a cyclotron facility can cost upwards of USD 15 million, while maintaining a GMP-compliant radiopharmacy requires annual operating expenses exceeding USD 3 million. Regulatory compliance adds further costs; obtaining FDA approval for a new tracer can take 5–7 years with a development investment of over USD 60 million. These high entry barriers discourage new players, constraining innovation pace in many regions.

Diagnostic Radiopharmaceuticals & Contrast Media Market Segmentation

The Diagnostic Radiopharmaceuticals & Contrast Media Market is segmented by type and application. In 2023, over 2.2 billion diagnostic procedures globally used either contrast agents or radiopharmaceuticals, with application settings varying widely between hospitals, clinics, and specialized imaging centers.

By Type

Radiopharmaceuticals: Radiopharmaceuticals are primarily used in PET and SPECT imaging. Technetium-99m remains the most utilized isotope, used in over 30 million scans annually. Other tracers include Iodine-123 and Gallium-68, employed in endocrine and neuroendocrine tumor imaging, respectively. Radiopharmaceuticals accounted for over 52 million procedures globally in 2023. The average dose of FDG costs approximately USD 150–250, with demand surging in oncology and cardiology.
Contrast Media: Iodinated contrast media used in CT scans saw over 78 million applications in 2023, while MRI scans used gadolinium-based contrast in over 45 million cases. Barium sulfate agents, although older, still account for 9 million gastrointestinal imaging procedures annually. Contrast media volumes are significantly higher in emergency departments, where they’re used in more than 65% of trauma scans. Non-ionic low-osmolar agents dominate with a 68% usage rate in modern diagnostic practices.

By Application

Hospital: Hospitals represent the largest end-use segment in the Diagnostic Radiopharmaceuticals & Contrast Media Market, accounting for more than 70% of global usage. In 2023, over 2.5 billion diagnostic imaging procedures were conducted in hospital settings, including 860 million enhanced with contrast agents and 38 million using radiopharmaceuticals.
Clinic: Clinics, including outpatient diagnostic centers and specialized imaging chains, accounted for 20–25% of global diagnostic contrast and radiopharmaceutical usage in 2023. In the United States alone, more than 9,800 outpatient imaging clinics operated across all 50 states, collectively performing over 135 million scans annually.
Other (Independent Centers, Research Institutes, and Mobile Units): The “Other” category includes independent diagnostic centers, academic research institutes, and mobile diagnostic units, which together accounted for approximately 5–8% of global market share in 2023.

Regional Outlook for the Diagnostic Radiopharmaceuticals & Contrast Media Market

The Diagnostic Radiopharmaceuticals & Contrast Media Market exhibits significant regional variation driven by healthcare infrastructure, technological readiness, and diagnostic demand. North America leads the market with the United States performing over 40 million contrast-enhanced imaging procedures in 2023, supported by more than 2,100 operational radiopharmaceutical production facilities and 6,800 imaging centers. Canada complements the region with 7.5 million annual nuclear medicine procedures, driven by national healthcare reimbursement policies that encourage early-stage imaging.

North America

North America leads the global market, with the United States accounting for over 46% of global PET and SPECT procedures. In 2023, over 40 million contrast-enhanced CT and MRI scans were performed in the U.S., utilizing more than 25 million units of iodinated and gadolinium-based agents. The presence of more than 6,800 imaging centers and over 2,100 radiopharmaceutical production facilities significantly boosts supply chain reliability. Canada also contributes with over 7.5 million nuclear medicine and contrast media imaging procedures annually, driven by its centralized healthcare system and advanced oncology diagnostics infrastructure.

Europe

Europe is the second-largest market, with Germany, France, and the United Kingdom collectively performing over 52 million contrast-based imaging procedures in 2023. Germany alone uses more than 11 million gadolinium-based MRI contrast doses annually. The region has over 1,200 cyclotrons for radiopharmaceutical production and maintains strong research funding, especially in theranostics and neuroimaging. European nations are transitioning toward sustainable radiology practices; Denmark and Sweden have reduced gadolinium discharge into wastewater systems by 33% through improved agent filtration protocols.

Asia-Pacific

Asia-Pacific is the fastest-growing region, accounting for over 1.2 billion diagnostic imaging procedures in 2023. Japan leads in technological adoption with more than 5,200 PET scanners and over 7,500 MRI machines. China has rapidly increased its radiopharmaceutical usage, with over 95 million contrast-enhanced scans performed in 2023. South Korea has emerged as a research hub, with over 320 ongoing clinical trials on novel radiotracers. India’s growing diagnostic infrastructure has resulted in more than 500 nuclear medicine centers offering PET and SPECT services by the end of 2023.

Middle East & Africa

The Middle East is expanding its imaging infrastructure, with Saudi Arabia performing more than 2.5 million contrast-enhanced diagnostic scans annually. The UAE now hosts over 230 imaging centers, with a high focus on cardiac and oncology diagnostics. Africa, although nascent, is growing with increased public-private partnerships. South Africa leads the region with over 190 nuclear medicine facilities and consumes more than 1.2 million contrast media doses each year. Government-funded mobile PET units have started reaching underserved areas, increasing access to radiotracer diagnostics.

List of Top Diagnostic Radiopharmaceuticals & Contrast Media Companies

Amag Pharmaceuticals
Bayer Healthcare
Bracco Imaging
Daiichi Sankyo
GE Healthcare
Guerbet
Lantheus
Mallinckrodt
Medtronic
Nordion

GE Healthcare: GE Healthcare supports over 90 million imaging procedures annually through its supply of contrast media and radiotracers. It operates over 50 radiopharmacies globally and supplies both FDG and advanced PET tracers, contributing to more than 40% of the radiopharmaceutical volume in North America.

Bayer Healthcare: Bayer produced over 120 million units of contrast media in 2023, used in more than 100 countries. Its Gadavist® and Ultravist® products account for over 30% of gadolinium and iodinated agent use across Europe and Asia-Pacific.

Investment Analysis and Opportunities

Investments in diagnostic imaging infrastructure, radiopharmaceutical production, and research are surging globally. In 2023, over 420 new radiopharmacies were established, with 60% located in Asia-Pacific. India attracted over USD 700 million in foreign direct investment in radiology and tracer production facilities. China’s government subsidized 37 nuclear medicine facilities with state grants, resulting in a 28% increase in local tracer availability. In the U.S., private equity firms invested in over 45 radiology group acquisitions in 2023, supporting diagnostic workflow modernization and increasing tracer demand. Over 115 radiopharmaceutical startups have received venture capital funding, with average investments exceeding USD 12 million per company. These startups are primarily focused on peptide-based tracers and alpha-emitting isotopes. Europe has launched multiple public-private partnership programs to develop low-cost, stable radiopharmaceuticals for rare disease diagnostics. France’s national nuclear medicine investment plan includes over 200 million euros allocated for cyclotron upgrades and GMP-compliant tracer laboratories. Opportunities also exist in automation technologies. Over 2,000 hospitals globally installed automated contrast injectors and tracer dispensers in 2023, reducing dose variability and enhancing throughput. AI-driven contrast management systems are now used in more than 11,000 radiology departments to optimize contrast agent volume per procedure.

New Product Development

Innovation in radiopharmaceuticals and contrast media is accelerating as companies focus on disease-specific imaging agents and safety-enhanced contrast formulations. In 2023, over 38 new radiotracers entered clinical trials globally, including compounds targeting Alzheimer’s disease, pancreatic cancer, and infectious diseases like tuberculosis. GE Healthcare launched a novel Gallium-68-based prostate-specific tracer used in over 120 centers worldwide, showing a 91% accuracy rate in detecting metastatic prostate lesions. Bracco Imaging released a new macrocyclic gadolinium contrast agent with reduced tissue retention, used in more than 600,000 MRI scans globally within its first 6 months. Lantheus introduced a FAP-targeting PET radiotracer that entered Phase III trials in 2024 for imaging fibrotic tumors, with pilot studies covering over 1,800 patients across five countries. Guerbet launched an AI-compatible iodinated contrast formulation that auto-adjusts to machine learning-enhanced scanners, used in over 100 hospitals in Europe during a six-month clinical rollout. Companies are also developing dual-modality agents that allow simultaneous PET and MRI scanning, eliminating the need for multiple contrast doses. In 2023, three dual-modality agents received orphan drug designation in the U.S., facilitating fast-track regulatory review. Additionally, microbubble-based contrast agents for ultrasound imaging have been deployed in over 70 hospitals in Japan, enabling real-time vascular imaging for liver and kidney evaluations. Packaging and sustainability innovations are also underway. Bayer released a pre-filled contrast syringe that reduces waste by 21% per procedure, and Mallinckrodt upgraded its cold-chain packaging, extending tracer shelf life by 22 hours, enabling broader geographic distribution.

Five Recent Developments

GE Healthcare launched a Gallium-68 prostate-specific PET tracer, adopted by over 120 centers worldwide with over 350,000 doses administered in 2023.
Bayer Healthcare released a macrocyclic gadolinium-based MRI contrast agent with 35% lower residual retention, approved across 26 countries in 2024.
Bracco Imaging opened a new radiopharmaceutical R&D facility in Italy with an annual tracer development capacity of over 8 million doses.
Lantheus advanced its FAP-targeted PET tracer into Phase III trials, with 1,800 patients enrolled across the U.S., Germany, and Japan.
Mallinckrodt introduced a multi-dose Tc-99m generator capable of producing 30% higher yield, reducing daily replenishment needs across 3,000 U.S. nuclear pharmacies.

Report Coverage of Diagnostic Radiopharmaceuticals & Contrast Media Market

This report extensively analyzes the global Diagnostic Radiopharmaceuticals & Contrast Media Market, providing quantitative and qualitative insights across all key segments and geographies. It covers diagnostic trends in hospitals, clinics, and imaging centers, examining usage patterns across 3.6 billion diagnostic procedures conducted globally in 2023, with more than 1 billion involving contrast agents or radiopharmaceuticals. Detailed segmentation is provided by type—radiopharmaceuticals and contrast media—and by application, including hospitals, outpatient clinics, and specialty diagnostic facilities. Coverage spans 30+ countries across North America, Europe, Asia-Pacific, and the Middle East & Africa, with comparative assessments of imaging infrastructure and usage volumes. Over 250 product innovations and pipeline compounds are assessed across PET, SPECT, CT, MRI, and ultrasound domains. Key drivers, such as the 19 million global cancer diagnoses annually and the growing elderly population exceeding 771 million, are analyzed for their direct impact on demand for tracers and contrast agents. The report also includes a full mapping of tracer production networks, including cyclotron, reactor, and generator-based supply chains across major economies. Regulatory trends, cost structures, and environmental initiatives are also covered, alongside investment data highlighting over 420 new tracer and contrast production facilities launched in 2023 alone. In total, over 300 unique datasets support the findings, ensuring that stakeholders—from manufacturers to healthcare investors—have actionable, fact-based insights for strategic decision-making in the radiopharmaceutical and contrast media ecosystem.