Global Radiopharmaceutical Market Set to Reach $30 Billion as Domestic and International Pharma Giants Ramp Up Investments

　　【Pharmaceutical Network Market Analysis】Nuclear medicine, also known as radiopharmaceuticals, refers to a special class of drugs containing radionuclides for medical diagnosis and treatment, mainly including diagnostic radiopharmaceuticals and therapeutic radiopharmaceuticals. According to a research report by CITIC Securities, the global nuclear medicine market is set to experience rapid growth. Data suggests that the global nuclear medicine market will increase from $8.4 billion in 2023 to $29.4 billion in 2030, with an annual compound growth rate of 20%. The overall nuclear medicine market is poised for rapid expansion.
 

Facing a market space of nearly 30 billion US dollars, both multinational pharmaceutical companies and local pharmaceutical companies are increasing their investments. On March 19 local time, AstraZeneca announced that it would spend 2.4 billion US dollars to acquire biopharmaceutical company Fusion Pharmaceuticals. The acquisition is expected to be completed in the second quarter of this year, and Fusion will become a wholly-owned subsidiary of AstraZeneca, continuing its operations in Canada and the United States.
 

Data shows that Fusion is a company focused on developing a new generation of radiopharmaceutical conjugates (RDC). The company's core product, FPI-2265, which is in Phase II clinical development, is used to treat metastatic castration-resistant prostate cancer (mCRPC). The Phase II portion of the mCRPC registration project is expected to commence in the second quarter of this year. If successfully launched, FPI-2265 will be the first Actinium-based PSMA-targeted radioligand therapy drug on the market, further enhancing AstraZeneca's competitiveness in the nuclear medicine market.
 

In addition to AstraZeneca, other multinational pharmaceutical companies such as Bayer, Novartis, Eli Lilly, Bristol-Myers Squibb, Johnson & Johnson, and Merck & Co. are also investing in nuclear medicine, showing confidence in its market potential.
 

Ping An Securities research report pointed out that multinational pharmaceutical companies are densely deploying nuclear medicine through acquisitions, equity investments, and technology introductions. In terms of indications, the R&D pipelines mainly focus on prostate cancer, neuroendocrine tumors, and some solid tumor fields. From the perspective of therapeutic targets, they mainly concentrate on PSMA, SSTR, FAP, etc., with high concentrations in both indications and targets.
 

Chinese pharmaceutical companies are also accelerating their布局in the nuclear medicine field. As of October 2023, China has 32 radiopharmaceuticals in clinical trials or applying for market approval, involving companies such as DC PHARMA, China Isotope & Radiation Corporation, Grand Pharmaceutical, and Hengrui Medicine.
 

In terms of RDC drugs, as of October 2023, there are 31 RDC new drugs in clinical trials in China, of which 23 are for diagnosis and 8 are for treatment. Five of these 31 RDC new drugs are registered for clinical trials with the CDE, while the other 26 drugs are IIT trials conducted by hospitals or enterprises in collaboration with hospitals.
 

Nuclear medicine revenue growth was significant for some pharmaceutical companies. Grand Pharmaceutical released its 2023 annual performance on March 20, recording a total income of approximately HKD 10.53 billion, representing a year-on-year increase of 15.8% excluding currency effects; normalized attributable net profit was about HKD 2.04 billion, increasing by 0.2% year-on-year excluding currency effects. In 2023, the nuclear medicine and oncology segment achieved revenue of approximately HKD 220 million, with core product revenue growing nearly 300% for the year. Among these, Yttrium [90Y] Microsphere Injection (brand name: Y-GAN TAI) is mainly used for treating patients with unresectable liver metastases from colorectal cancer who have failed standard treatments. It was approved in China in February 2022. By the end of the reporting period, nearly 60 hospitals had completed radionuclide transfer procedures for Y-GAN TAI, and formal surgeries have been carried out in nearly 40 hospitals across 17 provinces and cities.
 

It is reported that after years of deep cultivation, Grand Pharmaceutical has achieved a full-scale layout in multiple aspects of the radiopharmaceuticals sector, including R&D, production, sales, and regulatory qualifications, establishing a complete industrial chain. Meanwhile, the company is also steadily advancing the construction of a Class A isotope production platform in China.
 

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