APAC’s Radiopharmaceutical Landscape Is Taking Shape: Where Are the Next Hubs Emerging?

The radiopharmaceutical sector is entering a period of significant global expansion — and Asia-Pacific is expected to be at the forefront of that growth.

The global radiopharmaceutical market, valued at approximately US$7.9 billion in 2023, is projected to reach US$21.8 billion by 2033, representing a compound annual growth rate (CAGR) of 10.6% between 2024 and 2033.

Within that global picture, Asia-Pacific is projected to be the fastest-growing regional market, with an estimated CAGR of 11.4% over the same period.

Behind these numbers is a much bigger transformation.

Radiopharmaceuticals are rapidly moving from a specialised segment of nuclear medicine into one of the most closely watched areas of precision oncology. Growing interest in radioligand therapies, theranostics and next-generation isotopes such as Lutetium-177 (Lu-177), Actinium-225 (Ac-225) and Terbium-161 (Tb-161) is creating new opportunities across drug development, manufacturing and patient care.

Across Asia-Pacific, investment is accelerating in radiopharmaceutical development, radioisotope production, manufacturing infrastructure and theranostics.

Yet the opportunity is not simply about developing the next radiopharmaceutical.

It is about building the ecosystem capable of delivering it.

Unlike conventional pharmaceuticals, radiopharmaceuticals operate within an unusually interconnected value chain. Radioisotope availability, radiochemistry, GMP manufacturing, logistics, nuclear medicine infrastructure and patient access all need to work together — often within extremely tight timelines because of radioactive decay.

This makes proximity, infrastructure and supply-chain integration strategic considerations, rather than simply operational ones.

And across APAC, several countries are beginning to build very different positions within this emerging ecosystem.

Australia has one of the most established nuclear medicine ecosystems in Asia-Pacific.

At its centre is the Australian Nuclear Science and Technology Organisation's OPAL research reactor at Lucas Heights, which supports the production of medical radioisotopes including molybdenum-99, iodine-131 and lutetium-177. ANSTO estimates that its nuclear medicine operations enable approximately 10,000–12,000 procedures every week in Australia.

Australia's importance, however, increasingly extends beyond isotope production.

Melbourne-headquartered Telix Pharmaceuticals has emerged as one of the most prominent radiopharmaceutical companies originating from APAC, developing diagnostic and therapeutic programmes across prostate, kidney and brain cancers.

Its proposed combination with ITM Isotope Technologies Munich, announced in September 2026, provides an important signal of where the global industry may be heading.

The transaction would combine Telix's radiopharmaceutical development and commercial platform with ITM's capabilities across therapeutic isotope production, including lutetium-177, actinium-225 and terbium-161. ITM's distribution network currently reaches more than 65 countries. The transaction remains subject to shareholder, regulatory and other closing conditions.

The strategic message extends beyond the transaction itself.

As radiopharmaceutical pipelines expand, isotope security, manufacturing capacity and distribution capability are becoming increasingly important components of competitive strategy.

Australia therefore occupies an interesting position: combining established nuclear medicine infrastructure with an increasingly visible commercial radiopharmaceutical industry.

China is approaching radiopharmaceuticals from another direction: scale.

The country is simultaneously expanding domestic radioisotope production, radiopharmaceutical manufacturing and drug development.

At the Qinshan Nuclear Power Base in Zhejiang, China has deployed commercial power-reactor technology for online isotope irradiation. The programme has been used to produce lutetium-177 and has subsequently expanded into additional isotopes.

China National Nuclear Corporation has reported annual lutetium-177 irradiation capacity exceeding 10,000 curies from the platform.

At the same time, domestic companies are advancing radiopharmaceutical pipelines, while multinational companies are increasing their manufacturing presence in the country.

This combination matters.

China's long-term advantage may not come from any single drug or isotope. It could come from building multiple layers of the radiopharmaceutical value chain within one market — isotope production, drug development, manufacturing infrastructure, hospitals and a large patient population.

If these components become increasingly integrated, China could develop one of APAC's most comprehensive radiopharmaceutical ecosystems.

Japan enters the radiopharmaceutical era with a significant advantage: decades of experience in nuclear medicine and an extensive diagnostic infrastructure.

The country has one of the world's densest cyclotron networks and an established radiopharmacy ecosystem, making it particularly well positioned for PET imaging and short-lived diagnostic isotopes.

The next evolution is increasingly focused on therapeutics.

Japanese companies are expanding into radioligand development, while international radiopharmaceutical companies are building deeper commercial and manufacturing capabilities in the market.

For example, PDRadiopharma and Curium have collaborated on the development of a lutetium-177 PSMA-targeted therapy alongside a copper-64 companion diagnostic for Japan.

Japan's opportunity therefore lies in connecting its already mature diagnostic nuclear medicine network with the emerging therapeutic side of theranostics.

The country's existing clinical expertise, pharmaceutical industry and nuclear medicine workforce provide a strong foundation.

The challenge will be ensuring that therapeutic isotope availability and manufacturing capacity develop alongside the clinical opportunity.

South Korea is emerging as another market to watch closely.

Rather than relying solely on commercial development, Korea has taken a more strategic approach to strengthening its domestic radioisotope and radiopharmaceutical capabilities.

The country's roadmap includes efforts to localise isotope supply, improve self-sufficiency and eventually develop export capabilities.

Particularly important is Korea's work around next-generation therapeutic isotopes.

In May 2025, the Korea Institute of Radiological and Medical Sciences received regulatory approval for domestic production of actinium-225 using cyclotron-based production.

Actinium-225 is attracting considerable interest globally because of its potential in targeted alpha therapies.

Although production remains limited compared with the scale ultimately required for widespread commercial adoption, Korea's investment illustrates a larger strategic ambition: building domestic capabilities before radiopharmaceutical demand reaches full commercial scale.

Combined with South Korea's established biopharmaceutical manufacturing ecosystem, advanced hospital system and growing precision-oncology capabilities, this could position the country as an important Northeast Asian hub for radiopharmaceutical research, development and eventually manufacturing.

India presents a different model again.

Its strength comes from an established public-sector nuclear infrastructure combined with a large nuclear medicine network and significant experience using therapeutic isotopes.

The Bhabha Atomic Research Centre and Board of Radiation and Isotope Technology support domestic production and distribution of radioisotopes, including lutetium-177, to nuclear medicine centres across the country.

This has helped India develop considerable clinical experience with radionuclide therapies.

India's longer-term opportunity could be significant.

The country already possesses many of the ingredients required for a larger radiopharmaceutical industry: scientific expertise, pharmaceutical manufacturing capability, nuclear infrastructure, a large clinical population and comparatively cost-efficient healthcare delivery.

However, supply resilience remains important. Recent production data indicate that India has also required imported lutetium-177 to supplement domestic supply.

For India, therefore, the next chapter may involve moving from an established clinical and isotope-production base toward a more integrated commercial radiopharmaceutical ecosystem.

Singapore represents a different proposition.

It does not currently possess the reactor-based therapeutic isotope production capabilities seen in Australia, China or India. Publicly disclosed large-scale radioligand isotope production programmes also remain limited.

But Singapore does have other advantages.

Its established biopharmaceutical manufacturing ecosystem, research institutions, regulatory environment, logistics connectivity and advanced healthcare system could make it relevant to parts of the radiopharmaceutical value chain that do not depend directly on domestic reactor capacity.

Rather than becoming APAC's largest isotope producer, Singapore's opportunity could potentially lie in regional coordination, clinical research, technology development, specialised manufacturing and distribution.

That role could become increasingly valuable as APAC's radiopharmaceutical ecosystem becomes more interconnected.

Outside Singapore, Southeast Asia remains considerably earlier in its radiopharmaceutical development journey.

Nuclear medicine capabilities exist across markets including Thailand, Malaysia, Indonesia, Vietnam and the Philippines, but access to advanced theranostics remains uneven across the broader Asia-Pacific region.

A recent regional study found substantial differences in nuclear medicine infrastructure and workforce availability across APAC. Thirty-four of 55 countries surveyed offered nuclear medicine services, while access to theranostics and specialised radiopharmacy expertise remained highly variable.

This creates both a challenge and an opportunity.

As radiopharmaceutical therapies move toward broader commercial adoption, Southeast Asian healthcare systems will need to consider not only access to the medicines themselves, but also the infrastructure surrounding them.

That includes nuclear medicine centres, trained specialists, radiopharmacy capabilities, isotope logistics, regulatory frameworks and safe handling infrastructure.

For Southeast Asia, the radiopharmaceutical opportunity may therefore initially be less about becoming a major isotope-production centre and more about building the clinical and supply-chain infrastructure required to participate in a regional theranostics network.

What is becoming increasingly clear is that APAC is unlikely to develop around one dominant radiopharmaceutical centre.

Instead, a network of specialised ecosystems is emerging.

Australia combines nuclear infrastructure with growing commercial radiopharmaceutical innovation.

China is building scale across isotope production, manufacturing and drug development.

Japan brings one of the region's deepest nuclear medicine and diagnostic foundations.

South Korea is investing strategically in isotope localisation and next-generation therapeutic capabilities.

India combines domestic isotope production with extensive clinical experience and potentially greater treatment accessibility.

Singapore and Southeast Asia could increasingly connect these established hubs with rapidly growing healthcare markets.

The result could be a distinctly APAC radiopharmaceutical ecosystem — interconnected, but highly specialised.

Perhaps the most important question facing the sector is no longer simply:

Which radiopharmaceutical will reach the market next?

Increasingly, it may be:

Can the supporting infrastructure scale quickly enough to deliver it?

Radiopharmaceutical manufacturing operates under constraints that conventional biologics and pharmaceuticals largely do not face.

Lutetium-177 has a physical half-life of approximately 6.6 days. Other emerging therapeutic isotopes can have considerably shorter windows. That means production schedules, radiochemistry, quality release, transportation and treatment appointments must operate as part of a tightly coordinated system.

A successful radiopharmaceutical ecosystem therefore requires more than innovative molecules.

It requires reliable isotope production.

It requires specialised GMP manufacturing.

It requires radiochemistry and hot-cell infrastructure.

It requires efficient cross-border logistics.

It requires trained nuclear medicine professionals.

And ultimately, it requires hospitals capable of safely delivering these therapies to patients.

The next phase of radiopharmaceutical development in Asia-Pacific may be defined less by individual assets and more by how effectively the region connects the entire ecosystem around them.

The proposed Telix–ITM combination is one recent illustration of this direction. Bringing isotope production closer to drug development, manufacturing and commercial delivery reflects the growing strategic importance of controlling — or securing — critical parts of the radiopharmaceutical supply chain.

Across APAC, countries are approaching the same challenge from very different starting points.

Some have reactors.

Some have cyclotrons.

Some have advanced pharmaceutical manufacturing.

Others have large clinical networks or rapidly expanding healthcare markets.

Very few currently have everything.

That is precisely why regional collaboration may become one of APAC's greatest advantages.

The future of radiopharmaceuticals in Asia-Pacific may not be about creating one self-sufficient hub.

It may be about connecting specialised capabilities across countries — from isotope production and radiopharmaceutical development to manufacturing, clinical research, logistics and patient delivery.

As targeted radiopharmaceutical therapies move deeper into mainstream oncology, the countries and organisations that build these connections early could play an increasingly important role in shaping the next generation of precision medicine across Asia-Pacific.

The radiopharmaceutical race in APAC has begun. The bigger question now is whether the region can build the ecosystem fast enough to support what is coming next.