The global Actinium-225 (Ac-225) market was valued at USD 62.0 million in 2025. It is estimated at USD 84.0 million in 2026 and is projected to reach USD 1.20 billion by 2036, growing at a CAGR of 30.5% over the 2026-2036 forecast period. This report offers a detailed assessment of the market, covering supply and demand balance, production technologies, feedstock availability, the targeted alpha therapy pipeline, supply agreements and deals, regulation, pricing, the value chain, and the competitive landscape.
Actinium-225 is an alpha-emitting radioisotope with a half-life of roughly 9.9 days that serves as the active payload in targeted alpha therapies, where it is linked to a peptide, small molecule, or antibody that carries radiation directly to tumor cells. The study covers Ac-225 obtained from thorium-229 decay, proton spallation of thorium-232, cyclotron and electron accelerator irradiation of radium-226, and reactor-based routes, supplied in research, cGMP clinical, and commercial grades as purified solutions or Ac-225/bismuth-213 generators. Market value reflects sales of the isotope and related supply services; finished Ac-225 drug revenue is reviewed but excluded.
Large drug makers have committed heavily to this isotope, and according to company announcements, deals in 2024 included the USD 2.4 billion purchase of Fusion Pharmaceuticals by AstraZeneca and the roughly USD 4.1 billion takeover of RayzeBio by Bristol Myers Squibb, and Eli Lilly paid USD 1.4 billion for Point Biopharma, while Bayer and Novartis run their own Ac-225 programs. Supply is expanding in parallel: through a Department of Energy initiative known as the Thorium Express Project, the U.S. contractor Isotek had recovered more than 15 grams of thorium-229 from uranium-233 stocks by May 2025, and TerraPower Isotopes, which started weekly commercial-scale runs in October 2024, plans to raise its output 20-fold with a Philadelphia plant due to start in 2029. Several Ac-225 drugs were in late-stage trials by mid-2026, but none had FDA approval.
Feedstock remains the main limit on supply, as thorium-229 comes from a finite stock of decades-old uranium-233, and radium-226 for accelerator routes is rare, highly radioactive, and drawn from legacy sources. Spallation-derived material contains actinium-227, a long-lived isotope that cannot be separated chemically, which raises concerns over dosimetry, waste, and regulatory acceptance. Fast decay demands tight logistics under strict licensing and transport rules, and commercial demand hinges on approvals still pending. Producers also face long build times, high capital costs, daughter isotope and waste handling, multi-source cGMP qualification, and export controls, as much past supply came from Russia.
Multi-year supply agreements are a major opportunity, as drug developers want several qualified sources; over 2022-2024, Bayer contracted four producers, namely BWXT, Ionetix, NorthStar, and PanTera. Accelerator-based and distributed production can lift supply beyond decay routes, and cGMP commercial-grade material with Drug Master Files commands long-term contracts and premium pricing. Key trends include the spread of production across several technical routes, offtake contracts and investments by drug developers in their suppliers, new capacity in Europe, and the move from clinical-scale to commercial-scale output.
Based on production method, the report examines five routes: thorium-229 decay, high-energy proton spallation, cyclotron radium-226, electron accelerator/photonuclear, and reactor-based. Thorium-229 decay is expected to hold the largest share in 2026, as TerraPower Isotopes has been running weekly commercial-scale batches since October 2024 using thorium-229 recovered by Isotek, and this route yields Ac-225 without isotopic impurities. Electron accelerator/photonuclear production is expected to grow at the highest CAGR, since it uses radium-226 in industrial facilities without reactors or uranium-233 stocks, NorthStar reached routine commercial-scale output with this method in January 2026, and units can be sited in several regions. Spallation output from U.S. national laboratories is limited in therapeutic use by its actinium-227 content.
By product grade, the study covers material sold at research, cGMP clinical, and commercial grade. cGMP clinical grade material is expected to account for the largest share in 2026, reflecting the large number of Ac-225 therapies now in trials, including the late-stage assets that AstraZeneca and Bristol Myers Squibb acquired in 2024. Commercial grade is expected to record the highest CAGR, as the first approvals will turn trial demand into routine commercial use, and suppliers with validated processes and Drug Master Files, such as NorthStar, whose file was accepted by the FDA, are positioned to win long-term contracts.
Based on product form, the market is segmented into purified Ac-225 solution and Ac-225/Bi-213 generators. Purified solutions are the standard form shipped by producers for radiolabeling of PSMA, somatostatin receptor, and antibody-based drugs at manufacturing sites and radiopharmacies. Ac-225/Bi-213 generators allow sites to elute bismuth-213, a short-lived alpha emitter, for research and clinical studies of their own. The isotope's half-life allows central production and export in both forms but requires tight scheduling.
The application analysis spans prostate cancer, neuroendocrine tumors, hematologic malignancies, and other solid tumors. Prostate cancer is expected to hold the largest share in 2026, given the many PSMA-directed Ac-225 candidates, among them the Fusion assets now held by AstraZeneca, and responses seen after lutetium-177 failure. Neuroendocrine tumors are expected to grow at the highest CAGR, supported by late-stage somatostatin receptor-targeted Ac-225 drugs such as the program Bristol Myers Squibb obtained with RayzeBio. Antibody-based and newer programs in hematologic malignancies and other solid tumors broaden future demand.
Based on targeting vector, the market covers peptides & small molecules, antibodies & antibody fragments, and others. Peptides & small molecules are expected to account for the largest share in 2026, as PSMA and somatostatin receptor ligands follow the proven path of lutetium-177 therapies and clear quickly from the body. Antibodies & antibody fragments are expected to grow at the highest CAGR, since Ac-225 antibody conjugates are being developed for blood cancers and solid tumors and their longer time in circulation matches the isotope's half-life.
By end user, the report covers pharmaceutical & radiopharmaceutical companies, CDMOs & radiopharmacies, and academic & research institutes. Pharmaceutical & radiopharmaceutical companies are expected to hold the largest share in 2026, as they buy most of the isotope for clinical programs and secure it through multi-supplier contracts such as Bayer's four agreements. CDMOs & radiopharmacies are expected to grow at the highest CAGR, as commercial Ac-225 drugs will need outsourced radiolabeling, dose preparation, and distribution networks close to treatment centers.
North America is expected to remain the largest regional market in 2026, as the U.S. combines national laboratory capabilities, including the Department of Energy's thorium-229 recovery work and accelerator production at Oak Ridge and two other laboratories, with commercial producers such as TerraPower Isotopes in Everett, Washington, and NorthStar, Ionetix, Nusano, and Niowave, which are scaling accelerator routes. Canada adds BWXT Medical, Canadian Nuclear Laboratories, and TRIUMF, and the region is home to major buyers including Bristol Myers Squibb, Eli Lilly, and Actinium Pharmaceuticals.
Europe is expected to grow at the highest CAGR during the forecast period, helped by fresh capacity and a deep radiopharmaceutical industry. Belgian output is rising after PanTera, TerraPower Isotopes, and the Institut des Radioéléments agreed in May 2026 to add a production line, split between Mol and Fleurus, while Germany's Eckert & Ziegler has scaled cyclotron output with a Czech research partner and ITM supplies through its venture with Canadian Nuclear Laboratories. Bayer, Novartis, AstraZeneca, and Ariceum Therapeutics are leading European buyers. Asia-Pacific is building capability through agencies such as ANSTO in Australia and the Bhabha Atomic Research Centre in India, with domestic production work in China and Japan. Brazil and Argentina have national isotope institutions, while South Africa's isotope industry and early Ac-225 PSMA clinical work, Gulf investment in nuclear medicine, and Israel's capabilities support demand in the Middle East & Africa.
Participants range from commercial isotope makers working with several technical routes to national laboratories, state isotope programs, feedstock suppliers, and drug developers that increasingly invest in or contract for supply. Rivalry turns on how much a supplier can produce and scale, the purity of its material, its cGMP status and filings, dependable delivery, price, and lasting relationships with drug makers. Recent moves include TerraPower Isotopes' plan for a 20-fold capacity increase by 2029, the expansion of PanTera's Belgian production with IRE in May 2026, NorthStar's start of commercial-scale accelerator output in January 2026, and Eli Lilly's 2024 investment in Ionetix.
Key companies profiled in the report include TerraPower Isotopes (U.S.), NorthStar Medical Radioisotopes, LLC (U.S.), Eckert & Ziegler SE (Germany), PanTera (Belgium), Institut des Radioéléments (IRE) (Belgium), ITM Isotope Technologies Munich SE (Germany), Canadian Nuclear Laboratories (Canada), BWXT Medical Ltd. (Canada), Ionetix Corporation (U.S.), Nusano, Inc. (U.S.), Niowave, Inc. (U.S.), QSA Global, Inc. (U.S.), U.S. Department of Energy Isotope Program (U.S.), TRIUMF (Canada), JSC Isotope (Rosatom) (Russia), Novartis AG (Switzerland), Bristol Myers Squibb Company (RayzeBio) (U.S.), AstraZeneca PLC (Fusion Pharmaceuticals) (U.K.), Bayer AG (Germany), and Eli Lilly and Company (Point Biopharma) (U.S.).
Actinium-225 is an alpha-emitting radioisotope with a half-life of roughly 9.9 days that serves as the active payload in targeted alpha therapies, where it is linked to a peptide, small molecule, or antibody that carries radiation directly to tumor cells. The study covers Ac-225 obtained from thorium-229 decay, proton spallation of thorium-232, cyclotron and electron accelerator irradiation of radium-226, and reactor-based routes, supplied in research, cGMP clinical, and commercial grades as purified solutions or Ac-225/bismuth-213 generators. Market value reflects sales of the isotope and related supply services; finished Ac-225 drug revenue is reviewed but excluded.
Large drug makers have committed heavily to this isotope, and according to company announcements, deals in 2024 included the USD 2.4 billion purchase of Fusion Pharmaceuticals by AstraZeneca and the roughly USD 4.1 billion takeover of RayzeBio by Bristol Myers Squibb, and Eli Lilly paid USD 1.4 billion for Point Biopharma, while Bayer and Novartis run their own Ac-225 programs. Supply is expanding in parallel: through a Department of Energy initiative known as the Thorium Express Project, the U.S. contractor Isotek had recovered more than 15 grams of thorium-229 from uranium-233 stocks by May 2025, and TerraPower Isotopes, which started weekly commercial-scale runs in October 2024, plans to raise its output 20-fold with a Philadelphia plant due to start in 2029. Several Ac-225 drugs were in late-stage trials by mid-2026, but none had FDA approval.
Market Dynamics
Demand is led by a growing pipeline of targeted alpha therapies, now largely held by big pharmaceutical groups, alongside biotech programs at Actinium Pharmaceuticals, Cellectar Biosciences, Ariceum Therapeutics, and GlyTherix. Alpha particles deposit far more energy than beta emitters such as lutetium-177 over a distance of only 50 to 100 micrometers, and each Ac-225 decay chain releases four of them, killing resistant tumor cells while sparing nearby tissue. The success of Novartis' Lutathera and Pluvicto has built treatment centers, manufacturing networks, and reimbursement routes that Ac-225 drugs aimed at the same PSMA and somatostatin receptor targets can use, while new capacity backed by government isotope programs is set to raise availability sharply.Feedstock remains the main limit on supply, as thorium-229 comes from a finite stock of decades-old uranium-233, and radium-226 for accelerator routes is rare, highly radioactive, and drawn from legacy sources. Spallation-derived material contains actinium-227, a long-lived isotope that cannot be separated chemically, which raises concerns over dosimetry, waste, and regulatory acceptance. Fast decay demands tight logistics under strict licensing and transport rules, and commercial demand hinges on approvals still pending. Producers also face long build times, high capital costs, daughter isotope and waste handling, multi-source cGMP qualification, and export controls, as much past supply came from Russia.
Multi-year supply agreements are a major opportunity, as drug developers want several qualified sources; over 2022-2024, Bayer contracted four producers, namely BWXT, Ionetix, NorthStar, and PanTera. Accelerator-based and distributed production can lift supply beyond decay routes, and cGMP commercial-grade material with Drug Master Files commands long-term contracts and premium pricing. Key trends include the spread of production across several technical routes, offtake contracts and investments by drug developers in their suppliers, new capacity in Europe, and the move from clinical-scale to commercial-scale output.
Segment Analysis
The report analyzes the market by production method, product grade, product form, application, targeting vector, end user, and geography, helping stakeholders see where supply is being built and where demand will come from.Based on production method, the report examines five routes: thorium-229 decay, high-energy proton spallation, cyclotron radium-226, electron accelerator/photonuclear, and reactor-based. Thorium-229 decay is expected to hold the largest share in 2026, as TerraPower Isotopes has been running weekly commercial-scale batches since October 2024 using thorium-229 recovered by Isotek, and this route yields Ac-225 without isotopic impurities. Electron accelerator/photonuclear production is expected to grow at the highest CAGR, since it uses radium-226 in industrial facilities without reactors or uranium-233 stocks, NorthStar reached routine commercial-scale output with this method in January 2026, and units can be sited in several regions. Spallation output from U.S. national laboratories is limited in therapeutic use by its actinium-227 content.
By product grade, the study covers material sold at research, cGMP clinical, and commercial grade. cGMP clinical grade material is expected to account for the largest share in 2026, reflecting the large number of Ac-225 therapies now in trials, including the late-stage assets that AstraZeneca and Bristol Myers Squibb acquired in 2024. Commercial grade is expected to record the highest CAGR, as the first approvals will turn trial demand into routine commercial use, and suppliers with validated processes and Drug Master Files, such as NorthStar, whose file was accepted by the FDA, are positioned to win long-term contracts.
Based on product form, the market is segmented into purified Ac-225 solution and Ac-225/Bi-213 generators. Purified solutions are the standard form shipped by producers for radiolabeling of PSMA, somatostatin receptor, and antibody-based drugs at manufacturing sites and radiopharmacies. Ac-225/Bi-213 generators allow sites to elute bismuth-213, a short-lived alpha emitter, for research and clinical studies of their own. The isotope's half-life allows central production and export in both forms but requires tight scheduling.
The application analysis spans prostate cancer, neuroendocrine tumors, hematologic malignancies, and other solid tumors. Prostate cancer is expected to hold the largest share in 2026, given the many PSMA-directed Ac-225 candidates, among them the Fusion assets now held by AstraZeneca, and responses seen after lutetium-177 failure. Neuroendocrine tumors are expected to grow at the highest CAGR, supported by late-stage somatostatin receptor-targeted Ac-225 drugs such as the program Bristol Myers Squibb obtained with RayzeBio. Antibody-based and newer programs in hematologic malignancies and other solid tumors broaden future demand.
Based on targeting vector, the market covers peptides & small molecules, antibodies & antibody fragments, and others. Peptides & small molecules are expected to account for the largest share in 2026, as PSMA and somatostatin receptor ligands follow the proven path of lutetium-177 therapies and clear quickly from the body. Antibodies & antibody fragments are expected to grow at the highest CAGR, since Ac-225 antibody conjugates are being developed for blood cancers and solid tumors and their longer time in circulation matches the isotope's half-life.
By end user, the report covers pharmaceutical & radiopharmaceutical companies, CDMOs & radiopharmacies, and academic & research institutes. Pharmaceutical & radiopharmaceutical companies are expected to hold the largest share in 2026, as they buy most of the isotope for clinical programs and secure it through multi-supplier contracts such as Bayer's four agreements. CDMOs & radiopharmacies are expected to grow at the highest CAGR, as commercial Ac-225 drugs will need outsourced radiolabeling, dose preparation, and distribution networks close to treatment centers.
Regional Analysis
Five regions are covered, namely North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, with analysis of 20 countries and five rest-of-region groups. Each market is assessed on isotope production capacity, feedstock access, national laboratory programs, drug development activity, nuclear medicine infrastructure, and logistics and regulation.North America is expected to remain the largest regional market in 2026, as the U.S. combines national laboratory capabilities, including the Department of Energy's thorium-229 recovery work and accelerator production at Oak Ridge and two other laboratories, with commercial producers such as TerraPower Isotopes in Everett, Washington, and NorthStar, Ionetix, Nusano, and Niowave, which are scaling accelerator routes. Canada adds BWXT Medical, Canadian Nuclear Laboratories, and TRIUMF, and the region is home to major buyers including Bristol Myers Squibb, Eli Lilly, and Actinium Pharmaceuticals.
Europe is expected to grow at the highest CAGR during the forecast period, helped by fresh capacity and a deep radiopharmaceutical industry. Belgian output is rising after PanTera, TerraPower Isotopes, and the Institut des Radioéléments agreed in May 2026 to add a production line, split between Mol and Fleurus, while Germany's Eckert & Ziegler has scaled cyclotron output with a Czech research partner and ITM supplies through its venture with Canadian Nuclear Laboratories. Bayer, Novartis, AstraZeneca, and Ariceum Therapeutics are leading European buyers. Asia-Pacific is building capability through agencies such as ANSTO in Australia and the Bhabha Atomic Research Centre in India, with domestic production work in China and Japan. Brazil and Argentina have national isotope institutions, while South Africa's isotope industry and early Ac-225 PSMA clinical work, Gulf investment in nuclear medicine, and Israel's capabilities support demand in the Middle East & Africa.
Competitive Landscape
The report reviews the competitive landscape through key growth strategies, competitive benchmarking, a competitive dashboard that groups companies into industry leaders, market differentiators, vanguards, and emerging companies, and a 2025 market share/rank analysis. Company profiles cover the business overview, financial overview, product portfolio, strategic developments, and SWOT analysis of Ac-225 producers, government and research suppliers, and key demand-side radiopharmaceutical developers.Participants range from commercial isotope makers working with several technical routes to national laboratories, state isotope programs, feedstock suppliers, and drug developers that increasingly invest in or contract for supply. Rivalry turns on how much a supplier can produce and scale, the purity of its material, its cGMP status and filings, dependable delivery, price, and lasting relationships with drug makers. Recent moves include TerraPower Isotopes' plan for a 20-fold capacity increase by 2029, the expansion of PanTera's Belgian production with IRE in May 2026, NorthStar's start of commercial-scale accelerator output in January 2026, and Eli Lilly's 2024 investment in Ionetix.
Key companies profiled in the report include TerraPower Isotopes (U.S.), NorthStar Medical Radioisotopes, LLC (U.S.), Eckert & Ziegler SE (Germany), PanTera (Belgium), Institut des Radioéléments (IRE) (Belgium), ITM Isotope Technologies Munich SE (Germany), Canadian Nuclear Laboratories (Canada), BWXT Medical Ltd. (Canada), Ionetix Corporation (U.S.), Nusano, Inc. (U.S.), Niowave, Inc. (U.S.), QSA Global, Inc. (U.S.), U.S. Department of Energy Isotope Program (U.S.), TRIUMF (Canada), JSC Isotope (Rosatom) (Russia), Novartis AG (Switzerland), Bristol Myers Squibb Company (RayzeBio) (U.S.), AstraZeneca PLC (Fusion Pharmaceuticals) (U.K.), Bayer AG (Germany), and Eli Lilly and Company (Point Biopharma) (U.S.).
How This Report Helps
- Provides reliable market size estimates and forecasts for the global Actinium-225 market through 2036.
- Explains how pharmaceutical acquisitions, the late-stage alpha therapy pipeline, and the radioligand treatment model are shaping isotope demand.
- Assesses supply and demand balance scenarios, feedstock limits for thorium-229 and radium-226, and the capacity plans of leading producers.
- Compares production routes on scalability, isotopic purity, feedstock needs, and regulatory acceptance.
- Identifies high-growth opportunities across production method, product grade, product form, application, targeting vector, end user, and region.
- Tracks supply agreements, Drug Master Files, cGMP requirements, transport rules, and nuclear security controls affecting the market.
- Supports capacity investment, sourcing strategy, partnership evaluation, and market entry decisions for isotope producers, drug developers, CDMOs, radiopharmacies, and investors.
Key Questions Answered
- How large is the global Actinium-225 market today, and how fast will it grow through 2036?
- What are the main drivers, restraints, opportunities, challenges, and trends shaping the market?
- How will the first approvals of Ac-225 therapies change demand for clinical and commercial grade isotope?
- Which production routes will scale fastest, and how do they compare on purity and feedstock requirements?
- How tight is thorium-229 and radium-226 feedstock supply, and how are producers addressing it?
- Which production method, product grade, application, targeting vector, and end user segments will grow the fastest?
- Which regions and countries offer the most attractive opportunities for Ac-225 production and supply?
- Who are the leading producers and demand-side developers, and how do they compare?
- What supply agreements, acquisitions, and capacity investments are shaping competition?
Table of Contents
1. Introduction
2. Research Methodology
4. Market Overview
5. Actinium-225 Market, by Production Method
6. Actinium-225 Market, by Product Grade
7. Actinium-225 Market, by Product Form
8. Actinium-225 Market, by Application
9. Actinium-225 Market, by Targeting Vector
10. Actinium-225 Market, by End User
11. Actinium-225 Market, by Geography
12. Competitive Landscape
13. Company Profiles
14. Appendix
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
- TerraPower Isotopes
- NorthStar Medical Radioisotopes, LLC
- Eckert & Ziegler SE
- PanTera
- Institut des Radioéléments
- ITM Isotope Technologies Munich SE
- Canadian Nuclear Laboratories
- BWXT Medical Ltd.
- Ionetix Corporation
- Nusano, Inc.
- Niowave, Inc.
- QSA Global, Inc.
- U.S. Department of Energy Isotope Program
- TRIUMF
- JSC Isotope
- Novartis AG
- Bristol Myers Squibb Company
- AstraZeneca PLC
- Bayer AG
- Eli Lilly and Company
