WASHINGTON, May 24, 2023 (GLOBE NEWSWIRE) -- The Global Radiopharmaceuticals Market is valued at USD 5.2 Billion in 2022 and is projected to reach a value of USD 9.75 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 9.4% over the forecast period 2023-2030.
Market Overview
Some factors driving the worldwide Radiopharmaceuticals market are rising patient awareness levels demanding correct diagnoses, increased bioimaging applications, and growing preferences for cancer therapies that target specific conditions. The rise of this market will be fuelled by technological developments that make it possible to use radiolabelled peptides and monoclonal antibodies to detect and care for haematological malignancies (also known as Radiopharmaceutical-based customized therapy).
We forecast that the diagnostic nuclear medicine in Radiopharmaceuticals market sales will account for more than 40% of total sales by 2030. Treatment requirements for clients are met through increasing improvements in cancer diagnosis and therapy and the clearance of novel nuclear medicine-based technologies. Due to a strong product pipeline and strong government measures to increase access to nuclear therapy, the industry is expanding.
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Market Dynamics
Rising Product Development in Radiopharmaceutical is expected to Drive the Market Growth
The market is anticipated to grow throughout the projected period due to the increasing frequency of diseases, including cancer and cardiovascular conditions. Additionally, scientists have recycled targeted molecules, such as lutetium Lu 177, to transport more potent radioactive chemicals, or isotopes, that could kill cancer cells instead of only aiding in their visualization. Colon cancer, for instance, served as an early test subject for this repurposing. Large concentrations of PSMA are present nearly exclusively in prostate cells. To create a PSMA-binding molecule, a radiation source is fused with it.
Increasing Cases of Cancer and Heart Diseases Drive the Market Growth
According to the WHO, 10 million people will die from cancer worldwide in 2020. Also, according to the American Cancer Society, around 1,806,590 new cancer cases will be diagnosed in the United States in 2020. According to the European Heart Network, of the 3.9 million annual fatalities in Europe, 1.8 million are believed to be the result of CVDs. Emory Healthcare said congestive heart failure (CHF) impacted 5 million Americans in 2018. For diagnosis and examination, nuclear compounds are used. They are commonly utilized in chronic condition treatment-critical diagnostic procedures like positron emission tomography (PET) and single-photon emission computerized tomography (SPECT). As a result, this component spurs market expansion.
Top Players in the Global Radiopharmaceuticals Market
- Cardinal Health (U.S.)
- GE Healthcare (U.S.)
- Lathes Medical Imaging (U.S.)
- Bayer AG (Germany)
- Bracco Imaging (Italy)
- Nordson (Canada)
- Advanced Accelerator Applications (France)
- NTP Radioisotopes (South Africa
- NorthStar Medical Radioisotopes (U.S.)
- Eckert & Ziegler (Germany
- Braun Melungeon AG (Germany)
- Smith Nephew (Germany)
- Zimmer Biomet (U.S.)
- Hanger Inc. (U.S.)
- Otto Bock Healthcare Gumby (Germany)
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Top Trends in the Global Radiopharmaceuticals Market
- One trend that Vantage Market Research (VMR) expects to see in the Radiopharmaceuticals industry is the increasing demand for Nuclear Imaging Technologies. The expansion of uses for these modalities in some health areas, including oncology, cardiology, neurology, and infection surveillance, has been made possible by the advent of nuclear imaging technologies, including PET or PET-CT. Several such new technologies have significantly expanded the number of PET and SPECT procedures.
- Another trend that VMR predicts will continue in the Radiopharmaceuticals industry is its higher Prevalence of Chronic Diseases. The demand for rapid diagnosis and treatment of deadly diseases is a major driver of the global market for Radiopharmaceuticals. Since chronic diseases are now more common due to the unhealthy lives of people worldwide, the revolutionary use of Radiopharmaceuticals in diagnostics is becoming more and more well-liked in the medical community. Also, increased applicability of cellular diagnostics, improved patient consciousness of accurate and prompt diagnosis, and rising awareness of illnesses therapy are other factors boosting the market growth for Radiopharmaceuticals.
Top Report Findings
- Based on the Type, most of the Radiopharmaceuticals market's revenue is controlled by the Diagnostic Nuclear Medicine category. Nuclear medicine employs very little radiology or other elements of a radioactive type to monitor the construction or, occasionally, the activity of an organ in the human body. It is mostly utilized for various disorders that require nuclear medicine for diagnosis and treatment. Radiopharmaceuticals are utilized during the treatment's duration.
- Based on Application, the Oncology category controls most of the Radiopharmaceuticals market's revenue. Oncology treatments are in high demand due to the expanding investments and innovations in the biopharmaceutical sector, which promotes the creation of several novel treatments and therapies. The worldwide oncology market is anticipated to be driven by rising public awareness of the availability of various oncology-related medications.
- Based on Source, the Cyclotron category controls most of the Radiopharmaceuticals market's revenue. Using a cyclotron, a type of hadron collider, to diagnose and treat chronic illnesses, including cancer and vascular A few of the major and important factors that will probably accelerate the growth of the medical cyclotron market is the rising number of people living in in with cancer, rising geriatric population prevalence around the world, rising expenditures in the creation of better surgical treatments, high rate of disposable income among the populace, as well as changes in consumer lifestyle.
- Based on End Users, the ambulatory surgical centres category controls most of the Radiopharmaceuticals market's revenue. One of the ambulatory services where treatments are carried out without hospital admission is ambulatory surgical centres or ASCs. The market growth will benefit from the aging population base during the projection period. The availability of increasing demand for minimally invasive therapies for better patient care further accelerates the market growth.
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Recent Developments in the Global Radiopharmaceuticals Market
- In April 2020, F. Hoffman-La Roche introduced Atezolizumab, an immunotherapy drug, to treat breast cancer in India.
- In May 2019, Synapse and Amgen, Inc. collaborated to develop observational analytics research for evaluating treatment outcomes in oncology areas with unmet needs
Diagnostic Nuclear Medicine Category of the Type Segment of the Radiopharmaceuticals Market Forecast to Generate Substantial Proportion of the Global Segment Revenue
For better understanding, based on the Type, the Radiopharmaceuticals market is divided into Diagnostic Nuclear Medicine, SPECT Radiopharmaceuticals, PET Radiopharmaceuticals, Therapeutic Nuclear Medicine, and Brachytherapy Isotopes
The market was the largest by diagnostic nuclear medicine type, and it is anticipated to continue to hold the top spot during the projected period. The development of numerous cutting-edge technologies that will be useful in diagnosing the sickness is projected to lead to an increase in the diagnostic market. And because more people are suffering from various cancers and cardiovascular disorders, the marketplace for diagnostics is anticipated to expand in the upcoming year.
On the other hand, the Radiation therapy category is anticipated to grow significantly. Radiation therapy is now used more frequently to treat these illnesses. The therapies employ a variety of alpha emitters. Based on the duration and terbium are the various radioactive materials that will be employed in the future to treat these disorders due to enhanced research and development efforts.
North America Region in Radiopharmaceuticals Market Anticipated to Generate More a Considerable Amount of the Global Revenue
The North America region is projected to do so in the coming years. Chronic diseases, including cancer and heart conditions, have become more common in North America over the projected years, especially in the U.S. Also, a rapidly aging population and changing lifestyles have increased obesity, greatly boosting sales of nuclear medications. The regional market has grown because of this. The market for Radiopharmaceuticals will grow in nations like the U.S. if new technology for producing radioisotopes for treating chronic illnesses is accepted.
The Asia Pacific regional market is projected to grow the fastest in the Radiopharmaceuticals market. The North American area is predicted to keep control over the Radiopharmaceutical market dominance due to significant pharmaceutical key players and well-testing facilities. Because of the prevalence of these problems, Radiopharmaceutical thyroid applications are predicted to expand significantly during the projection period. Oncology applications are also anticipated to increase in the curative segment over the next few years due to the ongoing increase in cancer incidence.
Browse market data Tables and Figures spread through 148 Pages and in-depth TOC on Radiopharmaceuticals Market Forecast Report (2023-2030).
Global Radiopharmaceuticals Market Segmentation
By Type
- Diagnostic Nuclear Medicine
- SPECT Radiopharmaceuticals
- Technetium-99m
- Thallium-201
- Gallium-67
- Iodine-123
- Other
- PET Radiopharmaceuticals
- F-18
- RU-82
- Others
- Therapeutic Nuclear Medicine
- Alpha Emitters
- Ra-223
- Brachytherapy Isotopes
- Intoiodine-125
- Palladium-103
- Cesium-131
- Iridium-192
- Other brachytherapy isotopes
- Beta Emitters
- Intoiodine-131
- Yttrium-90
- Samarium-153
- Lutetium-177
- Rhenium-186
- Other beta emitters
By Application
- Diagnostic Applications
- SPECT Applications
- Cardiology
- Bone Scans
- Thyroid Applications
- Pulmonary Scans
- Other SPECT Applications
- PET Applications
- Oncology
- Cardiology
- Neurology
- Other PET applications
- Therapeutic Applications
- Thyroid Indications
- Bone Metastasis
- Lymphoma
- Endocrine Tumours
- Other Indications
- Procedural Volume Assessment
- Diagnostic Procedures
- Therapeutic Procedures
By Source
- Nuclear Reactors
- Cyclotrons
By End User
- Hospitals
- Ambulatory Surgical Centres
- Diagnostic Centres
- Cancer Research Institutes
- Other End Users
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 5.2 Billion |
| Revenue Forecast by 2030 | USD 9.75 Billion |
| CAGR | 9.4% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Cardinal Health, GE Healthcare, Lantheus Medical Imaging, Bayer AG, Bracco Imaging, Nordion, Advanced Accelerator Applications, NTP Radioisotopes, NorthStar Medical Radioisotopes, Eckert & Ziegler, Braun Melsungen AG, Smith+Nephew, Zimmer Biomet, Hanger Inc., Otto Bock Healthcare GmBH |
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