Wilmington, Delaware, United States, May 15, 2023 (GLOBE NEWSWIRE) -- According to TMR market research, the global radiopharmaceuticals industry growth is expected to be robust owing to rise in demand for precision in diagnostics and therapeutics of diseases such as cancer.
Radiopharmaceuticals are used extensively in treatment and diagnostic procedures. These therapeutic compositions comprise radioisotopes. Radiopharmaceuticals contain radioactive agents that destroy tumor cells. Hence, these therapies are commonly used for the treatment of cancerous diseases.
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Rise in prevalence of cancer across the world is likely to propel the radiopharmaceuticals market during the forecast period from 2021 to 2031. Increase in prevalence of cancer, cardiovascular diseases, and other diseases across the globe has led to surge in investment in healthcare infrastructure. This is projected to bolster the radiopharmaceuticals market. The number of patients suffering from these diseases is alarming. Thus, a number of therapeutics and drugs are being developed to reduce the mortality rate due to cancer. These developments are anticipated to drive the radiopharmaceuticals market.
Radiopharmaceuticals Market: Growth Drivers
- The healthcare industry is revamping healthcare workflows leading to opportunities in the radiopharmaceutical market. Efforts by healthcare professionals toward integrating emerging technologies in various sectors have also gathered the attention of those reaping the benefits for patient care and pharmaceutical patterns in the radiopharmaceutical market. Furthermore, rigorous R&D has helped in the creation of innovative technologies that have fueled the administrative and operational workflow paradigms of the radiopharmaceuticals vertical.
- Digitization has become essential for every sector, and the healthcare industry is no exception. Various diseases and disorders can be treated effectively and efficiently with the help of digitalization and automation, which bolsters the radiopharmaceutical market. Rise in awareness about the advantages of radiopharmaceuticals and increase in the inclination of healthcare professionals toward developing drugs with high precision offer lucrative opportunities in the radiopharmaceutical market.
- Cloud computing and storage are also essential parts of the hospital pharmaceutical manufacturing process to enable a flawless production process in a highly controlled environment. Technological advances in the method of manufacturing radiopharmaceuticals are projected to propel the radiopharmaceutical market.
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Key Findings of Radiopharmaceuticals Market Report
- Rise in incidence of cancer is an area of concern across the globe. Various types of cancer, such as breast, liver, stomach, and others, are causing numerous deaths every year. FDA-approved drugs are gaining a firm foothold in the radiopharmaceuticals market due to higher efficiency in treating disease. Demand for oncology drugs is increasing at a rapid rate. This is driving the oncology indication segment of the radiopharmaceuticals market.
- The PET system segment is expected to witness lucrative growth due to the burgeoning need for PET scans in cancer diagnostics. High prevalence of cancer in several countries has created immense growth opportunities in the global market.
- The technetium-99 (Tc) compound segment is expected to gain momentum as a result of rise in demand for nuclear medicines in various diagnostic procedures. 99m Tc radiopharmaceuticals are widely employed in the diagnosis of neuroendocrine tumors, morphological imaging, and others. Furthermore, it is cost-effective and efficient. Thus, segment is expected to witness robust business growth in the next few years.
Radiopharmaceuticals Market: Regional Dynamics
- North America held a significant part of the global radiopharmaceuticals market in 2020. Well-developed healthcare infrastructure, increase in the installation of PET-CT scanner equipment, and increased demand for disease risk examination services for cancer treatment are some key drivers of the market in the region.
- The market in Europe is expected to experience robust growth during the forecast period. This is ascribed to various government initiatives in healthcare. Furthermore, technological advancements and innovations are likely to augment market growth in the region.
- The market in Asia Pacific is also projected to witness robust growth in the near future due to novel product launches, strategic alliances, and product awareness among the population in this region.
Radiopharmaceuticals Market: Competitive Landscape
Major market participants are investing significantly in research & development activities to develop radiopharmaceuticals with high efficacy. Companies have launched targeted radiopharmaceuticals to treat a wide spectrum of diseases. Furthermore, the combination of radiopharmaceuticals and other therapeutics has helped in providing efficient combination treatments to patients. Leading players are adopting strategic alliances for market expansion.
Some key players operating in the global market are:
- Lantheus Holdings Inc.
- Bayer AG
- Curium
- Positron Corporation
- GE Healthcare
- Novartis
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Radiopharmaceuticals Market: Segmentation
Compound
- Fluorine-18 derivatives
- Fluorine-18 Fludeoxyglucose (FDG)
- Fluorine-18 Sodium Fluoride
- Fluorine-18 Florbetapir
- Fluorine-18 florbetaben
- Others
- Technetium -99
- Lutetium (Lu) 177
- Gallium-68
- Dotatate
- Dotatoc
- Zirconium 89
- 11C-choline
- 14C-urea
- Others
System
- PET
- Standalone PET Systems
- Hybrid PET/CT
- Hybrid PET/MRI
- SPECT
Indication
- Oncology
- Neurology
- Neurogenerative Diseases (AD, PD, and Others)
- Epilepsy
- Cardiology
- Others
End-users
- Hospitals
- Diagnostic Labs
- Others
Regions
- North America
- Europe
- Asia Pacific
- Rest of the World
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