NEW YORK, March 22, 2023 (GLOBE NEWSWIRE) -- A recent study report released by Data Bridge Market research titled “Radiopharmaceuticals Market” (covering USA, Europe, China, Japan, India, South East Asia, and Etc) highlights opportunities, risk analysis, and leveraged with strategic and tactical decision-making support. Global Radiopharmaceuticals market report endows with a better solution for refining the business strategies to thrive in this competitive marketplace. This market report deals with the market research of the Radiopharmaceuticals industry by considering several parameters that are affecting business growth. By maintaining quality and transparency strictly, research studies are carried out which offer an outstanding market research report niche. The Radiopharmaceuticals market research report is wide-ranging and object-oriented, which is framed after the combination of admirable industry experience, talent solutions, industry insight, and the most modern tools and technology. All this helps to enhance the company’s growth by subsidizing the risk and improving its performance.
The world class Radiopharmaceuticals report provides market insights, which help, gain more precise understanding of the market landscape, issues that may impose on the Radiopharmaceuticals industry in the future, and how to position specific brands in the best way. This market research report answers many critical business questions and challenges related to Radiopharmaceuticals industry and prove to be a go-to solution. It saves valuable time as well as adds credibility to the work that is performed to grow business. To thrive in this competitive market place, market analysis report plays a vital role, which gives important, and meaningful market insights for the business.
Data Bridge Market Research analyses that the radiopharmaceuticals market, which was USD 5.32 billion in 2022, would rise to USD 12.18 billion by 2030 and is expected to undergo a CAGR of 10.90% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Radiopharmaceuticals are a group of pharmaceutical drugs that have a high degree of radioactivity. Radiopharmaceuticals are a type of pharmaceutical formulation that consists of radioactive isotopes, and these medications can be delivered intravenously, orally, or interstitially. Additionally, compared to X-Rays and other external radiation imaging systems, it helps physicians diagnose and is a suitable and safer substitute for patients.
Nuclear medicine/ radiopharmaceuticals are increasingly being used in diagnostic imaging and radiotherapy. This has carved the way for the growth of the radiopharmaceutical market. Nuclear medicine/ radiopharmaceuticals assist in diagnosing the organs of any pathological condition, especially cancer. The huge development of nuclear imaging technologies, mainly PET/PET-CT, has helped to increase the field of uses for this modality from oncology to cardiology, neurology, and infection detection.
The Global Market Is Analyzed in Depth in the Latest Study. Taking into account the current level of competition and its projected evolution over the next few years.
Rapidly increasing demands, a rise in industrialization, consumer awareness, growing sectors, and technical improvements are fueling the expansion of the global Radiopharmaceuticals market. Sales and revenue in this sector have increased at an exponential rate. The market's size and growth are both expected to increase thanks to the factors driving the market's expansion over the projected period.
Leading businesses in the worldwide Radiopharmaceuticals market are investing heavily in R&D in order to build a larger client base and expand their share of the market by reintroducing improved products to consumers. All of the companies' strategy, as well as their financial health, revenue, gross margin, and growth rate, are detailed in the study.
Recent Development
- In 2021, NorthStar Medical Radioisotopes, LLC, a global radiopharmaceutical developer, and GE Healthcare confirmed an exclusive partnership to manufacture and distribute iodine-123 (I-123) capsules in the U.S. The product will assist GE Healthcare in enhancing its product portfolio and boosting its market position.
- In 2021, Noria Therapeutics Inc. and PSMA Pharmaceuticals Inc. were acquired by Bayer AG Targeted both radiotherapy businesses are developing therapeutic and diagnostic radiopharmaceuticals. The acquisition is anticipated to add to Bayer's current nuclear medicine oncology portfolio.
The Radiopharmaceuticals Market is Dominated by Firms Such as
- Cardinal Health (U.S.)
- GE Healthcare (U.S.)
- Lantheus Medical Imaging (U.S.)
- Bayer AG (Germany)
- Bracco Imaging (Italy)
- Nordion (Canada)
- Advanced Accelerator Applications (France)
- NTP Radioisotopes (South Africa)
- NorthStar Medical Radioisotopes (U.S.)
- Eckert & Ziegler (Germany)
- Braun Melsungen AG (Germany)
- Smith+Nephew (Germany)
- Zimmer Biomet (U.S.)
- Hanger Inc. (U.S.)
- Otto Bock Healthcare GmBH (Germany)
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Opportunities for Key Players:
- Increasing Demand for Nuclear Imaging Technologies
The development of nuclear imaging technologies, namely PET or PET-CT, has helped to increase the uses for this modality from various disease areas such as oncology to cardiology, neurology, and infection detection. Several such technological advancements have considerably increased the number of PET and SPECT procedures. In 2020, around 2,220,300 PET treatments were carried out in the U.S., and from 2,200,800 in 2019. Therefore, this factor is estimated to increase the radiopharmaceutical market revenue.
- Growing R&D Activities Associated With Radiopharmaceuticals
Increased R&D activities associated with radiopharmaceuticals boosted the market growth. For instance, the first patient dosed in phase III clinical trials for GE Healthcare's PET radiopharmaceutical imaging agents was launched in 2022. The strategic approach will help to improve patient care by more precisely identifying adult Parkinson's disease. GE Healthcare will widen its portfolio of radiation patents. Thus, this factor boosts market growth.
Key Market Segments Covered in Radiopharmaceuticals Industry Research
Type
- Diagnostic Nuclear Medicine
- SPECT Radiopharmaceuticals
- Technetium-99m
- Thallium-201
- Gallium-67
- Iodine-123
- Other
- PET Radiopharmaceuticals
- F-18
- RU-82
- 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
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 Tumors
- Other Indications
Procedural Volume Assessment
- Diagnostic Procedures
- Therapeutic Procedures
Source
- Nuclear Reactors
- Cyclotrons
End User
- Hospitals
- Ambulatory Surgical Centers
- Diagnostic Centers
- Cancer Research Institutes
Key Industry Drivers:
- Increasing Cases of Cancer and Heart Diseases
WHO stated that cancer would be responsible for 10 million deaths globally in 2020. Furthermore, the American Cancer Society states that in the U.S., in 2020, around 1,806,590 new cancer cases will be diagnosed. As per the European Heart Network, CVDs account for around 1.8 million of Europe's 3.9 million annual deaths. In the U.S., congestive heart failure (CHF) affected around 5 million people in 2018, as per Emory Healthcare. Nuclear substances are used for diagnosis and examination reasons. They are widely used in diagnostic tests such as positron emission tomography (PET) and single-photon emission computerized tomography, essential for treating chronic disorders (SPECT). Thus, this factor boosts market growth.
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Radiopharmaceuticals Market Regional Analysis/Insights:
The countries covered in the radiopharmaceuticals market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
North America dominates the radiopharmaceuticals market because of the huge base of healthcare facilities and increasing overweight population base,. Also, wide presence of a huge patient population suffering from chronic diseases such as coronary disorders, cancer, and strokes and rising number of research activities in this region are also boosting the market growth
Asia-Pacific is expected to witness significant growth due to the growth in government initiatives to raise awareness and increasing research activities in the region. Also, growing availability of the well-established infrastructure, wide presence of major market players, growth in cases of cardiovascular diseases are boosting the growth rate of the market
What to Expect from the Report, a 7-Pointer Guide
- The Radiopharmaceuticals report dives into the holistic Strategy and Innovation for this market ecosystem
- The Radiopharmaceuticals report keenly isolates and upholds notable prominent market drivers and barriers
- The Radiopharmaceuticals report sets clarity in identifying technological standardization as well as the regulatory
- framework, besides significantly assessing various implementation models besides evaluation of numerous use cases
- The Radiopharmaceuticals report is also a rich repository of crucial information across the industry, highlighting details on novel investments as well as stakeholders and relevant contributors and market participants.
- A through market analytical survey and forecast references through the forecast tenure, encapsulating details on historical developments, concurrent events as well as future growth probability
Table of Contents:
- Introduction
- Market Segmentation
- Executive Summary
- Premium Insights
- Global Radiopharmaceuticals Market: Regulations
- Market Overview
- Global Radiopharmaceuticals Market, By Type
- Global Radiopharmaceuticals Market, By Application
- Global Radiopharmaceuticals Market, By Procedural Volume Assessment
- Global Radiopharmaceuticals Market, By End User
- Global Radiopharmaceuticals Market, By Source
- Global Radiopharmaceuticals Market, By Region
- Global Radiopharmaceuticals Market: Company Landscape
- SWOT Analyses
- Company Profile
- Questionnaires
- Related Reports
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