Radiopharmaceuticals Market Predicted to Garner $10.3 Bn by 2032; At a CAGR of 8.85% | Market.us Report
The rising popularity of diagnostic and therapeutic nuclear medicines in the radiopharmaceutical market can be attributed to increased consumer awareness of their efficacy and results.
New York, April 19, 2023 (GLOBE NEWSWIRE) — The Radiopharmaceuticals market recorded a valuation of USD 4.5 billion in 2022 and is expected to reach USD 10.3 billion by the end of 2032, expanding at a CAGR of 8.85% over the decade. Radiopharmaceuticals are the type of pharmaceutical drugs that include high-energy radioactivity. Radiopharmaceuticals radioactive isotopes are used in clinical centers for therapy and diagnosis. The medicinal drugs are inserted by medical professionals and radio pharmacists who are well-trained in nuclear medicine. They are taken both orally or directly injected into the body. Once medicine reaches the target location, they destroy the tumor cells by releasing radioactive agents. The increase in the prevalence of target diseases and the increased demand for alpha radioimmunotherapy-based target cancer treatments help the growth of the radiopharmaceutical market.
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- By Product Type, the diagnostic nuclear medicine segment generated a revenue share of 52.4% in 2022.
- By Application, the oncology segment has dominated the market, growing at a CAGR of 53% over the forecast period 2023 to 2032.
- In 2022, North America dominated the market with the highest revenue share of 47%.
- Europe held a 39% revenue share in 2022.
- Asia-Pacific will grow at the highest CAGR from 2023-2032.
The increased use of PET scanners is responsible for the increased procedure volume. The rapid adaption of sophisticated radiopharmaceutical procedures for cancer treatment will drive growth. The market is estimated to be a challenge due to a lack of funding and technological innovation in emerging countries, reduced hospitals budget during the pandemic, and lack of infrastructure in low-income regions Restrict the market growth.
Factors affecting the growth of the Radiopharmaceuticals Market
- Increasing Demand: The demand for diagnostic and therapeutic nuclear medicines is rising as consumers become aware of the treatment and its results in the radiopharmaceutical market.
- Market Growth: Radiopharmaceuticals market is anticipated to grow due to rising demand for nuclear medicine due to the number of cancer, strokes, and cardiovascular diseases worldwide.
- Technological Advances: The innovative technologies in radiopharmaceutical procedures contribute to the market’s growth by offering a better user experience, greater accessibility, and increased radiopharmaceutical market growth.
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Top Trends in Global Radiopharmaceuticals Market
Chronic conditions such as cancer, cardiovascular diseases, chronic lung disease, strokes, chronic kidney disease, Alzheimer’s disease, and various neurological problems are becoming more common worldwide. Nuclear substances are used for diagnosis, which is used for diagnostic tests such as Positron Emission Tomography (PET) and Single-photon Emission Computerised Tomography (SPECT), which are necessary for treating chronic diseases. With an increase in chronic diseases, there is also an increase in demand for radiopharmaceuticals to drive market expansion. Nuclear medicine includes the diagnosis of CVD and cancer. Many companies and stockholders are focused on expanding the overall uses of radiopharmaceuticals in the market. The demand for radiopharmaceutical adaptation is anticipated to rise in the coming years. Several industry players in developing advanced treatments for various medical conditions are supporting the market’s growth. Many market players are developing advanced products for the treatment of various medical conditions, which is helping to boost market growth.
The increasing prevalence of chronic and acute diseases, such as cancer worldwide, causes various diseases. Radiopharmaceuticals help in the detection of tumor cells in the human body. The increase in development and research activities supports the market’s growth.
North America is the most dominant region in the radiopharmaceuticals market. Due to the presence of healthcare facilities, the increase in the number of chronic diseases patients, such as strokes, coronary disorder, and cancer, and an increase in the number of research activities, such factors help the growth of the radiopharmaceuticals market. The radiopharmaceuticals market will expand with the increasing incidence of cardiovascular and cancer diseases in the United States. Radiologists benefit from the availability of radiopharmaceuticals in these regions by treating several diseases. Incorporating targeted medicines and advanced technologies into cyclotrons for treating cardiovascular diseases and cancers will support an increase in demand for radiopharmaceuticals in the United States. Europe is estimated to have the second largest market growth segment due to regional expansion through mergers and acquisitions by the regional market players. Asia-Pacific is estimated to show significant growth during the forecast period. Increased radiological procedures drive market growth in the Asia Pacific region due to a rise in chronic disorders in developing regions such as India, Japan, and China.
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Scope of the Report
|Market Value (2022)||US$ 4.5 Billion|
|Market Size in 2032||US$ 10.3 Billion|
|CAGR (2023 to 2032)||8.85%|
|North America Revenue Share||47%|
|Europe Revenue Share||39%|
|Historic Period||2016 to 2022|
|Forecast Year||2023 to 2032|
Increased collaborations and partnerships with public and private companies for funding and innovative technology create numerous opportunities in the research and development of medical devices and instruments. Advanced development and research are conducted to drive market growth rates. The increasing rate of chronic and acute diseases worldwide, such as cancers, is due to several major factors which help to drive the market growth. Radiopharmaceuticals devices diagnose the body’s tumor cells. The majority of deaths are caused by cancers, which exist worldwide. There is a lack of organized good manufacturing practice supplies in the radiopharmaceutical sector and strict regulations controlling the use of radiopharmaceuticals. The professionals in nuclear medicine are advocating for the establishment of radiopharmaceutical pharmacies to address quality assurance issues. The government and patients benefit from the centralized radio pharmacy concept for several reasons, such as the capacity to remove patient-specific prescriptions and demand for the items from all services and sources. These actions are anticipated to boost market expansion during the forecast period.
The market growth is hampered by radiopharmaceutical devices’ short lifespan, limited infrastructure, high development and research costs, expensive equipment, and lack of awareness. In addition, the technologies and lack of funding restrict the growth of the radiopharmaceuticals market in several regions. During a pandemic, many hospital budgets are cut, and the lack of suitable treatments and infrastructure in low-income areas creates a challenge for market growth. The radiopharmaceuticals market provides new developments, production analysis, trade regulations, market shares, and their effects on the localized and native players.
The advanced development and research in radiopharmaceuticals help increase market demand. The increase in private-public funding for research & development activities, growing awareness about the benefits of radiotherapies, and the increase in the geriatric population all contribute to the growth of the market. Additionally, the rise in demand for the supply gap of mo-99, the increasing use of radiopharmaceuticals in neurology, and the increase in applications of radioisotopes in the healthcare industry will expand the growth of the market in the coming years.
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Report Segmentation of the Radiopharmaceuticals Market
Product Type Insight:
Based on product type, the radiopharmaceuticals market is classified into Therapeutic nuclear medicine and Diagnostic nuclear medicine. The diagnostic segment is the most dominating segment in the radiopharmaceutical market. The Technetium-99m is a radioisotope significantly used in diagnostic nuclear medicine. The radioisotope binds with several certain molecules to diagnose several diseases, such as cancer. Diagnostic nuclear medicine is classified into PET and SPECT radiopharmaceuticals. PET radiopharmaceuticals are segmented into 68Ga, 11C, 68Cu, and others. The SPECT radiopharmaceuticals are also segmented into Technetium-99m, Thallium-201, Xenon-133, and others. Therapeutic radiopharmaceuticals are expected to grow at the highest rate. Some factors, such as effective treatment advantages associated with treatments and rising interest in therapeutic radiopharmaceuticals by market key players concentrating on clinical trials, boost the market growth.
Based on application, the market is segmented into neurology, cardiology, oncology, and others. The oncology application is the most dominant segment in the radiopharmaceuticals market during the forecast period. Due to the growing number of diagnosed patients, there is also an increase in demand on the market. The increase in advanced development to provide individuals with monoclonal antibodies and radio-labeled peptides for treating and diagnosing malignant tumors also helps expand the market. The cardiology segment is also estimated to grow at a significant CAGR during the forecast period. The growth of this segment is due to the increasing use of radiopharmaceuticals for the diagnosis of cardiovascular diseases. Due to poor lifestyle choices, there is a growing incidence of obesity. Lifestyle behaviors among the elderly population are the main key factors driving the radiopharmaceuticals market growth.
Based on end-user, the radiopharmaceuticals market is segmented into diagnostic centers, hospitals & clinics, and Other end-users. The hospitals and clinics segment is the most dominating segment in the market during the forecast period. Increasing demand for the treatment of radiopharmaceuticals treatments and higher efficiency in handling sensitive devices in clinics and hospitals. The diagnostic centers’ segment also held the largest segment in the radiopharmaceuticals market during the projected period.
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Based on Product Type
- Diagnostic Nuclear Medicine
- Therapeutic Nuclear Medicine
Based on Application
Based on End-User
- Hospitals & clinics
- Diagnostic Centres
- Other End-users
- The US
- The UK
- Rest of Western Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Costa Rica
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
The competitive landscape of the market has also been examined in this report. Some of the major players include:
- Cardinal Health
- GE Healthcare
- Lantheus Medical Imaging
- Bayer AG
- NTP Radioisotopes
- JSC Isotope
- NorthStar Medical Radioisotopes
- Eckert & Ziegler
- Braun Melsungen AG
- Smith & Nephew plc
- Other key players
Recent Development of the Radiopharmaceuticals Market
• In August 2021: NorthStar Medical Radioisotopes, LLC, and GE Healthcare are manufacturers of radiopharmaceuticals. Under an exclusive agreement, they begin producing and distributing iodine-123 (I-123) capsules in the United States. GE Healthcare will support its market position by adding the product to its lineup.
• In June 2021: PSMA Pharmaceuticals Inc. and Noria Therapeutics Inc. were acquired by Bayer AG. Each radiotherapy industry is focused on developing targeted diagnostic and therapeutic radiopharmaceuticals. As a result, Bayer’s current nuclear medicine and oncology portfolio is anticipated to expand.
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