As per Future Market Insights (FMI), driven by rising cases of cancer and cardiovascular diseases, radiopharmaceutical market registered steady year-on-year growth at 4.90% CAGR in 2021.
Increasing development of radioisotopes to curb the cases of cancer have propelled the market demand, topping a valuation of US$ 6,107.2 Mn in 2021. Rising cases of prostate and breast cancer, especially in developed countries including the U.S., the U.K., and Germany, have increased the application of radiopharmaceuticals.
Government initiatives and research activities undertaken to develop advanced radioisotopes for the treatment of cancer and to develop novel therapeutics will boost the demand. Also, introduction of novel technologies such as Positron Emission Technology and others in nuclear imaging systems will bolster growth.
However, due to the global shutdown witnessed in the FQ-20 in response to the COVID-19 outbreak, growth declined considerably. Suspended production of radioisotopes and disruption in the research activities delayed the deployment of projects in the healthcare sector.
Although, with increasing development activities and increasing commercialization of radiopharmaceuticals by industry giants have picked up the pace for the growth of market. Alongside this, increasing cases of cancer will accelerate the development of nuclear medicines in the field of radiopharmaceuticals.
Increasing preference of non-invasive medical therapies and production of radioisotopes for the treatment is another factor that will stabilize the growth of radiopharmaceuticals market. Based on this, FMI projects the market is poised to expand at over 4.66% CAGR during the forecast period of 2021 and 2031.
Key Takeaways from FMI’s Radiopharmaceuticals Market Study
- In terms of application, oncology will contribute over 50% of global market share owing to the rising prevalence of cancer across the globe.
- Cyclotrons are expected to be the primary source of radiopharmaceuticals, accounting for maximum market share
- Based on radioisotope type, technetium-99 will remain highly preferred radioisotope in the global radiopharmaceutical market
- The U.S. will retain its global dominance backed by the high cancer and cardiovascular cases rising in the country
- India will emerge as lucrative market owing to the favorable government initiatives promoting the radiopharmaceuticals market
- Germany and the U.K. are spearheading the growth of Europe market, which is projected to grow at over 4.9% CAGR
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“Increasing research and development initiatives aimed at the production of advanced radioisotopes and novel technologies will improve growth prospects for the leading players in the radiopharmaceuticals market,” says the FMI analyst.
Leading radiopharmaceuticals market players are focusing on expanding their customer base through strategic mergers and acquisition. Increasing research and development activities to develop advanced radioisotopes for the cancer treatment is another core strategy adopted by leading players.
Top 5 players including Siemens AG, GE Healthcare, Curium, Lantheus Holdings Inc., and Eckert & Ziegler are dominating the global radiopharmaceuticals market, contributing over 90% of revenue share.
In March 2021, Novartis announced the commercialization and obtained the rights to develop the therapeutic applications of Fibroblast Activation Protein (FAP) targeting agents including FAPI-46 and FAPI-74, through an assignment agreement with iTheranostics, Inc., an affiliate of SOFIE Biosciences, Inc.
Along with it the company announced the production and commercialization of new nuclear medicine, 18F sodium fluoride radiopharmaceutical in France.
In November 2020, Blue Earth Diagnostics, a leading molecular imaging diagnostic company, unveiled that their manufacturing company, Nucleis has manufactured and shipped their first doses of rhPSMA-7.3 (18F), an investigational Prostate-Specific Membrane Antigen (PSMA)-targeted radiohybrid PET imaging agent, for patients with prostate cancer.
Another industry giant, Jubilant Pharma Limited Company, in 2019, announced the integration of its radiopharmaceutical drug development and manufacturing business with its radio-pharmacy business into a global radiopharmaceutical brand, Jubilant Radiopharma.
More Insights on the Global Radiopharmaceuticals Market
In its new offering, Future Market Insights, offers detailed segmentation on global radiopharmaceuticals market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is classified on the basis of radioisotope type (technetium-99, fluorine-18, iodine-131, leutetium-177, yttrium-90, gallium-68, gallium-67, rubidium-82, iodine-123, iodine-125, indium-111, and others), application (oncology, cardiology, gastroenterology, neuroendocrinology, neurology, nephrology, and others), source (cyclotrons and nuclear reactors), end user (hospitals, diagnostic imaging centers, ambulatory surgical centers, and cancer research institute) across major regions (North America, Eastern Europe, Asia Pacific excluding Japan, Middle East & Africa, and Japan).
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Key Questions Answered in the Report
- What is the current radiopharmaceuticals market value?
The radiopharmaceuticals market is expected to surpass a valuation of US$ 6,107.2 Bn in 2021
- At what rate did the Radiopharmaceuticals market grow between 2016 and 2020?
The radiopharmaceuticals market witnessed steady growth at 5.33% CAGR between 2016 and 2020.
- Who are the leading players of radiopharmaceuticals?
Siemens AG, General Electric Co. (GE Healthcare), Curium, Lantheus Holdings, Inc., and Eckert & Ziegler are the top players leading the radiopharmaceuticals market.
- What is the demand outlook for North America radiopharmaceuticals market?
North America accounted for over 47% of global radiopharmaceuticals market, and is expected to hold major share during the forecast period.
- What is the Europe market outlook for radiopharmaceuticals?
Europe radiopharmaceuticals market will exhibit sluggish growth at 4.9% CAGR during the forecast period.
- Which are the top countries driving the radiopharmaceuticals market demand?
Top countries in terms of radiopharmaceuticals sales are the U.S., the U.K., Germany, India, and China.