The Global Peptide Receptor Radionuclide Therapy (PRRT) Industry is on the cusp of substantial growth, with a projected value of US$ 591.83 million in 2023. According to the latest market analysis, this figure is anticipated to soar to an impressive US$ 1.3 billion by 2033. The forecast also reveals a robust Compound Annual Growth Rate (CAGR) of 8.2% during the period from 2023 to 2033.
This Peptide Receptor Radionuclide Therapy market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape. Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study. This study is one of the most comprehensive documentation that captures all the facets of the evolving Peptide Receptor Radionuclide Therapy product market.
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Advancement and growing research in the medical industry lead to a dramatic surge in the availability of new cancer treatment options. Radiation therapies and targeted therapy are showing significant promise in cancer treatment. For example, peptide receptor radionuclide therapy (PRRT) was recently approved the neuroendocrine tumors and projected significant growth in the cancer treatment market. Peptide receptor radionuclide therapy (PRRT) is a radioisotope or molecular therapy used to treat neuroendocrine tumors (NETs).
Peptide receptor radionuclide therapy (PRRT) is recommended for somatostatin receptor-positive gastroenteropancreatic NETs-affected patients. Peptide receptor radionuclide therapy (PRRT) is a targeted therapy designed to slow the progression of gastroenteropancreatic NET and limiting radiation exposure to healthy tissue. Lutathera (lutetium Lu 177 Oxodotreotide) was the first drug approved for the peptide receptor radionuclide therapy (PRRT) for the treatment of gastroenteropancreatic neuroendocrine tumors (GEP-NETs). In September 2017, the European Commission approved Lutathera peptide receptor radionuclide therapy (PRRT) drug manufactured by Advanced Accelerator Applications S.A. Although, the U.S. Food and Drug Administration (FDA) was approved LUTATHERA in January 2018. Growing clinical trials and development activities to create therapeutic radiopharmaceuticals expected to surge the growth of the Global Peptide Receptor Radionuclide Therapy (PRRT) Industry over the forecast period.
Global Peptide Receptor Radionuclide Therapy (PRRT) Industry: Drivers and Restraints–
Increasing prevalence of the neuroendocrine tumors expected to impel the demand for peptide receptor radionuclide therapy (PRRT) as an increasing number of the patient pool. Establishment of reimbursement policies for Lutathera favors the demand for peptide receptor radionuclide therapy (PRRT). A temporary insurance/billing code was used for the peptide receptor radionuclide therapy (PRRT) till 2018. Moreover, increasing clinical trials for the new radiopharmaceuticals drugs approval for cancer therapy expected to surge the growth of the peptide receptor radionuclide therapy (PRRT) market.
Increasing government and private organizations funding for cancer drugs and therapy development is another major factor expected to propel the growth of the Global Peptide Receptor Radionuclide Therapy (PRRT) Industry. Moreover, growing manufacturer’s interest in the radiopharmaceutical and cancer market flourish the growth of the peptide receptor radionuclide therapy (PRRT) market. Side effects such as the transient decrease in blood counts, nausea and others associated with PRRT expected to hamper the growth of the Global Peptide Receptor Radionuclide Therapy (PRRT) Industry.
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Global Peptide Receptor Radionuclide Therapy (PRRT) Industry: Overview
Peptide receptor radionuclide therapy (PRRT) a special type of radiopharmaceutical which injected into the patients’ bloodstream. This radiopeptide travels and binds to neuroendocrine tumor cells and provide a high dose of radiation directly to the cancer cell. Big pharmaceutical market players are focusing to enter in the radiopharmaceutical market. For instance, In October 2017, Novartis AG acquired Advanced Accelerator Applications (AAA) for $3.9 billion to expand oncology portfolio. This acquisition was valuable for Lutathera radiopharmaceutical candidates which were under FDA review in 2018.
Global Peptide Receptor Radionuclide Therapy (PRRT) Industry: Region-wise Outlook
North America and Europe region are expected to grebe more than half of the market share for peptide receptor radionuclide therapy. Increasing clinical trials for radiopharmaceuticals and growing demand for the targeted therapy for cancer are the major factors driving the growth of the peptide receptor radionuclide therapy market in the U.S. and European countries. The Asia pacific peptide receptor radionuclide therapy market expected to grow with significant growth rate as growing demand for advance treatment option and comparatively high prevalence of cancer in India and China.
Key companies profiled:
- Advanced Accelerator Applications (AAA) (Novartis AG)
Segments covered:
- Indication,
- End User,
- Region
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Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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