The global radiopharmaceutical market would be worth US$6972.1 million by 2024. This valuation is expected to surpass US$ 11635 million by 2034 due to growing awareness of the advantages of radioisotope treatments. The Compound Annual Growth Rate (CAGR) for the forecast period of 2024 to 2034 is estimated to be 3.40%.
Radiopharmaceuticals are unique medications that utilize radioactive materials (radioisotopes) for both diagnostic and therapeutic purposes. They play a vital role in managing a wide range of critical and chronic diseases. Nuclear medicine, which leverages radiopharmaceuticals, is experiencing a surge in demand for various diagnostic procedures, particularly those targeting specific organs
One of the factors driving the market for radiopharmaceuticals is rising knowledge of the beneficial effects these drugs can have in evaluating chronic illnesses.
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However, the market may be constrained by the half-life of radiopharmaceuticals. It’s common knowledge that radiopharmaceuticals require larger financial outlays. Radiation pharmaceuticals’ short half-life or expectation is one of the main issues limiting demand. As a result, only developed areas may currently use radiopharmaceuticals more and more. The developing economies still have a way to go before fully utilizing technology. In its most recent industry analysis, named “Radiopharmaceuticals Market,” Future Market Insights has gone over these features with potential future developments.
Key Takeaways from Radiopharmaceuticals Market
- North America dominates the radiopharmaceuticals market due to rising frequency of cardiovascular diseases and cancer and the scenario is expected to persist even in the forecast period. Adopting innovative radioisotope production methods for treating chronic disorders is another reason.
- Europe, led by the UK, is also expected to hold a significant market share due to the UK being subject to maximum incidences of cancer. Cancer Research UK estimate says that the UK alone houses 367,167 cancer patients.
- The Asia-Pacific is poised to grow blatantly in the forecast period with it witnessing new product launches, collaborations, distribution agreements, acquisitions in an aplomb.
“The fact that radiopharmaceuticals are broadly used as biomarkers in molecular imaging is expected to take the radiopharmaceuticals market by storm in the upcoming period”, says an analyst from Future Market Insights.
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Competitive Landscape
- GE Healthcare inked an agreement with NorthStar Medical Radioisotopes, LLC for producing and distributing iodine-123 (I-123) capsules all across the US.
- Bracco Diagnostics Inc., in March 2021, entered into partnership with CardioNavix, LLC for enhancing patients’ access to cardiac PET imaging. The new program is termed as ‘Bracco Mobile Isotope Service’, which ought to facilitate better patient care sites for providing cardiac PET imaging.
- Jubilant Radiopharma, in August 2020, signed a MoU (Memorandum of Understanding) with Navidea Biopharmaceuticals, which focuses on an ELDA (Exclusive License and Distribution Agreement) for the latter’s diagnostic imaging agent called ‘Tilmanocept (technetium Tc 99m tilmanocept injection) in LATAM, Mexico, Canada, and the US.
- Bayer AG, in June 2021, announced that it would acquire Noria Therapeutics Inc. along with PSMA Therapeutics Inc. with the objective of widening the former’s oncology portfolio that is into existence.
- Norgine B.V., in March 2020, completed the acquisition of Azanta A/S, a specialty biopharmaceutical company. This included Nimorazole, a hypoxic radiosensitizer to treat cancer, and Angusta to facilitate labor induction.
- Curium, in the year 2019, completed acquisition of MAP Medical, which would actually help it in strengthening the footprint all over the Europe with access to Baltic and Nordic countries.
- The US FDA, in December 2020, completed approval of Gallium 68 PSMA-11 (Ga 68 PSMA-11). It holds the distinction of being the very first drug for PET imaging for diagnosing prostate cancer.
Key Companies Profiled:
- Siemens AG
- Positron Corporation
- Novartis (Advanced Accelerator Applications)
- Curium
- GE Healthcare
- Lantheus Holdings Inc.
- Sotera Health LLC (Nordion Inc.)
- Bayer AG
- Eckert & Ziegler
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Key Segments Covered in the Radiopharmaceuticals Industry Analysis:
Radiopharmaceuticals Market by Radioisotope Type:
- Technetium-99
- Fluorine-18
- Iodine-131
- Leutetium-177
- Yttrium-90
- Gallium-68
- Gallium-67
- Rubidium-82
- Iodine-123
- Iodine-125
- Indium-111
- Others
Radiopharmaceuticals Market by Application:
- Oncology
- Cardiology
- Gastroenterology
- Neuroendocrinology
- Neurology
- Nephrology
- Others
Radiopharmaceuticals Market by Source:
- Cyclotrons
- Nuclear Reactors
Radiopharmaceuticals Market by End User:
- Hospitals
- Diagnostic Imaging Centers
- Ambulatory Surgical Centers
- Cancer Research Institute
Radiopharmaceuticals Market by Region:
- North America Radiopharmaceuticals Market
- Latin America Radiopharmaceuticals Market
- Western Europe Radiopharmaceuticals Market
- Eastern Europe Radiopharmaceuticals Market
- APEJ Radiopharmaceuticals Market
- Japan Radiopharmaceuticals Market
- Middle East & Africa Radiopharmaceuticals Market
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