The peptide receptor radionuclide therapy (PRRT) market is projected to be valued at approximately USD 591.83 million in 2023 and is expected to expand significantly, reaching USD 1,300 million by 2033. This growth reflects a robust compound annual growth rate (CAGR) of 8.2% during the forecast period from 2023 to 2033.
PRRT is emerging as a transformative treatment for neuroendocrine tumors, harnessing the power of targeted radionuclide therapy to improve patient outcomes. Several key trends are propelling the growth of the PRRT market:
- Innovative Approaches: Novel PRRT strategies, including combination therapies and the use of alternative radionuclides, are capturing the attention of researchers and healthcare professionals. These advancements aim to enhance treatment efficacy and provide more options for patients.
- Enhanced Diagnostics: The integration of improved diagnostic tools is playing a crucial role in the precise selection of patients for PRRT, enabling healthcare providers to optimize treatment planning and outcomes.
- Data Analytics and AI: The incorporation of data analytics and artificial intelligence in PRRT is revolutionizing treatment customization, offering more tailored patient care strategies and improving overall effectiveness.
- Telemedicine Integration: The rise of telemedicine consultations and follow-ups is enhancing accessibility and patient engagement in PRRT, ensuring that patients receive timely care and support regardless of their location.
- Advocacy and Awareness: The growing presence of patient advocacy groups is significantly impacting the PRRT landscape. These organizations are raising awareness about treatment options, influencing healthcare policies, and driving research efforts in the field.
Advancement and growing researches in the medical industry leads to a dramatic surge in the availability of new cancer treatment options. Radiation therapies and targeted therapy is showing significant promise in cancer treatment. For example, peptide receptor radionuclide therapy (PRRT) had recently approved the neuroendocrine tumors and projecting significant growth in the cancer treatment market. Peptide receptor radionuclide therapy (PRRT) is radioisotope or molecular therapy used to treat neuroendocrine tumors (NETs).
Peptide receptor radionuclide therapy (PRRT) is recommended for the 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 peptide receptor radionuclide therapy (PRRT) market over the forecast period.
Peptide Receptor Radionuclide Therapy (PRRT) Market: 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 peptide receptor radionuclide therapy (PRRT) market. 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 peptide receptor radionuclide therapy (PRRT) market.
Peptide Receptor Radionuclide Therapy (PRRT) Market: 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.
Peptide Receptor Radionuclide Therapy (PRRT) Market: 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
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 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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