As per Future Market Insights (FMI), driven by rising cases of cancer and cardiovascular diseases, radiopharmaceutical market would be valued US$ 6.2 billion in 2022. The market for radiopharmaceuticals is expected to grow at a value CAGR of 4.3% between 2022 and 2032, reaching US$ 9.5 billion.
North America will account for more than 47% of the global market due to the increased incidence of cancer cases and the growth of the healthcare sector in the United States and Canada.
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.
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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.
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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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Competitive Landscape
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.
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