The global radiopharmaceutical market is poised for substantial growth, driven by significant healthcare expenditures and scientific innovations in affluent economies. According to a recent report by Future Market Insights (FMI), the market is expected to achieve a valuation of USD 6972.1 million by 2024.
Increasing awareness of the benefits of radioisotope medications is a key factor propelling this growth. The market is projected to expand at a compound annual growth rate (CAGR) of 3.40% from 2024 to 2034, with an estimated market value surpassing USD 11635 million by the end of the forecast period.
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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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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