Portland, OR, May 04, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Radiopharmaceuticals Market by Radioisotope (Technetium 99m, Fluorine 18, Iodine I, Gallium-68, and Others), by Application (Cancer, Cardiology, and Others), by Type (Diagnostic, and Therapeutic), by End User (Hospitals and Clinics, Medical Imaging Centers, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global radiopharmaceuticals industry generated $5.2 billion in 2022, and is anticipated to generate $13.7 billion by 2032, witnessing a CAGR of 10.2% from 2023 to 2032.
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Prime determinants of growth
The global radiopharmaceuticals market is driven by factors such as rise in prevalence of cancer, cardiovascular and neurological disease, increase in demand for medical imaging, and increase in number of product approval for radiopharmaceuticals. However, side effect associated with radiopharmaceuticals is hampering the radiopharmaceuticals market growth. On the contrary, presence of radiopharmaceutical industry and increase in R&D activities for radiopharmaceuticals are expected to offer remunerative opportunities for expansion of the radiopharmaceuticals market during the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $5.2 billion |
| Market Size in 2032 | $13.7 billion |
| CAGR | 10.2% |
| No. of Pages in Report | 300 |
| Segments covered | Radioisotope, Application, Type, End Users, and Regions |
| Drivers | Rise in prevalence of cancer, cardiovascular and neurological disease Increase in demand for medical imaging Increase in number of product approval for radiopharmaceuticals |
| Opportunities | Presence of radiopharmaceutical industry Increase in R&D activities for radiopharmaceuticals |
| Restraints | Side effect associated with radiopharmaceuticals |
Impact of Covid-19 on Radiopharmaceuticals Market
- The COVID-19 outbreak had a negative impact on the growth of the global radiopharmaceuticals market.
- The pandemic caused major disruptions to the production and supply of radiopharmaceuticals to nuclear medicine department, resulting in shortages of radiopharmaceuticals.
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The technetium-99m segment to maintain its leadership status throughout the forecast period
Based on radioisotope, the technetium-99m segment held the highest market share in 2022, accounting for more than half of the global radiopharmaceuticals market revenue and is estimated to maintain its leadership status throughout the forecast period. This segment is also projected to manifest the highest CAGR of 10.6% from 2023 to 2032, due to rise in use of technetium-99m for manufacturing of radiopharmaceuticals and increase in interest for 99mTc-labelled radiopharmaceuticals for diagnostic purposes.
The cancer segment to maintain its leadership status throughout the forecast period
Based on application, the cancer segment held the highest market share in 2022, accounting for more than half of the global radiopharmaceuticals market revenue and is estimated to maintain its leadership status throughout the forecast period. This segment is also projected to manifest the highest CAGR of 10.6% from 2023 to 2032, due to increase in incidence of cancer and surge in demand for diagnostic procedure.
The hospitals and clinics segment to maintain its lead position during the forecast period
Based on end users, the hospitals and clinics segment accounted for the largest share in 2022, contributing to more than half of the global radiopharmaceuticals market revenue. This segment is also expected to portray the largest CAGR of 10.6% from 2023 to 2032, and is projected to maintain its lead position during the forecast period. This is owing to surge in demand for radiopharmaceuticals in hospital and clinics and increase in diagnostic imaging such as PET and SPECT imaging.
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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global radiopharmaceuticals market revenue and is likely to dominate the market during the forecast period, owing to presence of various radiopharmaceutical industries, rise in R&D activities for radiopharmaceuticals, and increase in number of product approvals. However, the Asia-Pacific region is expected to witness the fastest CAGR of 11.2% from 2023 to 2032, owing to increase in incidence of cancer, rise in demand for nuclear medicine, advancement in technology in medical sector, and rise in R&D activities for manufacturing of radiopharmaceuticals.
Leading Market Players: -
- Cardinal Health Inc.
- Curium Pharma
- Eli Lilly and Company
- General Electric Company
- Iso-Tex Diagnostics, Inc.
- Jubilant Pharmova Limited
- Lantheus Holdings, Inc.
- Novartis AG
- Siemens AG
- Bayer
The report provides a detailed analysis of these key players of the global radiopharmaceuticals market. These players have adopted different strategies such as partnership, product approval agreements, and expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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