Pune, Oct. 04, 2024 (GLOBE NEWSWIRE) -- Radiopharmaceuticals Market Analysis:
According to SNS Insider, the Radiopharmaceuticals Market Size was estimated at USD 5.0 billion in 2023 and is forecasted to reach USD 16.6 billion by 2032. The market is expected to experience significant growth at a CAGR of 10.4% during the forecast period from 2024 to 2032.
Radiopharmaceuticals Market Trends
The global market of radiopharmaceuticals is seen to be significantly increasing in terms of demand for both diagnostic imaging and therapeutic applications. The rising occurrence of cancer all over the world made it of high necessity to have efficient diagnostic and therapeutic methods. Developments in the area of radiopharmaceuticals are improving the specificity and reliability of the diagnostic process. The supply chain for these products is gaining strength, and different companies are investing in the development of advanced radiopharmaceuticals. Radiopharmaceuticals have already reached record usage, especially in oncology and cardiology-based applications, because of their adoption in routine clinical practices.
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Top Radiopharmaceuticals Companies
- GE Healthcare
- Eckert & Ziegler
- PRECIRIX
- Curium Pharma
- Jubilant Pharmova Limited
- SOFIE
- Isotopia Molecular Imaging
- Bracco
- NorthStar Medical Radioisotopes
- Novartis AG
- Eczacibasi
- Fusion Pharmaceuticals Inc.
- Nihon Medi-Physics Co. Ltd
- The State Atomic Energy Corporation ROSATOM
- South African Nuclear Energy Corporation (Necsa)
- Cardinal Health
- Actinium Pharmaceuticals, Inc.
- Telix Pharmaceuticals Limited
- Lantheus
- Clarity Pharmaceuticals
- Bayer AG
- ITM Isotope Technologies Munich SE
- Eli Lilly and Company and others.
Radiopharmaceuticals Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 5.0 Billion |
| Market Size by 2032 | US$ 16.6 Billion |
| CAGR | CAGR of 10.4% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Radiopharmaceuticals Market Key Segmentation:
By Radioisotope
- Iodine I
- Gallium 68
- Technetium 99m
- Fluorine 18
- Others
By Application
- Cancer
- Cardiology
- Others
By Type
- Diagnostic
- Therapeutic
By End User
- Hospitals and clinics
- Medical Imaging centers
- Others
Segment Analysis by Radioisotope
Dominant Segment: Technetium-99m
The leading radiopharmaceutical in this category is technetium-99m, which enjoys a larger market share due to its wide applicability in diagnostic images, especially in nuclear medicine. Its short half-life, cost efficiency, and good-quality images make it the first choice among healthcare services. Low exposure to radiation and wider availability increase the share of technetium-99m and pave the way for most diagnostic procedures.
By Application
Application by Cancer mainly accounted for a considerable share of 32.5% in 2023 due to the ever-increasing incidence of cancer worldwide. The trend of oncology applications of radiopharmaceuticals in diagnosis and treatment has been increasing exponentially, making this a relatively very critical area in the market.
Fastest-Growing Area: Cardiology
The cardiology sector is growing fast, led by the increasing prevalence of cardiovascular diseases and the emphasis on early diagnosis and subsequent treatment. Significant growth drivers have been innovations in radiopharmaceuticals for cardiac imaging, and new developments in PET and SPECT technologies that improve patient management and outcome.
By Type
Dominant Segment: Diagnostic
In 2023, diagnostics dominated the global radiopharmaceutical market with a share of 54.7%. Such dominance is contributed by the increasing demand for an accurate diagnosis of diseases. Radiopharmaceuticals are used for imaging modalities like PET and SPECT, which authenticate their vital role in patient care.
Fastest-Expanding Application: Therapeutic
The fastest-growing area in the market is the therapeutic segment, which is driven by advancing concepts in targeted radiotherapy and new radiopharmaceuticals for cancer and other diseases. The growth in this segment owes largely to the increased interest in personalized medicine, including more effective and reduced toxic side effects.
By End User
Hospitals and Clinics comprise the highest share.
The largest share goes to hospitals and clinics, which had a 34.9% share in 2023. Wide access to healthcare services and high-resolution diagnostic capabilities are major contributing factors to this dominance. In addition, the growing integration of nuclear medicine into routine clinical practice strengthens the hospital and clinic market's leading position even further.
Growth Rate: Medical Imaging Centers
The medical imaging centers form the most dynamic user base. Over time, this has been driven by growing demand for specialized imaging services and a shift toward outpatient care. Such medical imaging centers commonly provide state-of-the-art imaging technologies and are thus considered an integral part of radiopharmaceutical-based diagnosis.
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Regional Analysis
North America Radiopharmaceuticals Market
North America accounted for the largest share of the radiopharmaceuticals market in 2023, primarily due to leading healthcare infrastructure facilities, high investment in research and development, and the significant presence of pharmaceutical companies. In addition, there is a strong focus on precision medicine and the rising prevalence of chronic diseases, which fosters growth in this region. Some of the innovators within this market include Lantheus Holdings and Curium, which are engaged in the research and development of new radiopharmaceuticals for diagnosis and treatment.
Asia Pacific Radiopharmaceuticals Market:
Asia Pacific region is set to take the fastest growth in the market of radiopharmaceuticals. Factors such as growing healthcare expenditure, increased investment in R&D, and growth in patient population are contributing to this growth. Over the years, the Japanese and Chinese markets have witnessed an increase in the adoption rate of nuclear medicine. Companies like Bracco Japan have been creating a market for themselves, thus spreading their access to high-end diagnostic imaging products and services to various regions.
Recent Developments in Radiopharmaceuticals Industry:
Bracco Japan Launch (April 2024)
The Bracco Group launched Bracco Japan to further strengthen its footprint in the market, particularly with a wide variety of diagnostic imaging products and services.
Curium Acquires Monrol (April 2024)
Curium agreed to acquire Eczacibasi Monrol Nuclear Product Co. to further reinforce its leadership in nuclear medicine and improve its capabilities for lutetium-177.
Lantheus Collaboration with NIA (February 2024)
Lantheus partnered with the National Institute on Aging to explore MK-6240 in Alzheimer's disease and related dementias.
Novartis Phase III Trial Data (January 2024)
Novartis published Phase III NETTER-2 trial data in which Lutathera with long-acting release octreotide was proven to be associated with a highly significantly reduced risk of disease progression in patients suffering from advanced neuroendocrine tumors.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
- Incidence and Prevalence (2023)
- Prescription Trends, (2023), by Region
- Radioisotope Volume: Production and usage volumes of pharmaceuticals
- Healthcare Spending: Expenditure data by government, insurers, and out-of-pocket by patients
6. Competitive Landscape
7. Radiopharmaceuticals Market Segmentation by Radioisotope
8. Radiopharmaceuticals Market Segmentation by Application
9. Radiopharmaceuticals Market Segmentation by Type
10. Radiopharmaceuticals Market Segmentation by End User
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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