The global radiopharmaceuticals market size is projected to surpass around USD 13.67 billion by 2032 from USD 5.2 billion in 2022 and is expanding at a CAGR of 10.2% between 2023 to 2032.
The global radiopharmaceuticals market size is projected to surpass around USD 13.67 billion by 2032 from USD 5.2 billion in 2022 and is expanding at a CAGR of 10.2% between 2023 to 2032.
The global radiopharmaceuticals market size is estimated to reach USD 10.13 billion by 2029, According to Precedence Research. North America dominated the market with the highest market share of 44% in 2022.
The developments in medical imaging technology, rising rates of chronic diseases, and a growing emphasis on personalized therapy are all contributing factors to the significant rise of the worldwide radiopharmaceuticals market. Nuclear medicine relies heavily on radiopharmaceuticals, which are made of radioisotopes attached to pharmaceuticals and that allow for the imaging and treatment of a wide range of illnesses. This summary explores the essential elements of the radiopharmaceuticals market, including its definition, market dynamics, and potential future growth.
Get the Sample Copy of Report@ https://www.precedenceresearch.com/sample/3418
Growth Factors
- Increasing Incidence of Cancer: The detection and treatment of many types of cancer depend heavily on radiopharmaceuticals. Effective diagnostic and treatment alternatives, such as radiopharmaceuticals, are in greater demand as the prevalence of cancer continues to climb worldwide.
- Rising Geriatric Population: Chronic disorders such as cardiovascular disease and cancer are more common in the ageing population. The need for medical interventions, such as the use of radiopharmaceuticals in the detection and treatment of age-related disorders, is expanding due to the global ageing population.
- Government Initiatives and Funding: The expansion of the business is mostly attributed to government financing and support for nuclear medical research and development. The use of radiopharmaceuticals is further fueled by initiatives aimed at enhancing access to improved diagnostic and treatment alternatives as well as the infrastructure supporting healthcare.
- Collaborations and Partnerships: Partnerships among pharmaceutical corporations, academic institutions, and healthcare providers improve radiopharmaceutical development and commercialization. These collaborations enable the exchange of knowledge and assets, propelling the expansion of the sector.
You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 650 460 3308
Key Insights:
- In 2022, the technetium-99m segment accounted for the highest revenue share at 45%.
- Over the forecast period, the Gallium-68 segment is expected to rise at a notable CAGR of 13.1%.
- In 2022, the revenue share earned by the cancer division exceeded 53%.
- The cardiology segment is expected to grow at the fastest CAGR over the anticipated period,
- In 2022, the diagnostic segment accounted for almost 67% of the revenue share.
- Over the anticipated period, the therapeutics segment is predicted to increase at the fastest CAGR.
- In 2022, the hospitals and clinics segment had a revenue share of more than 52%.
- The medical imaging centers category is expected to rise at an impressive 14.8% CAGR during the forecast period.
Regional Stance
North America accounted for the greatest revenue share at 44% in 2022. Several key reasons contribute to North America’s dominance in the radiopharmaceuticals market. The demand for radiopharmaceuticals in diagnostic and treatment is fueled by the region’s strong healthcare ecosystem, numerous R&D projects, and high prevalence of chronic illnesses.
In addition, North America’s market leadership is strengthened by the region’s well-established regulatory environment, advantageous reimbursement systems, and substantial concentration of top pharmaceutical and radiopharmaceutical companies. Furthermore, the region’s commitment to technological advancement and acceptance of state-of-the-art imaging modalities reinforces its leading position in the worldwide radiopharmaceutical market.
Asia-Pacific is predicted to experience the fastest rate of growth. Due to a number of unique features, the Asia-Pacific region has established its dominance in the radiopharmaceuticals market. Its large and ageing population is experiencing an increase in chronic illnesses, necessitating a greater use of radiopharmaceuticals for both diagnostic and therapeutic applications. In addition, the market is expanding due to improvements in healthcare infrastructure, more accessibility to cutting-edge medical technology, and increased knowledge of the benefits of nuclear medicine.
Moreover, the region’s increased R&D expenditures, in conjunction with advantageous regulatory environment changes, are stimulating innovation and the development of new radiopharmaceuticals, supporting Asia-Pacific’s substantial market share.
Ask Here for Customization@ https://www.precedenceresearch.com/customization/3418
Radiopharmaceuticals Market Scope
| Report Coverage | Details |
| Growth Rate from 2023 to 2032 | CAGR of 10.2% |
| Market Size in 2023 | USD 5.7 Billion |
| Market Size by 2032 | USD 13.67 Billion |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | By Radioisotope, By Application, By Type, and By End User |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Market Drivers
Increasing Application of Nuclear Medicine:
The radiopharmaceuticals market is growing because of the growing use of nuclear medicine in a variety of medical specialties. Radiopharmaceuticals provide non-invasive imaging of physiological processes through nuclear medicine procedures, which help in early illness diagnosis and monitoring.
Technological Integration and Hybrid Imaging:
The need for radiopharmaceuticals is being driven by the integration of technologies, such as hybrid imaging, which combines computed tomography (CT) and PET or SPECT. By integrating anatomical and functional data, these hybrid imaging approaches offer comprehensive information that contributes to more precise and in-depth diagnostic findings.
Market Opportunities
Exploring Emerging Markets
Emerging economies have great promise for expanding markets due to their untapped potential. There is a significant market opportunity for businesses to establish a presence and satisfy the rising demand for cutting-edge medical diagnostics and treatments as healthcare infrastructure improves and awareness of nuclear medicine rises in areas like Asia-Pacific and Latin America.
Innovation in Therapeutic Applications
The use of radiopharmaceuticals for therapeutic purposes is becoming more popular, opening new creative opportunities. Investigating new therapeutic radiopharmaceuticals for diseases like cancer has the potential to improve therapy options and alleviate some of the problems with conventional medicines.
Market Challenges
Supply Chain Vulnerabilities
Vulnerabilities are introduced by the complex nature of the supply chain for radiopharmaceuticals, particularly with regard to the timely availability of radioisotopes. Isotope production reliance on nuclear reactors and the inherent difficulties of transportation add to supply chain uncertainty, which affects market stability.
Regulatory Complexities
A significant obstacle for the radiopharmaceuticals market is navigating the complex web of regulatory requirements. Tight rules controlling the manufacture, supply, and use of radiopharmaceuticals need strict compliance, which makes it difficult to enter and grow the industry.
Market Trends
Artificial Intelligence in Radiopharmaceuticals:
A growing trend is the application of artificial intelligence (AI) to the interpretation of nuclear medicine images. AI algorithms are revolutionizing the field of radiopharmaceuticals by improving diagnosis accuracy, assisting with image interpretation, and optimizing treatment planning.
Targeted Alpha and Beta Therapies:
One noteworthy trend is the investigation and development of radiopharmaceuticals-based targeted alpha and beta treatments. These treatments, which target the exact delivery of radiation to cancer cells, have the potential to improve treatment outcomes while causing the least amount of harm to the surrounding healthy tissues.
Related Reports
- Non-Invasive Cancer Diagnostics Market: https://www.precedenceresearch.com/non-invasive-cancer-diagnostics-market
- Next Generation Cancer Diagnostics Market: https://www.precedenceresearch.com/next-generation-cancer-diagnostics-market
- Cancer Vaccine Market: https://www.precedenceresearch.com/cancer-vaccine-market
Recent Developments
- January 2023: A US pharmaceutical company called NorthStar Medical Radioisotopes announced the successful conclusion of its joint research project with Heidelberg University Hospital to create a novel technique for generating the vital medical radioisotope molybdenum-99 (Mo-99) without the need of uranium. This novel method may contribute to a decrease in the world’s dependency on uranium for the manufacture of Mo-99 and enhance the supply security of this vital medical isotope.
- November 2022: The US Food and Drug Administration (FDA) approved DaTscan (Ioflupane I 123 Injection) to help evaluate adult patients with suspected Parkinsonian disorders, according to a statement made by Curium, a French pharmaceutical company. A radiopharmaceutical called DaTscan is used to photograph the brain’s dopamine transporter. It is the first radiopharmaceutical for this use to be approved by the FDA.
- March 2021: The US biotechnology company Aktis Oncology announced that the Phase 1 clinical study of AK-100, a targeted radiopharmaceutical for the treatment of advanced solid tumour malignancies, had completed a solid tumour series. The goal of AK-100’s design is to minimise harm to healthy tissue while precisely targeting and eliminating cancer cells.
Market Key Players:
- Bayer AG
- Iso-Tex Diagnostics, Inc
- Jubilant Pharmova Limited
- Novartis AG
- General Electric Company
- Lantheus Holdings, Inc.
- Eli Lilly and Company
- Siemens AG
- Curium Pharma
- Cardinal Health Inc.
Market 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
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
Browse Table of Contents: https://www.precedenceresearch.com/table-of-content/3418
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
Immediate Delivery Available | Buy This Premium Research Report@ https://www.precedenceresearch.com/checkout/3418
Unlocking Market Insights through Data Excellence
The “Precedence Statistics” flexible dashboard is a powerful tool that offers real-time news updates, economic and market forecasts, and customizable reports. It can be configured to support a wide range of analysis styles and strategic planning needs. This tool empowers users to stay informed and make data-driven decisions in various scenarios, making it a valuable asset for businesses and professionals looking to stay ahead in today’s dynamic and data-driven world.
Access our Premium Real Time Data Intelligence Tool, Visit: www.precedencestatistics.com
About Us
Precedence Research is a worldwide market research and consulting organization. We give an unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.
Our Blogs:
https://www.towardshealthcare.com
https://www.towardspackaging.com
For Latest Update Follow Us: