DUBLIN, Feb. 22, 2023 /PRNewswire/ — The “Radiopharmaceuticals Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the market.
The global radiopharmaceuticals market is expected to grow from $5.63 billion in 2021 to $5.90 billion in 2022 at a compound annual growth rate (CAGR) of 4.7%. The radiopharmaceuticals market is expected to reach $7.30 billion in 2026 at a CAGR of 5.5%.
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Major players in the radiopharmaceuticals market are Siemens Healthcare Private Limited, Bayer, GE Healthcare, Novartis AG, Cardinal Health, Lantheus Medical Imaging Inc., Bracco Imaging S.p.A., Nordion Inc. (A Subsidiary of Sterigenics International), Mallinckrodt plc, Curium, Eckert & Ziegler, Eli Lilly, Eckert & Ziegler, IBA Group, Merck & Co. Inc., Philips Healthcare, Fujifilm Holding Corporation, Areva Pharma, Navidea Biopharmaceuticals Inc., Actinium Pharmaceuticals Inc., Global Medical Solutions LTD., and Shine Medical Technologies.
Radiopharmaceuticals refer to a medication used to treat or diagnose diseases, including cancer, that contains a radioactive material. Likewise known as radioactive medication. These are the procedures used to identify certain illnesses or detect medical issues. The patient may receive them in a number of various ways. They could be injected, injected orally, injected into the eye or bladder, for instance.
The radiopharmaceuticals market consists of sales of technetium disofenin, technetium lidofenin, and technetium mebrofenin. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The main types of radiopharmaceuticals are diagnostic, therapeutic, and others. The delivery of radioactive atoms to tumor-associated targets is referred to as radiopharmaceutical therapeutic. The various applications include oncology, cardiology, gastroenterology, neuroendocrinology, neurology, nephrology, and others that are used by hospitals, ambulatory surgical centers, diagnostic centers, cancer research institutes, and others.
North America was the largest region in the radiopharmaceuticals market in 2022. Middle East is expected to be the fastest growing region in the forecast period. The regions covered in the radiopharmaceuticals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing prevalence of cancer and cardiovascular diseases is projected to drive the demand for the radiopharmaceuticals market. Radiopharmaceuticals are emerging as a safe and effective therapeutic option over conventional medicines. Radiopharmaceuticals provide an upper hand to radiologists to treat cancer and cardiovascular diseases due to their benefits such as targeted therapy.
Cancer is considered to be the second major cause of death, with around 1 in 6 deaths due to cancer worldwide. According to the International Agency for Research on Cancer (IARC), by 2040, the global burden is projected to increase to 27.5 million active cancer incidents and 16.3 million cancer deaths primarily due to population growth and aging.
About 70% of deaths from cancer occur in low- and middle-income countries. Thus, the rising cases of cancer and cardiovascular diseases are expected to surge the demand for radiopharmaceuticals for the treatment of these diseases.
The high cost of radiopharmaceuticals is anticipated to limit the growth of the market. High costs and short half-life of radiopharmaceuticals are reducing their implementation in hospitals and clinics. The development cost of radiopharmaceuticals is very high compared to that of therapeutic drugs and also undergoes a very lengthy and expensive regulatory process.
For instance, the cost of diagnostic radiopharmaceuticals development is $100 to $200 million for 8-10 years in comparison with the cost of pharmaceuticals, which ranges between $600 million to $1.2 billion for 10-12 years. Therefore, the high cost of radiopharmaceuticals is likely to act as a major restraint on market growth.
Research collaborations and partnerships are gaining significant popularity in the radiopharmaceuticals market over recent years. Major companies operating in the radiopharmaceuticals market are collaborating with other industry players to conduct R&D activities to expand their business.
Many companies are adopting various strategic initiatives such as opening a new manufacturing facility and plant capacity expansion, which is gaining significant popularity in the radiopharmaceuticals market.
For instance, ITM Isotopen Technologien Munchen AG (ITM) announced the launch of its new manufacturing facility in the Munich area to increase the production capacity of high-purity (n.c.a.) Lutetium-177 and no-carrier-added (n.c.a.) Lutetium-177 containing radiopharmaceuticals. Lutetium-177 is popular under the brand EndolucinBeta and is an innovative isotope used in cancer therapy. This is the company’s step towards meeting the high demand for quality medical isotopes for precision oncology worldwide.
The countries covered in the radiopharmaceuticals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Key Topics Covered:
1. Executive Summary
2. Radiopharmaceuticals Market Characteristics
3. Radiopharmaceuticals Market Trends And Strategies
4. Radiopharmaceuticals Market – Macro Economic Scenario
4.1 COVID-19 Impact On Radiopharmaceuticals Market
4.2 Ukraine-Russia War Impact On Radiopharmaceuticals Market
4.3 Impact Of High Inflation On Radiopharmaceuticals Market
5. Radiopharmaceuticals Market Size And Growth
5.1. Global Radiopharmaceuticals Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Radiopharmaceuticals Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Radiopharmaceuticals Market Segmentation
6.1. Global Radiopharmaceuticals Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.2. Global Radiopharmaceuticals Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.3. Global Radiopharmaceuticals Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7. Radiopharmaceuticals Market Regional And Country Analysis
7.1. Global Radiopharmaceuticals Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Radiopharmaceuticals Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/sdbplu
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