Dubai, UAE, Sept. 11, 2023 (GLOBE NEWSWIRE) -- According to Extrapolate's recent report, the Global Radiopharmaceuticals Market revenue is expected to surpass USD 8.8 billion by 2032 from around USD 4.3 billion in 2022, progressing at a CAGR of approximately 7.4% from 2023 to 2032. The market is fueled by an increase in patient awareness, a need for accurate diagnosis, rising demand for cancer therapy that targets specific diseases, and expanding applications of molecular imaging.
Small radioactive isotopes known as radiopharmaceuticals target particular body organs and tissues, making them effective for the treatment and diagnosis of a wide range of diseases. The demand for radiopharmaceuticals has increased recently as a result of greater awareness of the need for early diagnosis of chronic diseases. The expansion of the radiopharmaceutical industry has also been aided by technological developments in nuclear imaging, as hybrid devices are now more effective and efficient than standalone ones.
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Key Insights
- Based on application, the oncology segment led the market in 2022.
- On the basis of end-user, the hospital segment held the largest industry share in 2022.
- Based on region, North America was at the forefront in terms of revenue in 2022.
Competitive Landscape
The global radiopharmaceuticals market exhibits significant fragmentation, featuring the presence of prominent market players. These players are majorly focusing on collaboration as their major growth strategy to expand their global reach. For instance, in January 2023, NorthStar Medical Radioisotopes, LLC, and Inhibrx, Inc. initiated a collaborative agreement to advance and manufacture novel radiopharmaceuticals for cancer therapy. This partnership focuses on supporting specific Inhibrx biological products through the provision of Ac-225 supply and access to integrated radiopharmaceutical contract development and manufacturing organization (CDMO) services.
Top players in the global radiopharmaceuticals market include:
- Bayer AG
- Cardinal Health
- Eckert & Ziegler
- GE Healthcare
- Jubilant Pharma Limited
- NorthStar Medical Radioisotopes, LLC
- NorthStar Medical Radioisotopes, LLC
- Novartis AG
- NTP Radioisotopes SOC Ltd
- Siemens Healthineers
- Telix Pharmaceuticals Limited
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By Application
- Neurology
- Cardiology
- Oncology
- Others
Rising Awareness of Radiopharmaceutical Compounds in Oncology to Aid Market Expansion
Based on application, the oncology segment accounted for the largest share of the global radiopharmaceuticals market in 2022, primarily attributed to rising cancer incidences. The segment growth is majorly being driven by a surging awareness of early cancer diagnosis and treatment. Patients worldwide are becoming more conscious of radiopharmaceutical compounds and their applications in medical fields, such as oncology, neurology, and cardiology, which is contributing to the segment’s growth.
By End-user
- Hospitals
- Ambulatory Surgical Centers
- Diagnostic Centers
- Cancer Research Institutes
- Others
Use of Various Imaging Methods in Hospitals to Boost Product Demand
On the basis of end-users, the hospital segment led the global radiopharmaceuticals market in 2022 and is foreseen to maintain its position through the projected period on account of the growing number of skilled radiologists worldwide. The hospital uses different imaging methods, such as MRI, PET, and CT, to enhance the quality and information for diagnostic use. The availability of skilled medical professionals who can handle critical radiopharmaceuticals more effectively has led to an increase in the number of nuclear imaging operations performed in hospitals.
Emergence of Centralized Pharmacies as a Key Growth Trend in the Radiopharmaceuticals Market
The radiopharmaceuticals industry faces the challenge of insufficiently codified good manufacturing practice (GMP) requirements and stringent regulatory frameworks governing their usage. Practitioners of nuclear medicine support the creation of a centralized radiopharmacy to address concerns about quality control. This is due to an increased level of interest among administrators and lawmakers in clinical trial laws, PET, and radiopharmaceuticals. Patients and governing bodies can benefit from a centralized radiopharmacy idea in a variety of ways, such as by receiving patient-specific prescriptions and having their needs met by all available sources and services. Throughout the forecast period, these initiatives are anticipated to encourage market expansion.
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Technological Advancements to Fuel Radiopharmaceuticals Adoption
The utilization of advanced technologies has enhanced the efficiency of radiopharmaceuticals in disease diagnosis and treatment. Nuclear medicine primarily aids in cancer and cardiovascular disease diagnosis. Companies are expanding radiopharmaceutical applications, which is leading to increased adoption, along with diversifying their product portfolios to boost market share.
Challenges Arising from Radiopharmaceutical Preparation and Dispensing to Impede Radiopharmaceuticals Market Growth
Chemical reactions during the preparation of radiopharmaceuticals can result in unintended radiochemical contaminants. These impurities can be produced by high-intensity radiation's radiolysis effects. These medications may adsorb container components or interact with trace elements leached from the container due to their chemical characteristics, especially in small quantities. These issues may result in unexpected changes to organ localisation and biodistribution, which may have an impact on diagnostic interpretation.
The use of these medications is significantly hampered by these problems with radiopharmaceuticals. These difficulties are likely to be resolved by continued research and development, which is set to increase the accessibility and availability of radiopharmaceuticals.
North America to Lead Radiopharmaceuticals Market Due to High Quality of Healthcare Services
North America is projected to be the leading region in the global market for radiopharmaceuticals through the forecast period, driven by several factors, including advancements in radioisotope production technologies, government funding, and expansion efforts by major companies. The region has a solid foundation of healthcare services and a growing population with a high prevalence of obesity, which raises the number of patients with various chronic conditions, including coronary heart disease, cancer, and strokes.
Additionally, promising research activities undertaken in the region are also likely to contribute to market expansion. The increasing acceptance of efficient nuclear imaging methods and the usage of cutting-edge therapeutic radiopharmaceuticals are anticipated to further fuel regional market development.
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Table of Content
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research approach
2.2. Scope, definition, and assumptions
2.3. Data sources
2.3.1. Secondary sources
2.3.1.1. Preliminary data mining
2.3.2. Primary sources
2.3.2.1. Statistical Model
2.3.2.2. Data Triangulation
2.3.2.3. Research Objective
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key trends
3.2.1. Proliferating Demand for Enhanced Imaging and Diagnostic Techniques Augments the Market Growth
3.3. Market drivers
3.3.1. Growing Prevalence of Chronic Diseases Propels the Need for Radiopharmaceuticals
3.4. Market restraints
3.4.1. High Cost of Production Restricts the Market Growth
3.5. Market opportunities
3.5.1. Rising Number of Research & Development activities Provides Lucrative Opportunities for the Market Growth
3.6. Market Challenges
3.6.1. Preparation and Dispensing Problems Associated with Radiopharmaceuticals Pose a Challenge for the Market Growth
3.7. Porter’s Five Forces Analysis
3.7.1. Bargaining Power of Suppliers
3.7.2. Bargaining Power of Buyers
3.7.3. Threat of New Entrant
3.7.4. Threat of Substitutes
3.7.5. High Competitive Rivalry
3.8. Value chain analysis
Chapter 4. COVID-19 Impact on Global Radiopharmaceuticals Market
Chapter 5. Global Radiopharmaceuticals Market Overview, By Product, 2018 - 2032 (USD Million)
Chapter 6. Global Radiopharmaceuticals Market Overview, By Type, 2018 - 2032 (USD Million)
Chapter 7. Global Radiopharmaceuticals Market Overview, By Application, 2018 - 2032 (USD Million)
Chapter 8. Global Radiopharmaceuticals Market Overview, By End-user, 2018 - 2032 (USD Million)
Chapter 9. Global Radiopharmaceuticals Market Overview, By Geography, 2018 - 2032 (USD Million)
Chapter 10. North America Radiopharmaceuticals Market Overview, By Countries, 2018 - 2032 (USD Million)
...
Chapter 15. Competitive Landscape
15.1. Competitive environment, 2022
15.2. Strategic framework
15.2.1. Partnership/agreement
15.2.2. Expansion
15.2.3. Mergers & Acquisitions
15.2.4. Recent development
Chapter 16. Key Vendor Analysis
16.1. Bayer AG
16.1.1. Company overview
16.1.2. Financial performance
16.1.3. Product Benchmarking
16.1.4. Recent initiatives
16.2. Cardinal Health
16.2.1. Company overview
16.2.2. Financial performance
16.2.3. Product Benchmarking
16.2.4. Recent initiatives
16.3. Eckert & Ziegler
16.3.1. Company overview
16.3.2. Financial performance
16.3.3. Product Benchmarking
16.3.4. Recent initiatives
16.4. GE Healthcare
16.5. Jubilant Pharma Limited
16.6. NorthStar Medical Radioisotopes, LLC
16.7. Novartis AG
16.8. NTP Radioisotopes SOC Ltd
16.9. Siemens Healthineers
16.10. Telix Pharmaceuticals Limited
16.11. Others
Chapter 17. Sourcing Strategy and Downstream Buyers
17.1. Radiopharmaceuticals Market Industrial Chain Analysis
17.2. Downstream Buyers
Chapter 18. Marketing Strategy Analysis, Distributors/Traders
18.1. Marketing Channel
18.1.1. Direct Marketing
18.1.2. Indirect Marketing
18.1.3. Marketing Channel Development Trend
18.2. Market Positioning
18.2.1. Pricing Strategy
18.2.2. Brand Strategy
18.2.3. Target Client
18.3. Distributors/Traders List
Chapter 19. Market Effect Factors Analysis
19.1. Product Progress/Risk
19.1.1. Substitutes Threat
19.1.2. Product Progress in Related Size
19.2. Consumer Needs/Customer Preference Change
19.3. Economic/Political Environmental Change
Chapter 20. Future Outlook of the Market
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