Jersey City, NJ, Jan. 30, 2024 (GLOBE NEWSWIRE) -- “Radiotheranostics Market” in terms of revenue was estimated to be worth $1.84 billion in 2023 and is poised to reach $4.36 billion by 2031, growing at a CAGR of 11.58% from 2024 to 2031 according to a new report by InsightAce Analytic.
Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the global radiotheranostics market are:
- Technological advancement
- Increasing awareness
- Increasing Cancer Rate
The following are the primary obstacles to the radiotheranostics ,arket 's expansion:
- Restrictive Rules
- Problems with Rollout Costs
- Health data ethics and privacy concerns
Future expansion opportunities for the global radiotheranostics market include:
- Growing population
- Beneficial Government Programs
- Growth in treatment alternatives
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Market Analysis:
The worldwide radiotheranostics market is expected to be driven by the growing demand for precision medicine and the expanding use of nuclear medicine in the treatment of a wide range of chronic illnesses. Additionally, a growing need for biologically active radiotheranostics to target particular disorders and track the results of continuing treatment is driving positive changes in the global market.
List of Prominent Players in the Radiotheranostics Market:
- Novartis AG
- Bayer AG
- Progenics Pharmaceuticals, Inc. ( Lantheus)
- Telix Pharmaceuticals Limited.
- ITM Radiopharma
- Life Molecular Imaging.
- RadioMedix
- IsoTherapeutics Group, LLC
- Q BioMed Inc.
- Nordic Nanovector ASA
Radiotheranostics Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2023 | USD 1.84 Bn |
| Revenue forecast in 2031 | USD 4.36 Bn |
| Growth rate CAGR | CAGR of 11.58% from 2024 to 2031 |
| Quantitative units | Representation of revenue in US$ Bn, and CAGR from 2024 to 2031 |
| Historic Year | 2019 to 2023 |
| Forecast Year | 2024-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments covered | By Radioisotope, Source, Approach, Application, End-User |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Recent Developments:
- In January 2024, Novartis reported data from the NETTER-2 Phase III trial. When administered as first-line therapy, the study indicated that a 72% reduction in the risk of disease progression or mortality was achieved with the combination of Lutathera oxo octreotide and long-acting release (LAR) octreotide, as compared to high-dose octreotide LAR alone1.
- In January 2024, Telix developed an investigational positron emission tomography (PET) imaging agent called TLX250-CDx (89Zr-DFO-brentuximab) that is used to manage clear cell renal cell carcinoma (ccRCC), the most frequent and aggressive kind of kidney cancer.
- In January 2024, ITM Isotope Technologies Munich SE (ITM) received the Radioactive Material Handling License (RAM License), according to the announcement made by the industry-leading radiopharmaceutical biotech firm. A novel medical radioisotope, lutetium-177, is used extensively in radiopharmaceutical therapy (RPT) to combat cancer. The RAM License and all other necessary regulatory clearances have been secured, and ITM is now operationally ready.
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Radiotheranostics Market Dynamics:
Market Drivers: Increasing Cancer Rate
The healthcare industry is experiencing a surge in demand for radiotheranostics due to the increased incidence of cancer, which is fueling the rise of the market. Crucial to cancer management are diagnostic and therapeutic abilities, the ability to image cancer cells accurately, and the facilitation of focused therapy, which enhances treatment results and is another major growth-inducing factor. Further fueling the market's expansion is radiopharmaceuticals' ability to accurately diagnose cancer, which helps select the most appropriate treatment for individual patients. Radio theranostics also aids in monitoring therapy efficacy and illness progression, contributing to the market's growth.
Challenges: Problems with Rollout Costs
The high price tag of radiopharmaceuticals and radiotherapeutic treatments could be a problem for families and doctors. More adoption and growth in the market can be achieved if we find solutions to the problems of these technologies' cost-effectiveness and affordability. Reimbursement regulations and coverage for radiopharmaceuticals and radiotheranostics operations can be circumscribed in specific scenarios. The financial burden this places on individuals and healthcare providers could seriously limit the use of radiotheranostics.
North America is Expected to Grow with the Highest CAGR During the Forecast Period
The North America radiotheranostics Market is likely to register a significant revenue share and develop at a rapid CAGR in the near future. This is because of the rising need for therapeutic radiopharmaceuticals, the popularity of precision medicine, and the widespread use of advanced imaging technologies. The regional market is expected to be driven by rising national spending on precision medicine. Moreover, the sector in the region is being propelled even further by the existence of many market participants and the different strategic initiatives they have deployed.
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Segmentation of Radiotheranostics Market-
By Radioisotope-
- Technetium-99
- Gallium-68
- Iodine-131
- Iodine-123
- 18F
- Y-90
- Lutetium (Lu) 177
- Copper (Cu) 67
- Copper (Cu) 64
- Others
By Approach-
- Targeted Therapeutic (Rx)
- Targeted Diagnostic (DX)
By Application-
- Oncology
- Thyroid Cancer
- Neuroendocrine Cancer
- Hepatocellular Carcinoma
- Multiple Myeloma
- Lymphoma
- Others
- Non-Oncology
- Joint Infections
- Arthritis
- Bone Pain
- Others
By Source-
- Nuclear Reactors
- Cyclotrons
By End-users
- Hospitals & Clinics
- Pharmaceutical & Biotechnology Companies
- Others
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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