Westford, USA, Oct. 16, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Radiopharmaceuticals Market will attain a value of USD 8 billion by 2031, with a CAGR of 9.8% over the forecast period (2024-2031). Growing awareness regarding the benefits of nuclear medicine and the increasing availability of radiopharmaceuticals are projected to primarily drive market growth. Advancements in medical imaging technologies and growing demand for better diagnostic imaging around the world are also expected to create new opportunities for radiopharmaceutical companies in the future.
Browse in-depth TOC on "Radiopharmaceuticals Market"
- Pages - 210
- Tables - 95
- Figures – 76
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Radiopharmaceuticals Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 6.7 billion |
| Estimated Value by 2031 | $ 8 billion |
| Growth Rate | Poised to grow at a CAGR of 9.8% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, Procedural Volume Assessment, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information/product portfolio of players |
| Key Market Opportunities | Development of theranostics and high demand for personalized medicine |
| Key Market Drivers | Rising use of advanced imaging technologies |
Radiopharmaceuticals Market Segmental Analysis:
Based on Type the market is segmented as, Diagnostic Nuclear Medicine, SPECT Radiopharmaceuticals, Technetium-99m, Thallium-201, Gallium-67, Iodine-123, Other, PET Radiopharmaceuticals, F-18, RU-82, Others, Therapeutic Nuclear Medicine, Alpha Emitters, Ra-223, Brachytherapy Isotopes, Intoiodine-125, Palladium-103, Cesium-131, Iridium-192, Other brachytherapy isotopes, Beta Emitters, Intoiodine-131, Yttrium-90, Samarium-153, Lutetium-177, Rhenium-186, Other beta emitters.
Based on Application the market is segmented as, Diagnostic Applications, SPECT Applications, Cardiology, Bone Scans, Thyroid Applications, Pulmonary Scans, Other SPECT Applications, PET applications, Oncology, Cardiology, Neurology, Other PET applications, Therapeutic Applications, Thyroid Indications, Bone Metastasis, Lymphoma, Endocrine Tumors, Other Indications. Based on Procedural Volume Assessment the market is segmented as, Diagnostic Procedures, Therapeutic Procedures.
Based on Source the market is segmented as, Nuclear Reactors, Cyclotrons. Based on End User the market is segmented as, Hospitals, Ambulatory Surgical Centers, Diagnostic Centers, Cancer Research Institutes, Others.
Based on Region the market is segmented as, North America, U.S., Canada, Mexico, Europe, Germany, France, UK, Italy, Spain, Rest of Europe, Asia-Pacific, Japan, China, Australia, India, Rest of Asia-Pacific, LAMEA, Brazil, Saudi Arabia, South Africa, Rest of LAMEA.
Demand for Early Diagnostics Estimated to Help Diagnostic Applications Spearhead Radiopharmaceuticals Market Growth
The increasing incidence of chronic diseases around the world has led to a robust hike in demand for better diagnostic technologies and products. Rising demand for improved diagnosis and growing awareness regarding the importance of early diagnosis is also expected to help the diagnostic application segment hold a dominant market share. Use of radiopharmaceuticals in PET (Positron Emission Tomography) and SPECT (Single Photon Emission Computed Tomography) further cements the dominance of this segment.
High Demand for Outpatient Care Helping Ambulatory Surgical Centers to Boost Sales of Radiopharmaceuticals
Demand for outpatient diagnostics, care, and treatment is increasing rapidly around the world and this is creating new opportunities for radiopharmaceutical companies going forward. Rise in the popularity of minimally invasive procedures and diagnostics is also expected to help this segment bolster market growth at a rapid pace over the coming years. The growing application scope of radiopharmaceuticals beyond traditional settings is also estimated to uplift sales of radiopharmaceuticals in ambulatory surgical centers going forward.
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High Investments in Medical R&D Helping North America Spearhead Demand for Radiopharmaceuticals
North America is home to some of the most prominent innovators in the medical industry and this coupled with high investments in medical R&D makes it the most opportune market for all suppliers of radiopharmaceuticals. The presence of a developed healthcare infrastructure and quick adoption of advanced diagnostic imaging technologies will also help promote the dominance of this region. Canada and the United States remain the top markets for companies operating in North America.
Radiopharmaceuticals Market Insights:
Drivers
- High demand for novel diagnostic procedures
- Rising use of nuclear medicine
- Advancements in medical imaging technologies
Restraints
- Risk of radiation exposure in critical cases
- High costs of radiopharmaceuticals due to their novel nature
Top Player’s Company Profiles
- Bayer AG
- Bracco
- Cardinal Health Inc.
- Coquí Radiopharmaceuticals Corp
- Curium Pharma
- Eli Lilly and Company
- General Electric Company
- IRE ELiT
- Iso-Tex Diagnostics, Inc
- Jubilant Pharmova Limited
- Lantheus
- Novartis AG
- SHINE Technologies, LLC
- Telix Pharmaceuticals Limited
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Key Questions Answered in Radiopharmaceuticals Market Report
- What drives the global Radiopharmaceuticals Market growth?
- Who are the leading Radiopharmaceuticals providers in the world?
- Which region leads the demand for Radiopharmaceuticals in the world?
This report provides the following insights:
Analysis of key drivers (high demand for early diagnostics, growing use of advanced imaging technologies, rising popularity of nuclear medicine), restraints (risk of radiation exposure, high cost of radiopharmaceuticals), and opportunities (high demand for personalized medicine, development of theranostics), influencing the growth of Radiopharmaceuticals Market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Radiopharmaceuticals Market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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