Jul 15, 2024
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Radiopharmaceuticals Market Size, Share & Trends Analysis Report By Type (Diagnostic Nuclear Medicine (SPECT Radiopharmaceuticals, PET Radiopharmaceuticals), Therapeutic Nuclear Medicine (Alpha Emitters, Beta Emitters), Brachytherapy Isotopes. By Application (Diagnostic Applications (SPECT Applications, PET Applications), Therapeutic Applications) - Market Outlook and Industry Analysis 2031"
The Global Radiopharmaceuticals Market is valued at US$ 5.7 Bn in 2023, and it is expected to reach US$ 12.8 Bn by 2031, with a CAGR of 10.91% during the forecast period of 2024-2031.
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Radiopharmaceuticals refers to biologics production in plant systems to reduce the cost of microbial systems. Molecular farming is an innovative method for producing molecular medicines, including plasma proteins, enzymes, growth factors, vaccinations, and recombinant antibodies. These medicines have widely accepted medicinal uses at a molecular level. The approach has the potential to change the pharmaceutical industry by providing highly efficient and cost-effective treatments to all segments of the population. Plant-based protein expression offers practical, secure, efficient, and cost-effective advantages.
Radiopharmaceuticals has the potential to offer a new platform for the development and delivery of vaccines and therapeutics for infectious diseases, particularly in low-resource environments. It can also contribute to improving human health and well-being by generating proteins that can regulate various physiological functions, including growth, metabolism, reproduction, and immunity. By encouraging innovation, collaboration, and diversification, Radiopharmaceuticals can also generate novel opportunities for the biotechnology sector and the entrepreneurial landscape. It can potentially facilitate the creation of innovative products and services that can directly address unmet medical requirements and market demands. The global molecular pharmaceutical industry will rise rapidly due to the expansion of studies into producing pharmaceuticals from plants and products. The sudden demand for precision medicine and its production from natural and organic sources will contribute to the market's growth during the next five years.
Drivers-
The radiopharmaceuticals market is experiencing robust growth, driven by factors such as the prevalence of chronic conditions among older adults—nearly 95% of whom have at least one chronic condition and 80% have two or more, according to NCOA research. Technological advancements in radiopharmaceutical production, including novel radiotracers and targeted therapies, are further propelling market expansion. Regulatory approvals from bodies like the FDA and EMA, alongside increasing healthcare expenditure in developed economies, support the development and adoption of these advanced therapies. Additionally, the growing application of radiopharmaceuticals across diverse medical fields and rising awareness among healthcare professionals and patients are key contributors to market growth.
Challenges:
The radiopharmaceutical industry encounters challenges such as stringent regulatory hurdles delaying product innovation, complex production requirements needing specialized facilities and trained personnel, short shelf-life necessitating precise logistics, strict radiation safety protocols, and high costs impacting accessibility, especially in developing regions.
Regional Trends:
North America, particularly the United States, boasts a well-established nuclear medicine infrastructure with advanced SPECT and PET imaging technologies, alongside a network of radiopharmacies capable of producing and administering radiopharmaceuticals. The region benefits from a favorable regulatory environment set by the FDA, which provides clear guidelines and efficient approval processes for new radiopharmaceutical products, facilitating their development and commercialization. Key market players like Lantheus Medical Imaging, Bayer, and GE Healthcare have substantial operations in North America, leveraging robust research and development activities supported by numerous academic institutions and government agencies. The availability of significant funding and investments further propels innovation in radiopharmaceutical technologies, meeting the rising demand for advanced diagnostic and therapeutic applications driven by the increasing prevalence of chronic diseases across the region.
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