The market size of the global radiotheranostics market in the year 2021 is valued at 1.55 billion and is predicted to reach 3.86 billion by the year 2030 at an 10.90% CAGR during the forecast period of 2022-2030. Radiotheranostics is a division of radiology that combines molecular imaging (primarily PET and SPECT) with targeted radionuclide therapy, which involves the use of small molecules, peptides, and/or antibodies as carriers for therapeutic radionuclides, typically those emitting -, -, or auger-radiation. The approval of new radiotheranostic agents such as 177Lu-DOTATATE and 177Lu-PSMA-617, as well as the availability of companion diagnostic agents (such as 68Ga-DOTATATE and 68Ga-PSMA-11, respectively), has fueled a resurgence of interest in the field, fueling a slew of clinical trials testing novel radiotheranostics.
Increased public-private funding for target research initiatives, growing public awareness of the advantages of alpha radio immunotherapy-based targeted cancer treatment, and increased product innovations and development due to global technological advancements is expected to create lucrative opportunities for market participants during the forecast period. Hospital budget cuts, particularly during the pandemic, a lack of sufficient infrastructure in low- and middle-income nations, and an unfavorable reimbursement environment are all anticipated to pose challenges to the market throughout the projection period. Increasing investment in R&D, particularly in developed and developing economies, for medical instruments and devices will further open up lucrative market expansion opportunities. The nuclear medical field's research and development capabilities also support the market growth rate. Growing numbers of strategic alliances and partnerships between public and private players are opening up lucrative new market opportunities for the funding and use of cutting-edge technology.
Market Segmentation:
The radiotheranostics market is segmented on the radioisotope, source, approach, applications and end users. Based on radioisotope, the market is segmented into technetium-99, gallium-68, iodine-131, iodine-123, 18F, y-90, lutetium (lu) 177, copper (Cu) 67, copper (Cu) 64, others. Based on source, the market is segmented into Nuclear Reactors, Cyclotrons. Based on approach market is segmented into Targeted Therapeutic (Rx), Companion Diagnostic (DX). Based on application, the radiotheranostics market is segmented into oncology (thyroid cancer, neuroendocrine cancer, hepatocellular carcinoma, multiple myeloma, lymphoma, others) and non-oncology (joint infections, arthritis, bone pain, others). Based on end-use, the radiotheranostics market is segmented into hospitals & clinics, pharmaceutical & biotechnology companies and others.
The 177 Lu segment witnessed growth at a rapid rate
177 Lu segment grabbed the highest revenue share, and it is anticipated that they will continue to hold that position during the anticipated time. The majority of radioisotopes are employed in oncology for radiation therapy or diagnosis. Theranostics frequently utilized in diagnosing and treating neuroendocrine tumors include 68 Ga DONATE and 177 Lu DOTATOC. The main causes of the intense interest in the clinical application of this radionuclide are its good nuclear properties and the simplicity of obtaining high activity levels of 177Lu.
Cyclotrons are expected to expand at the fastest CAGR during forecast period.
Cyclotrons are fast evolving and will play an increasingly significant role in the pharmaceutical industry, particularly in advanced medical imaging techniques, since radiopharmaceuticals generated by cyclotrons are exceptionally effective at identifying various diseases.
The North American radiotheranostics market holds a significant revenue share in the region.
The North American radiotheranostics market is expected to register the highest market share in revenue soon because of the region's robust healthcare infrastructure, rising overweight population, large patient population suffering from chronic diseases like cancer, coronary artery disease, and strokes, and increased research activity. In addition, Asia Pacific is projected to grow rapidly in the global radiotheranostics market. However, this business is still expected to have substantial development potential due to the expanding number of clinical settings where flow cytometry is used.
Competitive Landscape
Some major key players in the Radiotheranostics market are TransCode Therapeutics, Inc., Curium SAS, GE Healthcare Inc., Bayer AG, Lantheus Medical, Imaging, Inc., Novartis AG, Spectrum Pharmaceuticals, Inc., Ipsen S.A., Actinium Pharmaceuticals, Inc. (ATNM), Nordic Nanovector ASA, Y-mAbs Therapeutics, Inc., Sofie Biosciences, Inc., Terumo Corporation, Sirtex Medical Limited, Boston Scientific Corporation, Nihon Medi-Physics, ITM Isotopen Technologien München AG, Advanced Accelerator Applications, Telix Pharmaceuticals, Theragnostics Ltd., NuView Life Sciences, Jubilant Pharma Limited, and Clarity Pharmaceuticals.
