Radiopharmaceuticals Market Size is valued at USD 5.7 Bn in 2023 and is predicted to reach USD 12.8 Bn by the year 2031 at a 10.91 % CAGR during the forecast period for 2024-2031.
Radiopharmaceuticals are medications that incorporate radioactive isotopes. These chemicals are utilized in the field of nuclear medicine for diagnostic and therapeutic applications. They produce detectable radiation that may be captured in images, enabling healthcare workers to visually examine and evaluate the performance of organs, tissues, and physiological processes in the body. In addition to traditional cancer therapies, the oncologist may consider utilizing radiopharmaceuticals, which employ a blend of radioactive particles and drugs to selectively target and eradicate cancer cells. Radiopharmaceuticals are a specific category of radioactive compounds used in modern medicine. The drugs that contain radionuclides are as follows. Most radiopharmaceuticals employ a radioactive nuclide or radionuclide in combination with a drug or biologically active substance to assess the distribution and localization within the body.
Furthermore, the rising range of radiopharmaceuticals is finding its way into clinical practice, providing doctors with more specific data about the features of various tumour forms. Many cancers are responding to radionuclides as a soothing and curative therapeutic option.
However, the market growth is hampered by the strict regulatory criteria for the safety and health of the radiopharmaceuticals market and the product's inability to prevent fog in environments with dramatic temperature fluctuations or high radiopharmaceuticals because radiopharmaceuticals are costly to create and execute because the market might not be growing quickly, several possible roadblocks could stop the sector from reaching its maximum potential. In all their manifestations, government regulations are thus deemed a barrier to product introduction. Every nation has several regulatory bodies, and every country has its own distinct set of rules. Strict regulatory and product approval processes are expected to slow the growth of the global radiopharmaceutical market.
The catastrophic COVID-19 pandemic impacts have shocked the world's healthcare institutions and crippled their operations. Consequently, hospitals have ramped up testing to save lives and contain the infection. The COVID-19 pandemic has created significant financial difficulties, and governments worldwide have been forced to reduce spending.
Competitive Landscape
Some Major Key Players In The Radiopharmaceuticals Market:
- GE HealthCare
- Cardinal Health
- Curium
- Bayer AG
- Lantheus Holdings, Inc.
- Bracco Imaging S.p.A.
- PharmaLogic Holdings Corp.
- Eczacibasi-Monrol Nuclear Products
- NTP Radioisotopes SOC Ltd
- Nordion Inc.
- Novartis (Advanced Accelerator Application)
- NorthStar Medical Radioisotopes
- Eckert & Ziegler
- Isotope JSC
- Siemens Healthineers
- Jubilant DraxImage,Inc.
- Telix Pharmaceuticals Limited
- Mallinckrodt Pharmaceuticals
- Bracco
- IBA Worldwide
- Other Prominent Players
Market Segmentation:
The radiopharmaceuticals market is segmented on the basis of type and application. Based on type, the market is segmented as Diagnostic Nuclear Medicine (SPECT Radiopharmaceuticals (Tc-99m, I-123, Tl-201, Ga-67, Other SPECT Isotopes), PET Radiopharmaceuticals (F-18, Rb-82, Other PET Isotopes)), Therapeutic Nuclear Medicine (Alpha Emitters(Ra-223), Beta Emitters (I-131, Y-90, Sm-153, Lu-177, Re-186, Other Beta Emitters)), Brachytherapy Isotopes (I-125, Ir-192, Pd-103, Cs-131), Other Brachytherapy Isotopes). The application segment includes 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 Application, The Diagnostic Nuclear Medicine Segment Is Accounted As A Major Contributor To The Radiopharmaceuticals Market
The diagnostic nuclear medicine category is expected to hold a major share of the global Radiopharmaceuticals Market in 2021. Due to factors like effective imaging of patients with numerous types of cancer, new product launches for diagnosing various illnesses, and rising procedural volumes globally, this category is also expected to rise at a significant CAGR. Imaging methods used in nuclear medicine diagnostics include planar imaging, single-photon emission computed tomography (SPECT), and positron emission tomography (PET). Each method offers distinct knowledge about the anatomy, physiology, and molecular functions of the organism.
The Diagnostic Segment Witnessed Growth At A Rapid Rate
The diagnostic segment division is projected to grow at a rapid rate in the global Radiopharmaceuticals Market. A wide variety of radiopharmaceuticals used in various diagnostic imaging studies are prepared and compounded by commercial nuclear pharmacies. To assure the safety and effectiveness of radiopharmaceuticals, they are prepared in a controlled setting using stringent quality control procedures. Commercial nuclear pharmacies provide support for a variety of medical imaging modalities, including planar imaging, SPECT (Single-Photon Emission Computed Tomography) and Positron Emission Tomography (PET).
In The Region, The North America Radiopharmaceuticals Market Holds A Significant Revenue Share
The North American, Radiopharmaceuticals Market, is expected to register the highest market share in terms of revenue in the near future. The region is likely to witness rapid acceptance of technologically advanced and effective medicinal radiopharmaceuticals, as well as an increase in the use of nuclear imaging technology.
In addition, it is anticipated that throughout the projected period, the prevalence of various cancers and other chronic conditions will contribute to the market's rise in North America. As a result of the leading companies' recent product releases and the adoption of cutting-edge radiopharmaceuticals, Europe is predicted to experience significant market expansion. Additionally, this region's market players' acquisitions and mergers are promoting regional expansion.
Recent Developments:
- In June 2023, Jubilant Draximage Inc. and Evergreen Theragnostics, Inc. entered into a new arrangement. Under this agreement, Jubilant's radiopharmacy business will be responsible for the preparation, sale, and distribution of OCTEVY™ (Kit for Preparation of Ga 68 DOTATOC Injection) doses to positron emission tomography (PET) customers throughout the United States.
Radiopharmaceuticals Market Report Scope
|
Report Attribute |
Specifications |
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Market Size Value In 2023 |
USD 5.7 Bn |
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Revenue Forecast In 2031 |
USD 12.8 Bn |
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Growth Rate CAGR |
CAGR of 10.91 % from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Type, By application |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
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Competitive Landscape |
GE HealthCare, Cardinal Health, Curium, Bayer AG, Lantheus Holdings, Inc., Bracco Imaging S.p.A., PharmaLogic Holdings Corp., Eczacibasi-Monrol Nuclear Products, NTP Radioisotopes SOC Ltd, Nordion Inc., Novartis (Advanced Accelerator Application), NorthStar Medical Radioisotopes, Eckert & Ziegler, Isotope JSC, Siemens Healthineers, Jubilant DraxImage,Inc., Telix Pharmaceuticals Limited, Mallinckrodt Pharmaceuticals, Bracco, IBA Worldwide, Other Prominent Players |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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