Radiopharmaceuticals Market Size is valued at USD 8.8 Bn in 2022 and is predicted to reach USD 15.9 Bn by the year 2031 at a 6.8% CAGR during the forecast period for 2023-2031.
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:
- Bayer
- Cardinal Health
- Curium Pharma
- Eli Lilly
- General Electric Company
- Iso-Tex Diagnostics
- LANTHEUS HOLDINGS, INC
- Novartis
- Siemens
- Bracco Imaging S.P.A.
- Pharmalogic Holdings Corp
- Eczacibasi-Monrol Nuclear Products
- NTP Radioisotopes Soc Ltd.
- Nordion Inc.
- Advanced Accelerator Applications (A Novartis Company)
- 2 Northstar Medical Radioisotopes
- Eckert & Ziegler
- Isotope JSC
- Jubilant Draximage, Inc. (A Subsidiary Of Jubilant Pharma)
- Global Medical Solutions
- Shine Technologies, Llc
- Isotopia Molecular Imaging Ltd.
- Bwxt Medical Ltd.
- Institute Of Isotopes
- China Isotope & Radiation Corporation
- Yantai Dongcheng Pharmaceutical Group Co., Ltd.
- Cyclopharm
- Ire Elit
- Others
Market Segmentation:
The radiopharmaceuticals market is segmented based on radioisotope, Indication, source, type, and end user. As per the radioisotope, the market is segmented into Technetium 99, Fluorine 18, Iodine 131, Lutetium 177, Yttrium 90, Gallium 67, Gallium 68, Rubidium 82, Iodine 123, Iodine 125, Indium 111, and Other Isotopes. The Indication segment consists of oncology, cardiology, gastroenterology, neuroendocrinology, neurology, nephrology, and other indications. By source, the market is segmented into cyclotrons, nuclear reactors, and other sources. By type, the market is segmented into diagnostic and therapeutic. According to end user, the market is segmented into hospitals, medical imaging centres, and cancer research institutes.
Based On The Radioisotope, The Rubidium 82 Radiopharmaceuticals Market Segment Is A Major Contributor To The Radiopharmaceuticals Market.
The rubidium 82 radiopharmaceuticals market is expected to lead with a major global market share in 2022. Rubidium (Rb82) injections help people with cardiac disease diagnosis. Medical professionals can use it to create an image of a patient's heart through positron emission tomography (PET) scans. Whether the patient is relaxed or anxious, this medicine monitors the blood flow to the heart.
The Diagnostic Segment To Witness Growth At A Rapid Rate
The diagnostic industry makes up the bulk of radiopharmaceutical usage due to the increased number of medical imaging tests run by hospitals and the rising demand for early disease diagnosis, especially in countries like the US, Germany, the UK, China, and India.
In The Region, The North American Radiopharmaceuticals Market Holds A Significant Revenue Share.
The North American radiopharmaceuticals market is expected to record the maximum market revenue share in the near future. It can be attributed to new medicines and medical technology that have emerged. There are a lot of radiopharmaceutical companies in the area, there has been a surge in radiopharmaceutical R&D, and more medicines have been approved for sale in the region. In addition, Asia Pacific is estimated to grow rapidly in the global radiopharmaceuticals market because of fresh government programs, fresh regional initiatives by businesses, fresh advances in radioisotope production technology, and higher R&D expenditure.
Recent Developments:
- In Nov 2023, Ionetix Corporation entered into a supply deal with Bayer for the medicinal radioisotope actinium-225 (Ac-225). Ionetix will supply Bayer with high-purity, non-carrier added (n.c.a.) Ac-225
- In June 2023, Jubilant Draximage Inc. and Evergreen Theragnostics, Inc. have 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 |
|
Market Size Value In 2022 |
USD 8.8 Bn |
|
Revenue Forecast In 2031 |
USD 15.9 Bn |
|
Growth Rate CAGR |
CAGR of 6.8 % from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Radioisotope, Indication, Source, Type, End-User |
|
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 |
|
Competitive Landscape |
Bayer, Cardinal Health, Curium Pharma, Eli Lilly, General Healthcare, Iso-Tex Diagnostics, Lantheus Holdings, Inc, Novartis, Siemens, Bracco Imaging S.P.A., Pharmalogic Holdings Corp, Eczacibasi-Monrol Nuclear Products, NTP Radioisotopes Soc Ltd., Nordion Inc., Advanced Accelerator Applications (A Novartis Company), 2 Northstar Medical Radioisotopes, Eckert & Ziegler, Isotope JSC, Jubilant Draximage, Inc. (A Subsidiary Of Jubilant Pharma), Global Medical Solutions, Shine Technologies, Llc, Isotopia Molecular Imaging Ltd., Bwxt Medical Ltd., Institute Of Isotopes, China Isotope & Radiation Corporation, Yantai Dongcheng Pharmaceutical Group Co., Ltd., Cyclopharm, Ire Elit, Others |
|
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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