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The global radiopharmaceuticals market size is estimated to grow by USD 4,612.62 million at a CAGR of 10.22% between 2022 and 2027.
Radiopharmaceuticals have fewer side effects as compared with their potential benefits. This is a crucial factor in determining the use of medicinal products for different diagnostics and treatment purposes. Presently, there are no known long-term side effects of low-dose exposure to radiopharmaceuticals. Radiopharmaceuticals may cause some health hazards, such as soreness, bleeding, and swelling at the site of injection, but these are quite rarely observed. The low rates of unfavorable effects of radiopharmaceuticals are mainly due to the small amount of the drug used during the various processes.
Technavio has segmented the market into Source, End-user, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
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Cyclotrons
The market share growth by the cyclotrons segment will be significant during the forecast period. Cyclotron is a type of particle accelerator, a machine that uses electromagnetic fields to propel charged particles to very high speeds and energies. It produces radioisotopes for a specific type of medicinal product known as radiopharmaceuticals, which are very common in the diagnosis and treatment of cancer.
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The cyclotrons segment was valued at USD 3,381.05 million in 2017. Cyclotrons are rapidly developing and play an important role in the healthcare sector, the radiopharmaceuticals produced from cyclotrons are very efficient at detecting various cancers, especially in advanced medical imaging. Therefore, a few factors will drive the growth of the cyclotrons segment in the global radiopharmaceuticals market during the forecast period.
Diagnostics
Diagnostic medical imaging is an essential part of modern healthcare services. Diagnostics, specifically medical imaging, have completely revolutionized the healthcare industry in the past few decades and hence, allowed doctors to detect disease earlier and improve the outcome. The use of radiopharmaceuticals for medical imaging to provide a body view is a non-invasive method. A large number of benefits associated with accurate diagnosis have led to higher demand for new diagnostic techniques. On a chemical level, each organ of the body is reacting in different ways. Chemists and doctors have identified various chemicals that get absorbed by specific organs. The diagnostics segment is expected to grow in the global radiopharmaceuticals market during the forecast period.
Therapeutics
Radiopharmaceuticals can be used to treat various diseases, such as blood disorders, hyperthyroidism, and several types of cancers. Radioisotopes that emit short-range particles (beta or alpha) are used for the therapy. These radioisotopes lose their energy over a short distance, hence causing a lot of local damage, such as cell damage. It may be used to treat a number of diseases, e.g. cancer cell destruction, and pain management in patients undergoing palliative care for arthritis or osteosarcoma. The radiopharmaceutical therapeutics market has a high growth rate and is poised for greater growth and development during the forecast period.
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North America is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. North America dominated the global radiopharmaceuticals market, mainly due to rising investment in R&D activities in the healthcare industry, especially in the US market. The significant growth in the radiopharmaceutical market has been stimulated by the increasing use of diagnostics for complete disease diagnosis.
Also, the proven efficacy of early and optimum detection of even chronic diseases such as cancer has led to the high popularity of these diagnostics, which use radioisotopes extensively. Apart from cancer, other disorders such as thyroid and cardiology are also finding the usage of radiopharmaceuticals which will lead to higher demand for radiopharmaceutical drugs in the region. However, the expected shutdown of nuclear reactors. Such factors will increase the market growth in this region during the forecast period.
In 2020, the outbreak of COVID-19 adversely affected all countries in North America, especially the US. However, in the first half of 2021, the COVID-19-induced lockdown restrictions were lifted owing to the large-scale vaccination drives that were conducted by the governments across the region. This rise in the demand for radiopharmaceuticals has been felt throughout the region due to this resumption of postponed operations. Furthermore, the rise in the number of diagnostic laboratories will increase the demand for radiopharmaceuticals in the region. Therefore, the radiopharmaceuticals market in the region will grow significantly during the forecast period.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Bayer AG- The company offers radiopharmaceuticals such as Ultravist, MEDRAD and contrast dose management.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
The rising incidence of neurological disorders is driving growth in the radiopharmaceutical market. Neurological disorders relate to the brain, spinal, and nerves. Neurological disorders pose a great threat to public health. Neurological disorders and their outcome are estimated to affect an immense number of people globally. These disorders are found globally irrespective of age group, gender, race, and geographical region.
Radiopharmaceuticals play a significant role in the treatment and diagnostics of neurological disorders. Hence, more demand for radiopharmaceuticals will arise from an increase in the prevalence of neural disorders and their significant societal burden. Therefore, the rising incidence of neurological disorders will drive the growth of the global radiopharmaceuticals market during the forecast period.
Production of cyclotron-based radiopharmaceuticals is a key trend in the radiopharmaceutical market. Due to a shortage of radiopharmaceuticals produced in reactors, discussions are being held about the production of these isotopes using different methods. Cyclotrons allow the production of hospital-based radiopharmaceuticals.
In addition, cyclotrons offer various advantages, such as safety, low operating costs, and low waste generation. Thus, the demand for radioisotopes made from cyclotrons is enormous. The factors such as the production of cyclotron-based radiopharmaceuticals are expected to surge the growth of the global radiopharmaceuticals market during the forecast period.
The regulatory hurdles regarding the preparation of radiopharmaceuticals are a major challenge in the radiopharmaceutical market. In the US, an investigational approach to the approval of new radiopharmaceuticals has been developed by the FDA and the American College of Radiology Imaging Network, comparing a new drug with a standard molecule. Owing to extensive toxicology testing, the radiopharmaceutical compound undergoes additional scrutiny and approval pathway.
Moreover, the transportation of radioactive materials is also expensive, which has restricted the distribution of PET in Japan. The entry of new players into the market can be prevented by restrictive rules and the high cost of transporting radiopharmaceuticals, which could lead to a threat to developments in the Radiopharmaceutical Market. Therefore, the regulatory hurdles regarding the preparation of radiopharmaceuticals will hinder the growth of the global pharmaceuticals market during the forecast period.
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The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Radiopharmaceuticals Market Customer Landscape
The radiopharmaceuticals market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Radiopharmaceuticals Market Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.22% |
Market growth 2023-2027 |
USD 4,612.62 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
10.02 |
Regional analysis |
North America, Europe, Asia, and the Rest of the World (ROW) |
Performing market contribution |
North America at 42% |
Key countries |
US, Canada, China, Germany, and the UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Bayer AG, Bracco Spa, Cardinal Health Inc., Curium Pharma, Eckert and Ziegler AG, General Electric Co., IBA Radiopharma Solutions, Jubilant Pharma Ltd., Lantheus Holdings Inc., Mallinckrodt Plc, NorthStar Medical Radioisotopes LLC, Novartis AG, NTP Radioisotopes SOC Ltd., PharmaLogic Holdings Corp., Positron Corp., Radiomedix Inc., Siemens AG, Sinotau Pharmaceuticals, Telix Pharmaceuticals Ltd., and Sotera Health Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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