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The global radiopharmaceuticals market size is estimated to grow by USD 4.61 billion at a CAGR of 10.22% between 2022 and 2027. The increasing prevalence of neurological disorders, a rising number of cancer cases, and increased investment in the oncology market are key factors driving market growth. Additionally, the minimal side effects of radiopharmaceuticals contribute to their growing acceptance and use in various medical applications. These trends underscore the importance of effective treatments for neurological disorders and cancer, as well as the potential of radiopharmaceuticals to offer safe and efficient therapeutic options. As these factors continue to drive demand for innovative healthcare solutions, the market is expected to expand, providing opportunities for further advancements in treatment options and patient care.
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. They 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.
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The market is segmented by source (cyclotrons and nuclear reactors), end-user (diagnostics and therapeutics), and geography (North America, Europe, Asia, and the Rest of the World (ROW)).
The market share growth by the cyclotrons segment will be significant during the forecast period. The market is a significant segment of the Nuclear medicine industry, contributing to the production of radioisotopes for medical imaging technology and therapeutics. Approximately 10-12% of radiopharmaceuticals are globally produced for use in diagnosing and treating chronic diseases, primarily cancer.
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The cyclotrons segment was valued at USD 3.38 billion in 2017. This sector plays a crucial role in the healthcare ecosystem, particularly in advanced medical imaging procedures such as positron emission tomography (PET) and single-photon emission computed tomography (SPECT), which rely on cyclotron-produced radioisotopes for efficient cancer detection. Key diseases targeted include cardiovascular diseases and neurological disorders, with the cancer division holding a substantial share. The therapeutics segment focuses on specialized drugs containing radioactive components for therapeutic outcomes. Technetium-99m and Gallium-68 are common radioisotopes used in cardiology for diagnostic and therapeutic purposes. The sector caters to hospitals and clinics, medical imaging centers, and research institutions. Reimbursement structures and regulatory complexities are essential considerations in the approval process for new imaging modalities and therapeutics. The aging populace and the increasing prevalence of chronic ailments necessitate personalized medicine and improved diagnostic and treatment methods. Therefore, a few factors will drive the growth of the cyclotrons segment in the market during the forecast period.
Diagnostic medical imaging is an essential part of modern healthcare services. The market has witnessed significant commercial rollout, driven by the healthcare industry's increasing expenditure and the demand for advanced diagnostic techniques. Key players, such as Cardinal Health and IBA Worldwide, are at the forefront of this development. They are primarily used in diagnostic imaging, radiotherapy, palliative treatment, and curative treatment. Drug development techniques have enabled the creation of alternative treatments using radiopharmaceuticals, further expanding their application. Product approval policies are crucial in ensuring the safety and efficacy of these products before they reach the market. The diagnostics segment is expected to grow in the market 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. The market in North America is experiencing significant growth, driven by increased healthcare expenditure and intensive R&D activities. Notable companies, such as Cardinal Health and IBA Worldwide, are spearheading this development through commercial rollout of innovative radiopharmaceutical solutions. The healthcare sector's investment in drug development techniques for alternative treatments, diagnostic imaging, radiotherapy, palliative treatment, and curative treatment, all of which utilize radioisotopes extensively, is a major growth factor. Product approval policies are stringently enforced to ensure safety and efficacy, contributing to the market's expansion. The proven effectiveness of early disease detection, particularly in cancer treatment, is a significant market driver. In the US, for instance, cancer deaths have been declining due to substantial investment in the oncology sector. However, the expected shutdown of nuclear reactors. Such factors will increase the market growth in this region 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.
The market encompasses the production and distribution of nuclear medicines used in the diagnosis and therapeutics of various chronic diseases, particularly in the geriatric population. Key radiopharmaceuticals include Technetium-99m and Gallium-68. Nuclear medicine, a branch of medical imaging, utilizes radioisotopes to provide diagnostic information on illnesses such as cancer. Personalized therapy is a growing trend in this market, with hospitals and clinics, as well as medical imaging centers, increasingly relying on these techniques for accurate diagnosis and effective treatment. Major players in the market include Jubilant Radiopharma, IBA Worldwide, and Medical Solutions. The healthcare expenditure on drug development techniques and alternative treatments continues to fuel the growth of this market. The diagnostic and therapeutic applications of radiopharmaceuticals in cardiology and oncology are significant drivers of market expansion. 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 market. The Radiopharmaceuticals sector plays a significant role in medical imaging technology, particularly in the diagnosis and treatment of chronic diseases such as cancer and neurological disorders. Nuclear medicine, which utilizes radioisotopes, is a key application of radiopharmaceuticals. These specialized drugs contain radioactive components that enable visualization of internal physiological processes and aid in the diagnosis and therapeutic outcomes of various illnesses. The therapeutics segment of radiopharmaceuticals, including cancer division, is gaining prominence due to the development of personalized therapy. Technetium-99m and Gallium-68 are commonly used radioisotopes in nuclear medicine.
The diagnostic and therapeutic applications of radiopharmaceuticals extend to cardiology, cardiovascular disease, and neurological disorders, particularly in the elderly demographic. The healthcare ecosystem, including hospitals and clinics, medical imaging centers, and diagnostic and treatment facilities, relies on radiopharmaceuticals for imaging modalities and reimbursement structures. The regulatory complexities and approval process for radiopharmaceuticals add to the market dynamics. Despite these challenges, the market continues to grow, driven by the increasing prevalence of chronic ailments and the aging populace. Therefore, the rising incidence of neurological disorders will drive the growth of the market during the forecast period.
Production of cyclotron-based radiopharmaceuticals is a key trend in the market. The radiopharmaceuticals market is significantly driven by the advancements in medical imaging technology and the rising prevalence of chronic diseases. Nuclear medicine, a key component of this sector, relies on radioisotopes for diagnostic and therapeutic applications. In medical imaging, radioisotopes are utilized for visualizing internal physiological processes related to various illnesses, including cancer and cardiovascular diseases. Cyclotrons, which produce approximately 80% of the radioisotopes used in medical applications, offer advantages such as safety, low operating costs, and minimal waste generation. Key radioisotopes used in medical imaging include copper-64, gallium-68, iodine-123, and thallium-201.
The therapeutics segment of nuclear medicine pharmaceuticals, which includes technetium-99m and gallium-68, is expected to grow due to the increasing demand for personalized therapy and the aging populace. The healthcare ecosystem, including hospitals and clinics, medical imaging centers, and diagnostic and treatment facilities, plays a crucial role in the market. Regulatory complexities and approval processes are significant challenges in the radiopharmaceuticals sector. However, the potential therapeutic outcomes for various diseases, such as cardiac conditions and neurological disorders, continue to drive market growth. Reimbursement structures and imaging modalities also impact the market dynamics. 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 market. The market encompasses nuclear medicine pharmaceuticals used in medical imaging technology for chronic diseases, particularly in the Cancer and Cardiovascular disease divisions. These specialized drugs contain radioisotopes, such as Technetium-99m and Gallium-68, which have unique characteristics that may pose challenges in their preparation and dispensing. Radiopharmaceuticals are essential for personalized therapy in various illnesses, including cardiac conditions and neurological disorders, especially in the geriatric population. The nuclear medicine sector relies on these radioactive components for visualization of internal physiological processes and diseases.
The diagnostic and therapeutics segments of radiopharmaceuticals face complexities due to the potential generation of undesired impurities during preparation and the presence of radiolytic effects. These issues may lead to unexpected alterations in bio-distribution or inappropriate localization, impacting diagnostic interpretation. The healthcare ecosystem, including hospitals and clinics, medical imaging centers, and radiopharmaceuticals sector, must navigate regulatory complexities and approval processes to ensure therapeutic outcomes for patients. Reimbursement structures and imaging modalities also play a role in the market's growth as the aging populace continues to require diagnostics and treatment for chronic ailments. Therefore, the regulatory hurdles regarding the preparation of radiopharmaceuticals will hinder the growth of the 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 Market Customer Landscape
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments
The Radiopharmaceuticals market is a significant sector in the healthcare industry, utilizing technology and science to produce diagnostic and therapeutic agents. These agents, often referred to as radiopharmaceuticals, are essential for various medical procedures, including imaging and therapy. The market's growth is driven by factors such as the increasing prevalence of chronic diseases, rising healthcare expenditures, and technological advancements in radiopharmaceuticals. The production process of radiopharmaceuticals involves the use of radioisotopes, which are incorporated into pharmaceutical compounds. Commonly used radioisotopes include technetium-99m, gallium-68, and iodine-131. These isotopes are produced through various methods, such as nuclear reactions and generators. The market is diverse, with applications in various medical fields, including oncology, cardiology, neurology, and nuclear medicine.
Furthermore, the therapeutic segment of the market is expected to grow at a steady pace due to the increasing demand for targeted radiotherapies. The market's competitive landscape is characterized by several key players, including Cardionovum AG, GE Healthcare, and Lantheus Medical Imaging, among others. These companies focus on research and development, as well as strategic collaborations and acquisitions, to expand their product portfolios and maintain their market position. In conclusion, the market is a dynamic and evolving sector, driven by technological advancements, increasing healthcare expenditures, and the growing demand for diagnostic and therapeutic agents. The market's diversity and complexity make it an exciting area for innovation and growth. The lack of standardized protocols and Lack of Skilled Professionals in the field contribute to the challenges faced in ensuring a consistent definition and approach to the issue.
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 4.61 billion |
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 companies, Market Positioning of companies, 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 Forecasting, 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 market 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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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Source
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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