PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498737
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498737
Radiotheranostics Market size was valued at USD 2,115.2 Million in 2023, expanding at a CAGR of 14.20% from 2024 to 2032.
Radiotheranostics is a new area of medicine that combines the use of radiopharmaceuticals for both therapeutic and diagnostic purposes. It includes the simultaneous diagnosis and treatment of illnesses with the use of radiotracers, which are molecules tagged with radioactive isotopes. It involves using single-photon emission computed tomography (SPECT) or positron emission tomography (PET) imaging to see particular molecular targets or biomarkers within the body. Giving comprehensive details regarding the location and severity of the disease facilitates accurate and customized diagnosis. The therapeutic component entails applying the same radiotracer or a comparable substance to give targeted radiation therapy directly to the site of sickness.
Radiotheranostics Market- Market Dynamics
Growing Cancer Prevalence to Propel Market Growth
It is anticipated that the market for radiotheranostics will continue to develop as cancer incidence rises. Uncontrollably growing body cells that spread to other parts of the body are known as cancerous conditions. When it comes to cancer, radionuclide probes that are paired for both diagnostic and therapeutic purposes are used to detect and treat specific (usually cancerous) cells in a targeted and selective manner. Each probe is tailored to the patient's underlying condition, improving treatment outcomes and efficiency. This is how radionuclide medicine goes beyond personalized medicine. For instance, over 18 million new instances of cancer were discovered in 2020, according to Cancer Research UK, a UK-based cancer research organization. Furthermore, it is projected that by 2040, there will be 28 million additional instances of cancer worldwide, a 54.9% rise from 2020 and that this increase would disproportionately affect men (60.6% increase) compared to women (48.8% increase). Consequently, the market for radiotheranostics is driven by the rising incidence of cancer.
Radiotheranostics Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 14.20% over the forecast period (2024-2032)
Based on approach segmentation, the targeted therapeutic category was predicted to show maximum market share in the year 2023
Based on application segmentation, the oncology category was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Radiotheranostics Market is segmented on the basis of Radioisotope, Approach, Application, and Region.
The market is divided into two categories based on radioisotope: Iodine-131, lodine-123, Gallium-68, Lutetium-177, 18F with Y-90, and Other radioisotopes. The lutetium-177 category dominates the market, which is fueled by the market's growing LU-177 product usage and availability. Furthermore, Lu-177 has a longer half-life than other therapeutic isotopes, allowing for a longer course of treatment and possibly better patient outcomes. For instance, Springer states that L-177 has a 6.7-day physical half-life. Recent product approvals and fresh releases have also accelerated the segment's growth. Moreover, Novartis was granted European Commission approval in December 2022 to market Pluvicto, a targeted radioligand therapy, for the treatment of prostate cancer.
The market is divided into the following categories based on application: Oncology (Thyroid cancer, Neuroendocrine tumors, Hepatocellular carcinoma, Prostate cancer, Other oncology applications) and Non-oncology (Neurological disorders, Arthritis, Other non-oncology applications). The oncology category dominates the market and is likely to maintain its dominance during the forecast period. This high percentage can be explained by the fact that cancer radiotheranostics items are widely available in space. Furthermore, new product approvals, impending product launches, and the changing need for developing cutting-edge imaging tools and treatment solutions are all projected to fuel industry expansion. Pluvicto, LUTATHERA, AZEDRA, and other cancer-related theranostics are a few examples. The effectiveness of cancer radiotheranostic drugs has increased due to healthcare professionals' preference for nuclear medicine. Furthermore, it is anticipated that rising research expenditures in innovative nuclear medicine for cancer disorders will support business growth.
Radiotheranostics Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Over the course of the forecast period, North America is anticipated to hold the greatest share of the global market for radiotheranostics. The market for radiotheranostics in North America is being pushed by the demand for therapeutic radiopharmaceuticals, a growing trend towards precision medicine, and the increased usage of efficient imaging technologies. Moreover, the sector in the area is being driven by a multiplicity of industrial actors and their different strategic endeavours. For example, in March 2023, Ratio Therapeutics Inc. announced that it has licenced a Merck targeted medication used in PET imaging.
In addition, the radiotheranostics market is anticipated to expand at the fastest rate in the world during the projected period in Asia Pacific. The high cancer prevalence in the area and growing nuclear medicine investments are the main factors propelling the growth of the regional market. For instance, in March 2021, Global Medical Solutions, Ltd. and BWXT Medical Ltd. announced that they will be working together to produce and provide radiopharmaceuticals and radioisotopes across the Asia Pacific region. An increase in nuclear imaging methods in Asia Pacific is also contributing to the market adoption.
Several strategic measures are being implemented by prominent players such as Telix Pharmaceuticals Limited., Novartis AG, IsoTherapeutics Group, LLC, Bayer AG, and Progenics Pharmaceuticals, Inc.( Lantheus), among others in the radiotheranostics sector to fortify their position and maintain their competitiveness. To improve radiotheranostics technologies, they are heavily funding research and development (R&D) projects that concentrate on creating novel radiopharmaceuticals, enhancing imaging agents, and expanding therapeutic potential. To gain access to resources, exchange knowledge, and capitalize on expertise, they are forming alliances with academic institutions, research centers, and other industry participants. Furthermore, partnerships among industry leaders enable businesses to improve the caliber of their products, broaden their customer base, and expedite the creation of new products.
March 2023: Pharma 15 Corporation, a US-based business focused on creating cutting-edge therapeutic radiopharmaceuticals for prostate cancer, has been acquired by Radiopharm Theranostics. Through this calculated move, Radiopharm Theranostics was able to expand its portfolio and solidify its position in the radiotheranostics industry by gaining access to cutting-edge technology and knowledge in the treatment of prostate cancer.
June 2023: Thor Medical, a young manufacturer of alpha-emitters for radiopharmaceuticals intended to cure cancer, was acquired by Nordic Nanovector. By incorporating Thor Medical's knowledge and alpha-emitter technology, this calculated move strengthened Nordic Nanovector's capabilities, diversifying its product line and solidifying its position in the cancer market.
GLOBAL RADIOTHERANOSTICS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Telix Pharmaceuticals Limited.
Novartis AG
IsoTherapeutics Group, LLC
Bayer AG
Progenics Pharmaceuticals, Inc.( Lantheus)
ITM Radiopharma
Q BioMed Inc.
Life Molecular Imaging
RadioMedix
Nordic Nanovector ASA
Others