PUBLISHER: The Business Research Company | PRODUCT CODE: 1429613
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429613
Radiopharmaceuticals, also known as radioactive medications, are substances used for the diagnosis or treatment of diseases, including cancer, and contain a radioactive material. These medications are employed in various medical procedures to identify specific illnesses or detect medical issues. Patients may receive radiopharmaceuticals through different administration methods, such as injection, oral ingestion, or application into the eye or bladder.
Radiopharmaceuticals can be broadly categorized into diagnostic, therapeutic, and other types. The process of delivering radioactive atoms to targets associated with tumors is known as radiopharmaceutical therapy. These medications find applications in fields such as oncology, cardiology, gastroenterology, neuroendocrinology, neurology, nephrology, and others. Hospitals, ambulatory surgical centers, diagnostic centers, cancer research institutes, and similar healthcare facilities commonly utilize radiopharmaceuticals for various medical purposes.
The radiopharmaceuticals market research report is one of a series of new reports from The Business Research Company that provides radiopharmaceuticals market statistics, including radiopharmaceuticals industry global market size, regional shares, competitors with a radiopharmaceuticals market share, detailed radiopharmaceuticals market segments, market trends and opportunities, and any further data you may need to thrive in the radiopharmaceuticals industry. This radiopharmaceuticals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The radiopharmaceuticals market size has grown steadily in recent years. It will grow from $6.46 billion in 2023 to $6.77 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The expansion observed in the historical period can be linked to an increase in healthcare spending, government initiatives, the convenience of treatment, and shifts in lifestyle.
The radiopharmaceuticals market size is expected to see rapid growth in the next few years. It will grow to $10.59 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. Anticipated growth in the forecast period is attributed to factors such as the increasing geriatric population, a rise in the prevalence of cancer and cardiovascular diseases, substantial capital investments, and the introduction of new products. Notable trends in this period include collaborative efforts with other companies to enhance revenues and product quality, investments in expanding plant capacity to meet growing demand, embracing new technologies to address emerging requirements, incorporating 3D printing technology in manufacturing for cost savings, investment in innovations such as theranostics, striving for category leadership, exploring in silico modeling for a more rational and scientific approach, leveraging AI to reduce research and development costs and expedite drug development, and investing in technologies focused on cardiology to boost revenues. Additionally, adopting disease-specific approaches for accurate and timely diagnosis of cancer is a noteworthy trend.
The escalating prevalence of cancer and cardiovascular diseases is expected to be a driving force for the radiopharmaceuticals market. Radiopharmaceuticals are increasingly recognized as a safe and effective therapeutic alternative to conventional medicines. They offer radiologists a distinct advantage in treating cancer and cardiovascular diseases, primarily due to their targeted therapy benefits. Cancer ranks as the second leading cause of death, with approximately 1 in 6 global deaths attributed to cancer. According to the International Agency for Research on Cancer (IARC), by 2040, the global burden is projected to reach 27.5 million active cancer incidents and 16.3 million cancer deaths, driven by population growth and aging. Notably, around 70% of cancer deaths occur in low- and middle-income countries. As a result, the increasing prevalence of cancer and cardiovascular diseases is expected to fuel the demand for radiopharmaceuticals in treating these conditions.
The radiopharmaceuticals market is anticipated to experience significant growth, driven by the increasing demand for personalized medicine. Personalized medicine, also known as precision medicine, is an innovative approach to medical care that tailors medical decisions, treatments, interventions, and drug therapies to the unique characteristics of each patient. Integrating personalized medicine into radiopharmaceuticals enhances the precision and accuracy of imaging and therapy, enabling healthcare providers to deliver more targeted and effective care. For example, in 2022, the Food and Drug Administration's Center for Drug Evaluation and Research (CDER) approved 37 new molecular entities (NMEs), with approximately 34%, or 12 of them, classified as personalized medicines by the Personalized Medicine Coalition (PMC). The increasing demand for personalized medicine is thus a driving force behind the growth of the radiopharmaceuticals market.
Several companies in the radiopharmaceuticals market are adopting strategic initiatives such as opening new manufacturing facilities and expanding plant capacity, gaining significant popularity. ITM Isotopen Technologien Munchen AG (ITM), for instance, launched a new manufacturing facility in the Munich area to increase the production capacity of high-purity (n.c.a.) Lutetium-177 and no-carrier-added (n.c.a.) Lutetium-177-containing radiopharmaceuticals. This move aims to meet the high demand for quality medical isotopes for precision oncology worldwide.
Major players in the radiopharmaceuticals market are forming partnerships to enhance their market profitability. In June 2023, the University of Pittsburgh Medical Center partnered with PharmaLogic Holdings Corporation to produce new radiopharmaceuticals at a Pittsburgh facility. This collaboration enables patients and professionals in the UPMC vicinity to access innovative diagnostic and therapeutic drugs that are not currently available. The non-exclusive agreement outlines the conversion of experimental radiopharmaceuticals into therapeutically useful medications.
In June 2021, Curium, a France-based nuclear medicine solutions provider, acquired IASON for an undisclosed amount. This acquisition is expected to bolster Curium's presence in Europe for its extensive range of life-saving diagnostic techniques. By expanding its geographic reach, Curium aims to serve clients and patients throughout Austria and Central Europe with its diverse range of medications and future pipeline of novel agents. IASON, based in Austria, specializes in radiopharmaceutical development, manufacturing, and distribution for use in positron-emission tomography (PET).
Major companies operating in the radiopharmaceuticals market report are Cardinal Health, Curium Pharma, Siemens Healthineers AG, Novartis AG, General Electric Company (GE), IBA Group, Bayer AG, Lantheus Medical Imaging Inc., Bracco Imaging S.p.A., Eckert & Ziegler, Nihon Medi-Physics Co. Ltd., Fujifilm Corporation, ANSTO, Yantai Dongcheng Pharmaceutical Group Co. Ltd., Bracco Imaging SpA., Canon Inc., China Isotope & Radiation Corporation (CIRC), Alliance Medical, Advanced Accelerator Applications, JSC Isotope, Pharm-Sintez, Synektik SA, Polatom, RadioMedic sro, UJV Rez, Actinium Pharmaceuticals Inc., Alseres Pharmaceuticals Inc., Avid Radiopharmaceuticals, Fusion Pharmaceuticals, Peregrine Pharmaceuticals Inc., PETNET Solutions Inc., Positron Corporation, Triad Isotopes Inc., Telix Pharmaceuticals, Rosatom, Alliance Medical Group, Hologic Inc., Segami Corporation, Eczacybaþy-Monrol Nuclear Products, NTP Radioisotopes.
North America was the largest region in the global radiopharmaceuticals market in 2023. The Middle East is expected to be the fastest growing region in the forecast period. The regions covered in the radiopharmaceuticals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the radiopharmaceuticals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
The radiopharmaceuticals market consists of sales of technetium disofenin, technetium lidofenin, and technetium mebrofenin. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Radiopharmaceuticals Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on radiopharmaceuticals market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for radiopharmaceuticals? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The radiopharmaceuticals market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.