Radiopharmaceuticals industry is projected to witness a CAGR of 9.8% during the period 2024-2032. This growth can be attributed to rising investments for novel cancer therapies.
Selbyville, Delaware, Oct. 01, 2024 (GLOBE NEWSWIRE) —
Radiopharmaceuticals Market size was valued at USD 6.7 billion in 2023 and is expected to grow at a CAGR of 9.8% over the forecast period, driven by the increasing prevalence of chronic diseases, rising demand for advanced diagnostic tools and treatments, and ongoing technological advancements in diagnostic imaging.
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Key imaging techniques like Positron Emission Tomography (PET) and Single Photon Emission Computed Tomography (SPECT) have significantly enhanced the accuracy of diagnostic processes, offering detailed functional and molecular insights that complement traditional anatomical imaging methods.
The demand for radiopharmaceuticals is further bolstered by their ability to improve diagnostic accuracy, enabling early detection and better management of chronic conditions such as cancer, cardiovascular diseases, and neurological disorders. As a result, there is a growing focus on developing radiotracers with improved sensitivity and specificity.
The overall radiopharmaceuticals market is segregated based on Type, Radioisotope, Application, Source, End Use, and Region.
By type, the market is segmented into therapeutics and diagnostics, with diagnostics dominating the market at 72.6% in 2023. Radioisotopes such as Technetium-99m, Iodine-131, and Fluorine-18 are essential in imaging techniques like SPECT and PET, making them pivotal for diagnostic procedures across various medical fields.
Among radioisotopes, Technetium-99m holds the largest market share due to its favorable nuclear properties and versatility in forming stable radiopharmaceuticals for multiple diagnostic applications. The ability of this isotope to provide high-resolution imaging with minimal radiation exposure is a key factor contributing to its widespread use in medical imaging.
On the application front, the radiopharmaceuticals market from cancer segment is expected to see significant development, driven by the increasing prevalence of cancer and the need for innovative diagnostics and therapies. Radiopharmaceuticals are increasingly used in cancer detection and treatment.
The market is also segmented by source, with cyclotrons playing a crucial role due to their ability to produce various isotopes for immediate use, ensuring flexibility and safety in radiopharmaceutical production.
North America leads the global radiopharmaceuticals market, driven by the growing demand for advanced diagnostics and the proven clinical effectiveness of radiopharmaceuticals in improving patient outcomes.
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Major players in include Bayer AG, Bracco, Cardinal Health Inc., Coquí Radiopharmaceuticals Corp, Curium Pharma, Eli Lilly and Company, General Electric Company, IRE EliT, Iso-Tex Diagnostics, Inc, Jubilant Pharmova Limited, Lantheus, Novartis AG, SHINE Technologies, LLC and Telix Pharmaceuticals Limited among others.
Partial Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Market scope & definitions
1.2 Research design
1.2.1 Research approach
1.2.2 Data collection methods
1.3 Base estimates & calculations
1.3.1 Base year calculation
1.3.2 Key trends for market estimation
1.4 Forecast model
1.5 Primary research and validation
1.5.1 Primary sources
1.5.2 Data mining sources
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.2 Industry impact forces
3.2.1 Growth drivers
3.2.1.1 Increasing prevalence of chronic conditions
3.2.1.2 Rising investments for novel cancer therapies
3.2.1.3 Advancements in diagnostic imaging
3.2.2 Industry pitfalls & challenges
3.2.2.1 High cost of therapies and diagnostic procedures
3.2.2.2 Stringent government regulations
3.3 Growth potential analysis
3.4 Reimbursement scenario
3.5 Regulatory landscape
3.6 Technological landscape
3.7 Porter’s analysis
3.8 PESTEL analysis
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