Radiopharmaceuticals Market Key Factor Analysis, Value Chain, Major Region and Forecasts Till 2027
Detail Analysis of “Global Radiopharmaceuticals Market” with respect to region specific market growth and competitive analysis on the basis of major players present in the market. The study also provides a comprehensive review of restraints, Market Dynamics and drivers. – Forecast till 2027
Market Overview
Global Radiopharmaceuticals Market is touted to register a CAGR of 8.10% to reach USD 15.06 billion by 2025.
By having a clearer view of disease testing, radiopharmaceuticals play an imperative role in the diagnosis of many diseases. Radiopharmaceuticals linked to chemical compounds allow the scrutiny of a defined physiological mechanism. During the forecast era, the global demand for radiopharmaceuticals is projected to see lucrative growth. The advantages of radiopharmaceuticals, such as high effectiveness and non-invasive external control, have expanded the development of global radioisotopes for use in molecular imaging and in nuclear therapeutic medicines. These advantages are expected to drive the growth of the market for radiopharmaceuticals.
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The increasing use of radioisotopes in the healthcare industry is one of the key factors characterizing the growth of the sector. The market size of radiopharmaceuticals is projected to increase the number of cases of cancer and cardiovascular diseases, to increase the demand for targeted cancer care based on alpha radioimmunotherapy, to increase the demand for nuclear imaging techniques, and to improve radiotracer treatment.
Over the projected era, the growing usage of radioisotopes in the healthcare industry, the rise in the use of radiopharmaceuticals for the diagnosis and treatment of chronic diseases, and technical developments in the diagnostic field are expected to fuel growth in the global market for radiopharmaceuticals. Technological developments allowing the use of radiolabeled peptides and monoclonal antibodies (referred to as customized radiopharmaceutical-based therapy) for the detection and treatment of cancerous tumors would drive this market’s future growth.
However, over the prognosis period, the short half-life of radiopharmaceuticals and the high cost of radiopharmaceuticals are expected to hinder market development. In addition, the high cost of manufacturing radiopharmaceuticals compared to the return on investment is also likely to curb the development of radiopharmaceuticals in the nuclear medicine market.
COVID 19 Analysis
The development, manufacture and delivery of radiopharmaceuticals has been adversely impacted by the coronavirus pandemic and has also affected the growth of the radiopharmaceutical firms of different companies around the world, as the COVID-19 pandemic has contributed to lockdowns in many countries worldwide. This lockdown has resulted in the closing of manufacturing plants, with the exception of the production of vital materials and the disruption of the radiopharmaceutical supply chain and diagnostic and therapeutic use kits.
Competitive Landscape
The prominent players in the global Radiopharmaceuticals Market are GE Healthcare, Lantheus Medical Imaging, Inc., Novartis AG, BWX Technologies, Inc., Siemens Healthineers, IRE ELiT, JSC Isotope, NTP Radioisotopes SOC Ltd, Curium, Australian Nuclear Science and Technology Organization (ANSTO), and others.
In order to improve their role in the global radiopharmaceuticals industry, market leaders are concentrating on the implementation of inorganic growth strategies such as mergers and acquisitions. Innovation, new product launches and acquisition & mergers were some of the main tactics adopted by players competing in the global market for radiopharmaceuticals.
Industry Updates
January 2021: Eckert & Ziegler announced that it is expanding a new production facility for the contract manufacture of radiopharmaceuticals at its manufacturing site near Boston. This latest cGMP cleanroom suite is a radiopharmaceutical manufacturing facility compliant with 21 CFR 211 devoted to late stage radiopharmaceuticals in the investigational and commercial process.
January 2021: Radioisotope Innovations Fuzionaire K.K. Confirmed that it entered into an arrangement for a feasibility analysis with Nihon Medi-Physics Co., Ltd., Japan’s leading radiopharmaceutical firm engaged in R&D, production and distribution. Under the deal, NMP measured the potential of Fuzionaire Dx’s technologies to create a new class of radiopharmaceuticals for positron emission tomography (PET).
Segmental Analysis
On the basis of type, the global radiopharmaceuticals market has been classified into diagnostics, and therapeutic. Due to the increasing value of diagnostic radiopharmaceuticals to anticipate the results of surgery and analyze the improvements, the diagnostics segment is expected to hold a maximum market share of 82.9 percent during the forecast period.
The global market for radiopharmaceuticals has been segmented into neurology, cardiology, oncology, and others, depending on the use. Neurology is the largest segment of the global market for radiopharmaceuticals, and the growth of this segment over the projected period is expected to be driven by the growing prevalence of neurological disorders.
Regional Analysis
The region-based Global Radiopharmaceuticals Industry has been split into the Americas, Europe, Asia Pacific, and the Middle East & Africa.
Due to the prevalence of a vast patient population suffering from chronic diseases such as cancer, cardiovascular conditions, and strokes, changing lifestyles, and growing research & development for successful and lower side effects therapies, the Americas is expected to dominate the largest market share. The growing need for non-invasive diagnostics and therapies and the emergence of a huge number of patients suffering from chronic diseases are expected to create favorable conditions for business development. It is estimated that North America will have the highest market share for radiopharmaceuticals. The large share can be traced to the development of advanced radioisotope processing technology in the area, government funding and corporate initiatives.
Europe has seen substantial demand growth and plans to register the highest CAGR over the projected period. The growth of the European radiopharmaceuticals market has been fueled by growing research & development (R&D) and the involvement of leading players in the market. Growth in scientific spending and the presence of a large pool of patients and the presence of advanced economies such as Germany, the United Kingdom and France are projected to fuel business growth. During the forecast period, Europe is predicted to record the highest CAGR of 9.67 percent.
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Over the analysis period, APAC is expected to record the fastest rise. Because of the cost-efficiency in these areas, radiopharmaceutical firms are expanding their activities in countries such as China, India, Singapore, and Russia. In addition, there is a wide pool of geriatric communities in Asia-Pacific that need invasive treatments to treat growing cases of cardiovascular disease, neurological disease, and others. The APAC market is also expected to be driven by a growth in demand for PET and SPECT products caused by growing patient knowledge levels concerning cardiovascular disorders and oncology.
In the world demand for radiopharmaceuticals, the Middle East & Africa are predicted to have the lowest market share. Due to the growing knowledge of radiopharmaceuticals, Saudi Arabia is projected to retain the largest market share during the forecast period.
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