Radiopharmaceuticals Market Growth Despite High Healthcare Costs, Reaching US$ 11635 Million by 2034 at a CAGR of 3.40%

Posted on 2024-04-02 by Future Market Insights in Healthcare, Pharmaceuticals // 0 Comments

Radiopharmaceuticals Market

The Radiopharmaceuticals Market in the spotlight of high healthcare costs in wealthy societies, scientific advancements are progressing slowly. An aggregate global valuation of US$ 6972.1 million is projected by the FMI research for 2024.

Growing at a CAGR of 3.40% during the projection period of 2024 to 2034, this valuation is expected to approach US$ 11635 million by 2034 due to increased awareness of the advantages of radioisotope treatments.

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Moreover, the increasing incidence of cancer and cardiovascular diseases has led to a surge in the use of radiopharmaceuticals for therapeutic applications. Targeted radionuclide therapies offer a promising approach to treating cancer by delivering radiation directly to cancer cells while sparing healthy tissues, reducing the risk of side effects associated with traditional radiation therapy.

Additionally, advancements in radiopharmaceutical manufacturing and labeling techniques have improved product stability, reduced radiation exposure to healthcare workers, and expanded the range of radiopharmaceuticals available for clinical use. These developments have enhanced the safety and efficiency of nuclear medicine procedures, contributing to the market’s growth.

Radiopharmaceuticals imply medications containing radioisotopes that could be used as both – therapeutic agents and diagnosis medications. Radiopharmaceuticals manage critical as well as chronic diseases. These days, various diagnostics are aimed towards organs with nuclear medicine radiopharmaceuticals.

PET and SPECT techniques are used in abundance while deploying radiopharmaceuticals. Some of the distinct features of radiopharmaceuticals include non-invasiveness, cost-effectiveness, easy of diagnosis, and higher sensitivity. Clinical applications include cardiology, oncology, lymphoma, and tumor.

Growing awareness regarding positive results provided by radiopharmaceuticals in checking chronic illness is one of the catalysts to radiopharmaceuticals market.

On the other hand, the fact that radiopharmaceuticals have half-life could restrain the market. It’s a known fact that radiopharmaceuticals involve higher investment. Short expectancy or half-life is one of the crucial factors restricting demand for radiopharmaceuticals. Thus, it’s only the developed regions who are able to increasingly adopt radiopharmaceuticals as of now. The developing economies still need to incorporate the technology to the fullest. Future Market Insights has walked through these functionalities with future prospects in its latest market study entitled ‘Radiopharmaceuticals Market’.

Key Takeaways from Radiopharmaceuticals Market

North America dominates the radiopharmaceuticals market due to rising frequency of cardiovascular diseases and cancer and the scenario is expected to persist even in the forecast period. Adopting innovative radioisotope production methods for treating chronic disorders is another reason.
Europe, led by the UK, is also expected to hold a significant market share due to the UK being subject to maximum incidences of cancer. Cancer Research UK estimate says that the UK alone houses 367,167 cancer patients.
The Asia-Pacific is poised to grow blatantly in the forecast period with it witnessing new product launches, collaborations, distribution agreements, acquisitions in an aplomb.

“The fact that radiopharmaceuticals are broadly used as biomarkers in molecular imaging is expected to take the radiopharmaceuticals market by storm in the upcoming period”, says an analyst from Future Market Insights.

Competitive Landscape :

GE Healthcare inked an agreement with NorthStar Medical Radioisotopes, LLC for producing and distributing iodine-123 (I-123) capsules all across the US.
Bracco Diagnostics Inc., in March 2021, entered into partnership with CardioNavix, LLC for enhancing patients’ access to cardiac PET imaging. The new program is termed as ‘Bracco Mobile Isotope Service’, which ought to facilitate better patient care sites for providing cardiac PET imaging.
Jubilant Radiopharma, in August 2020, signed a MoU (Memorandum of Understanding) with Navidea Biopharmaceuticals, which focuses on an ELDA (Exclusive License and Distribution Agreement) for the latter’s diagnostic imaging agent called ‘Tilmanocept (technetium Tc 99m tilmanocept injection) in LATAM, Mexico, Canada, and the US.
Bayer AG, in June 2021, announced that it would acquire Noria Therapeutics Inc. along with PSMA Therapeutics Inc. with the objective of widening the former’s oncology portfolio that is into existence.
Norgine B.V., in March 2020, completed the acquisition of Azanta A/S, a specialty biopharmaceutical company. This included Nimorazole, a hypoxic radiosensitizer to treat cancer, and Angusta to facilitate labor induction.
Curium, in the year 2019, completed acquisition of MAP Medical, which would actually help it in strengthening the footprint all over the Europe with access to Baltic and Nordic countries.
The US FDA, in December 2020, completed approval of Gallium 68 PSMA-11 (Ga 68 PSMA-11). It holds the distinction of being the very first drug for PET imaging for diagnosing prostate cancer.

What does the Report Cover?

Future Market Insights offers an exclusive perspective and various real-time insights on the radiopharmaceuticals market in its latest study, presenting historical demand assessment of 2016 to 2021 and projections for 2022 to 2032.
The research study is based on radioisotope type (Technetium-99, Fluorine-18, Iodine-131, Leutetium-177, Yttrium-90, Gallium-68, Gallium-67, Rubidium-82, Iodine-123, Iodine-125, Indium-111, and likewise), by application (oncology, cardiology, gastroenterology, neuroendocrinology, neurology, nephrology, and likewise), by source (nuclear reactors and cyclotrons), and by end-user (hospitals, diagnostic imaging centers, ambulatory surgical centers, and cancer research institute).

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Key Segments :

Radiopharmaceuticals Market by Radioisotope Type:

Technetium-99
Fluorine-18
Iodine-131
Leutetium-177
Yttrium-90
Gallium-68
Gallium-67
Rubidium-82
Iodine-123
Iodine-125
Indium-111
Others

Radiopharmaceuticals Market by Application:

Oncology
Cardiology
Gastroenterology
Neuroendocrinology
Neurology
Nephrology
Others

Radiopharmaceuticals Market by Source:

Cyclotrons
Nuclear Reactors

Radiopharmaceuticals Market by End User:

Hospitals
Diagnostic Imaging Centers
Ambulatory Surgical Centers
Cancer Research Institute

Radiopharmaceuticals Market by Region:

North America Radiopharmaceuticals Market
Latin America Radiopharmaceuticals Market
Western Europe Radiopharmaceuticals Market
Eastern Europe Radiopharmaceuticals Market
APEJ Radiopharmaceuticals Market
Japan Radiopharmaceuticals Market
Middle East & Africa Radiopharmaceuticals Market

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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