The globa l accrued earnings worth approximately 5.8(USD Billion) in 2021 and is predicted to gain revenue of about 11.9(USD Billion) by 2028, is set to record a CAGR of nearly 8.2% over the period from 2022 to 2028. The study provides assessment and
analysis of the Radiopharmaceutical Market on a global & regional level. It offers a comprehensive assessment of the market competition, constraints, revenue estimates, opportunities, evolving trends, and industry-validated data. The report provides historical data from 2018 to 2021 along with a forecast from 2022 to 2028 based on revenue (USD Billion).
Radiopharmaceutical Market: Outlook
Radiopharmaceuticals are a class of radioactive substances that can be utilized for therapeutic purpose or diagnostic purpose. Moreover, radiopharmaceuticals find large-scale applications in breast cancer and neuroendocrine tumors. In addition to this, the product also finds myriad utility in nuclear medicine. However, administration of radiopharmaceuticals is systemic and they are projected to be restricted to particular tissues owing to its bio-molecular features. Additionally, radiopharmaceuticals actively emit radiation and this makes their storage difficult in comparison to non-radioactive pharmaceuticals. This has restricted use of radiopharmaceuticals.
Radiopharmaceutical Market: Growth Drivers
Rise in occurrence of ailments such as heart disorders, neurological ailments, and cancer will boost radiopharmaceutical market trends. Prominent surge in use of nuclear medicine in oncology has prompted demand for radiopharmaceuticals in recent years. In addition to this, launching of new technologies in nuclear imaging systems including PET and SPECT will prop up expansion of radiopharmaceutical industry. Nevertheless, huge costs of producing radiopharmaceuticals against
ROI and strict laws governing radioactive emissions will put brakes on growth of radiopharmaceutical industry.
Furthermore, surge in research & development activities is projected to steer growth of radiopharmaceutical industry. Moreover, surge in patient awareness, need of precise diagnosis, and rise in use of molecular imaging techniques will embellish growth of radiopharmaceutical market. Use of monoclonal antibodies & radiolabeled peptides for identifying and treating malignant tumors will steer expansion of radiopharmaceuticals industry. Need for treating various kinds of diseases and massive use of targeted treatments such as radiopharmaceutical therapy will proliferate expansion of radiopharmaceutical market.
Radiopharmaceutical Market: Regional Landscape
North America To Make Notable Contributions Towards Regional Market Size By 2028
Expansion of radiopharmaceutical market in North America over forecasting years can be attributed to rise in occurrence of chronic disorders such as heart ailments and cancer in countries such as the U.S. In addition to this, surging aging populace and changing lifestyles has resulted in obesity leading to huge sale of nuclear drugs. This has driven growth of regional market. Acceptance of new technologies for radioisotope production for treating chronic ailments will result in expansion of radiopharmaceuticals market in countries such as the U.S.
Breakthroughs in Radiopharmaceutical Market
- In March 2022, GE Healthcare declared first patient dosed in its phase III clinical experiments for PET radiopharmaceutical imaging agents. It is likely to carry out clinical trial for SPECT radiopharmaceutical imaging agent in next phase. The strategic move is aimed at diagnosing adult population for Parkinson syndrome along with enhancing patient care services. Reportedly, GE Healthcare is planning to augment its radiopharmaceutical portfolio through these two pipeline radiopharmaceuticals, one for PET and another for SPECT.
- In March 2022, Novartis AG won approval of U.S. Food and Drug Administration for selling radiopharmaceutical for treating advanced stage of prostate cancer.
- In April 2022, Iran has unleashed new generation of radiopharmaceutical referred as LU-177. It is developed by Iranian scientists and is used for diagnosing as well as curing various kinds of cancerous tissues. Moreover, LU-177 has ability to kill cancer tumor tissues by linking to tumor receptors. The mechanism of LU-177 is expected to prevent metastatis through disruption of circulating blood near tumors.
Radiopharmaceutical Market: Competitive Insights
Some of the major players have lucratively impacted growth of radiopharmaceutical industry and are predicted to do so even in near future. They are Jubilant Pharmova, Lantheus Holdings Inc., Mallinckrodt Pharmaceuticals, Cardinal Health Inc., GE Healthcare, Advanced Accelerator
Applications, The Bracco Group, Eczacibasi-Monrol Nuclear Products, Nordion Inc., Bayer AG, IBA Molecular Imaging Private Limited, and Siemens Healthineers AG.