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Radiopharmaceuticals Market

Radiopharmaceuticals Market Size, Share, & Growth Report By Type (Diagnostic Nuclear Medicine, Therapeutic Nuclear Medicine), By Application (Diagnostic Applications, Therapeutic Applications), By Procedural Volume Assessment (Diagnostic Procedures, Therapeutic Procedures), By Source (Nuclear Reactors, Cyclotrons), By End User (Hospitals, Ambulatory Surgical Centers, Diagnostic Centers, Cancer Research Institutes, Others), and By Region – Global and Regional Industry Overview, Market Intelligence, Premium Insights, Complete Analysis, Historical Data, and Forecasts 2022 – 2028

Radiopharmaceuticals Market: Overview

The global radiopharmaceuticals market size was worth USD 4.6 billion in 2021 and is estimated to grow to USD 8.3 billion by 2028, with a CAGR of approximately 8.80 percent over the forecast years.

Radiopharmaceuticals are unique mixtures of radioisotopes utilized in therapeutic settings for treatment and diagnostics. A radio pharmacist, a physician with expertise in nuclear medicine, is responsible for dispensing these medications. They are either swallowed as pills or injected directly into the patient’s vein or body cavity. When they arrive at the desired place, they discharge radioactive substances to eliminate the tumor cells. As a result, radiopharmaceuticals are utilized to treat cancers that have progressed to the bones, including thyroid, lymphoma, brain, and others. The increasing incidence of malignant diseases brought on by an aging population and unhealthful eating habits are the leading causes of the expanding use of radiopharmaceuticals worldwide. Additionally, the market is being supported by the growing number of diagnostic centers. Further, the increasing number of oncologists who advocate disease-targeted cancer therapy, which employs medications to target particular proteins and genes involved in the growth of cancer cells, is helping to boost overall sales. Along with rising healthcare costs, other factors, such as radio-labeled peptides and monoclonal antibodies for identifying and treating malignant tumors, are boosting the market growth.

COVID-19 Impact on the Radiopharmaceuticals Market:

Due to the financial and resource cuts made during this phase, COVID-19 caused a setback in the market. The pandemic caused significant modifications in radiology departments’ clinical practices worldwide. The decline in market income was caused by a delay in the number of non-elective diagnostic procedures and treatment surgeries. In addition, academic medical facilities and universities were urged to stop conducting scientific research to increase the social distance effect. Reduced funding for these research and development projects also slowed the market’s expansion.

Radiopharmaceuticals Market Drivers:

The prevalence of numerous chronic diseases, including cancer, cardiovascular conditions, and others, has increased significantly, which has propelled the demand for radiopharmaceuticals. For example, around 17 million new instances of cancer were reported in 2018, according to a Research UK analysis. The desire for more precise diagnoses for better treatment has increased along with the prevalence of chronic illnesses. This has led to a rise in the widespread use of medical imaging, which uses radiopharmaceuticals as a tracer to find the body’s defective tissue. Additionally, since these medications help improve and reduce pain in treating chronic illnesses, future advancements in radiopharmaceuticals are anticipated to support the expansion of the radiopharmaceutical market throughout the projected year.

Radiopharmaceuticals Market: Restraints

High costs for research and development, a lack of adequate infrastructure, the short half-life of radiopharmaceuticals, expensive equipment, and a lack of knowledge in developing nations are all predicted to hinder market expansion. Additionally, hospital budget cuts, particularly during the pandemic, a lack of suitable infrastructure in low- and middle-income countries, an unfavorable reimbursement scenario, and technology penetration in developing economies are anticipated to pose challenges to the market during the forecast period.

Radiopharmaceuticals Market
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Radiopharmaceuticals Market: Segmentation

The global radiopharmaceuticals market has been segmented into type, application, procedural volume assessment, source, and end user.

Based on type, the market is divided into diagnostic nuclear medicine and therapeutic nuclear medicine. Among these, the diagnostic nuclear medicine segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period due to causes like practical cancer imaging for patients with different forms of cancer, new product introductions for the diagnosis of other illnesses, and rising procedure volumes globally. Besides, the therapeutic nuclear medicine category is anticipated to grow significantly. The comparative effectiveness of the treatments, the benefits of various treatment alternatives, and the rising interest in therapeutic radiopharmaceuticals by market participants who place a heavy emphasis on clinical trials can all be attributed to the increase.

Based on end users, the market is classified into hospitals, ambulatory surgical centers, diagnostic centers, cancer research institutes, and others. In 2021, hospitals dominated the global market. The increased procedural volume of nuclear imaging operations and the improved efficiency of handling these delicate items at hospitals and clinics are credited with the growth rate. Besides, the diagnostic center’s category is anticipated to grow significantly. The large volume of procedures performed at diagnostic centers across Europe and the rising number of diagnostic institutions are factors in this segment’s rapid expansion.

Radiopharmaceuticals Market: Regional Landscape

In 2021, North America dominated the market for radiopharmaceuticals because of the region’s robust healthcare infrastructure; it was a rising overweight population, a large patient population suffering from chronic diseases like cancer, coronary artery disease, and strokes, and increased research activity. Additionally, the rising incidence of cardiovascular diseases and cancer in the US fuels the market for radiopharmaceuticals. Due to an aging population and poor lifestyle decisions that have led to an increase in cancer and obesity cases, nuclear medicine sales have increased. The development of the nation’s radiopharmaceutical industry is anticipated to be boosted by using novel radioisotope manufacturing techniques to treat these ailments. According to the American Heart Association, cardiovascular disease claims 17.3 million lives yearly.

Radiopharmaceuticals Market: Competitive Landscape

Some of the main competitors dominating the global radiopharmaceuticals market include- Cardinal Health, GE Healthcare, Curium, Lantheus Medical Imaging, Bayer AG, Bracco Imaging, Eczacýbaþý-Monrol Nuclear Products, Nordion, Advanced Accelerator Applications, NTP Radioisotopes, JSC Isotope, NorthStar Medical Radioisotopes, Eckert & Ziegler, Braun Melsungen AG, Smith & Nephew plc, Zimmer Biomet, Hanger Inc., and Otto Bock Healthcare GmBH.

Recent Developments

  • March 2021: The conclusion of a solid tumor series was announced by Aktis Oncology, a biotechnology company creating a novel class of targeted radiopharmaceuticals to treat various stable tumor cancer patients.
  • November 2020: Top Canadian radiopharmaceutical company Fusion Pharmaceuticals has partnered with Anglo-Swedish pharmaceutical behemoth AstraZeneca to market and develop next-generation alpha-emitting radiopharmaceuticals and combination therapies for cancer therapy.

Global Radiopharmaceuticals Market is segmented as follows:

Radiopharmaceuticals Market by Type
  1. Diagnostic Nuclear Medicine
  2. Therapeutic Nuclear Medicine
Radiopharmaceuticals Market by Application
  1. Diagnostic Applications
  2. Therapeutic Applications
Radiopharmaceuticals Market by Procedural Volume Assessment
  1. Diagnostic Procedures
  2. Therapeutic Procedures
Radiopharmaceuticals Market by Source
  1. Nuclear Reactors
  2. Cyclotrons
Radiopharmaceuticals Market by End User
  1. Hospitals
  2. Ambulatory Surgical Centers
  3. Diagnostic Centers
  4. Cancer Research Institutes
  5. Others
Radiopharmaceuticals Market by Region
  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • New Zealand
    • Australia
    • South Korea
    • Southeast Asia
    • Rest of Southeast Asia
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • Kuwait
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
Radiopharmaceuticals Market Report Scope
Report AttributeDetails
Market Size Value in 2022USD 5 billion
Revenue Forecast in 2028USD 8.3 billion
Growth RateCAGR of 4.5 % from 2022 to 2028
Base Year for Estimation2021
Historical Data2017 – 2021
Forecast Years2022 – 2028
Quantitative UnitsRevenue in USD million and CAGR from 2022 to 2028
Report CoverageRevenue forecast, company ranking, Trends
competitive landscape, and growth factors
Segments CoveredType, Application, Procedural Volume Assessment, Source, End User, and Region
Regional ScopeNorth America; Europe; Asia Pacific; Latin America; Middle East & Africa
Country ScopeU.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico and Others
Key Companies ProfiledCardinal Health, GE Healthcare, Curium, Lantheus Medical Imaging, Bayer AG, Bracco Imaging, Eczacýbaþý-Monrol Nuclear Products, Nordion, Advanced Accelerator Applications, NTP Radioisotopes, JSC Isotope, NorthStar Medical Radioisotopes, Eckert & Ziegler, Braun Melsungen AG, Smith & Nephew plc, Zimmer Biomet, Hanger Inc., and Otto Bock Healthcare GmBH.

Frequently Asked Questions

The increased incidence of malignant diseases brought on by an aging population and unhealthful eating habits are the leading causes of the expanding use of radiopharmaceuticals.
According to Beyond Market Insights, the global radiopharmaceuticals market size was worth USD 4.6 billion in 2021 and is estimated to grow to USD 8.3 billion by 2028, with a compound annual growth rate (CAGR) of approximately 8.80 percent over the forecast period.
In 2021, North America dominated radiopharmaceuticals because of the region’s robust healthcare infrastructure.
Some of the main competitors dominating the global radiopharmaceuticals market include – Cardinal Health, GE Healthcare, Curium, Lantheus Medical Imaging, Bayer AG, Bracco Imaging, Eczacýbaþý-Monrol Nuclear Products, Nordion, Advanced Accelerator Applications, NTP Radioisotopes, JSC Isotope, NorthStar Medical Radioisotopes, Eckert & Ziegler, Braun Melsungen AG, Smith & Nephew plc, Zimmer Biomet, Hanger Inc., and Otto Bock Healthcare GmBH.

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