The radiopharmaceuticals Market was worth US$ 6.5 Billion in 2019 and is expected to grow at a CAGR of 8.9% through 2030.
The major factor driving the growth of global market is the increasing prevalence of cancer patients across the globe. As per a data published by World Health Organization, in 2018 more than 9.6 million deaths were estimated caused by cancer. Moreover, rising occurrences of cardiovascular diseases at a global scale is anticipated to favor the growth of global nuclear medicine market. According to World Health Organization, every year more than 17 million deaths are recorder caused by cardiovascular disease.
The number is anticipated to reach more than 23,6 million by 2030. Researchers are focused on extensive research activities to improve radiotherapy for several diseases including neurological diseases, thyroid-related diseases, bone diseases, and respiratory diseases. For instance, in July 2019, French Investigators published a research paper mentioning the use of hafnium oxide nanoparticle NBTXR3 as a radio enhancer. This is supposed to enhance the response rate for soft-tissue sarcoma.
Moreover, radiopharmaceuticals are majorly being used in molecular imaging processes as biomarkers that determines the progress or onset of a disease. This is anticipated to poise a positive impact on the growth of global market. Furthermore, significant government initiatives and funding to promote adoption of nuclear medicines is expected to stimulate the market growth in coming years.
For instance, in January 2019, Kansen voor West organization and European Fund for Regional Development (EFRO) had funded US$ 7.67 Million to NRG to FIELD-LAB that are into development of new and innovative nuclear medicines for the treatment of cancer patients. These all factors are expected to create ample growth opportunities for global nuclear medicine/radiopharmaceuticals market during the period of research study.
Based on geography, Asia Pacific is projected to witness lucrative growth over the forecast period. The growth of the region can be attributed to rising aging population and increasing awareness for molecular imaging and nuclear medicines across the region. Moreover, the healthcare professionals and researchers are engaged in developing radiopharmaceuticals for treatment and diagnosis of various diseases.
For instance, in 2018, International Atomic Energy Agency (IAEA) along with Indonesia’s National Nuclear Agency (BATAN) announced to co-develop new radiopharmaceuticals (99mTc-ethambutol) for diagnosis of tuberculosis. North America is also projected to witness remarkable growth in forthcoming years.
Radiopharmaceuticals Market Value Share Analysis, by Geography (2022)
The report titled “Radiopharmaceuticals Market- Global Market Share, Trends, Analysis and Forecasts, 2023-2032”, wherein 2020 is historic period, 2021 is the base year, and 2022 to 2032 is forecast period. Additionally, the study takes into consideration the competitive landscape, wherein the report would provide company overview and market outlook for leading players in the global Radiopharmaceuticals Market. Furthermore, the report would reflect the key developments, global & regional sales network, business strategies, research & development activities, employee strength, and key executive, for all the major players operating in the market.
The global Radiopharmaceuticals Market is segmented on the basis of product, application, and geography. Based on product, the global market can be segmented into diagnostics products and therapeutic products. The diagnostics products segment can be further sub segmented into SPET and PET. Similarly, the therapeutic products segment can be divided into Brachytherapy, Beta Emitters, and Alpha Emitters. Moreover, on the basis of application, the global market can be segregated into Endocrine Tumor, Bone Metastasis, Lymphoma, Thyroid, Oncology, Neurology, Cardiology, and Others. Based on geography, the global Radiopharmaceuticals Market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is sub-segmented into the United States, Canada and Rest of North America. Europe is sub-segmented into Germany, United Kingdom, Belgium, Spain, and Rest of Europe. Asia Pacific is sub-segmented into China, Japan, India, Australia, and Rest of Asia Pacific. Middle East & Africa is sub-segmented into Saudi Arabia, the UAE, and Rest of Middle East & Africa. South America is sub-segmented into Brazil and Rest of South America.
The research provides in-depth analysis of prominent players holding majority share of the global market with a focus on all operating business segment and would identify the segment of the company focusing on Radiopharmaceuticals. Further, market share of prominent companies in the global Radiopharmaceuticals Market would also be estimated.
The study takes into consideration the key competitive information such as business strategy, product portfolio, key development, swot analysis, and research and development focus of all the Radiopharmaceuticals device companies. The global Radiopharmaceuticals Market study would take into consideration the participants engaged throughout the supply chain and value chain of the market, along with their contribution.
Product portfolio would focus on all the products under the Radiopharmaceuticals business segment of the company. Similarly, the recent development section would focus on the latest developments of company such as strategic alliances and partnerships, merger and acquisition, new product launched and geographic expansion in the global Radiopharmaceuticals Market.
Some of the prominent players involved in global Nuclear Medicine/Radiopharmaceuticals Market include NorthStar Medical Radioisotopes LLC, Progenics Pharmaceuticals Inc., Bracco S.p.A., Curium Pharma, Life Molecular Imaging, Bayer AG, Lantheus Holdings Inc., Cardinal Health, Inc., FUJIFILM Toyama Chemical Co. Ltd., Advanced Accelerator Applications, General Electric Company, S.A., Nihon Medi-Physics. Co. Ltd., Eli Lilly and Company, Jubilant Life Sciences Ltd., DuChemBio, Inc., and Samyoung Unitech.
Market Segmentation:
By Product:
By Application:
By Geography :
The nuclear medicine/radiopharmaceuticals market was valued at US$ 6.5 billion in 2019.
The global radiopharmaceuticals market is estimated to exhibit a CAGR of 8.9% in terms of revenue over the forecast period.
Rising occurrences of cardiovascular diseases at a global scale is anticipated to favor the growth of global radiopharmaceuticals market.
Asia Pacific is projected to witness lucrative growth over the forecast period. The growth of the region can be attributed to rising aging population and increasing awareness for molecular imaging and nuclear medicines across the region.
North America, Europe, Asia Pacific, Middle East & Africa, and South America.
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