by Oncology radiopharmaceuticals are specialized pharmaceuticals drugs containing radioactive isotopes used in diagnosis and treatment of various cancers. They deliver radiation therapy to cancerous tissues and tumors by targeting receptors and molecules that are more abundant in tumor cells than in normal tissues, helping physicians detect and diagnose cancer noninvasively.
The global oncology radiopharmaceuticals market is estimated to be valued at US$ 7351 Mn in 2023 and is expected to exhibit a CAGR of 3.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends propelling the growth of the oncology radiopharmaceuticals market is the increased use of radionuclide therapies for treatment of cancer. Radiopharmaceuticals allow delivery of radioactivity directly and selectively to the site of tumors or metastases and deliver cell-killing radiation on a subcellular level, while minimizing radiation exposure to normal tissues. This helps in improving the efficacy of treatment while reducing side effects for patients. Various new radioisotopes and radiolabeled drug conjugates are under research that can potentially target a wider range of cancers to make radiopharmaceuticals a mainstay in cancer treatment.
SWOT Analysis
Strength: Oncology Radiopharmaceuticals have emerged as an important component for both diagnosis and treatment of cancer, with capabilities to diagnose cancer and metastases at an early stage.
Weakness: Short half-lives of radiopharmaceuticals poses challenges in transportation and storage, limiting their reach. Regulatory hurdles also delay market approval and commercialization of new radiopharmaceuticals.
Opportunity: Rising cancer incidence globally is driving increased demand for effective diagnostic and therapeutic solutions. Advancements in development of targeted radiopharmaceuticals present an opportunity.
Threats: Strong presence of alternative imaging modalities like CT, MRI and PET poses competitive threats. Stringent regulatory norms and infrastructure requirements also restrict market growth.
Key Takeaways
The Global Oncology Radiopharmaceuticals Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global oncology radiopharmaceuticals market is estimated to be valued at US$ 7351 Mn in 2023 and is expected to exhibit a CAGR of 3.2% over the forecast period 2023 to 2030.
North America dominated the market for Oncology Radiopharmaceuticals in 2023, with the US accounting for the major share due to advanced healthcare facilities and high clinical adoption. Furthermore, presence of leading market players in the region drives market growth.
Key players operating in the Oncology Radiopharmaceuticals market are Ecolab Inc., BASF SE, Solvay S.A., FQE Chemicals, Innospec Inc., Stepan Company, Dow Inc., Kemira Oyj, GE Water and Process Technologies, Aries Chemical Inc.
The global market is highly consolidated with few large players offering a comprehensive product portfolio. Market players are focusing on expanding their geographical footprint and developing technologically advanced radiopharmaceutical drug candidates.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
