by The global Radiopharmaceuticals in Nuclear Medicine Market is estimated to be valued at US$ 9115.96 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Radiopharmaceuticals are radioactive pharmaceutical drugs used in medical imaging and therapeutic procedures. They contain radioactive tracers that help diagnose and treat certain types of cancers, heart diseases, neurological disorders and other medical conditions. The diagnostic radiopharmaceuticals include technetium-99m (Tc-99m), thallium-201 (Tl-201), gallium-67 (Ga-67) etc. used in SPECT imaging scans. Therapeutic radiopharmaceuticals include iodine-131 (I-131), yttrium-90 (Y-90), lutetium-177 etc. used in treatments like radiosynovectomy and radionuclide therapy. The increasing adoption of nuclear medicine procedures globally is primarily driving growth of the radiopharmaceuticals market. The emergence of theranostics, an approach combining therapeutic and diagnostic radiopharmaceuticals for personalized treatment is also fueling market expansion.
Market key trends:
The theranostics trend is one of the major factors shaping the radiopharmaceuticals market. Theranostics involves use of paired diagnostic and therapeutic radiotracers to efficiently target diseased sites and optimize patient treatment. This personalized approach helps deliver optimum dose of radiopharmaceutical directly to tumor tissues, improving outcomes and reducing side effects. Increased research in development of novel theranostic agents is expected to boost market growth over the forecast period. Furthermore, expansion of diagnostic and therapeutic nuclear medicine procedures, growing geriatric population susceptible to cancer and cardiovascular diseases, and technological advancement in radioisotope production are some other key trends positively impacting the radiopharmaceuticals industry.
Porter’s Analysis
Threat of new entrants: The radiopharmaceuticals market involves high capital investments in establishing infrastructure for manufacturing, procuring raw materials and compliance with stringent regulations which acts as a deterrent for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes and presence of established players. However, the specialized use of radiopharmaceuticals in nuclear imaging provides less influence.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as raw materials required are commoditized and sourcing depends on a few nuclear facilities.
Threat of new substitutes: Threat of new substitutes is low due to specialized products and applications in nuclear imaging procedures that have no close substitutes.
Competitive rivalry: The market is moderately competitive due to presence of established brands and patents.
Key Takeaways
The Global Radiopharmaceuticals In Nuclear Medicine Market Size is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period, due to increasing prevalence of cancer and cardiac ailments.
North America dominated the market and is expected to continue its dominance over the forecast period owing to high healthcare spending and demand for advanced diagnostic techniques. Asia Pacific exhibits the fastest growth due to rising healthcare expenditure, increasing investments by key players and growing awareness.
Key players operating in the Radiopharmaceuticals in Nuclear Medicine market are Progenics Pharmaceuticals, Inc., NorthStar Medical Radioisotopes LLC, Curium Pharma, Life Molecular Imaging, Lantheus Holdings, Inc., Cardinal Health, Inc., General Electric Company, Bracco S.p.A., Bayer AG, Advanced Accelerator Applications, S.A., Eli Lilly and Company, Nihon Medi-Physics. Co. Ltd., FUJIFILM Toyama Chemical Co., Ltd., Jubilant Life Sciences Ltd., Samyoung Unitech, and DuChemBio, Inc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
