NEW
YORK, July 18, 2024 /PRNewswire/ -- The global
radiopharmaceuticals market size is estimated to grow by
USD 6.28 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of almost 12.17% during the forecast period. Rising
incidence of neurological disorders is driving market
growth, with a trend towards production of
cyclotron-based radiopharmaceuticals. However, preparation and
dispensing problems associated with radiopharmaceuticals
poses a challenge. Key market players include Bayer AG,
Bracco Spa, Cardinal Health Inc., Curium Pharma, Eckert and Ziegler
AG, General Electric Co., IBA Radiopharma Solutions, Jubilant
Pharmova Ltd., Lantheus Holdings Inc., Mallinckrodt Plc, NorthStar
Medical Radioisotopes LLC, Novartis AG, NTP Radioisotopes SOC Ltd.,
PharmaLogic Holdings Corp., Positron Corp., Radiomedix Inc.,
Siemens AG, Sinotau Pharmaceuticals, Sotera Health Co., and Telix
Pharmaceuticals Ltd..
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Radiopharmaceuticals
Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
12.17%
|
Market growth
2024-2028
|
USD 6280.6
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
10.62
|
Regional
analysis
|
North America, Europe,
Asia, and Rest of World (ROW)
|
Performing market
contribution
|
North America at
42%
|
Key
countries
|
US, Germany, UK,
Canada, and China
|
Key companies
profiled
|
Bayer AG, Bracco Spa,
Cardinal Health Inc., Curium Pharma, Eckert and Ziegler AG, General
Electric Co., IBA Radiopharma Solutions, Jubilant Pharmova Ltd.,
Lantheus Holdings Inc., Mallinckrodt Plc, NorthStar Medical
Radioisotopes LLC, Novartis AG, NTP Radioisotopes SOC Ltd.,
PharmaLogic Holdings Corp., Positron Corp., Radiomedix Inc.,
Siemens AG, Sinotau Pharmaceuticals, Sotera Health Co., and Telix
Pharmaceuticals Ltd.
|
Market Driver
The interruption in the supply of radiopharmaceuticals sourced
from nuclear reactors has initiated discussions about producing
these isotopes through alternative methods. Cyclotrons have emerged
as a viable solution for hospital-based radiopharmaceutical
production. Approximately 80% of the isotopes generated in
cyclotrons can be utilized for medical applications. These devices
offer several advantages, including safety, low operational costs,
and minimal waste generation. As a result, there is a significant
market potential for cyclotron-produced radioisotopes. Notable
medical isotopes generated through cyclotrons include copper-64,
gallium-67, iodine-123, and thallium-201. Factors such as the
increasing adoption of cyclotron-based radiopharmaceuticals are
anticipated to fuel the expansion of the global
radiopharmaceuticals market during the forecast period.
The Radiopharmaceuticals Market is a significant segment of the
healthcare ecosystem, focusing on nuclear medicine and medical
imaging technology. This industry caters to various chronic
diseases, including cancer and cardiovascular diseases, especially
in the geriatric population. Radiopharmaceuticals are specialized
drugs containing radioisotopes used for diagnostic and therapeutic
purposes. Key trends include personalized therapy, technetium-99m
and gallium-68 for visualization of internal physiological
processes related to illnesses like cancer and cardiac conditions.
The Cancer Division dominates the Therapeutics segment. Hospitals
and clinics, medical imaging centers, and diagnostic and
therapeutic services are major consumers. Major players include
Cardinal Health and IBA Worldwide. Regulatory complexities and
approval processes add to the market challenges. Reimbursement
structures and commercial rollout are crucial factors influencing
market growth. Healthcare expenditure and drug development
techniques further impact the sector's dynamics. The
radiopharmaceuticals sector is a vital part of diagnostics and
treatment for chronic ailments, with implications for imaging
modalities, therapeutic outcomes, and the aging populace.
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Market Challenges
- Radiopharmaceuticals, such as Tc-99m labeled drugs, offer
distinct advantages in medical diagnostics. However, their unique
characteristics present challenges during preparation and
dispensing. Chemical reactions may generate unwanted radiochemical
impurities, and radiations can lead to radiolytic effects, causing
impurities. Chemical properties and small quantities may result in
adsorption to container components or interaction with leached
traces. These issues can alter bio-distribution and localization,
impacting diagnostic interpretation. The challenges associated with
radiopharmaceuticals can be categorized into four areas: adverse
reactions, unusual imaging results, quality assurance failures, and
unique difficulties in special patient populations. These problems
may hinder the market growth of radiopharmaceuticals during the
forecast period. Preparation and dispensing issues can adversely
affect the diagnostic accuracy and patient safety, making it
crucial to address these challenges effectively.
- The Radiopharmaceuticals market encompasses nuclear medicine
pharmaceuticals used for diagnostic and therapeutic applications in
hospitals and clinics, medical imaging centers, and diagnostic
laboratories. This sector focuses on visualizing internal
physiological processes related to diseases such as cardiac
conditions and neurological disorders. The aging populace and
rising prevalence of chronic ailments necessitate innovative
solutions. Personalized medicine and healthcare ecosystem require
radiopharmaceuticals for diagnostics and treatment. Reimbursement
structures, regulatory complexities, and approval processes pose
challenges. Key players include Cardinal Health and IBA Worldwide.
Healthcare expenditure, drug development techniques, and
alternative treatments shape the market landscape. Imaging
modalities, radiotherapy, palliative treatment, and curative
treatment are significant applications. Product approval policies
and therapeutic outcomes are crucial factors influencing commercial
rollout.
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challenges - Request a sample report!
Segment Overview
This radiopharmaceuticals market report extensively covers
market segmentation by
- Source
- 1.1 Cyclotrons
- 1.2 Nuclear reactors
- End-user
- 2.1 Diagnostics
- 2.2 Therapeutics
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 Asia
- 3.4 Rest of World (ROW)
1.1 Cyclotrons- The cyclotron segment holds a
substantial share in the global radiopharmaceuticals market,
producing approximately 10-12% of the total radiopharmaceuticals.
Cyclotrons are essential machines that use electromagnetic fields
to accelerate charged particles to high speeds and energies,
producing radioisotopes for medical drugs called
radiopharmaceuticals. These radiopharmaceuticals are primarily used
for cancer diagnosis and treatment. Cyclotrons play a crucial role
in advanced medical imaging procedures, such as positron emission
tomography (PET) and single photon emission computed tomography
(SPECT), which rely on cyclotron-produced radioisotopes for
efficient cancer detection. The development of cyclotrons continues
to advance, making them a significant contributor to the healthcare
sector and driving growth in the global radiopharmaceuticals
market.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
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The API market continues to expand, driven by increasing demand
for generic drugs and biopharmaceuticals. Key trends include
outsourcing to reduce costs and regulatory pressures. This sector
thrives on outsourcing manufacturing processes to specialized
firms, enabling pharmaceutical companies to focus on R&D and
marketing. Growth is fueled by cost-efficiency and flexibility
advantages. Specialty drugs cater to complex diseases, fostering
rapid market growth. Factors include personalized medicine trends
and high-profit margins, driving innovation and market
expansion.
Research Analysis
Radiopharmaceuticals are pharmaceutical products that contain
radionuclides, or radioactive isotopes, which are used primarily in
the diagnosis and treatment of various chronic diseases,
particularly cancer and heart-related conditions. Nuclear medicine,
a medical specialty, employs radiopharmaceuticals for diagnostic
imaging and therapeutic interventions. Chronic illnesses, such as
cancer and diseases affecting the geriatric population, are major
drivers of the radiopharmaceuticals market. Technetium-99m and
Gallium-68 are commonly used radioisotopes in radiopharmaceuticals.
Personalized therapy is a growing trend in radiopharmaceuticals,
with the development of targeted therapies for specific illnesses.
Diagnostic imaging and therapeutics are the two primary
applications of radiopharmaceuticals in healthcare. Hospitals and
clinics, medical imaging centers, and research institutions are key
consumers of radiopharmaceuticals. The global radiopharmaceuticals
market is expected to grow significantly due to increasing
healthcare expenditure, drug development techniques, and
alternative treatments. IBA Worldwide, Jubilant Radiopharma, and
Medical Solutions are some of the major players in the
radiopharmaceuticals industry. The market is also driven by the
increasing prevalence of chronic diseases, particularly cancer, and
the growing geriatric population.
Market Research Overview
Radiopharmaceuticals are nuclear medicine pharmaceuticals used
in medical imaging technology for visualizing internal
physiological processes related to diseases, particularly in the
fields of cardiology and oncology. These substances, which include
radioisotopes and specialized drugs, are essential for diagnosing
and treating chronic diseases such as cancer and cardiovascular
disease, especially in the geriatric population. The
radiopharmaceuticals sector encompasses both diagnostic and
therapeutic applications, with Technetium-99m and Gallium-68 being
commonly used isotopes. The therapeutics segment of
radiopharmaceuticals plays a crucial role in personalized therapy
for various illnesses, including cardiac conditions and
neurological disorders. Hospitals and clinics, medical imaging
centers, and healthcare institutions are key consumers of
radiopharmaceuticals. The commercial rollout of
radiopharmaceuticals involves regulatory complexities, including
product approval policies and reimbursement structures. The
healthcare ecosystem is increasingly focusing on diagnostics and
treatment for chronic ailments, driving growth in the
radiopharmaceuticals market. The aging populace and the increasing
prevalence of chronic diseases, particularly cancer and
cardiovascular maladies, are major factors fueling the demand for
radiopharmaceuticals. Alternative treatments, such as radiotherapy
and palliative care, are also gaining popularity. Despite the
potential benefits, the development of radiopharmaceuticals faces
challenges, including regulatory approval processes and healthcare
expenditure. Drug development techniques are continually evolving
to address these challenges and improve therapeutic outcomes.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Source
-
- Cyclotrons
- Nuclear Reactors
- End-user
-
- Geography
-
- North America
- Europe
- Asia
- Rest Of World (ROW)
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
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and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
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Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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