Radiopharmaceuticals Market Growth Drivers 2021, Industry Share-Size, Global Demand, Emerging Trends, Opportunities in Grooming Regions, Key Players…

Report Ocean presents a new report on radiopharmaceuticals market size, share, growth, industry trends, and forecast 2027, covering various industry elements and growth trends helpful for predicting the markets future.

The radiopharmaceuticals market was worth USD 4.31 Billion in 2020 and is further projected to reach USD 6.43 Billion by 2027, at a CAGR of 6.0% during 2021-2027 (forecast period).

The growth of the market is aided by an increase in cancer cases and the increased use of medical imaging as a diagnostic tool. Other factors contributing to the markets continued growth include improved R&D activities, especially in developing economies, and the advancement of radiopharmaceutical applications such as thyroid, oncology, and bone pain palliation.

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Global Radiopharmaceuticals Market Overview:

Radiopharmaceuticals are pharmaceutical formulations that include radioactive isotopes used in diagnosis and therapeutics. They include a radioactive agent used to treat cancer, as well as heart and neurological conditions. Nowadays, medical practitioners are using more convenient therapeutic radiopharmaceutical methods in place of traditional chemotherapy for oncology and cancer treatment, which is unlocking new avenues in the radiopharmaceuticals market. Moreover, it helps physicians during diagnosis and works as a suitable and safer substitute for patients compared to X-Rays and other external radiation imaging devices.

Global Radiopharmaceuticals Market Forecast and Trends

Growth Drivers

High demand for early diagnosis in the event of cancer and cardiovascular chronic diseases

High demand for single-photon emission computerized tomography (SPECT) and Positron emission tomography (PET) scans to diagnose diseases like cancer and other chronic disorders are contributing to the Radiopharmaceuticals Market. A sharp rise in cancer incidence and increased use of medical imaging as a diagnostics procedure are driving the growth of the market. Moreover, patients nowadays are becoming more aware of the accuracy of their diagnoses, which in turn is driving the market growth. Additionally, rising molecular imaging applications are a major contributor to the global radiopharmaceuticals markets growth.

Convenience of treatment

Owing to the ease of the procedure, which requires minimally invasive procedures, patients nowadays prefer radiopharmaceuticals over chemotherapy. The increasing number of cardiac patients and the adoption of clear imaging techniques, with the help of investigative equipment such as PET and SPECT, are the factors that are driving the global radiopharmaceuticals industry. For oncology and cancer therapy, these are more convenient and suitable therapeutic radiopharmaceuticals. It not only assists doctors in diagnosis but is also a more convenient and safer choice for patients as compared to X-Rays and other external imaging instruments.

Restraints

High cost and Regulatory requirements

Some of the factors restricting the markets growth are supply shortages, logistical difficulties, and a lack of qualified clinical professionals. Furthermore, the high cost of developing radiopharmaceuticals, as well as strict regulatory requirements, restrict the markets growth. Radiopharmaceuticals face additional scrutiny and undergo unique regulatory and sanction pathways. Sometimes, extensive testing may also put investigators under a lot of financial strain. Furthermore, reimbursement causes issues for the manufacturer, and high capital investment hampers the market growth.

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Impact of COVID-19 in the industry

Almost every sector has been impacted by the raging coronavirus-induced pandemic. This has also had a negative effect on the development, production, and supply of nuclear medicine, as well as the growth of the radiopharmaceuticals industry. The supply chain for radiopharmaceuticals and diagnostic kits has also been disrupted as a result of the pandemic. Moreover, due to suppliers cost, and transportation issues, nuclear medicine manufacturers have been facing problems in obtaining cold kits used for simplifying radiopharmaceutical production.

Global Radiopharmaceuticals Market: By Product Type

Based on type, the global radiopharmaceuticals market is categorized into Diagnostic Nuclear Medicine and Therapeutic Nuclear Medicine. The Diagnostic Nuclear Medicine segment will be the fastest-growing segment during the forecast period. The Diagnostic Nuclear Medicine is subdivided into single-photon emission computerized tomography (SPECT) and Positron emission tomography (PET) Radiopharmaceuticals. Between these, the SPECT segment is expected to grip the maximum share during the predicted period owing to its wide availability and low cost.

Global Radiopharmaceuticals Market: By Application

Based on application, the global radiopharmaceuticals market is categorized into Oncology, Cardiology, Neurology, Endocrinology, and others. Out of these, the oncology segment is projected as the fast-growing section due to the growing prevalence of cancer crosswise different age groups. Also, PET procedure, is increasingly being accepted for cancer diagnosis due to high imaging capabilities, which is contributing in the growth of oncology section. The oncology segment has donated more than half of the market share in the overall market for radiopharmaceuticals.

Global Radiopharmaceuticals Market: By End Users

Based on end-user, global radiopharmaceuticals market is categorized into Hospitals, Specialty Clinics, and Diagnostic Centers. The Hospital segment is likely to dominate as the fast-growing segment during the forecasted period. It is mainly due to the rise in the adoption of various imaging technologies that include PET scan or MRI Scan and the growing occurrence of qualified medical practitioners in the radiology department throughout the globe. However, the rising number of diagnostic centers, especially in developed countries such as the U.S., is expected to hasten the development of radiopharmaceuticals for the diagnostic centers market in the future.

Global Radiopharmaceuticals Market Regional Insights

The Global Radiopharmaceuticals Market is categorized into North America, Latin America, Europe, Asia Pacific, the Middle-East, and Africa. [WU4] North America is predicted to hold the major radiopharmaceuticals market share. The significant market share can be attributed to the advancement of innovative technologies in the region for manufacturing radioisotopes. Additionally, government support and company initiatives are also contributing the market growth. The Asia-Pacific radiopharmaceuticals market is also poised to grow at the fastest rate during the forecast period due to an increase in the demand for PET and SPECT devices induced by increased patient awareness levels.

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Recent Developments

In April 2021, Cardinal Health, an American multinational health care services organization, launched NavistaTM TS to assist oncology practices in improving patient care, lowering costs, and achieving success in value-based care.

In June 2020, Nihon Medi-Physics and Global Medical Solutions a leading-edge manufacturer and distributor of radiopharmaceuticals, diagnostic imaging products, equipment, devices, and services, announced a strategic partnership in Nuclear Medicine Markets in Asia and Oceania.

Competitive Landscape

Key players in the global radiopharmaceuticals 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, DuChemBio, Inc., and other key manufacturers. A few notable successes in the targeted radiology therapeutic space are changing the dynamic, causing a new influx of investor capital into these innovations as well as increased merger and acquisition activity, which has resulted in significant value creation for investors.

Market Segmentation

By Product Type

Diagnostic Nuclear Medicine

o SPECT Radiopharmaceuticals

o PET Radiopharmaceuticals)

Therapeutic Nuclear Medicine

By Application

Oncology

Cardiology

Neurology

Endocrinology

Others

By End User

Hospitals

Specialty Clinics

Diagnostic Centers

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.By Region

North America

Latin America

Europe

Asia Pacific

The Middle East

Africa

What are the aspects of this report that relate to regional analysis?

The reports geographical regions include North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. The report provides a comprehensive analysis of market trends, including information on usage and consumption at the regional level. Reports on the market include the growth rates of each region, which includes their countries, over the coming years. How are the key players in the market assessed? This report provides a comprehensive analysis of leading competitors in the market. The report includes information about the key vendors in the market. The report provides a complete overview of each company, including its profile, revenue generation, cost of goods, and products manufactured. The report presents the facts and figures about market competitors, alongside the viewpoints of leading market players. A market report includes details on recent market developments, mergers, and acquisitions involving the key players mentioned.

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Radiopharmaceuticals Market Growth Drivers 2021, Industry Share-Size, Global Demand, Emerging Trends, Opportunities in Grooming Regions, Key Players...