Radiopharmaceuticals Market

SKU: DMPH562 | Last Updated On: Aug 26 2022 | Available Formats

Radiopharmaceuticals Market Expected to reach a high CAGR of 10.38% By 2029: DataM Intelligence

The radiopharmaceuticals Market is segmented By Radioisotopes (Tec.99, F18, Iodine 131, Lutetium 177, Yttrium 90, Gallium 68, Gallium 67, Rubidium 82, Iodine 123, Iodine 125, Indium 111, Others), By Application (Oncology, Cardiology, Gastroenterology, Neuroendocrinology, Neurology, Nephrology, Others), By Source (Cyclotrons, Nuclear Reactor), By End User (Hospitals, Diagnostic Imaging Centers, Ambulatory Surgical Centers, Cancer Research Institute), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

Radiopharmaceuticals Market Size Share Growth Rate Insights

The radiopharmaceuticals Market size was valued at USD 6,242.80 million in 2021 and is estimated to reach a compound annual growth rate (CAGR) of 10.38% over the forecast period 2022 to 2029.

Radiopharmaceuticals also known as Nuclear medicines are a group of pharmaceutical drugs which have radioactivity and can be used as diagnostic and therapeutic agents. Radiopharmaceuticals emit radiation themselves, which is different from bodily fluids that absorb or alter external electromagnetism or ultrasound. This phenomenon helps to identify the various abnormalities such as cancer cells, within the human body.

Market Drivers and Restraints

  • The global radiopharmaceuticals market is growing at a steady pace and is anticipated to exhibit similar faster growth in the future.

  • The market growth is attributed to driving factors such as improvements in diagnostic facilities, an increase in the number of new cancer cases, and an increase in preference for radiation therapy for cancer treatment.

  • Moreover, developments in imaging technologies using radiopharmaceuticals and alpha radioimmunotherapy-based targeted cancer treatment are also key factors fueling the growth of the market.

  • The global radiopharmaceuticals market might experience a hindrance in its growth owing to the short half-life of radiopharmaceuticals, the supply-demand gap of the pharmaceuticals, and the high equipment prices of diagnostic imaging devices.

Radiopharmaceuticals Market Scope

Metrics

Details

Market CAGR

10.38%

Segments Covered

By Radioisotopes, By Application, By Source, By End User, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

Market Segmentation

By End-User

  • The Radiopharmaceuticals market is segmented on the end-user as Hospitals & Clinics, Diagnostic Centers, and Others. Diagnostic centers dominate the market share with more than 50% of the market share.

  • Other category includes primarily research centers that are driving the growth for Another end-user segment.

By geography

  • Based on geography, North America is dominating the global Radiopharmaceuticals system market, and it is expected to grow in the forecast period.

  • The US is the most significant revenue contributor to this region because of an increase in the elderly population. Advances in technology in product, design, structure, usage, and development of various types of radiopharmaceuticals have contributed to the growth of the market in the US.

  • The Asia-pacific region is anticipated to be the fastest-growing region in the global radiopharmaceuticals market. Technological innovations, the growing elderly population, and improvements in healthcare infrastructure are the primary contributors to the growth of the market in Asia-Pacific.

Competitive Analysis

  • Several new players have entered the global market for radiopharmaceuticals, and this trend denotes the growing acceptance and popularity of dangerous drugs across the globe.

  • The market vendors that have earned a name for themselves in the global radiopharmaceuticals market have stuck to the basics of proper planning, marketing, and distribution of products. Established market vendors are recalibrating their business strategies to fit the needs and wants of the consumers.

  • The distributors of dangerous drugs have also played a key role in reaching wider audiences and expanding their consumer base. Product launch is one of the key strategies adopted by the principal manufacturers to improve their market presence across the globe.

  • For instance, In January 2018, Norgine B.V., a leading European specialty pharmaceutical company announced the launch of LYMPHOSEEK® (Tc 99m tilmanocept) in Finland and Sweden. LYMPHOSEEK is a radiopharmaceutical used for diagnostic purposes by nuclear medicine specialists and surgeons.

Radio Pharmaceuticals Applications

1.Diagnostic Radioisotopes

Single-Photon Emission Computed Tomography (SPECT)

• Technetium-99m

• Thallium-201

• Gallium-67

• Iodine-23

• Others

Positron Emission Tomography

• Fluorine-18

• Rubidium-82

• Others

2. Therapeutic Radioisotopes

Beta Emitters

• Iodine-131

• Yttrium-90

• Rhenium-186

• Others

Alpha Emitters

• Brachytherapy

• Iodine-125

• Cesium-131

• Others  

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