The global radiopharmaceuticals market is growing pervasively. The market growth attributes to the increasing consumption of imaging products in various modalities and rising advances in molecular imaging techniques. Besides, increasing demand for non-invasive diagnostics and treatment procedures boost market growth. Also, the growing usages in diagnoses and treatments increase the size of the market. Moreover, increasing funding to support R&D escalates the growth of the market to furthered height.
According to Market Research Future (MRFR), the global radiopharmaceuticals market is poised to create a valuation of USD 15,060.87 MN by 2025, growing at 8.10% CAGR over the assessment period (2019-2025). The growing application of radioisotopes in the healthcare industry is a key growth propeller for the market. There have been significant product launches over the past few years, which have undoubtedly helped the market.
The growing prevalence of various chronic diseases and increasing awareness about the benefits of early diagnosis influence market growth. On the other hand, the short life span and high costs of radiopharmaceuticals are the key factors estimated to inhibit the growth of the market. Nevertheless, increasing radiopharmaceuticals applications in life sciences research would support the growth of the market throughout the predicted period.
Radiopharmaceuticals Market - Segments
The analysis is segmented into three dynamics.
By Type : Diagnostics {SPECT Radiopharmaceuticals (Tc99m, I-123, others), PET Radiopharmaceuticals (F18, C11 Choline, others), Therapeutics}, and others.
By Application : Neurology, Cardiology, Oncology, and others.
By Regions : Europe, Americas, Asia Pacific, and Rest-of-the-World.
Radiopharmaceuticals Market - Regional Analysis
North America dominates the global radiopharmaceuticals market. The largest market share is attributed to the presence of several industry players and well-established healthcare infrastructures. Besides, the vast patient pool suffering from myriads of chronic diseases, including cancer, coronary disorders, and strokes, drives the regional market growth. Also, changing lifestyles and funds raised for R&D to develop for effective and lesser side effects therapies boost the market growth.
Additionally, advances in molecular imaging techniques and increasing demand for non-invasive diagnostic & treatment procedures foster the regional market growth. Increasing funding to support preclinical research and the rising usage of radiopharmaceuticals for diagnostics spur the growth of the market. The US and Canada are major radiopharmaceuticals markets in the region. The North American radiopharmaceuticals market is estimated to continue its dominance over the global market throughout the forecast period.
Europe stands second in the global radiopharmaceuticals market. The market growth is driven by the increasing funding and initiatives from governments and support from regulatory authorities for the development of radiopharmaceuticals in the region. Moreover, augmenting demand for innovative and easy-to-use imaging agents in the medical sector has increased the size of the market.
Furthermore, growing healthcare expenses, the resurging economy, and spreading awareness about radiopharmaceuticals' modalities in the region positively impact the regional market. The European radiopharmaceuticals market is expected to register around 9.67% CAGR during the forecast period.
The Asia Pacific radiopharmaceuticals market is growing rapidly. The region attracts foreign investors due to its raw material advantage and cost-competitive workforce. As a result, many radiopharmaceutical companies are expanding their footprints in the region, especially in rapidly developing countries like China, Singapore, and India.
Moreover, factors such as the growing penetration of imaging technology for medical imaging purposes, improving healthcare sectors, and rising healthcare spending increase the radiopharmaceuticals market size. The APAC Radiopharmaceuticals market is projected to create a substantial revenue pocket over the assessment period.
Radiopharmaceuticals Market - Competitive Analysis
Highly competitive, the radiopharmaceuticals market appears fragmented due to the presence of several notable players. To gain a larger competitive share in the market, players adopt strategies such as mergers & acquisitions, collaboration, expansion, and product & technology launch. Industry players make substantial investments to drive R&D and expansion plans. R & D investments help them better their products, and expansion investment helps them increase their global footprints.
Major Players:
Players leading the global radiopharmaceuticals companies include Lantheus Medical Imaging, Inc., GE Healthcare, Novartis AG, Siemens Healthineers, BWX Technologies, Inc., IRE ELiT, NTP Radioisotopes SOC Ltd, JSC Isotope, Curium, Technology Organization (ANSTO), and Australian Nuclear Science, among others.
Industry/Innovation/Related News:
June 09, 2020 ---- Curium Pharma (North America),a nuclear medicine company, announced it has submitted and filed regulatory documents in the United States and in Europe for its PET imaging agent germanium-68. Curium is the largest vertically integrated radiopharmaceutical manufacturer in the industry. The company has submitted a stand-alone Drug Master File (DMF) with the US Food and Drug Administration and an Active Substance Master File (AMSF) with the European Medicines Agency for its radiopharmaceutical.
The significant investment to secure the DMF and AMSF positions Curium as the only manufacturer offering germanium-68 that meet these increased control standards sought by regulators. The company further stated that it is looking forward to partnering with current and new customers to provide high-quality products for patients in need.
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