The Radiopharmaceuticals
Market Outlook and Analysis by Type, Application and Region - Forecast till 2030
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 5,290 MN by 2030,
growing at 8.10% CAGR over the assessment period. 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 share. 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 diagnostic
radiopharmaceuticals spur the growth of the market.
The US and Canada are major radiopharmaceuticals markets in the region. The
North American radiopharmaceuticals market share 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 share 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 market 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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