Press release
Radiopharmaceuticals Market Sales to Top US$ 13.7 Bn by 2032 at a CAGR of close to 10.2%, says Allied Market Research
The global radiopharmaceuticals market is driven by factors such as rise in prevalence of cancer, cardiovascular and neurological disease, increase in demand for medical imaging, and increase in number of product approval for radiopharmaceuticals. However, side effect associated with radiopharmaceuticals is hampering the radiopharmaceuticals market growth. On the contrary, presence of radiopharmaceutical industry and increase in R&D activities for radiopharmaceuticals are expected to offer remunerative opportunities for expansion of the radiopharmaceuticals market during the forecast period.
Impact of Covid-19 on Radiopharmaceuticals Market
The COVID-19 outbreak had a negative impact on the growth of the global radiopharmaceuticals market.
The pandemic caused major disruptions to the production and supply of radiopharmaceuticals to nuclear medicine department, resulting in shortages of radiopharmaceuticals.
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Key Takeaways from Market Study:
The technetium-99m segment projected to manifest the highest CAGR of 10.6% from 2023 to 2032
The cancer segment is also projected to manifest the highest CAGR of 10.6% from 2023 to 2032
The hospitals and clinics segment is also expected to portray the largest CAGR of 10.6% from 2023 to 2032.
The Asia-Pacific region is expected to witness the fastest CAGR of 11.2% from 2023 to 2032.
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Market Competition:
Cardinal Health Inc.
Curium Pharma
Eli Lilly and Company
General Electric Company
Iso-Tex Diagnostics, Inc.
Jubilant Pharmova Limited
Lantheus Holdings, Inc.
Novartis AG
Siemens AG
Bayer
The market's key players are focusing on product innovation and product availability in various size dimensions. Manufacturers are also encouraging market penetration through alternative sales channels. At the institutional level, key stakeholders conduct research and development activities in order to ensure continuous product evolution.
In January 2023, NorthStar Medical Radioisotopes, LLC, a pharmaceutical company headquartered in the U.S, announced the collaboration with Inhibrx, Inc. to develop and manufacture new radiopharmaceuticals for the treatment of cancer. Radiopharmaceuticals are used in medical imaging to diagnose and treat cancer.
In December 2022, Polarean Imaging Plc, a medical imaging technology company, announced the U.S Food and Drug Administration (FDA) approval of Xenoview. Xenoview is a diagnostic radiopharmaceutical, which is used along with magnetic resonance imaging, for evaluation of lung ventilation in pediatric patient and adult.
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The research study is based on:
Application:
Oncology: Oncology is the largest application segment for radiopharmaceuticals. Radiopharmaceuticals are used to image tumors, diagnose cancer, and deliver targeted therapy to cancer cells.
Cardiology: Radiopharmaceuticals are used in cardiology to image the heart, diagnose heart disease, and assess the function of the heart.
Neurology: Radiopharmaceuticals are used in neurology to image the brain, diagnose neurological disorders, and assess the function of the brain.
Other applications: Radiopharmaceuticals are also used in other applications such as pulmonology, orthopedics, and infectious diseases.
End user:
Hospitals: Hospitals are the largest users of radiopharmaceuticals.
Diagnostic imaging centers: Diagnostic imaging centers also use a significant amount of radiopharmaceuticals.
Research institutions: Radiopharmaceuticals are also used in research institutions to develop new diagnostic and therapeutic agents.
Geography:
North America: North America is the largest market for radiopharmaceuticals.
Europe: Europe is the second-largest market for radiopharmaceuticals.
Asia Pacific: Asia Pacific is the fastest-growing market for radiopharmaceuticals.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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