Radiopharmaceutical Market to Be Driven by Technological Advancements In The Forecast Period Of 2023-2032

The global radiopharmaceuticals market is growing pervasively. The market growth is attributed 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 further height.

The radiopharmaceutical market size was valued at USD 3.3 billion in 2021 and is projected to grow from USD 3.5 billion in 2022 to USD 5.3 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.9% during the forecast period (2023 - 2032).

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.

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Market Competitive Landscape:

The important companies active in the Radiopharmaceutical Market Include.

GE Healthcare
Lantheus Medical Imaging Inc.
Novartis AG
BWX Technologies Inc.
Siemens Healthineers
IRE ELiT
JSC Isotope
NTP Radioisotopes SOC Ltd
Curium
Australian Nuclear Science and Technology Organization (ANSTO)
Market Segmentation

Type and application have been considered as the major segments based on which the global market for radiopharmaceuticals has been studied in the MRFR research report.

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Radiopharmaceuticals are available in various types, such as therapeutics as well as diagnostics. The diagnostics type will be obtaining the biggest share of 82.9% over the review timeline, owing to the surging use of diagnostic radiopharmaceuticals to predict the effects of the surgical procedure and review the changes. Therapeutic type will also garner significant traction in the following years, thanks to the soaring incidences of chronic diseases across the globe.

Application-based segments are cardiology, neurology, oncology, and more. Neurology forms the biggest segment in the market, given the mounting cases of neurological disorders worldwide. The blossoming patient base is leading to a higher adoption of innovative radioactive imaging for disease diagnosis.

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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 including cancer, coronary disorders, and strokes, drives chronic diseases, the regional market growth. Also, changing lifestyles and funds raised for R&D to develop 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 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.

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