Global Radiopharmaceuticals Market 2024-2033: Analysis, Trends & Forecast Outlook

The radiopharmaceuticals market size has grown steadily in recent years. It will grow from $6.46 billion in 2023 to $6.77 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The growth in the historic period can be attributed to rise in healthcare expenditure, government initiatives, convenience of treatment, and changes in lifestyles.

The radiopharmaceuticals market size is expected to see rapid growth in the next few years. It will grow to $10.59 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to increasing geriatric population, increasing prevalence of cancer and cardiovascular diseases, high capital investments, and new product launches. Major trends in the forecast period include collaborating with other companies to boost revenues and improve product quality, investing in plant capacity expansions to cater to the increasing demand, investing in new technologies to meet the emerging demands, adopting 3d printing technology in manufacturing to save costs, invest in innovations, such as theranostics, and establish category leadership, explore in silico modeling for a more rational and scientific approach, invest in ai to reduce r&d costs and save drug development time, invest in technologies catering to cardiology to boost revenues and accept disease-specific approaches for accurate and timely diagnosis of cancer.

Market Overview -
Radiopharmaceuticals refer to a medication used to treat or diagnose diseases, including cancer, that contains a radioactive material. Likewise known as radioactive medication. These are the procedures used to identify certain illnesses or detect medical issues. The patient may receive them in a number of different ways. They could be injected, injected orally, or injected into the eye or bladder, for instance.

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Increasing Cancer And Cardiovascular Disease Prevalence Fuels Demand For Radiopharmaceuticals
The increasing prevalence of cancer and cardiovascular diseases is projected to drive the demand for the radiopharmaceuticals market. Radiopharmaceuticals are emerging as a safe and effective therapeutic option over conventional medicines. Radiopharmaceuticals provide an upper hand to radiologists to treat cancer and cardiovascular diseases due to their benefits such as targeted therapy. Cancer is considered to be the second major cause of death, with around 1 in 6 deaths due to cancer worldwide. According to the International Agency for Research on Cancer (IARC), by 2040, the global burden is projected to increase to 27.5 million active cancer incidents and 16.3 million cancer deaths primarily due to population growth and aging. About 70% of deaths from cancer occur in low- and middle-income countries. Thus, the rising cases of cancer and cardiovascular diseases are expected to surge the demand for radiopharmaceuticals for the treatment of these diseases.

Competitive Landscape -
Major companies operating in the radiopharmaceuticals market report are Cardinal Health, Curium Pharma, Siemens Healthineers AG, Novartis AG, General Electric Company (GE), IBA Group, Bayer AG, Lantheus Medical Imaging Inc., Bracco Imaging S.p.A., Eckert & Ziegler, Nihon Medi-Physics Co. Ltd., Fujifilm Corporation, ANSTO, Yantai Dongcheng Pharmaceutical Group Co. Ltd., Bracco Imaging SpA., Canon Inc., China Isotope & Radiation Corporation (CIRC), Alliance Medical, Advanced Accelerator Applications, JSC Isotope, Pharm-Sintez, Synektik SA, Polatom, RadioMedic sro, ÚJV Rež, Actinium Pharmaceuticals Inc., Alseres Pharmaceuticals Inc., Avid Radiopharmaceuticals, Fusion Pharmaceuticals, Peregrine Pharmaceuticals Inc., PETNET Solutions Inc., Positron Corporation, Triad Isotopes Inc., Telix Pharmaceuticals, Rosatom, Alliance Medical Group, Hologic Inc., Segami Corporation, Eczacýbaþý-Monrol Nuclear Products, NTP Radioisotopes.

Expanding Manufacturing Facilities To Meet Growing Demand In The Radiopharmaceuticals Market
Many companies are adopting various strategic initiatives, such as opening a new manufacturing facility and expanding plant capacity, which is gaining significant popularity in the radiopharmaceuticals market. For instance, ITM Isotopen Technologien Munchen AG (ITM) announced the launch of its new manufacturing facility in the Munich area to increase the production capacity of high-purity (n.c.a.) Lutetium-177 and no-carrier-added (n.c.a.) Lutetium-177 containing radiopharmaceuticals. Lutetium-177 is popular under the brand EndolucinBeta and is an innovative isotope used in cancer therapy. This is the company's step towards meeting the high demand for quality medical isotopes for precision oncology worldwide.

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Key Segments -
The radiopharmaceuticals market covered in this report is segmented -
1) By Type: Diagnostic, Therapeutic
2) By Application: Oncology, Cardiology, Gastroenterology, Neuroendocrinology, Musculoskeletal, Respiratory, Nephrology, Other Applications
3) By End User: Hospitals And Ambulatory Surgical Centers, Diagnostic Centers, Cancer Research Institutes

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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