10.6% CAGR of Radiopharmaceuticals Market to Gain Around USD 14.45 Billion by 2032 || Report by Emergen Research

The global radiopharmaceuticals market is witnessing robust growth, poised to reach USD 10.89 billion by 2028, with a rapid revenue CAGR of 10.6% during the forecast period. This growth is primarily attributed to several key factors driving market expansion.

Key Drivers of Market Growth

1. Increasing Prevalence of Chronic Diseases: The rising incidence of chronic diseases such as cancer, Cardiovascular Disease (CVD), and neurological disorders is fueling the demand for radiopharmaceuticals. Pharmaceutical companies are increasingly focusing on eco-friendly and bio solutions, driving further adoption.

2. Technological Advancements and Integration of AI, IoT, and ML: Advancements in technology, including Artificial Intelligence (AI), Internet of Things (IoT), and Machine Learning (ML), are enhancing the efficiency and reliability of treatments. Automation technologies and robotics are also contributing to improved productivity and sustainability.

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Market Restraints
1. High Cost of Radiopharmaceuticals: The high cost of radiopharmaceuticals and their limited availability in certain regions pose challenges to market growth. Additionally, there is a lack of awareness about these products among consumers.

2. Stringent Government Regulations: Strict government regulations in some countries act as barriers to market expansion, emphasizing the need for compliance to ensure product reliability and consumer trust.

Segment Insights
1. Radiopharmaceuticals Radioisotope Insights: Technetium 99m leads the market due to its widespread use in imaging and diagnostics. Gallium 68 is expected to witness moderate growth, particularly in PET imaging for prostate cancer and neuroendocrine tumors.

2. Radiopharmaceuticals Application Insights: The cancer segment dominates the market, driven by the increasing adoption of radiopharmaceuticals for various cancer treatments. The cardiology segment is also growing steadily due to the rising prevalence of cardiovascular diseases.

3. Radiopharmaceuticals End-Use Insights: Hospitals and clinics account for the largest market share, attributed to the high procedural volume and efficient handling of radiopharmaceuticals. Medical imaging centers are witnessing rapid growth, fueled by the increasing need for diagnostic and therapeutic imaging.

The global radiopharmaceuticals market is moderately fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective radiopharmaceuticals solutions.

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Some major players included in the global radiopharmaceuticals market report are:
• Iso-Tex Diagnostics, Inc.
• Lantheus Holdings, Inc.
• Eli Lilly and Company
• Agilent Technologies, Inc.
• Curium Pharma
• PerkinElmer Inc.
• Thermo Fisher Scientific Inc.
• Shimadzu Corporation
• Polarean Imaging Plc
• NorthStar Medical Radioisotopes, LLC

Radiopharmaceuticals Latest Industry Updates

• In January 2023, NorthStar Medical Radioisotopes, LLC, a pharmaceutical company headquartered in the U.S, collaborated 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 patients and adult.

Radiopharmaceuticals Market Segment Analysis

For the purpose of this report, Emergen Research has segmented the global radiopharmaceuticals market on the basis of radioisotope, application, indication, end-use, and region:

• Radioisotope Outlook (Revenue, USD Billion; 2019-2032)
o Iodine I
o Gallium 68
o Technetium 99m
o Fluorine 18
o Others

• Application Outlook (Revenue, USD Billion; 2019-2032)
o Cancer
o Cardiology
o Others

• Indication Outlook (Revenue, USD Billion; 2019-2032)
o Diagnostic
o Therapeutic

• End-Use Outlook (Revenue, USD Billion; 2019-2032)
o Hospitals and Clinics
o Medical Imaging Centers
o Others

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• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
o Europe
1. Germany
2. France
3. UK
4. Italy
5. Spain
6. Benelux
7. Russia
8. Rest of Europe
o Asia Pacific
1. China
2. Japan
3. South Korea
4. India
5. ASEAN Countries
6. Oceania
7. Rest of APAC
o Latin America
1. Brazil
2. Mexico
3. Rest of LATAM
o Middle East & Africa
1. GCC Countries
2. Israel
3. Turkey
4. South Africa
5. Rest of Middle East & Africa

The global radiopharmaceuticals market is experiencing significant growth, driven by the increasing prevalence of chronic diseases and technological advancements. Despite challenges such as high costs and regulatory constraints, the market is expected to continue its upward trajectory, offering promising opportunities for industry players.

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