CAGR: 12%Current Market Size: USD 4.50 BillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2023-2030Base Year: 2022
The global radiopharmaceuticals market is expected to grow from USD 4.50 billion in 2022 to USD 11.1 billion by 2030, at a CAGR of 12% during the Projection period 2023-2030. The growth of the radiopharmaceutical market is mainly driven by the increase in medical procedures.
Radiopharmaceuticals are special mixtures of radioisotopes used in therapeutic settings for treatment and diagnosis. An expert in nuclear medicine known as a radio pharmacist is responsible for dispensing these prescription medications. They are ingested orally or injected directly into a vein or bodily cavity of the patient. They release radioactive substances to kill the tumour cells after they have reached the desired spot. As a result, radiopharmaceuticals are used to treat cancers that have progressed to the bones, including thyroid, brain, lymphoma, and others. The increased incidence of malignant diseases brought on by an ageing population and unhealthful eating habits are the main causes of the expanding use of radiopharmaceuticals around the world. Additionally, the market is being supported by the growing number of diagnostic centres. Additionally, the growing number of oncologists who advocate disease-targeted cancer therapy, which employs medications to target particular proteins and genes involved in the growth of cancer cells, is helping to boost overall sales. Along with rising healthcare costs, other factors such as the usage of radiolabeled peptides and monoclonal antibodies for the identification and treatment of malignant tumours are boosting market growth. The increasing use of radiopharmaceuticals by oncologists to track radioactivity throughout the body and identify the presence of cancer cells as well as the growing preference for positron emission tomography (PET) and single-photon emission computerised tomography (SPECT) scans are other significant factors anticipated to fuel the market's expansion.
Sample Request: - Global Radiopharmaceuticals Market
Market Dynamics:
Drivers:
Both rigorous legislation regulating the use of radiopharmaceuticals and a lack of defined good manufacturing practise (GMP) criteria exist in the radiopharmaceutical industry. Nuclear medicine professionals are pushing for the construction of centralised radio-pharmacies as a solution to problems with quality assurance. This is due to the fact that administrators and legislators are becoming more and more interested in the rules governing radiopharmaceuticals, PET, and clinical trials. Patients and governing bodies can both profit from a centralised radiopharmacy idea, which has the ability to dispense patient-specific prescriptions and offer requested commodities from all available sources and services. Throughout the Projection period, these actions are expected to boost market expansion.
Restraints:
Market expansion is expected to be hampered by high R&D expenses, limited infrastructure, short radiopharmaceutical half-lives, expensive equipment, and a lack of awareness in developing nations. Along with these factors, hospital budget cuts, particularly during pandemics, a lack of suitable infrastructure in low- and middle-income countries, and an absence of favourable reimbursement scenarios and technology penetration in developing economies are anticipated to pose difficulties for the market during the Projection period.
Opportunities:
Additionally, an increase in public-private funding for target research initiatives, growing public awareness of the advantages of alpha radio immunotherapy-based targeted cancer treatment, an increase in the global geriatric population, and an increase in product innovations and development due to technological advancements will all create lucrative opportunities for market participants from 2022 to 2029. Further boosting the market's growth rate in the future are increased measures to close the mo-99 supply-demand gap, internet usage, the use of radioisotopes in the healthcare sector, the use of radiopharmaceuticals in neurological applications, and rising per capita healthcare spending.
Challenges:
High costs for research and development, a lack of adequate infrastructure, the short half-life of radiopharmaceuticals, expensive equipment, and a lack of knowledge in developing nations are all predicted to hinder market expansion. Additionally, hospital budget cuts, particularly during the pandemic, a lack of suitable infrastructure in low- and middle-income countries, and an unfavourable reimbursement scenario and technology penetration in developing economies are anticipated to pose challenges to the market during the Projection period.
Segmentation Analysis:
The global radiopharmaceuticals market has been segmented based on procedural volume, application and region.
By Procedural Volume
The procedural volume segment is diagnostic procedures and therapeutic procedures. The diagnostic procedures segment led the largest share of the radiopharmaceuticals market with a market share of around 55% in 2022. The subcategories of Diagnostic Procedures are SPECT Radiopharmaceuticals, PET Radiopharmaceuticals, and Therapeutic Procedures. The three different treatment techniques include brachytherapy isotopes, beta emitters, and alpha emitters. Diagnostic Procedures led the global Nuclear Medicine/Radiopharmaceuticals market.
By Application
The application segment is endocrinology, oncology, neurology, cardiology, and others. The oncology segment led the largest share of the radiopharmaceuticals market with a market share of around 56% in 2022. Market expansion is being aided by the rising incidence of cardiovascular diseases such coronary heart disease and heart failure as well as cancer. The main factors boosting demand for radiopharmaceuticals are the rising prevalence of lifestyle problems, obesity, and tumours brought on by poor behaviours in the elderly. Increased rates of breast cancer, lung cancer, and prostate cancer will propel industry expansion. The main factor propelling market expansion is the rising usage of nuclear medicine in cardiology and cancer treatment. The American Cancer Society projects that there will be 1.9 million new cases of cancer and 608,570 cancer-related deaths in the country in 2021.
Global Radiopharmaceuticals Market - Sales Analysis.
The sale of the radiopharmaceuticals market expanded at a CAGR of 10% from 2016 to 2022.
Radioactive isotopes are the active constituents of a family of pharmaceuticals known as nuclear medicines. They are radioisotope-based pharmaceutical formulations used for diagnosis and treatment in significant clinical fields. In recent years, radiopharmaceutical therapy has become one of the most efficient treatments in a number of specialities, including neurology, cardiology, oncology, and others. Each radiopharmaceutical is designed to target a certain area of the body. Once it has arrived, it will release radioactive compounds to destroy the tumour cells. Researchers have so far discovered radiopharmaceuticals that can combat the following tumours: bone cancers, brain malignancies, thyroid cancers, thyroid carcinomas, and lymphomas that have migrated to the bones.
Traditional chemotherapy techniques are being replaced in oncology and cancer treatment with more practical therapeutic radiopharmaceuticals, creating new business prospects. Furthermore, compared to X-Rays and other external radiation imaging systems, it not only helps doctors with diagnosis but also offers patients a practical and secure substitute. Radiopharmaceuticals also referred to as nuclear drugs, are employed in applications such as bone metastases and cancer. Nuclear drugs including F-18, Tc-99, Ga-67, and I-123 are used in diagnostic procedures, whereas I-131, Ir-192, Y-90, I-125, Lu-177, and Ra-223 are used in therapeutic procedures. After injecting the drugs, oncologists can use radiopharmaceuticals to check for the presence of cancer by monitoring radioactivity throughout the body.
Thus, owing to the aforementioned factors, the global radiopharmaceuticals market is expected to grow at a CAGR of 12% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the radiopharmaceuticals market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America region dominated the radiopharmaceuticals market and held a 38.1% share of the market revenue in 2022.
Global Radiopharmaceuticals Market - Country Analysis:
Germany's radiopharmaceuticals market size was valued at USD 0.34 billion in 2022 and is expected to reach USD 0.84 billion by 2030, at a CAGR of 12.1% from 2023 to 2030. Because of the region's robust healthcare infrastructure, rising overweight population, large patient population suffering from chronic diseases like cancer, coronary artery disease, and strokes, and increased research activity.
China’s radiopharmaceuticals market size was valued at USD 0.35 billion in 2022 and is expected to reach USD 0.88 billion by 2030, at a CAGR of 12.3% from 2023 to 2030. The region's radiopharmaceuticals market is anticipated to be fueled by new product introductions, acquisitions, distribution contracts, joint ventures, and regional expansion by local businesses, particularly in China.
India's radiopharmaceuticals market size was valued at USD 0.27 billion in 2022 and is expected to reach USD 0.67 billion by 2030, at a CAGR of 12.2% from 2023 to 2030. Due to the rise in government initiatives to spread awareness, the rise in medical tourism, the expansion of research activities in the region, the presence of significant market players, the availability of vast untapped markets, a large population pool, the availability of well-established infrastructure, the rise in cardiovascular disease cases, and the expanding demand for high-quality healthcare in the region.
Key Industry Players Analysis:
To increase their market position in the global radiopharmaceuticals market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
12% |
Market Size |
4.50 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Procedural Volume, By Application, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Cardinal Health (US), Lantheus Medical Imaging (US), General Electric, Eczacýbaþý-Monrol Nuclear Products (Turkey), Curium (France), Advanced Accelerator Applications (France), Bayer AG (Germany), Bracco Imaging (Italy), JSC Isotope (Russia), Nordion (Canada), NTP Radioisotopes (South Africa), Eckert & Ziegler (Germany), NorthStar Medical Radioisotopes (US), and Braun Melsungen AG (Germany). |
By Procedural Volume |
|
By Application |
|
Regional scope |
|
Scope of the Report
Global Radiopharmaceuticals Market By Procedural Volume:
Global Radiopharmaceuticals Market By Application:
Global Radiopharmaceuticals Market By Region:
Global radiopharmaceuticals market is expected to reach USD 11.1 billion by 2030.
The radiopharmaceuticals market is projected to have a CAGR of 12%.
Both rigorous legislation regulating the use of radiopharmaceuticals and a lack of defined good manufacturing practise (GMP) criteria exist in the radiopharmaceutical industry. Nuclear medicine professionals are pushing for the construction of centralised radio-pharmacies as a solution to problems with quality assurance.
Leading market players active in the global radiopharmaceuticals market are Mallinckrodt PLC, GE Healthcare (A Fully-Owned Subsidiary of General Electric Company), Cardinal Health, Inc., Bayer AG, Bracco Imaging S.P.A, Lantheus Medical Imaging, Inc., Eczacibasi-Monrol Nuclear Products, Advanced Accelerator Applications S.A., Nordion, Inc. (A Subsidiary of Sterigenics International LLC.), Iba Molecular among other
Based on the application, the global radiopharmaceuticals market has been segmented into endocrinology, oncology, neurology, cardiology, and others.
Political Factors- To encourage a collaborative working culture, a transparent governance system is required. Radiopharmaceuticals now has a lot of problems due to corruption and a lack of transparency. The current political turmoil and unpredictability are the main causes of this lack of openness. By encouraging fraudulent activities, making corporate processes like licensing and contracting more challenging, and reducing law enforcement, corruption undermines stakeholders' trust in commercial enterprises and governmental organizations. Rising bureaucratic corruption often slows economic growth, which limits the ability for markets like radiopharmaceuticals to thrive.
Economic Factors- It could be harder to fulfil radiopharmaceuticals market growth objectives in mature markets that are close to saturation. Therefore, when selecting nations for international expansion, the industry lifecycle stage must be taken into account. When deciding whether to expand internationally, the radiopharmaceuticals should take into account the rates of economic growth of the various nations. There are greater opportunities to pursue long-term growth goals in nations with rapid economic growth. Consumer spending becomes more restrained when the economy is growing slowly, which directly impacts the growth of the radiopharmaceuticals market's revenue.
Social Factors-Two significant social characteristics that may affect the marketing, advertising, and human resource management plans for the radiopharmaceuticals market are respect for hierarchy and social class stratification. When approaching nations with large power distance, radiopharmaceuticals is most at ease in hierarchical institutions and formal work cultures. An additional indication of the necessity for effective market segmentation techniques is the rise in social stratification. This is because radiopharmaceuticals cannot effectively target numerous groups from various social classes using the same marketing mix.
Technological Factors- The radiopharmaceuticals market should benefit nations with superior technological infrastructure since these nations make it simpler for businesses to achieve goals like cost reduction, innovation, and value creation. It will be more difficult for radiopharmaceuticals to leverage technology to gain a sustainable competitive advantage because it might be simple for rivals to copy, as evidenced by a well-developed technological infrastructure. The rate and progress of technological innovation may have an impact on the market and industry as a whole. The radiopharmaceuticals market will be able to comprehend the rate of new product development, the length of the product life cycle, and the specific features that consumers demand by analyzing the forthcoming technological innovation trends.
Environmental Factors- The implementation of the closed-loop, circular economy concept is starting to become commonplace in several nations across a range of places and industries. Businesses with enabling institutional frameworks can facilitate material reuse and recycling. Similar to this, recycling is a well-liked hobby throughout the world. The market for radiopharmaceuticals may profit from these trends in sustainability and utilise them as a tool to accomplish financial goals by lowering production costs and lowering environmental costs.
Legal Factors- Companies like radiopharmaceuticals profit from strict adherence to intellectual property regulations because it safeguards their patents against infringement and gives them a sustainable competitive advantage. Numerous federal and state legislation are in place in several nations to safeguard consumers against potential economic abuse. Laws to protect consumer privacy have become more tighter in the age of information technology. The radiopharmaceuticals industry must strictly abide by data protection requirements when making online transactions in order to prevent lawsuits.
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