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Market Overview:
Radiopharmaceuticals are radioactive pharmaceutical compounds used in the diagnosis and treatment of various diseases. They consist of a radioisotope and a carrier molecule binding them. Radiopharmaceuticals are used in nuclear medicine imaging techniques such as positron emission tomography (PET), single-photon emission computed tomography (SPECT), and in targeted radiotherapy for cancer treatment. The most common PET radiotracers used are 18F-fluorodeoxyglucose (FDG) for tumor imaging, and 18F-DOPA for tumor staging and imaging dopamine receptors in the brain.
The Radiopharmaceuticals in Nuclear Medicine Market is estimated to be valued at US$ 6,700.5 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing use of PET imaging: Positron emission tomography (PET) imaging is widely used for cancer diagnosis, cardiovascular disease diagnosis, and brain disorder imaging. Higher sensitivity and specificity of PET imaging compared to other modalities is expected to drive the demand for PET radiotracers. According to the National Cancer Institute, the number of PET scans performed annually in the U.S. increased from 2 million in 2012 to over 4 million in 2018.
Growing incidence of cancer and heart disease: The increasing prevalence of cancer and cardiovascular diseases represents a major driver for the radiopharmaceuticals market. According to WHO, cancer burden is expected to grow to 27.5 million new cancer cases and 16.3 million cancer deaths by 2040. Cardiovascular diseases also account for over 800,000 deaths in the U.S. each year. This high and growing disease burden is expected to propel market growth over the forecast period.
Segment Analysis
The radiopharmaceuticals in nuclear medicine market can be segmented into diagnostic and therapeutic. The diagnostic segment dominates the market and accounts for over 60% share due to increasing incidences of cancer and cardiovascular diseases. Diagnostic radiopharmaceuticals help detect and diagnose diseases at an early stage thereby allowing for timely intervention.
PEST Analysis
Political: Regulations regarding use and production of radiopharmaceuticals are often revised and updated to ensure patient safety. This impacts market dynamics.
Economic: The global radiopharmaceuticals market is expected to witness high growth owing to increasing healthcare spending in developing nations and rising disposable incomes.
Social: Rising awareness about early disease detection and benefits of radiopharmaceuticals in diagnostics is driving market growth.
Technological: Advancements in targeted radiopharmaceuticals and development of new radioisotopes are expanding applications and improving disease management.
Key Takeaways
The global radiopharmaceuticals in nuclear medicine market is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period, due to increasing prevalence of chronic diseases and growing geriatric population. The market size for 2023 is estimated at US$ 6,700.5 Mn.
The North America region dominates the radiopharmaceuticals in nuclear medicine market owing to growing cancer incidence, supportive regulatory environment, and focus on personalized medicine in the region. The Asia Pacific region exhibits highest growth prospects over the forecast period driven by improving access to healthcare in countries like India and China.
Key players operating in the radiopharmaceuticals in nuclear medicine market are Progenics Pharmaceuticals, Inc., NorthStar Medical Radioisotopes LLC, Curium Pharma, Life Molecular Imaging, Lantheus Holdings, Inc., Cardinal Health, Inc., General Electric Company, Bracco S.p.A., Bayer AG, Advanced Accelerator Applications, S.A., Eli Lilly and Company, Nihon Medi-Physics. Co. Ltd., FUJIFILM Toyama Chemical Co., Ltd., Jubilant Life Sciences Ltd., Samyoung Unitech, and DuChemBio, Inc. The competitive landscape is moderately consolidated in nature with top players accounting for over 50% share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
