Radiopharmaceuticals Market to exceed US$ 26.51 billion by 2031

    Published on 23-May-2024
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    Report : Radiopharmaceuticals Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Application (Oncology, Cardiology, Neurology, Pulmonary, Urology, and Others), Type (Diagnostic and Therapeutic), Tracer Type (Tc-99m, F-18, Ga-68, TL-201, I-131, Fe-59, Lu-171, RB-82 and N-13, Cr-51 and P-32, Sc-46, Sg-269 and Hs-269, and Others), End User (Hospitals and Clinics, Diagnostic Centers, Academic and Research Institutes, and Others), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America)

    Oncology Segment to Lead Global Radiopharmaceuticals Market During 2023-2031

    According to our latest study on "Radiopharmaceuticals Market Forecast to 2031 - Global Analysis - Application, Type, Tracer Type, End User, and Geography," the market is expected to reach US$ 26.51 billion by 2031 from US$ 9.07 billion in 2023; it is estimated to register a CAGR of 14.4% from 2023 to 2031. The report emphasizes the key factors driving the market and the developments of prominent players. Factors such as the increasing prevalence of chronic diseases and the growing number of clinical trials propel the market growth.

    Radiopharmaceuticals are biological molecules tagged with radioisotopes, which target specific tissues, organs, or cells within the human body. Radioisotopes emitting gamma rays are used in diagnostic imaging. Radiopharmaceuticals can help in targeting various malignancies such as prostate cancer, heart disease, and thyroid cancer. In recent years, radiopharmaceuticals have become one of the most effective techniques in various fields, including neurology, cardiology, and oncology. Each radiopharmaceutical targets a specific area in the body and releases radioactive substances to attack tumor cells once it reaches its location. Researchers have identified radiopharmaceuticals that can work against tumors such as thyroid carcinoma, brain tumors, lymphoma, and bone cancer. Traditional chemotherapy methods for cancer treatment are replaced with more practical therapeutic radiopharmaceuticals, opening up new market opportunities. Compared to X-rays and other external radiation imaging systems, radiopharmaceuticals assist doctors in diagnosing and providing a convenient and safer alternative for patients. Radiopharmaceuticals that are used for diagnostic purposes are called tracers. The amount of radiation released from diagnostic radiopharmaceuticals is lower than that of therapeutic radiopharmaceuticals. Developments in medical imaging technology, increasing rates of chronic diseases, and growing emphasis on personalized therapy contribute to the significant growth of the radiopharmaceuticals market. Nuclear medicine relies heavily on radiopharmaceuticals that are produced from radioisotopes bound to drugs, enabling imaging and treatment of various diseases.

    The rising incidence of cancer and increasing application in the treatment of cardiovascular disorders drive the radiopharmaceuticals market growth. However, regulatory challenges for the approval of radioisotopes hamper the growth of the radiopharmaceuticals market.

    Based on type, the market is bifurcated into diagnostic and therapeutic. The diagnostic segment held a larger radiopharmaceuticals market share in 2023 and is anticipated to register a higher CAGR during 2023-2031. Radiopharmaceuticals are used to form images of organs or tissues needed. The gamma camera detects the gamma rays produced by the radioisotope. It generates images in a non-invasive manner that reflects the functioning of organs or tissues under investigation. In March 2022, Novartis announced approval for "Pluvicto" (lutetium Lu 177 vipivotide tetraxetan) for treating adult patients suffering from a certain type of advanced cancer, i.e., prostate-specific membrane antigen-positive metastatic castration-resistant prostate cancer. The approval of the product can significantly improve survival rates for patients with limited treatment options, and product approval is a new step in the evolution of precision medicine to treat prostate cancer. Companies such as Advanced Accelerator Applications and IASON GmbH offer radiopharmaceuticals for diagnosis using PET scanners, single photon emission computed tomography (SPECT) scanners, alpha emitters, and others.

    By end user, the market is segmented into hospitals and clinics, diagnostic centers, academic and research institutes, and others. The hospitals and clinics segment dominated the radiopharmaceuticals market share in 2023. The diagnostic centers segment is anticipated to register the highest CAGR of 14.8% during 2023-2031.

    Global Radiopharmaceuticals Market, by End User, 2023 & 2031 (%)

    Source: The Insight Partners Analysis

    High Growth Potential in Developing Countries

    Many medical market players focus on emerging countries in Asia, South America, and Africa due to a rise in the prevalence of various diseases in these regions. The medical field in India is growing rapidly, and it has undergone several significant changes over the last few decades. In April 2019, ITM Isotopen Technologien M

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