Market Overview:
Alpha emitters are used to treat cancerous tumors using targeted alpha therapy (TAT). TAT works by linking alpha particle-emitting isotopes to molecules that are attracted to cancer cells. Once attached, the alpha particles emitted can destroy the malignant cells from within while sparing surrounding healthy tissues. Compared to traditional external beam radiation therapy, TAT causes greater DNA damage to cancer cells while exposing normal cells to relatively low radiation doses. This property enables TAT to effectively treat small or diffuse tumors with minimal adverse effects. As new TAT drugs receive regulatory approvals and enter the market, the adoption of alpha-emitting isotopes is projected to increase significantly in the coming years.
Market key trends:
One of the key trends in the alpha emitter market is the growing focus on developing TAT drugs to expand cancer treatment options. Several pharmaceutical companies are conducting clinical trials to evaluate TAT drugs for treating cancers like lymphoma, glioma, neuroendocrine tumors, and prostate cancer. For instance, Actinium Pharmaceuticals is evaluating Actimab-A for acute myeloid leukemia, Bayer is testing Xofigo for prostate cancer, and Telix Pharmaceuticals is developing Illuccix for prostate cancer imaging. Additionally, companies are trying to make TAT treatment more accessible by developing scalable and economical production methods for alpha-emitting isotopes. For example, NIOWAVe is commercializing a technology for producing no-carrier-added actinium-225 at reduced costs. Overall, upcoming clinical trial results and regulatory approvals are expected to enhance adoption and drive the alpha emitter market growth over the forecast period.
The global Alpha Emitter Market Share is estimated to be valued at US$ 1,331.0 Mn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Porter’s Analysis
Threat of new entrants: New entrants face high initial costs for establishing manufacturing facilities and obtaining relevant certifications and regulatory approvals. Require highly specialized expertise.
Bargaining power of buyers: Individual buyers have low bargaining power given limited product availability. However, larger medical organizations can negotiate on price and contracts.
Bargaining power of suppliers: Key raw material suppliers such as uranium suppliers and isotope producers have moderate bargaining power given the specialized nature of inputs.
Threat of new substitutes: Potential substitutes include alternative cancer therapies such as chemotherapy, immunotherapy and targeted drug therapy. However, alpha emitters provide targeted treatment with fewer side effects.
Competitive rivalry: Intense competition among major players to gain higher market share. Companies focus on expanding product portfolios and production capacities.
Key Takeaways
The global Alpha Emitter Market is expected to witness high growth, exhibiting a CAGR of 10.% over the forecast period, due to increasing prevalence of cancer globally. The market size for 2023 is estimated at US$ 1,331.0 Mn.
Regional analysis: North America dominated the global market in 2023 and is expected to maintain its position throughout the forecast period. This is attributed to the presence of major players and better healthcare infrastructure in the region. Asia Pacific is expected to exhibit the fastest growth over the coming years led by growing healthcare expenditure and increasing cancer burden in the region.
Key players: Key players operating in the Alpha Emitter Market are Actinium Pharmaceutical Inc., Alpha Tau Medical Ltd, Bayer AG, Bracco, Cardinal Health, Eckert & Ziegle, Fusion Pharmaceuticals, IBA Worldwide, NorthStar Medical Radioisotopes (NMR), Orano Group, Viewpoint Molecular Targeting, RadioMedix, Telix Pharmaceuticals Limited., TerraPower, LLC, NIOWAVE Inc. and IONETIX Corporation. These players are focusing on new product developments and geographical expansions to gain higher revenue shares.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it