Oncology radiopharmaceuticals are radioactive medications that help detect or treat cancer and associated tumors. These target areas of the body where cancer is present and utilizes radiation to produce images or treat the disease. They emit radiation that is utilized in both diagnostic and therapeutic procedures. Radiopharmaceuticals used in diagnosing cancer include fluorine-18, which aids in positron emission tomography (PET) scans that help detect tumors. Therapeutic radiopharmaceuticals, on the other hand, deliver radiation directly to the cancer cells or tumor sites after being injected or swallowed. This helps in selectively targeting sites of cancer manifestation with minimal effects on surrounding healthy tissues. The increasing prevalence of cancer, approval of new radiotracers, and growing access to treatments are expected to drive the demand for oncology radiopharmaceuticals.
The Global Oncology Radiopharmaceuticals Market is estimated to be valued at US$ 8468.36 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Oncology Radiopharmaceuticals market are Accord Healthcare Inc., Viatris Inc., Sandoz Inc., Sun Pharmaceutical Industries Inc., Vintage Pharmaceuticals Inc., Zydus Pharmaceuticals USA Inc., Watson laboratories Inc., Torrent Pharmaceuticals Ltd., Dr Reddy’s Laboratories Ltd., Unichem Laboratories Ltd., Apotex Inc. and Intas Pharmaceuticals Ltd. These players are increasingly focusing on developing innovative radiotracers and therapeutics for improving cancer diagnostics and treatment outcomes.
The growing global prevalence of cancer and increasing demand for precision oncology is expected to drive the demand for oncology radiopharmaceuticals over the forecast period. According to the World Health Organization (WHO), cancer burden is projected to grow to 27.5 million new cancer cases and 16.3 million cancer deaths by 2040.
Oncology radiopharmaceutical market players are also focused on expanding their geographic footprint to maximize growth opportunities. Key companies are engaged in strategic acquisitions and partnerships with regional and local players to establish their presence across major markets including North America, Europe, Asia Pacific and Latin America. This is expected to significantly boost the accessibility of radiotracers and radiotherapy medications globally over the coming years.
Market key trends
Increased focus on personalized or precision medicine is a key trend in The Oncology Radiopharmaceuticals Market. Radiopharmaceutical-based molecular imaging and targeted alpha and beta radiation therapy are allowing clinicians to deliver customized cancer treatments tailored to individual patient’s genetic makeup and tumor characteristics. Radiotracers are being developed that can pinpoint specific tumor cell abnormalities and enable monitoring treatment response at molecular level. This is expected to further improve clinical outcomes. Technology advancements are also helping detect cancer earlier and aid surgeons in completely removing tumors, thus improving patient outcomes.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to high investment requirements and strict government regulations required for manufacturing and distribution of oncology radiopharmaceuticals.
Bargaining power of buyers: The bargaining power of buyers is moderate due to presence of large pharma companies controlling market supply and cost management. However rising healthcare costs provide opportunities for buyers.
Bargaining power of suppliers: The bargaining power of suppliers is low as key raw materials like isotope production facilities are owned by few major companies globally with regulatory barriers. This gives advantage to suppliers for cost negotiations.
Threat of new substitutes: The threat of new substitutes is low as oncology radiopharmaceuticals have distinct advantages over other cancer diagnostic agents with no close substitutes available.
Competitive rivalry: The competitive rivalry is high among major market players due to significant research and production investments made in novel radiotracers and imaging technologies.
Geographical Regions
North America dominates the oncology radiopharmaceuticals market in terms of value owing to presence of majority of key market players, favorable reimbursement policies, and advanced healthcare infrastructure for cancer diagnosis and treatment.
Asia Pacific region is expected to grow at the fastest rate during the forecast period attributed to rising healthcare expenditure, increasing cancer incidence, growing economy and expansion strategies by global market leaders in emerging countries.
Geographical Regions
North America dominates the oncology radiopharmaceuticals market in terms of value owing to presence of majority of key market players, favorable reimbursement policies, and advanced healthcare infrastructure for cancer diagnosis and treatment. The US accounts for the largest share due to high diagnostic scan volumes and availability of novel radiotracers.
Asia Pacific region is expected to grow at the fastest rate during the forecast period attributed to rising healthcare expenditure, increasing cancer incidence, growing economy and expansion strategies by global market leaders in emerging countries such as India and China. Factors such rising disposable income, healthcare reforms, increasing understanding about early cancer detection, and focus on quality care are expected to boost regional market growth through 2030.
