Market Overview:
Radiopharmaceuticals are radioactive pharmaceuticals used with radioactive material in medical imaging and radiation therapy. These agents are unique tracers that, when administered, provide clinicians with diagnostic information about normal and abnormal areas and functions of both therapeutic and diagnostic targets. Their use in nuclear medicine allows clinicians to see how bodies function and treat diseases.
The global 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 key trends:
One of the key trend in the radiopharmaceuticals market is the increasing incidence and prevalence of cancer and cardiac diseases. Nuclear medicine diagnostic imaging is a significant component in the work-up of various cancers and plays a pivotal role in staging, detection of recurrence, monitoring response to therapy, and guiding treatment decisions for certain cancers. According to the American Cancer Society, there were over 1.8 million new cancer cases diagnosed and 606,520 cancer deaths in the United States in 2022 alone. Furthermore, heart diseases are the leading cause of death across the world. As per the World Health Organization (WHO), cardiovascular diseases take an estimated 17.9 million lives each year. The increasing burden of cancer and cardiac diseases will significantly drive the demand for radiopharmaceuticals.
SWOT Analysis
Strength: Radiopharmaceuticals in Nuclear Medicine has strong growth prospects due to rising incidences of diseases like cancer and cardiac disease. It offers minimally invasive diagnosis and treatment with high precision.
Weakness: Requirement of expensive radioactive isotopes and specialized equipment is a challenge. High set up and operational costs can limit its access.
Opportunity: Increasing healthcare expenditure in developing regions provides growth opportunities. Technological advancements are expanding applications of radiotracers.
Threats: Strict regulations associated with radioactive materials handling and disposal act as a bottleneck. Short half-life of isotopes necessitates on-site production facilities.
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.
Regional analysis: North America dominates the market owing to technological advancements and availability of isotopes. Asia Pacific shows fastest growth due to rising healthcare expenditure, large patient population and increasing awareness.
Key players operating in the Radiopharmaceuticals in Nuclear Medicine 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it