Global Radiopharmaceuticals Market, By Product Type (Diagnostic Nuclear Medicine (SPECT Radiopharmaceuticals and PET Radiopharmaceuticals) and Therapeutic Nuclear Medicine), By Application (Oncology, Cardiology, Neurology, Endocrinology, and Others), By End User (Hospitals, Specialty Clinics, and Diagnostic Centers), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) Trend Analysis, Competitive Market Share & Forecast, 2020-2027

Published:
April 2021
Report Code:
bwc20324
Available Format:
PDF PDF Icon
Pages:
178

radiopharmaceuticals market rd

Global Radiopharmaceuticals Market Size - Industry Trends & Forecast Report 2027


The global radiopharmaceuticals market was worth USD 4.31 Billion in 2020 and is further projected to reach USD 6.43 Billion by 2027, at a CAGR of 6.0% during 2021-2027 (forecast period). The growth of the market is aided by an increase in cancer cases and the increased use of medical imaging as a diagnostic tool. Other factors contributing to the market's continued growth include improved R&D activities, especially in developing economies, and the advancement of radiopharmaceutical applications such as thyroid, oncology, and bone pain palliation

Source: BlueWeave Consulting

Global Radiopharmaceuticals Market Overview:

Radiopharmaceuticals are pharmaceutical formulations that include radioactive isotopes used in diagnosis and therapeutics. They include a radioactive agent used to treat cancer, as well as heart and neurological conditions. Nowadays, medical practitioners are using more convenient therapeutic radiopharmaceutical methods in place of traditional chemotherapy for oncology and cancer treatment, which is unlocking new avenues in the radiopharmaceuticals market. Moreover, it helps physicians during diagnosis and works as a suitable and safer substitute for patients compared to X-Rays and other external radiation imaging devices.

 

 

Global Radiopharmaceuticals Market Forecast and Trends

Growth Drivers

High demand for early diagnosis in the event of cancer and cardiovascular chronic diseases

High demand for single-photon emission computerized tomography (SPECT) and Positron emission tomography (PET) scans to diagnose diseases like cancer and other chronic disorders are contributing to the Radiopharmaceuticals Market. A sharp rise in cancer incidence and increased use of medical imaging as a diagnostics procedure are driving the growth of the market. Moreover, patients nowadays are becoming more aware of the accuracy of their diagnoses, which in turn is driving the market growth. Additionally, rising molecular imaging applications are a major contributor to the global radiopharmaceuticals market's growth.

 

Convenience of treatment

Owing to the ease of the procedure, which requires minimally invasive procedures, patients nowadays prefer radiopharmaceuticals over chemotherapy. The increasing number of cardiac patients and the adoption of clear imaging techniques, with the help of investigative equipment such as PET and SPECT, are the factors that are driving the global radiopharmaceuticals industry. For oncology and cancer therapy, these are more convenient and suitable therapeutic radiopharmaceuticals. It not only assists doctors in diagnosis but is also a more convenient and safer choice for patients as compared to X-Rays and other external imaging instruments.

 

Restraints

 

High cost and Regulatory requirements

Some of the factors restricting the market's growth are supply shortages, logistical difficulties, and a lack of qualified clinical professionals. Furthermore, the high cost of developing radiopharmaceuticals, as well as strict regulatory requirements, restrict the market's growth. Radiopharmaceuticals face additional scrutiny and undergo unique regulatory and sanction pathways. Sometimes, extensive testing may also put investigators under a lot of financial strain. Furthermore, reimbursement causes issues for the manufacturer, and high capital investment hampers the market growth.

 

Impact of COVID-19 in the industry

Almost every sector has been impacted by the raging coronavirus-induced pandemic. This has also had a negative effect on the development, production, and supply of nuclear medicine, as well as the growth of the radiopharmaceuticals industry. The supply chain for radiopharmaceuticals and diagnostic kits has also been disrupted as a result of the pandemic. Moreover, due to suppliers’ cost, and transportation issues, nuclear medicine manufacturers have been facing problems in obtaining cold kits used for simplifying radiopharmaceutical production.

 

 

Global Radiopharmaceuticals Market: By Product Type

Based on type, the global radiopharmaceuticals market is categorized into Diagnostic Nuclear Medicine and Therapeutic Nuclear Medicine. The Diagnostic Nuclear Medicine segment will be the fastest-growing segment during the forecast period. The Diagnostic Nuclear Medicine is subdivided into single-photon emission computerized tomography (SPECT) and Positron emission tomography (PET) Radiopharmaceuticals. Between these, the SPECT segment is expected to grip the maximum share during the predicted period owing to its wide availability and low cost.

 

Global Radiopharmaceuticals Market: By Application

Based on  application, the global radiopharmaceuticals market is categorized into Oncology, Cardiology, Neurology, Endocrinology, and others. Out of these, the oncology segment is projected as the fast-growing section due to the growing prevalence of cancer crosswise different age groups. Also, PET procedure, is increasingly being accepted for cancer diagnosis due to high imaging capabilities, which is contributing in the growth of oncology section. The oncology segment has donated more than half of the market share in the overall market for radiopharmaceuticals.

 

Global Radiopharmaceuticals Market: By End Users

Based on end-user, global radiopharmaceuticals market is categorized into Hospitals, Specialty Clinics, and Diagnostic Centers. The Hospital segment is likely to dominate as the fast-growing segment during the forecasted period. It is mainly due to the rise in the adoption of various imaging technologies that include PET scan or MRI Scan and the growing occurrence of qualified medical practitioners in the radiology department throughout the globe. However, the rising number of diagnostic centers, especially in developed countries such as the U.S., is expected to hasten the development of radiopharmaceuticals for the diagnostic centers market in the future.

 

Global Radiopharmaceuticals Market – Regional Insights

The Global Radiopharmaceuticals Market is categorized into North America, Latin America, Europe, Asia Pacific, the Middle-East, and Africa.  [WU4] North America is predicted to hold the major radiopharmaceuticals market share. The significant market share can be attributed to the advancement of innovative technologies in the region for manufacturing radioisotopes. Additionally, government support and company initiatives are also contributing the market growth. The Asia-Pacific radiopharmaceuticals market is also poised to grow at the fastest rate during the forecast period due to an increase in the demand for PET and SPECT devices induced by increased patient awareness levels.

 

Recent Developments

In April 2021, Cardinal Health, an American multinational health care services organization, launched NavistaTM TS to assist oncology practices in improving patient care, lowering costs, and achieving success in value-based care.

 

In June 2020, Nihon Medi-Physics and Global Medical Solutions a leading-edge manufacturer and distributor of radiopharmaceuticals, diagnostic imaging products, equipment, devices, and services, announced a strategic partnership in Nuclear Medicine Markets in Asia and Oceania.

Competitive Landscape

Key players in the global radiopharmaceuticals 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, DuChemBio, Inc., and other key manufacturers. A few notable successes in the targeted radiology therapeutic space are changing the dynamic, causing a new influx of investor capital into these innovations as well as increased merger and acquisition activity, which has resulted in significant value creation for investors.

 

 

Scope

Attribute

Details

Years Considered

Historical data – 2016-2019

Base Year – 2019

Forecast – 2020 – 2027

Facts Covered

Revenue in USD Billion

Market Coverage

U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, Argentina, AUAE, South Africa, Saudi Arabia

Product/Service Segmentation

By Product Type, By Application, By End User, By Region

Key Players

Key players for global radiopharmaceuticals 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. and other key manufacturers.

           

 

·         By Product Type

§  Diagnostic Nuclear Medicine

o    SPECT Radiopharmaceuticals

o    PET Radiopharmaceuticals)

§  Therapeutic Nuclear Medicine

·         By Application

§  Oncology

§  Cardiology

§  Neurology

§  Endocrinology

§  Others

·         By End User

§  Hospitals

§  Specialty Clinics

§  Diagnostic Centers

·         By Region

§  North America

§  Latin America

§  Europe

§  Asia Pacific

§  The Middle East

§  Africa

 

FAQs

1.    What is the current size of the global radiopharmaceuticals market?

Answer: Global radiopharmaceuticals market reached USD 4.31 Billion in 2020.

2.    What are the major factors driving the growth of global radiopharmaceuticals market?

Answer: Increasing awareness among people for the potential impact of early diagnosis to manage the treatment of chronic disorders is driving the market growth. An rise in cancer cases and the use of medical imaging as a diagnostic process are also contributing to the market's growth.

 

3. Who are the key players in the global radiopharmaceuticals market?

Answer: The key players in the global radiopharmaceuticals 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. and other key manufacturers.

4. Which type accounted for the largest share in the global radiopharmaceuticals market?

Answer: Based on type, the diagnostic Nuclear Medicine segment accounted for the largest share in the global radiopharmaceuticals market.

5. Which end-users segment accounted for the largest share in global radiopharmaceuticals market?

Answer: The hospital sector is growing at a higher rate in the global radiopharmaceuticals market.

 




COVID-19

We've been tracking the direct impact of COVID-19 on this market, and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Contact our sales team for more details at

Contact Now

WHY CHOOSE US

  • 24/7 Research support

    Get your queries resolved from an industry expert. Request for a free product review before report purchase.

  • Coustom Research Service

    Ask the Analyst to customize an exclusive study to serve your research needs.

  • Quality & Accuracy

    offers best quality reports based on various authentic and accurate data findings.

  • Data Visualization

    As the business world is changing dynamically every day. We need to stay pin point in relation to data management and optimum data utilization

  • Information security

    We never share your personal and confidential information. Your personal information is safe and secure with us.