Global Radiopharmaceuticals Market
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 Date: April 2021
- Report ID: BWC20324
- Available Format: PDF
- Page: 400
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
Global Radiopharmaceuticals Market Size - Industry Trends & Forecast Report 2027
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
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.
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. 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.
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.
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.
Scope of Report:
Historical data – 2016-2019
Base Year – 2019
Forecast – 2020 – 2027
Revenue in USD Billion
U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, Argentina, AUAE, South Africa, Saudi Arabia
By Product Type, By Application, By End User, By Region
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
- Therapeutic Nuclear Medicine
By End User
1. Research Framework
1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation
2. Research Methodology
2.1. Qualitative Research
2.1.1. Primary & Secondary Research
2.2. Quantitative Research
2.3. Market Breakdown & Data Triangulation
2.3.1. Secondary Research
2.3.2. Primary Research
2.4. Breakdown of Primary Research Respondents, By Region
2.5. Assumption & Limitation
3. Executive Summary
4. Global Radiopharmaceuticals Market Insights
4.1. DROC Analysis
4.1.1. Growth Drivers
4.2. Recent Development
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Intensity of Rivalry
4.4 Value Chain Analysis
4.5 Strategic Outlook
4.6 Regulatory Framework
4.7 Key Strategic Developments
5. Global Pharmaceuticals Market Overview
5.1. Market Size & Forecast by Value, 2020-2027
5.1.1. By Value (USD Million)
5.2. Market Share & Forecast
5.2.1. By Product Type
126.96.36.199. Diagnostic Nuclear Medicine
188.8.131.52.1. SPECT Radiopharmaceuticals
184.108.40.206.2. PET Radiopharmaceuticals)
220.127.116.11. Therapeutic Nuclear Medicine
5.2.2. By Application
5.2.3. By End-User
18.104.22.168. Specialty Clinics
22.214.171.124. Diagnostic Centers
5.2.4. By Region
126.96.36.199. North America
188.8.131.52. Latin America
184.108.40.206. Asia Pacific
220.127.116.11. Middle East
6. North America Radiopharmaceuticals Market
6.1. Market Size & Forecast by Value, 2020-2027
6.1.1. By Value (USD Million)
6.2. Market Share & Forecast
6.2.1. By Product Type
6.2.2. By Application
6.2.3. By End-User
6.2.4. By Country
18.104.22.168. United States
7. Europe Radiopharmaceuticals Market
7.1. Market Size & Forecast by Value, 2020-2027
7.1.1. By Value (USD Million)
7.1.2. By Volume (Million Unit)
7.2. Market Share & Forecast
7.2.1. By Product Type
7.2.2. By Application
7.2.3. By End-User
7.2.4. By Country
22.214.171.124. United Kingdom
126.96.36.199. Rest of Europe
8. Asia Pacific Radiopharmaceuticals Market
8.1. Market Size & Forecast by Value, 2020-2027
8.1.1. By Value (USD Million)
8.1.2. By Volume (Million Unit)
8.2. Market Share & Forecast
8.2.1. By Product Type
8.2.2. By Application
8.2.3. By End-User
8.2.4. By Country
188.8.131.52. Rest of Asia Pacific
9. Latin America radiopharmaceuticals Market
9.1. Market Size & Forecast by Value, 2020-2027
9.1.1. By Value (USD Million)
9.2. Market Share & Forecast
9.2.1. By Product Type
9.2.2. By Application
9.2.3. By End User
9.2.4. By Country
184.108.40.206. Rest of Latin America
10. Middle East & Africa Radiopharmaceuticals Market
10.1. Market Size & Forecast by Value, 2020-2027
10.1.1. By Value (USD Million)
10.1.2. By Volume (Million Unit)
10.2. Market Share & Forecast
10.2.1. By Product Type
10.2.2. By Application
10.2.3. By End-User
10.2.4. By Country
10.2.4.1. Saudi Arabia
10.2.4.4. South Africa
10.2.4.5. Rest of Middle East & Africa
11. Competitive Landscape
11.1. List of Key Players and Their Offerings
11.2. Market/Ranking Share Analysis
11.3. Competitive Benchmarking, By Operating Parameters
12. COVID-19 Impact
12.1. Future Impact
12.2. Key Developments during COVID-19
12.3. Impact on Market
12.3.1. Different Scenario
12.3.2. Impact on Companies
12.4. Regional Impact
13. Key Strategic Recommendations
14. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook)
14.1. Progenics Pharmaceuticals, Inc.
14.2. NorthStar Medical Radioisotopes LLC
14.3. Curium Pharma
14.4. Life Molecular Imaging
14.5. Lantheus Holdings, Inc.
14.6. Cardinal Health, Inc.
14.7. General Electric Company
14.8. Bracco S.p.A.
14.9. Bayer AG
14.10. Advanced Accelerator Applications, S.A.
14.11. Eli Lilly and Company
14.12. Nihon Medi-Physics. Co. Ltd.
14.13. FUJIFILM Toyama Chemical Co., Ltd.
14.14. Jubilant Life Sciences Ltd.
14.15. Samyoung Unitech
14.16. DuChemBio, Inc.
14.17. Other Prominent Players
By Product Type
1. Diagnostic Nuclear Medicine
- SPECT Radiopharmaceuticals
- PET Radiopharmaceuticals
2. Therapeutic Nuclear Medicine
By End User
- Specialty Clinics
- Diagnostic Centers
- North America
- Latin America
- Asia Pacific
- Middle East
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