Radiopharmaceutical Theranostics Market
Number of pages: 100 | Report Format: PDF | Published date: April 03, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 1.93 billion |
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Revenue Forecast in 2031 |
US$ 6.08 billion |
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CAGR |
13.6% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Radioisotope, Source, Application, Indication, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global radiopharmaceutical theranostics market was valued at US$ 1.93 billion in 2022 and is expected to register a revenue CAGR of 13.6% to reach US$ 6.08 billion by 2031.
Radiopharmaceutical Theranostics Market Fundamentals
Radiopharmaceuticals are used for therapeutic as well as diagnostic uses in theranostics (i.e., therapy and diagnostics) by targeting a particular tumor receptor. To create radiopharmaceuticals, biologically important compounds, such as receptor ligands or drugs, are labeled with radionuclides. For patient diagnosis, therapy, and personalized care, radioligand theranostics (R.T.) in oncology employs cancer-type specific biomarkers and molecular imaging (MI), such as positron emission tomography (PET), single-photon emission computed tomography (SPECT), and planar scintigraphy. Due to their capacity to emit radiation that helps in correctly visualizing tissues or infected cells in the human body with minimal toxicity, radiopharmaceuticals have become increasingly important in the management and treatment of cancer over the past 20 years. Numerous radionuclides have been discovered or created recently that have specific biological activity against various kinds of cancer, including those of the lung, brain, breast, bone, etc.
Theranostic systems that are effective at addressing tumor cells are created by combining radiopharmaceuticals with chemotherapeutics, targeting antibodies or peptides. The advantages of the theranostic systems include convenient targeted therapy, minimal tissue toxicity, better diagnosis and treatment at the same time, and enhanced biological activities like higher bio-distribution and cellular uptake. Therefore, the theranostics method effectively diagnoses and treats a specific disease with higher accuracy in therapeutic response prediction and molecule bio-distribution.
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Radiopharmaceutical Theranostics Market Dynamics
The prevalence of cancer has been rising at an alarming pace, making it one of the top causes of death worldwide. As a result, healthcare experts are concentrating on creating efficient screening and treatment options to determine prevalence levels. The World Health Organization (WHO) estimates that cancer caused 9.6 million deaths in 2018, making it the second top cause of death worldwide. Aging populations, changing lifestyles, and environmental variables are just a few of the causes of the rise in cancer incidence. To lessen the impact of cancer, it is crucial to give priority to early detection and cancer prevention measures. Increased cancer incidence sparked the creation of novel cancer therapies, such as radiopharmaceuticals. Radiopharmaceuticals contain radioactive isotopes, which release radiation as they decompose. With molecular imaging procedures, these substances can be used to locate and detect cancer cells. The same radiopharmaceutical can be used to administer targeted radiation therapy directly to the cancer cells after cancer has been identified, killing them without causing damage to nearby healthy tissue.
Comparing such targeted theranostic approach to conventional chemotherapy or radiation therapy, it has been found to be both more beneficial and less harmful. Further investigation is being conducted into the possibility of enhancing the effectiveness of radiopharmaceuticals by combining them with other cancer treatments.
In order to treat cancer that has expanded to several different parts of the body, radiopharmaceutical theranostics is particularly helpful because the targeted radiation may be able to reach cancer cells wherever they may be. It works well in the treatment of cancer that has resisted conventional chemotherapy or radiotherapy. Theranostics using radiopharmaceuticals are being developed in part due to the increase in cancer prevalence as well as developments in molecular biology and imaging technology. More precise and potent cancer treatments, such as radiopharmaceutical theranostics, have become possible as the knowledge of cancer biology and the mechanisms underlying cancer progression has increased. Moreover, the global demand for advanced diagnostic products has grown as a result of an increasing number of programs being launched by different organizations to enable early tumor screening. During the study period, industry development is anticipated to be boosted by partnerships and collaborations launched by several government and non-government organizations to increase cervical cancer screening. Additionally, a number of nations have taken action to boost screening for early screening and assist the current patients.
However, high cost and stringent government regulations for product approval are the main factors hindering the growth of the global radiopharmaceutical theranostics market.
Radiopharmaceutical Theranostics Market Ecosystem
The global radiopharmaceutical theranostics market is analyzed from the following perspectives: radioisotope, source, application, indication, end user, and region.
Radiopharmaceutical Theranostics Market by Radioisotope
Based on the radioisotopes, the global radiopharmaceutical theranostics market is segmented into technetium-99, gallium-68, Iodine-131, radium-223, fluorine-18, yttrium-90, lutetium-177, copper-67 & 64, samarium-153, and others.
The lutetium-177 (Lu-177) segment accounted for the largest revenue share of the global radiopharmaceutical theranostics market in 2022. An unstable form of the element lutetium is lutetium-177. It is a radionuclide that releases beta particles when radioactive disintegration occurs. The half-life of Lu-177 is 6.7 days, which is both long enough for medical use and brief enough to minimize radiation exposure to patients. Lu-177 is frequently used in targeted radionuclide therapy to treat cancer because it can be coupled with a tumor-targeting molecule to send radiation to cancer cells only, sparing healthy tissue. Because of their close proximity to the target, the beta particles released during disintegration are efficient at eliminating cancer cells.
Lutetium-177, as a therapeutic radiopharmaceutical, has shown promise in the therapy of several cancer types, including neuroendocrine tumors and prostate cancer. Demand on the market is driven by high efficacy, low toxicity, and convenient manufacturing. In the upcoming years, the radiopharmaceutical theranostics market is anticipated to be dominated by the lutetium-177 segment due to a rise in demand and adoption. Also, the growth is primarily caused by the rising cancer incidence and the greater understanding of theranostics advantages. Additionally, improved lutetium-177-based radiopharmaceuticals for targeted cancer therapy have been created due to technological and scientific developments.
Radiopharmaceutical Theranostics Market by Source
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Based on the sources, the global radiopharmaceutical theranostics market is segmented into nuclear reactors and cyclotrons.
The cyclotrons segment accounted for the largest revenue share of the global radiopharmaceutical theranostics market in 2022. Radioisotopes used in PET imaging are frequently created in cyclotrons. These radioisotopes must be created on-site at the hospital where they will be used because of their brief half-lives. Therefore, in hospitals and diagnostic centers, cyclotrons are often used. In recent years, there has been a sharp rise in the use of radiopharmaceuticals made in cyclotrons as PET imaging has grown in significance for detecting and staging various cancers. The cyclotrons segment growth is predicted to grow as PET imaging chemicals become more in demand.
Radiopharmaceuticals made in cyclotrons have demonstrated efficacy in early cancer detection, resulting in a greater success rate for treatment. As a consequence, cyclotron use for the creation of radiopharmaceuticals has increased. The rising demand for PET analysis in radiopharmaceuticals and the incorporation of computed tomography (C.T.) into PET propel segment revenue growth. Around 40 million nuclear medicine operations are carried out annually, and demand for radioisotopes is rising by up to 5% annually, according to the World Nuclear Association's April 2022 update. 90% of the procedures involving radioisotopes in medicine occur in the more than 10,000 hospitals used globally.
Radiopharmaceutical Theranostics Market by Application
Based on the applications, the global radiopharmaceutical theranostics market is segmented into targeted therapeutics and companion diagnostics.
The targeted therapeutics segment accounted for the largest revenue share of the global radiopharmaceutical theranostics market in 2022. Using drugs that specifically target cancer cells while sparing healthy cells in the body, targeted therapeutics is a type of cancer therapy. It is frequently used with conventional radiation therapy, chemotherapy, or staging procedures. Cancer treatment is the main goal of targeted medicines. The rising incidence of various cancer types globally, rising government initiatives to raise cancer awareness, significant research and development efforts from key players, and rising approvals for targeted cancer therapies are the primary drivers of the targeted cancer therapy segment revenue growth. Additionally, the application for targeted cancer therapy is expanding due to the rising demand for personalized medicine and the expanding use of cutting-edge technologies in cancer care. Targeted therapies are becoming more popular among patients and healthcare workers due to their superior efficacy and specificity compared to conventional chemotherapy.
Radiopharmaceutical Theranostics Market by Indication
Based on the indications, the global radiopharmaceutical theranostics market is segmented into oncology, cardiology, neurology, and others.
Oncology segment accounts for the largest revenue share of the global radiopharmaceutical theranostics market in 2022. One of the main causes of morbidity and mortality in the globe continues to be cancer. Incidence, morbidity, and mortality from cancer will be disproportionately high in emerging nations. This is part of a broader epidemiological transition in which chronic, non-communicable disease burdens formerly confined to industrialized nations spread to less developed nations. Cancers already plague the developing world, some linked to infectious illnesses and the mounting risks of diet, tobacco, alcohol, lack of exercise, industrial exposures, and other factors. On the other hand, the severity of multiple side effects brought on by conventional cancer treatments influences the patient to opt for alternative therapies such as radiopharmaceutical theranostics. This overall contributes to the segment's revenue growth.
Radiopharmaceutical Theranostics Market by End User
Based on the end-users, the global radiopharmaceutical theranostics market is segmented into hospitals, diagnostic imaging centers, academic and research institutes, and others.
The hospital's segment accounted for the largest revenue share of the global radiopharmaceutical theranostics market in 2022. As hospitals receive more financial support to invest in cutting-edge, front-line healthcare, the segment has expected the lead. Hospitals are the best location to receive therapy because they have all the medications required to give patients comprehensive care. The category is expanding as regenerative therapies progress technologically and healthcare reimbursements become more widely accessible in many developed nations. The diagnosis process is made easier by the presence of a group of doctors, surgeons, and other experts on staff. Enough finances enable hospitals to purchase reasonably priced diagnostic equipment and cutting-edge, recently developed diagnosis choices.
Consequently, patients can rely on hospitals to treat them regardless of their ability to pay. Ensuring that patients receive prompt and accurate diagnoses raises the standard of care and leads to improved health outcomes. Furthermore, well-funded hospitals are better able to recruit and keep top medical specialists, raising the caliber of treatment they can offer.
Radiopharmaceutical Theranostics Market by Region
Based on the region, the global radiopharmaceutical theranostics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for the largest revenue share of the global radiopharmaceutical theranostics market. Due to the presence of a strong regulatory environment that supports the development of radiopharmaceutical theranostics, significant industry players, and prestigious universities that support research activities in the region, North America is expected to account for the largest revenue share of the market. The main drivers of the market revenue growth are the rising incidence of various cancer types in the area, the increased use of targeted cancer treatment, rising cancer awareness, and rising product launches.
Competitive Landscape of the Radiopharmaceutical Theranostics Market
Notable market participants operating in the global radiopharmaceutical theranostics market include:
Strategic Development
Radiopharmaceutical theranostics is a medical treatment strategy that employs radiopharmaceuticals to diagnose and treat various diseases, including cancer. Radiopharmaceuticals are radioactive compounds that can target and destroy cancer cells.
The targeted therapeutics segment accounts for the largest revenue share of the global radiopharmaceutical theranostics market.
The high cost and complications are restraining the growth of the global radiopharmaceutical theranostics market.
Key companies operating the global radiopharmaceutical theranostics market are Bayer AG, G.E. Health Care Technologies Inc, Curium, Lantheus Medical Imaging, Inc., Telix, Pharmaceuticals Ltd., and Cardinal Health Inc.
The global radiopharmaceutical theranostics market is expected to grow at a revenue CAGR of 13.6% during the forecast period from 2023 to 2031.
*Insights on financial performance are subject to the availability of information in the public domain