Radiopharmaceuticals Market
Number of pages: 100 | Report Format: PDF | Published date: September 30, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market size value in 2021 |
US$ 5.2 billion |
|
Revenue forecast in 2030 |
US$ 10.83 billion |
|
Growth Rate |
CAGR of 9% from 2022 to 2030 |
|
Base year for estimation |
2021 |
|
Forecast period |
2022-2030 |
|
Segments covered |
Type, Application, End User, and Region. |
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Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
According to the deep-dive market assessment study conducted by Growth Plus Reports, the global radiopharmaceuticals market was valued at US$ 5.2 billion in 2021 and is expected to register a revenue CAGR of 9% to reach US$ 10.83 billion by 2030.
Market Fundamentals
Radiopharmaceuticals are a group of drugs that contains small amounts of radioactive material (radioisotopes) combined with a carrier molecule and can target specific organs, tissues, or cells in the human body. Radiopharmaceuticals are agents used majorly in the diagnosis and treatment of certain diseases including cancer, CVD, and neurological disorders.
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Market Dynamics
The rising prevalence of chronic diseases such as cancer, cardiovascular disease (CVD), and neurological disorders is increasing the demand for early disease detection, rising the growth of the global radiopharmaceuticals market revenue. The adoption of advanced technologies is enabling the use of radiopharmaceuticals more efficiently in the diagnosis and treatment of different diseases.
Moreover, the increased investments in the research and development activities of radiopharmaceutical and the presence of large pipeline products are also driving the market revenue growth. Furthermore, the increasing awareness regarding the early detection of chronic diseases and the rise in demand for non-invasive diagnosis procedures, and the launch of new products are some of the factors driving the revenue growth of the global radiopharmaceuticals market. However, the high cost of nuclear imaging devices and the short half-life of radiopharmaceuticals are the main restricting factors of the global market revenue growth. Moreover, the lack of infrastructure, limited reimbursement policy, and inefficient healthcare infrastructure in developing countries are also expected to restrain market revenue growth to some extent.
Market Ecosystem
The global radiopharmaceuticals market is analyzed from four perspectives: type, application, end-user, and region.
Radiopharmaceuticals Market by Type
Based on type, the global radiopharmaceuticals market is segmented into diagnostic radiopharmaceuticals and therapeutic radiopharmaceuticals.
The diagnostic radiopharmaceuticals segment accounts for the largest revenue share in the market. The diagnostic radiopharmaceuticals segment is further sub-segmented into PET radiopharmaceuticals (FDG-PET/18F, 68Ga, 68Cu, 11C, and Others) and SPECT radiopharmaceuticals (Technetium-99m, Iodine-123, Xenon-133, Thallium-201, and others). The large revenue share of the diagnostic radiopharmaceuticals segment is attributed to the rise in awareness regarding the early diagnosis of chronic diseases. Moreover, the adoption of technological advancements in the field of nuclear imaging and the introduction of hybrid devices that are more efficient compared to standalone devices is increasing the demand for radiopharmaceuticals.
Radiopharmaceuticals Market by Application
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Based on application, the global radiopharmaceuticals market is segmented into oncology, cardiology, neurology, and other applications.
The oncology segment accounts for the largest revenue share in the global radiopharmaceuticals market. The rising prevalence of cancer and increased awareness regarding the early diagnosis and treatment of cancer is playing a pivotal role in the revenue growth of this segment.
Moreover, radiopharmaceuticals have lesser side effects as compared to conventional radiation therapy, they can be used to treat both isolated tumors and metastatic cancer that has spread throughout the body thus increasing the demand for radiopharmaceuticals in oncology. The rise in the use of radiopharmaceuticals in precision medicines for diagnosis and treatments such as targeted therapy and immunotherapy, the rise in R&D activities, and the presence of a large product pipeline in oncology are expected to boost the segment’s revenue growth.
Radiopharmaceuticals Market by End User
Based on end users, the global radiopharmaceuticals market is segmented into hospitals, imaging centers, academic & research centers, and others.
The hospital segment accounts for the largest revenue share of the global radiopharmaceutical market. There is a rise in the number of nuclear imaging procedures in hospitals due to the presence of skilled healthcare professionals as they can handle sensitive radiopharmaceutical more efficiently. Moreover, the price of radiopharmaceutical equipment and its maintenance is high, and thus can be afforded by a lesser number of end users. The presence of good reimbursement policies in hospitals is also expected to boost the revenue growth of this segment.
Radiopharmaceuticals Market by Region
Based on region, the global radiopharmaceuticals market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America accounts for the largest revenue share in the global radiopharmaceuticals market, followed by Europe and Asia Pacific. The large revenue share of this region can be attributed to the increasing adoption of technologically advanced and effective therapeutic radiopharmaceuticals in combination with the quick uptake of efficient nuclear imaging technologies.
Moreover, the rising prevalence of chronic diseases such as cancer, cardiovascular diseases, and neurological disorders, the presence of top market players, and initiatives by the public and private organizations in the region to create awareness regarding early diagnosis of cancer are also expected to drive revenue growth.
Competitive Landscape
The prominent players operating in the global radiopharmaceuticals market are:
Strategic Developments
North America accounts for the largest revenue share in the global radiopharmaceuticals market.
The global radiopharmaceuticals market is expected to register a revenue CAGR of 9% during the forecast period.
The rise in awareness regarding the early diagnosis and treatment of diseases and the use of radiopharmaceuticals in precision medicine are some of the key factors driving revenue growth in the global radiopharmaceutical market.
The diagnostic radiopharmaceuticals segment leads the global radiopharmaceuticals market.
*Insights on financial performance is subject to availability of information in public domain
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