At 8.2% Global CAGR of Radiopharmaceutical Market Size and Share 2028 | Industry Analysis By Trends, Key Findings | Growth with USD 11.9 Bn: Forecast Report by Zion Market Research

NEW YORK, April 21, 2022 /PRNewswire/ -- As per Zion Market Research study, Radiopharmaceutical industry accrued ROI of approximately around US$ 5.8 billion in 2021 and is expected to gain income of almost US$ 11.9 billion in 2028.

Apparently, Radiopharmaceutical Market is set to register humungous gains of nearly 8.2% in time interval of 2022 to 2028. Moreover, expansion of radiopharmaceutical market over next six years is subject to humungous demand for nuclear drugs such as PET scans & SPECT scans for diagnosing ailments including cancer & other forms of chronic disorders during its preliminary phase. In addition to this, large-scale use of medical imaging techniques as a diagnostic method is enlarging scope of radiopharmaceutical industry surge. Furthermore, rise in diagnostic units in developed countries such as Canada, the U.S., Germany, and the UK will open new vistas of growth for radiopharmaceutical industry. Massive utility of 99m Tc radiopharmaceutical in neuroendocrine tumor imaging method as well as thyroid uptake pertechnetate will exalt industry landscape. Use of new technologies in nuclear imaging including PET and SPECT will enlarge market size. Nonetheless, massive costs incurred in producing radiopharmaceuticals in comparison to ROI can restrict growth of radiopharmaceutical industry.  

Key Industry Insights & Finding of the Radiopharmaceutical Market   Reports:

• As per the analysis shared by our research analyst, the Radiopharmaceutical Market is expected to grow annually at a CAGR of around 8.2% (2022-2028).
• Through the primary research, it was established that the Radiopharmaceutical Market was valued approximately USD 5.8 Billion in 2021 and is projected to reach to roughly USD 8.2 Billion by 2028.
• North America over forecasting years can be attributed to rise in occurrence of chronic disorders such as heart ailments and cancer in countries such as the U.S.

Zion Market Research published the latest report titled as "Radiopharmaceutical Market - By Radioisotope Type (Technetium-99, Fluorine-18, Iodine-131, And Leutetium-177), By Application (Oncology, Cardiology, Gastroenterology, Neuroendocrinology, Neurology, And Nephrology), By Source (Cyclotrons And Nuclear Reactors), And By End-User (Hospitals And Diagnostic Labs): Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends And Forecast, 2022 – 2028." into their research database.

Radiopharmaceutical Market : Overview

Radiopharmaceuticals are a class of radioactive substances that can be utilized for therapeutic purpose or diagnostic purpose. Moreover, radiopharmaceuticals find large-scale applications in breast cancer and neuroendocrine tumors. In addition to this, the product also finds myriad utility in nuclear medicine. However, administration of radiopharmaceuticals is systemic and they are projected to be restricted to particular tissues owing to its bio-molecular features. Additionally, radiopharmaceuticals actively emit radiation and this makes their storage difficult in comparison to non-radioactive pharmaceuticals. This has restricted use of radiopharmaceuticals.  

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• 2022 Updated Report Introduction, Overview, and In-depth industry analysis
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• Zion Market Research methodology

Industry Dynamics:

Radiopharmaceutical Market : Growth Dynamics

• Imaging techniques will embellish growth of radiopharmaceutical market

Rise in occurrence of ailments such as heart disorders, neurological ailments, and cancer will boost radiopharmaceutical market trends. Prominent surge in use of nuclear medicine in oncology has prompted demand for radiopharmaceuticals in recent years. In addition to this, launching of new technologies in nuclear imaging systems including PET and SPECT will prop up expansion of radiopharmaceutical industry. Nevertheless, huge costs of producing radiopharmaceuticals against ROI and strict laws governing radioactive emissions will put brakes on growth of radiopharmaceutical industry.

Furthermore, surge in research & development activities is projected to steer growth of radiopharmaceutical industry. Moreover, surge in patient awareness, need of precise diagnosis, and rise in use of molecular imaging techniques will embellish growth of radiopharmaceutical market. Use of monoclonal antibodies & radiolabeled peptides for identifying and treating malignant tumors will steer expansion of radiopharmaceuticals industry. Need for treating various kinds of diseases and massive use of targeted treatments such as radiopharmaceutical therapy will proliferate expansion of radiopharmaceutical market.

Radiopharmaceutical Market : Segmentation

• Oncology Segment To Expand Rapidly Over Forecasting Timeline

Swift elevation of oncology segment in next six years can be credited to rise in occurrence of cancer across various age-groups of population. In addition to this, rise in use of PET methods for diagnosing cancer will have huge impact on growth of oncology segment. 

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Breakthroughs in Radiopharmaceutical Market

• In March 2022, GE Healthcare declared first patient dosed in its phase III clinical experiments for PET radiopharmaceutical imaging agents. It is likely to carry out clinical trial for SPECT radiopharmaceutical imaging agent in next phase. The strategic move is aimed at diagnosing adult population for Parkinson syndrome along with enhancing patient care services. Reportedly, GE Healthcare is planning to augment its radiopharmaceutical portfolio through these two pipeline radiopharmaceuticals, one for PET and another for SPECT. 
• In March 2022, Novartis AG won approval of U.S. Food and Drug Administration for selling radiopharmaceutical for treating advanced stage of prostate cancer.
• In April 2022, Iran has unleashed new generation of radiopharmaceutical referred as LU-177. It is developed by Iranian scientists and is used for diagnosing as well as curing various kinds of cancerous tissues. Moreover, LU-177 has ability to kill cancer tumor tissues by linking to tumor receptors. The mechanism of LU-177 is expected to prevent metastatis through disruption of circulating blood near tumors.

Technetium-99 To Lead Radioisotope Type Segment By 2028

Expansion of technetium-99 segment over next six years can be credited to use of the radioisotope for morphological imaging of internal body parts such as kidneys, liver, and bones. Apart from this, easy access of this radioisotope at reduced prices is set to produce huge demand for radioisotope in near future.

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List of Key Players of Radiopharmaceutical Market  :

• Jubilant Pharmova
• Lantheus Holdings Inc.
• Mallinckrodt Pharmaceuticals
• Cardinal Health Inc.
• GE Healthcare
• Advanced Accelerator Applications
• The Bracco Group
• Eczacibasi-Monrol Nuclear Products
• Nordion Inc.
• Bayer AG
• IBA Molecular Imaging Private Limited
• Siemens Healthineers AG.

Key questions answered in this report:

• What are the growth rate forecast and market size for Radiopharmaceutical Market ?
• What are the key driving factors propelling the Radiopharmaceutical Market forward?
• What are the most important companies in the Radiopharmaceutical Market Industry?
• What segments does the Radiopharmaceutical Market cover?
• How can I receive a free copy of the Radiopharmaceutical Market sample report and company profiles?

Report Scope:

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Regional Dominance:

• North America To Make Notable Contributions Towards Regional Market Size By 2028

Expansion of radiopharmaceutical market in North America over forecasting years can be attributed to rise in occurrence of chronic disorders such as heart ailments and cancer in countries such as the U.S. In addition to this, surging aging populace and changing lifestyles   has resulted in obesity leading to huge sale of nuclear drugs. This has driven growth of regional market. Acceptance of new technologies for radioisotope production for treating chronic ailments will result in expansion of radiopharmaceuticals market in countries such as the U.S.  

Global Radiopharmaceutical Market is segmented as follows:

 Radiopharmaceutical Market: By Radioisotope Type Outlook (2022-2028)

• Technetium-99
• Fluorine-18
• Iodine-131
• Leutetium-177

Radiopharmaceutical Market: By Application Outlook (2022-2028)

• Oncology
• Cardiology
• Gastroenterology
• Neuroendocrinology
• Neurology
• Nephrology

Radiopharmaceutical Market: By Source Outlook (2022-2028)

• Cyclotrons
• Nuclear Reactors

Radiopharmaceutical Market: By End-User Outlook (2022-2028)

• Hospitals
• Diagnostic Labs

Radiopharmaceutical Market   : By Region Outlook (2022-2028)

North America

• The U.S.
• Canada

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

Press Release For Radiopharmaceutical Market: https://www.zionmarketresearch.com/news/radiopharmaceutical-market-analysis

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Browse through Zion Market Research's coverage of the Global Pharmaceutical Industry

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