Radiopharmaceuticals Market size to grow by USD 4.61 billion from 2022 to 2027, North America to account for 42% of market growth - Technavio

NEW YORK, Oct. 3, 2023 /PRNewswire/ -- The radiopharmaceuticals market size is expected to grow by USD 4.61 billion from 2022 to 2027. In addition, the momentum of the market will be progressing at a CAGR of 10.22% during the forecast period, according to Technavio Research. The market has been segmented by source (Cyclotrons and Nuclear reactors), end-user (Diagnostics and Therapeutics), and geography (North America, Europe, Asia, and Rest of World (ROW)). North America is estimated to account for 42% of the global market during the forecast period. North America has established its dominance in the global radiopharmaceuticals market, primarily driven by increased investments in research and development within the healthcare industry, particularly in the United States. The remarkable expansion of the radiopharmaceutical market can be attributed to the growing reliance on diagnostics for comprehensive disease identification. Furthermore, the demonstrated effectiveness of early and precise detection, even for chronic illnesses like cancer, has heightened the popularity of these diagnostics, which extensively utilize radioisotopes. Beyond cancer, disorders such as thyroid and cardiology are also increasingly incorporating radiopharmaceuticals, leading to a heightened demand for these drugs in the region. Nonetheless, there are concerns regarding potential nuclear reactor shutdowns, which may impact the market. Nevertheless, these factors are expected to contribute to the continued growth of the radiopharmaceutical market in North America during the forecast period. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. Read Free PDF Sample Report

Company Profile:

Bayer AG, Bracco Spa, Cardinal Health Inc., Curium Pharma, Eckert and Ziegler AG, General Electric Co., IBA Radiopharma Solutions, Jubilant Pharma Ltd., Lantheus Holdings Inc., Mallinckrodt Plc, NorthStar Medical Radioisotopes LLC, Novartis AG, NTP Radioisotopes SOC Ltd., PharmaLogic Holdings Corp., Positron Corp., Radiomedix Inc., Siemens AG, Sinotau Pharmaceuticals, Telix Pharmaceuticals Ltd., and Sotera Health Co.

Bayer AG- The company offers radiopharmaceuticals such as Ultravist, MEDRAD, and contrast dose management.

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Radiopharmaceuticals Market: Segmentation Analysis

• The market share growth by the cyclotrons segment will be significant during the forecast period. Cyclotrons, a type of particle accelerator, utilize electromagnetic fields to propel charged particles to high speeds and energies. They are instrumental in generating radioisotopes, which are essential components in the production of radiopharmaceuticals, widely used for cancer diagnosis and treatment. Cyclotrons are experiencing rapid advancements and are pivotal in the healthcare industry. The radiopharmaceuticals derived from cyclotrons exhibit exceptional efficiency in the detection of various cancers, particularly in advanced medical imaging. Consequently, several factors are poised to fuel the growth of the cyclotrons segment within the global radiopharmaceuticals market during the forecast period.

Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View Free PDF Sample Report

Radiopharmaceuticals Market: Driver & Trend:

The rising incidence of neurological disorders is notably driving the market growth. Neurological disorders encompass conditions that impact the brain, spinal cord, and nerves, representing a substantial threat to public health. These disorders and their consequences have a profound global impact, affecting a vast number of individuals irrespective of age, gender, race, or geographical location. Radiopharmaceuticals play a pivotal role in both diagnosing and treating neurological disorders. As a result, an upsurge in the prevalence of these disorders, coupled with their significant societal burden, is expected to generate increased demand for radiopharmaceuticals. Consequently, the growing incidence of neurological disorders is anticipated to be a driving force behind the expansion of the global radiopharmaceuticals market during the forecast period.

Production of cyclotron-based radiopharmaceuticals is an emerging trend influencing the radiopharmaceutical market.

Strategic alliances among market vendors are a key trend in the radiopharmaceuticals market. Identify key trends, drivers, and challenges in the market. Download Free sample report to gain access to this information.

What are the key data covered in this radiopharmaceuticals market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the radiopharmaceuticals market between 2022 and 2027.
• Precise estimation of the radiopharmaceuticals market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behaviour
• Growth of the mental health industry across North America, Europe, Asia, and ROW
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of radiopharmaceuticals market vendors.

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The medical cyclotron market size is expected to increase by USD 64.27 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.8%.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Source 

Market Segmentation by End-user

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio