Radiopharmaceuticals Market to Grow by USD 6.28 Billion from 2024-2028, Driven by Rising Neurological Disorders, AI-Powered Report- Technavio

NEW YORK, Sept. 5, 2024 /PRNewswire/ -- Report on how AI is driving market transformation- The global radiopharmaceuticals market  size is estimated to grow by USD 6.28 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 12.17%  during the forecast period.  Rising incidence of neurological disorders is driving market growth, with a trend towards production of cyclotron-based radiopharmaceuticals. However, preparation and dispensing problems associated with radiopharmaceuticals  poses a challenge. Key market players include Bayer AG, Bracco Spa, Cardinal Health Inc., Curium Pharma, Eckert and Ziegler AG, General Electric Co., IBA Radiopharma Solutions, Jubilant Pharmova 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, Sotera Health Co., and Telix Pharmaceuticals Ltd..

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Key Market Trends Fueling Growth

The interruption in the supply of radiopharmaceuticals from nuclear reactors has initiated discussions about producing these isotopes through alternative methods. Cyclotrons are one such solution, enabling the creation of hospital-based radiopharmaceuticals. Around 80% of isotopes generated in cyclotrons are applicable for medical uses. These devices offer benefits such as safety, economical operating costs, and minimal waste production. As a result, there is a significant market demand for radioisotopes produced via cyclotrons. Notable medical isotopes from cyclotrons include copper-64, gallium-67, iodine-123, and thallium-201. Factors like the production of cyclotron-based radiopharmaceuticals are anticipated to boost the expansion of the global radiopharmaceuticals market during the forecast period. 

The Radiopharmaceuticals Market is a significant segment of the healthcare ecosystem, focusing on nuclear medicine and medical imaging technology. This industry produces radioisotopes, which are essential components of radiopharmaceuticals used for diagnostic and therapeutic purposes. Trends include personalized therapy for chronic diseases like cancer and cardiovascular disease, especially in the geriatric population. Key players include Technetium-99m and Gallium-68. The Cancer Division dominates the Therapeutics segment. Hospitals and clinics, medical imaging centers, and specialized drug companies are major consumers. Reimbursement structures, regulatory complexities, and approval processes impact commercial rollout. Companies like Cardinal Health and IBA Worldwide are key players in this sector. Healthcare expenditure on chronic ailments drives growth. Drug development techniques aim for better visualization of internal physiological processes and improved therapeutic outcomes. 

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• Radiopharmaceuticals, such as Tc-99m labeled variants, offer distinct advantages over conventional drugs. However, their unique characteristics pose challenges during preparation and dispensing. Chemical reactions may generate unwanted radiochemical impurities, and radiations can lead to radiolytic effects, resulting in impurities. Adverse reactions, unusual imaging results, quality assurance failures, and unique difficulties in special patient populations are potential issues. These problems may affect diagnostic interpretation and hinder market growth. The challenges associated with radiopharmaceuticals' preparation and dispensing may adversely impact the global radiopharmaceuticals market expansion during the forecast period.
• The Radiopharmaceuticals market encompasses diagnostic and therapeutic nuclear medicine pharmaceuticals used in hospitals and clinics, medical imaging centers, and other healthcare facilities. These specialized drugs contain radioactive components and are essential for visualizing internal physiological processes related to diseases like cardiac conditions and neurological disorders. With an aging populace and rising prevalence of chronic ailments, the demand for radiopharmaceuticals is increasing. Personalized medicine and healthcare ecosystem's shift towards diagnostics and treatment are key drivers. However, challenges include regulatory complexities, approval process, and reimbursement structures. Companies like Cardinal Health and IBA Worldwide are leading players, while imaging modalities, drug development techniques, and alternative treatments also impact market dynamics. Radiopharmaceuticals play a crucial role in curative treatments such as radiotherapy and palliative care for various diseases. Healthcare expenditure and product approval policies are significant factors influencing the commercial rollout of new radiopharmaceuticals.

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This radiopharmaceuticals market report extensively covers market segmentation by

1. Source 
• 1.1 Cyclotrons
• 1.2 Nuclear reactors
2. End-user 
• 2.1 Diagnostics
• 2.2 Therapeutics
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Cyclotrons-  The cyclotron segment holds a substantial share in the global radiopharmaceuticals market, accounting for approximately 10-12% of the total production. Cyclotrons are particle accelerators that utilize electromagnetic fields to accelerate charged particles to high speeds and energies. These machines are essential for producing radioisotopes used in radiopharmaceuticals, primarily employed for cancer diagnosis and treatment. Cyclotrons play a pivotal role in advanced medical imaging procedures, such as positron emission tomography (PET) and single-photon emission computed tomography (SPECT), which rely on cyclotron-produced radioisotopes for effective cancer detection. The growing demand for advanced medical imaging techniques and the increasing prevalence of cancer are expected to fuel the growth of the cyclotrons segment in the radiopharmaceuticals market during the forecast period.

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Radiopharmaceuticals are pharmaceutical products that contain radionuclides, or radioactive isotopes, which are used primarily in the diagnosis and treatment of various chronic diseases, particularly cancer and cardiovascular diseases. Nuclear medicine, a medical specialty, utilizes radiopharmaceuticals for both diagnostic imaging and therapeutic applications. Chronic illnesses such as cancer and heart diseases affect a significant portion of the geriatric population, driving the demand for radiopharmaceuticals. Commonly used radioisotopes include Technetium-99m and Gallium-68. Diagnostic imaging techniques, such as Single Photon Emission Computed Tomography (SPECT) and Positron Emission Tomography (PET), employ radiopharmaceuticals to produce detailed images of the body's internal structures. In therapeutic applications, radiopharmaceuticals are used for targeted therapy, providing personalized treatment options. Radiopharmaceuticals are used in hospitals and clinics, as well as medical imaging centers. The increasing healthcare expenditure and the development of new drug development techniques, along with the exploration of alternative treatments, are expected to boost the growth of the radiopharmaceuticals market. Jubilant Radiopharma, IBA Worldwide, and Medical Solutions are among the key players in this industry.

Radiopharmaceuticals are nuclear medicine pharmaceuticals used in medical imaging technology for visualizing internal physiological processes related to diseases such as cancer and cardiovascular disease. These specialized drugs contain radioisotopes that emit radiation, enabling the detection and treatment of various illnesses, including cardiac conditions and neurological disorders. The radiopharmaceuticals sector caters to hospitals and clinics, medical imaging centers, and the healthcare ecosystem. Chronic ailments like cancer and cardiovascular maladies are significant drivers for the market, with the geriatric population being a major focus due to the high prevalence of chronic diseases in this demographic. The therapeutics segment, including technetium-99m and gallium-68, plays a crucial role in diagnostics and treatment. Reimbursement structures, regulatory complexities, and approval processes pose challenges for commercial rollout. Key players include Cardinal Health and IBA Worldwide, among others. Healthcare expenditure, drug development techniques, alternative treatments, and product approval policies also impact the market landscape.

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Source
• Cyclotrons
• Nuclear Reactors
• End-user
• Diagnostics
• Therapeutics
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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SOURCE Technavio