The Radiopharmaceuticals Market to grow by USD 4.61 billion from 2022 to 2027, North America is estimated to contribute 42% to the growth - Technavio

NEW YORK, Feb. 6, 2024 /PRNewswire/ -- The radiopharmaceuticals market is expected to increase by USD 4.61 billion, at a CAGR of 10.22% from 2023 to 2027. North America is estimated to contribute 42% to the growth of the global market during the forecast period. The growth is primarily driven by increased investment in research and development within the healthcare sector, notably in the US market. The radiopharmaceutical market has experienced significant expansion, driven by the growing reliance on diagnostics for comprehensive disease identification. "The proven effectiveness of early and precise detection, particularly in chronic conditions like cancer, has heightened the demand for diagnostics employing radioisotopes. Beyond cancer, disorders such as thyroid and cardiology are also increasingly utilizing radiopharmaceuticals, contributing to heightened demand in the region," says a Senior Analyst at Technavio. 

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Minimal side effects of radiopharmaceuticals is a key factor driving growth. Radiopharmaceuticals offer significant benefits with few side effects, making them recommended for diagnostic and treatment purposes. Long-term side effects from low-dose exposure are unknown. Rare side effects include soreness, bleeding, and swelling at the injection site. Adverse reactions occur in approximately 1-6 cases per 100,000 injections, with low rates attributed to small drug amounts and localized action.

The report provides complete insights on key companies including 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.

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The competitive scenario provided in the  report analyzes, evaluates, and positions companies based on various performance indicators. Some of the factors considered for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth, etc.

By Source, the market is classified into cyclotrons and nuclear reactors. The growth of the cyclotrons segment will be significant during the forecast period. A cyclotron is a particle accelerator that uses electromagnetic fields to accelerate charged particles to high speeds and energies. It is used to produce radioisotopes for radiopharmaceuticals, which are widely used in cancer diagnosis and treatment. Cyclotrons are advancing rapidly and are crucial in healthcare for their efficient production of radiopharmaceuticals, particularly in advanced cancer imaging.

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Radiopharmaceuticals play a crucial role in nuclear medicine

Radiopharmaceuticals play a crucial role in nuclear medicine, where they are used for both diagnostic imaging and therapeutic purposes. These pharmaceuticals contain radioactive tracers that enable medical imaging techniques like positron emission tomography (PET) and single-photon emission computed tomography (SPECT). In diagnostics, radiopharmaceuticals help visualize internal structures and functions, aiding in the detection of diseases such as cancer and cardiovascular conditions. Therapeutic radiopharmaceuticals are used in targeted radionuclide therapy for cancer treatment. The production of these radioisotopes is essential for medical applications, and ongoing developments in radiochemistry and radiopharmaceutical development contribute to advancing diagnostic accuracy and treatment efficacy. The nuclear medicine market is influenced by trends in isotope production, innovative imaging agents, and the broader field of molecular imaging.

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The Global  Nuclear Medicine Market size is estimated to grow by USD 8,057.89 million at a CAGR of 16.48% between 2022 and 2027. 

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Sizes

Five Forces Analysis

Segmentation by Source

Segmentation by End-user

Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify opportunities and develop effective strategies to optimize their 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 insights to identify opportunities in existing and potential areas and assess their competitive positions within changing scenarios.

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SOURCE Technavio