The radiopharmaceuticals market consists of pharmaceutical drugs with high radioactivity. These formulations contain radioactive isotopes and can be administered intravenously, orally, or interstitially. Radiopharmaceuticals provide a safer alternative to X-rays and other external radiation imaging methods, aiding physicians in diagnosis. With their increasing adoption, the radiopharmaceuticals market offers a promising outlook, driven by the growing demand for accurate and safe diagnostic procedures in healthcare.
According to Data Bridge Market Research, the Radiopharmaceuticals Market accounted for USD 5.32 billion in 2022, would rise to USD 12.18 billion by 2030 and is expected to undergo a CAGR of 10.90% during the forecast period 2023 to 2030.
“Increasing chronic diseases such as cancer”
The global impact of cancer has driven the demand for radiopharmaceuticals in diagnostic imaging and treatment. Radiopharmaceuticals, including nuclear substances used in PET and SPECT scans, play a crucial role in accurately diagnosing and managing these chronic disorders. The increasing number of cancer cases and cardiovascular-related deaths has created a significant market opportunity for radiopharmaceuticals, which is fueling their growth and advancement in medical applications worldwide.
What restraints the growth of radiopharmaceuticals market?
“Side-effects associated with radiopharmaceuticals”
The market growth of radiopharmaceuticals is hindered by the presence of significant side effects associated with their use. These side-effects include chills, severe drowsiness, difficulty breathing, flushing or redness of the skin, nausea or vomiting, skin rash, hives, itching, severe headaches, and stomach pain. These adverse effects can lead to patient discomfort and dissatisfaction, impacting the adoption and utilization of radiopharmaceuticals. Consequently, these factors pose challenges to the overall market growth and require attention to ensure patient safety and market expansion.
Segmentation: Radiopharmaceuticals Market
The radiopharmaceuticals market is segmented on the basis of type, application, procedural volume assessment, source, and end use.
- On the basis of type, the radiopharmaceuticals market is segmented into diagnostic nuclear medicine, therapeutic nuclear medicine.
- On the basis of application, the radiopharmaceuticals market is segmented into diagnostic applications, therapeutic applications.
- On the basis of procedural volume assessment, the radiopharmaceuticals market is segmented into diagnostic procedures, therapeutic procedures.
- On the basis of source, the radiopharmaceuticals market is segmented into nuclear reactors, cyclotrons.
- On the basis of end user, the radiopharmaceuticals market is segmented into hospitals, ambulatory surgical centers, diagnostic centers, cancer research institutes, others.
Regional Insights: North America dominates the Radiopharmaceuticals Market
The radiopharmaceuticals market is currently dominated by North America, primarily due to several factors. The region benefits from a large base of healthcare facilities and an increasing population with weight-related health issues. Additionally, the presence of a substantial patient population suffering from chronic diseases like coronary disorders, cancer, and strokes further contributes to the market's growth. Moreover, the rising number of research activities in North America serves as an additional driver for market expansion in this region.
The Asia-Pacific region is expected to witness significant growth in the radiopharmaceuticals market. This can be attributed to the growth in government initiatives aimed at raising awareness about radiopharmaceuticals and the increasing research activities taking place in the region. Furthermore, the availability of well-established infrastructure and the presence of major market players contribute to the growth rate of the market. Additionally, the increasing incidence of cardiovascular diseases in the region also serves as a catalyst for market expansion in the Asia-Pacific region.
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Recent Developments in Radiopharmaceuticals Market
- In 2021, NorthStar Medical Radioisotopes, LLC, a worldwide developer of radiopharmaceuticals, and GE Healthcare announced an exclusive collaboration to produce and distribute iodine-123 (I-123) capsules in the United States. This partnership aims to bolster GE Healthcare's product portfolio and strengthen its position in the market.
- In 2021, Bayer AG acquired Noria Therapeutics Inc. and PSMA Pharmaceuticals Inc., both companies engaged in the development of therapeutic and diagnostic radiopharmaceuticals for targeted radiotherapy. This acquisition is expected to expand Bayer's existing nuclear medicine oncology portfolio, contributing to its advancements in the field.
The Prominent Key Players Operating in the Radiopharmaceuticals Market Include:
- Cardinal Health (U.S.)
- GE Healthcare (U.S.)
- Lantheus Medical Imaging (U.S.)
- Bayer AG (Germany)
- Bracco Imaging (Italy)
- Nordion (Canada)
- Advanced Accelerator Applications (France)
- NTP Radioisotopes (South Africa)
- NorthStar Medical Radioisotopes (U.S.)
- Eckert & Ziegler (Germany)
- Braun Melsungen AG (Germany)
- Smith+Nephew (Germany)
- Zimmer Biomet (U.S.)
- Hanger Inc. (U.S.)
- Otto Bock Healthcare GmBH (Germany)
Above are the key players covered in the report, to know about more and exhaustive list of radiopharmaceuticals market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Radiopharmaceuticals Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.