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Press Release

Jun, 27 2023

The Increasing Prevalence of Chronic Diseases drives the growth of the Global Radiopharmaceuticals Market

Chronic diseases are non-communicable illnesses that last long and necessitate continuing medical care and management.

According to the World Health Organization, chronic diseases account for nearly 70% of all deaths worldwide, with cardiovascular disease being the primary cause. The rising prevalence of chronic diseases is increasing due to many variables, including an aging population, sedentary lifestyles, poor nutrition, and environmental factors. Radiopharmaceuticals can help healthcare providers to manage chronic diseases more efficiently and effectively.

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Different types of chronic diseases include cancer, cardiovascular disease, and diabetes among others which are increasing globally. As a result of the sedentary lifestyle of people, the prevalence of lifestyle-associated disorders such as hypertension and diabetes witnessed a rise. Thus, the rising prevalence of chronic diseases with the growing integration of healthcare data with portable devices is expected to demand proper health management, leading to the anticipated increasing demand for the global radiopharmaceuticals market.

Data Bridge Market Research analyzes that the Global Radiopharmaceuticals Market is expected to grow with a CAGR of 6.5% from 2023 to 2030 and is expected to reach USD 15,317.05 million by 2030.

Key Findings of the Study

Radiopharmaceuticals Market

Growing Demand for Radiopharmaceuticals in Diagnostics and Clinical Use

Radiopharmaceuticals have become essential in helping to diagnose organs and treat pathological disorders. They are utilized in diagnostic imaging and radiotherapy. Diagnostic radiopharmaceuticals possess no pharmacological effects and their administration is also not considered to be associated with relevant clinical side effects.

The number of radiopharmaceuticals in clinical use is rapidly growing, thus, allowing the medical community better access to detail information on the characteristics of the different types of tumors. Radionuclides are also gaining importance by providing palliative and curative treatment for an increasing number of malignant diseases.

Radiopharmaceuticals are used to diagnose complex diseases such as cancer and have been proven efficient in clinical use which increases its demand and hence boosts the global radiopharmaceuticals market.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2023 to 2030

Base Year

2022

Historic Year

2021 (Customizable to 2015 – 2020)

Quantitative Units

Revenue in USD Million

Segments Covered

By Type (Diagnostic Radiopharmaceuticals and Therapeutic Radiopharmaceuticals), Application (Diagnostic and Therapeutic), Source (Nuclear Reactors and Cyclotrons), End User (Hospitals, Diagnostic Centers, Cancer Research Institutes, Ambulatory Surgical Centers, and Others)

Countries Covered

U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Netherlands, Russia, Switzerland, Turkey, Austria, Norway, Hungary, Lithuania, Ireland, Poland, Rest of Europe, China, Japan, India, South Korea, Australia, Singapore, Thailand,  Malaysia, Indonesia, Philippines, Vietnam, Rest of Asia-Pacific, Brazil, Argentina, Chile, Colombia, Peru, Venezuela, Ecuador, Rest of South America, South Africa, Saudi Arabia, U.A.E., Egypt, Israel, Kuwait, and rest of Middle East and Africa

Market Players Covered

Cardinal Health (U.S.), Advanced Accelerator Applications, A Novartis Company (France), Lantheus (U.S.), Curium (France), GE HealthCare (U.S.), Jubilant Radiopharma, A Jubilant Pharma Company (India), China lsotope & Radiation Corporation. (China), Siemens Healthcare GmbH (Germany), Bracco (U.S.), NTP (South Africa), Eckert & Ziegler (Germany), SHINE Technologies, LLC (U.S.), Eczacıbaşı-Monrol (Turkey), IBA Worldwide (Belgium), Global Medical Solutions (U.S.), BWX Technologies. Inc (U.S.), Institute of Isotopes (Hungary), Coquí Radiopharmaceuticals Corp. (U.S.), Evergreen Theragnostics, Inc. (U.S.), Isotope JSC (Russia), and PharmaLogic Holdings Corp. (U.S.)

Data Points Covered in the Report

In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, competitive analysis, Brand analysis, technological trends, pipeline analysis, pricing analysis, and regulatory framework.

Segment Analysis

The global radiopharmaceuticals market is segmented into four notable segments based on type, source, application, and end user.

  • On the basis of type, the market is segmented into diagnostic radiopharmaceuticals and therapeutic radiopharmaceuticals.

In 2023, the diagnostic radiopharmaceuticals segment is anticipated to dominate the global radiopharmaceuticals market.

In 2023, the diagnostic radiopharmaceuticals segment is expected to dominate the global radiopharmaceuticals market owing to the increasing prevalence of chronic diseases and the rising adoption of nuclear medicine for treatment and diagnosis by physicians and patients. The diagnostic radiopharmaceuticals segment is expected to reach the highest CAGR of 6.9% in the forecast period of 2023-2030.

  • On the basis of application, the market is segmented into diagnostic and therapeutic. The diagnostic segment is further segmented into SPECT and PET. In 2023, the diagnostic segment is expected to dominate with a market share of 52.53% due to the increasing prevalence of cancer and other chronic diseases across the globe
  • On the basis of source, the market is segmented into nuclear reactors and cyclotrons. In 2023, nuclear reactors are expected to dominate with a market share of 58.47% due to the increasing awareness about applications of radiopharmaceuticals for different diagnostics and treatment methods
  • On the basis of end user, the market is segmented into hospitals, diagnostic centers, cancer research institutes, ambulatory surgical centers, and others.

In 2023, the hospitals segment is projected to hold the largest share of end user segment in the global radiopharmaceuticals market.

In 2023, the hospitals segment holds the maximum market share due to the rising adoption of diagnosis and treatment of patients with chronic illnesses. The hospitals segment is growing with a CAGR of 7.0% in the forecast period of 2023 to 2030.

Major Players

Cardinal Health (U.S.), Advanced Accelerator Applications, A Novartis Company (France), Lantheus (U.S.), Curium (France), GE HealthCare (U.S.), Jubilant Radiopharma, A Jubilant Pharma Company (India), China lsotope & Radiation Corporation. (China), Siemens Healthcare GmbH (Germany), Bracco (U.S.), NTP (South Africa), Eckert & Ziegler (Germany), SHINE Technologies, LLC (U.S.), Eczacıbaşı-Monrol (Turkey), IBA Worldwide (Belgium), Global Medical Solutions (U.S.), BWX Technologies. Inc (U.S.), Institute of Isotopes (Hungary), Coquí Radiopharmaceuticals Corp. (U.S.), Evergreen Theragnostics, Inc. (U.S.), Isotope JSC (Russia), and PharmaLogic Holdings Corp. (U.S.) among others

Radiopharmaceuticals Market

Market Developments

  • In October 2023, IBA launched AKURACY which is an integrated solution for cardiac pet imaging at eacvi meeting in Barcelona. The company believes and stated that this is a unique integrated solution for pet myocardial perfusion imaging
  • In April 2023, Lantheus and POINT Biopharma announced FDA Grants Fast Track Designation for ¹⁷⁷Lu-PNT2002 for the treatment of metastatic castration resistant prostate cancer. The company stated that radioligand therapy is quickly becoming another pillar of cancer treatment
  • In April 2023, Eckert & Ziegler received the manufacturing authorization for Lutetium-177 in GMP grade from the German authority for the marketing authorization of Lutetium-177 as a drug and also for the use of this radioisotope as a starting material for the manufacture of radiopharmaceuticals. The company believes this may help in the treatment of neuroendocrine tumours and prostate cancer
  • In December 2022, Novartis received approval for Pluvicto as the first targeted radioligand therapy for the treatment of prostate cancer. The company believes that this will help in advancing a broad portfolio of radioligand therapies to treat cancer globally
  • In September 2022, Bracco announced FDA approval of gadopiclenol injection, a new macrocyclic high-relativity gadolinium-based contrast agent. The company believes that this will help to use with MRI in adults and pediatric patients aged 2 years and older to detect and visualize lesions in the central nervous system
  • In November 2020, Jubilant Radiopharma and SOFIE Biosciences Ink made a strategic partnership deal to further advanced the field of molecular imaging & therapeutics. The company believes this will help to grow production capacity and will also help in advancing its theranostic pipeline

Regional Analysis

Geographically, the countries covered in the global radiopharmaceuticals market report are U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Netherlands, Russia, Switzerland, Turkey, Austria, Norway, Hungary, Lithuania, Ireland, Poland, Rest of Europe, China, Japan, India, South Korea, Australia, Singapore, Thailand,  Malaysia, Indonesia, Philippines, Vietnam, Rest of Asia-Pacific, Brazil, Argentina, Chile, Colombia, Peru, Venezuela, Ecuador, Rest of South America, South Africa, Saudi Arabia, U.A.E., Egypt, Israel, Kuwait, and rest of Middle East and Africa

As per Data Bridge Market Research analysis:

North America is the dominant region in the global radiopharmaceuticals market during the forecast period 2023 - 2030

  • In 2023, the North America region is expected to dominate the global radiopharmaceuticals market with a market share of 34.85%. This is due to the rising adoption of radiopharmaceuticals all across the region. The rising supply of radiopharmaceuticals to patients and the growing practice of monitoring patients for all chronic and non-chronic illnesses are expected to drive market growth in the region.

North America is estimated to be the fastest-growing region in the global radiopharmaceuticals market for the forecast period 2023 - 2030

North America is expected to grow during the forecast period due to an increase in the number of healthcare facilities with advanced technology and the rising launches and approvals of several radiopharmaceuticals.

For more detailed information about the radiopharmaceuticals market, click here – https://www.databridgemarketresearch.com/reports/global-radiopharmaceuticals-market


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