Europe Radiopharmaceuticals Market, 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) - Industry Trends and Forecast to 2030.
Europe Radiopharmaceuticals Market Analysis and Insights
The increasing awareness about radiopharmaceuticals in Europe has enhanced the demand for the market. The rising healthcare expenditure for better health services also contributes to the market's growth. The major market players focus on various service launches and approvals during this crucial period. In addition, the increase in improved advancement of drug development techniques also contributes to the rising demand for radiopharmaceuticals.
The Europe radiopharmaceuticals market is expected to grow due to the rise in market players and the availability of advanced services. Along with this, manufacturers are engaged in the developmental activity for launching novel services in the market. The increasing growth in the field of drug development is further boosting the market growth. However, difficulties such as the lack of standardized protocols and the lack of skilled professionals are expected to restrain the market growth.
The increasing healthcare expenditure on advancement and drug development is expected to give opportunities to the market. However, the growing use of alternative treatments may challenge market growth.
Data Bridge Market Research analyzes that the Europe radiopharmaceuticals market is expected to reach a value of USD 3,487.24 million by 2030, at a CAGR of 5.9% during the forecast period of 2023-2030.
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Year
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2021 (Customizable to 2015 – 2020)
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Quantitative Units
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Revenue in USD Million
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Segments Covered
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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)
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Countries Covered
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Germany, U.K., France, Italy, Spain, Belgium, Poland, Russia, Norway, Turkey, Austria, Ireland, Hungary, Netherlands, Switzerland, and Rest of Europe
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Market Players Covered
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Cardinal Health, Advanced Accelerator Applications, A Novartis Company, Lantheus, CURIUM, Jubilant Radiopharma A Jubilant Pharmova Company, China lsotope & Radiation Corporation., Siemens Healthcare GmbH, Bracco, Eckert & Ziegler, SHINE Technologies, LLC, IBA Worldwide, Institute of Isotopes among others
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Europe Radiopharmaceuticals Market Definition
A radiopharmaceutical contains a radioactive substance in association with one or more ingredients that are intended to diagnose, stage a disease, monitor treatment, or provide therapy. Radiopharmaceuticals include a group of radioactive agents used for either diagnostic or therapeutic interventions. These are the pharmaceuticals that incorporate a radionuclide. Most radiopharmaceuticals are a combination of a radioactive nuclide or radionuclide, and a biologically active molecule or drug that acts as a carrier and determines localization and biodistribution.
Europe Radiopharmaceuticals Market Dynamics
This section deals with understanding the market drivers, opportunities, restraints, and challenges. All of this is discussed in detail below:
Driver
- The 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 detailed 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.
Opportunity
- The Rising Research and Development Expenditure of Radiopharmaceuticals
Technological advancements include enhancing the stability and strength of traditional pharmaceuticals. The biotechnology and pharma companies are continuously investing in research and development to offer innovative services for diagnostics as well as medications to the customers and enhance their market presence. Radiopharmaceuticals play a dynamic role in clinical development. While the diagnostic industry is in a constant state of fluctuation due to the implementation of new technologies in the market, the pharmaceutical and biotechnology industries continue to increase due to enhanced investment in radiopharmaceutical companies along with mergers and acquisitions adoption of innovation in imaging technologies to support clinical trials for various diseases.
The increasing research and development expenditure in pharmaceutical and biotechnological companies is acting as an opportunity for the growth of the Europe radiopharmaceuticals market.
Restraints/Challenges
- Stringent Regulations for Radiopharmaceuticals
Radiopharmaceuticals are agents used to diagnose certain medical problems or treat certain diseases. Therefore, the various types of government regulations for launching a product in the market are found to be a big restraint. Every country has its regulations and has different bodies for regulatory procedures. Stringent regulatory and product approval policies are expected to hinder the development of the radiopharmaceuticals market.
The stringent regulations from the government authorities are necessary to safeguard the company's reputation, prevent products from being unreliable, and increase trust on the side of consumers. There are several stages of investment and testing to gain approval from the regulated authority for a new drug which is comprised of various phases and each phase has different regulatory requirements.
The organization conducting the trial needs to comply with the required documentation by the specific regulatory authority of the concerned country and should be safe and legal as per the country's policies and jurisdiction.
However, the stringent regulatory guidelines for regulating the radiopharmaceuticals in the market may hinder the market growth, and the withdrawals of the drug from the market due to complex regulation can negatively impact the market which is expected to restrain the market growth.
- High Cost of Development and Implementation of Radiopharmaceuticals
Radiopharmaceuticals play an important role in healthcare facilities, providing safety and efficiency in pharmaceutical and biotechnology companies. They have excellent properties and some disadvantages at the same time. Radiopharmaceuticals are expected to grow due to advancements in technology. However, several obstacles may prevent the market from realizing its full potential as radiopharmaceuticals are expensive to develop and implement, and the market may not be expanding rapidly. Thus, higher development and implementation costs and requirements for suitable surfaces are limiting the market growth, resulting in additional infrastructure and operational costs.
Recent Developments
- In October 2023, IBA launched AKURACY which is an integrated solution for cardiac pet imaging at each meeting in Barcelona. The company believes and states 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.
Europe Radiopharmaceuticals Market Scope
The Europe radiopharmaceuticals market is segmented into four notable segments such as type, application, source, and end user. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the differences in your target markets.
Type
- Diagnostic Radiopharmaceuticals
- Therapeutic Radiopharmaceuticals
On the basis of type, the market is segmented into diagnostic radiopharmaceuticals and therapeutic radiopharmaceuticals.
Application
- Diagnostic
- Therapeutic
On the basis of application, the market is segmented into diagnostic and therapeutic.
Source
- Nuclear reactors
- Cyclotrons
On the basis of source, the market is segmented into nuclear reactors and cyclotrons.
End User
- Hospitals
- Diagnostic Centers
- Cancer research institutes
- Ambulatory surgical centers
- Others
On the basis of end user, the market is segmented into hospitals, diagnostic centers, cancer research institutes, ambulatory surgical centers, and others.
Europe Radiopharmaceuticals Market Regional Analysis/Insights
The Europe radiopharmaceuticals market is segmented into four notable segments such as type, application, source, and end user.
The countries covered in this market report are Germany, U.K., France, Italy, Spain, Belgium, Poland, Russia, Norway, Turkey, Austria, Ireland, Hungary, Netherlands, Switzerland, and Rest of Europe.
Germany is expected to dominate the market due to the increasing investment in the healthcare sector, which is expected to boost market growth. Germany is expected to dominate the Europe region due to the rise in technological advancement in healthcare and treatment products.
The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts, and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Europe brands and their challenges faced due to large or scarce competition from local and domestic brands, and the impact of sales channels are considered while providing forecast analysis of the country data.
Competitive Landscape and Europe Radiopharmaceuticals Market Share Analysis
The Europe radiopharmaceuticals market market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in R&D, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product approvals, product width and breadth, application dominance, and product type lifeline curve. The above data points provided are only related to the company’s focus on the market.
Some of the major market players operating in the Europe radiopharmaceuticals market are Cardinal Health, Advanced Accelerator Applications, A Novartis Company, Lantheus, CURIUM, Jubilant Radiopharma A Jubilant Pharmova Company, China lsotope & Radiation Corporation., Siemens Healthcare GmbH, Bracco, Eckert & Ziegler, SHINE Technologies, LLC, IBA Worldwide, Institute of Isotopes among others.
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