Global Radiopharmaceuticals Market, By Type (Diagnostic Nuclear Medicine, Therapeutic Nuclear Medicine), Application (Diagnostic Applications, Therapeutic Applications), Procedural Volume Assessment (Diagnostic Procedures, Therapeutic Procedures), Source (Nuclear Reactors, Cyclotrons), End User (Hospitals, Ambulatory Surgical Centers, Diagnostic Centers, Cancer Research Institutes, Others) – Industry Trends and Forecast to 2029
Global Radiopharmaceuticals Market Analysis and Size
Nuclear medicine is increasingly being used in the diagnostic imaging and radiotherapy. This has carved the way for the growth of the radiopharmaceuticals market. Nuclear medicine assists in the diagnosing the organs of any kind of pathological condition, especially cancer.
Data Bridge Market Research analyses that the radiopharmaceuticals market is expected to undergo a CAGR of 10.40% during the forecast period. This indicates that the market value, which was USD 4.80 billion in 2021, would rocket up to USD 11.69 billion by 2029. “Diagnostic Applications” dominates the application segment of the radiopharmaceuticals market owing to rising incidences of medical ailments such as diabetes that are responsible for making the lower part of the body symptomatic and vulnerable. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Global Radiopharmaceuticals Market Definition
From the name itself, it is clear that radiopharmaceutical are a group of pharmaceutical drugs that possess a high degree of radioactivity. Radiopharmaceuticals are the pharmaceutical formulations that comprises of radioactive isotopes and these medications are can be delivered orally, intravenously or interstitially.
Report Scope and Market Segmentation
2022 to 2029
2020 (Customizable to 2019 - 2014)
Revenue in USD Billion, Volumes in Units, Pricing in USD
Type (Diagnostic Nuclear Medicine, Therapeutic Nuclear Medicine), Application (Diagnostic Applications, Therapeutic Applications), Procedural Volume Assessment (Diagnostic Procedures, Therapeutic Procedures), Source (Nuclear Reactors, Cyclotrons), End User (Hospitals, Ambulatory Surgical Centers, Diagnostic Centers, Cancer Research Institutes, Others)
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Market Players Covered
Cardinal Health (US), GE Healthcare (US), Curium (France), Lantheus Medical Imaging (US), Bayer AG (Germany), Bracco Imaging (Italy), Eczacýbaþý-Monrol Nuclear Products (Turkey), Nordion (Canada), Advanced Accelerator Applications (France), NTP Radioisotopes (South Africa), JSC Isotope (Russia), NorthStar Medical Radioisotopes (US), Eckert & Ziegler (Germany), Braun Melsungen AG (Germany), Smith & Nephew plc (Germany), Zimmer Biomet (US), Hanger Inc. (US) and Otto Bock Healthcare GmBH (Germany)
Radiopharmaceuticals Market Dynamics
- Rising prevalence of diseases
Growing rate of acute and chronic diseases all around the globe such as cancer owing to various factors is one of the major factors fostering the growth of the market. Radiopharmaceuticals enables diagnosing the tumour cells in the organs or in the body as a whole. Cancer is the second most leading cause of death worldwide.
- Research and development proficiencies
Rising expenditure for research and development proficiencies especially in the developed and developing economies pertaining to the medical instruments and devices will further create lucrative market growth opportunities. Research and development proficiencies being conducted in the nuclear medicine field is also bolstering the market growth rate.
- Growing investment for healthcare facilities
Surging focus towards improving the condition of healthcare facilities and improving the overall healthcare infrastructure another important factor fostering the growth of the market. Rising number of partnerships and strategic collaborations between the public and private players pertaining to funding and application of new and improved technology is further creating lucrative market opportunities.
Furthermore, upsurge in the public-private funding for target research activities, rising awareness about the benefits of alpha radio immunotherapy-based targeted cancer treatment, rising geriatric population base and rising product innovations and development owing to technological advancements all around the world will extend profitable opportunities for the market players in the forecast period of 2022 to 2029. Additionally, rise in initiatives to reduce the demand-supply gap of mo-99 , rising internet penetration rate, increase in application of radioisotopes in the healthcare industry, rising use of radiopharmaceuticals in neurological applications and increasing per capita expenditure on health care will further expand the market's growth rate in the future.
Restraints/Challenges Global Radiopharmaceuticals Market
On the other hand, high cost associated with the research and development proficiencies, limited infrastructural facilities, short half-life of radiopharmaceuticals, high equipment prices and dearth of awareness in the backward economies are expected to obstruct market growth. Also, lack of favorable reimbursement scenario and technology penetration in the developing economies, hospital budget cuts especially during the pandemic, and lack of suitable infrastructure in low- and middle-income countries are projected to challenge the market in the forecast period of 2022-2029.
This radiopharmaceuticals market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the radiopharmaceuticals market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Radiopharmaceuticals Market
COVID-19 gave a setback to the market owing to the budget and resources cut during this phase. The pandemic led to the major changes in the clinical operations of radiology departments worldwide. Delay in the number of non-elective diagnostic procedures and treatment surgeries led to the fall in revenue for the market. With an aim to maximise the impact of social distancing, the academic medical centers and universities were rushed to shut down scientific research activities. Also, a halt on the funding for such research and development activities staggered down the growth of the market.
Global Radiopharmaceuticals Market Scope
The radiopharmaceuticals market is segmented on the basis of type, application, procedural volume assessment, source, and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
- Diagnostic Nuclear Medicine
- Therapeutic Nuclear Medicine
Based on type, the radiopharmaceuticals market is segmented into diagnostic nuclear medicine and therapeutic nuclear medicine. Diagnostic nuclear medicine has further been segmented into SPECT radiopharmaceuticals and PET radiopharmaceuticals. SPECT radiopharmaceuticals have further been sub-segmented into technetium-99m, thallium-201, gallium-67, iodine-123 and other. PET radiopharmaceuticals have further been sub-segmented intoF-18, RU-82 and others. Therapeutic nuclear medicine has further been segmented into alpha emitters, brachytherapy isotopes and beta emitters. Alpha emitters have further been sub-segmented intoRa-223. Beta emitters have further been sub-segmented intoiodine-131, yttrium-90, samarium-153, lutetium-177, rhenium-186 and other beta emitters. Brachytherapy isotopes have further been sub-segmented intoiodine-125, palladium-103, cesium-131, iridium-192 and other brachytherapy isotopes.
- Diagnostic Applications
- Therapeutic Applications
The application segment of the radiopharmaceuticals market is segmented into diagnostic applications and therapeutic applications. Diagnostic applications have further been segmented into SPECT applications and PET applications. SPECT applications have further been sub-segmented into cardiology, bone scans, thyroid applications, pulmonary scans and other SPECT applications. PET applications have further been sub-segmented into oncology, cardiology, neurology and other PET applications. Therapeutic applications have further been segmented into thyroid indications, bone metastasis, lymphoma, endocrine tumors and other indications.
Procedural Volume Assessment
- Diagnostic Procedures
- Therapeutic Procedures
Based on procedural volume assessment, the radiopharmaceuticals market is segmented into diagnostic procedures and therapeutic procedures. Diagnostic procedures have further been segmented into SPECT procedures and PET procedures. Therapeutic procedures have further been segmented into beta emitter procedures, alpha emitter procedures and brachytherapy procedures.
- Nuclear Reactors
On the basis of source, the radiopharmaceuticals market is segmented into nuclear reactors and cyclotrons.
- Ambulatory Surgical Centers
- Diagnostic Centers
- Cancer Research Institutes
On the basis of end user, the radiopharmaceuticals market is segmented into hospitals, ambulatory surgical centers, diagnostic centers, cancer research institutes and others.
Radiopharmaceuticals Market Regional Analysis/Insights
The radiopharmaceuticals market is analysed and market size insights and trends are provided by country, type, application, procedural volume assessment, source, and end user as referenced above.
The countries covered in the radiopharmaceuticals market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the radiopharmaceuticals market because of the strong base of healthcare facilities, growing overweight population base, strong presence of a vast patient population suffering from chronic diseases such as cancer, coronary disorders, and strokes and rising number of research activities in this region.
Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to the increase in government initiatives to promote awareness, rise in medical tourism, growing research activities in the region, availability of massive untapped markets, large population pool, availability of the well-established infrastructure, presence of key market players, rise in cases of cardiovascular diseases and the growing demand for quality healthcare in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The radiopharmaceuticals market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for radiopharmaceuticals market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the radiopharmaceuticals market. The data is available for historic period 2010-2020.
Competitive Landscape and Radiopharmaceuticals Market Share Analysis
The radiopharmaceuticals market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to radiopharmaceuticals market.
Some of the major players operating in the radiopharmaceuticals market are:
- Cardinal Health (US)
- General Electric
- Curium (France)
- Lantheus Medical Imaging (US)
- Bayer AG (Germany)
- Bracco Imaging (Italy)
- Eczacýbaþý-Monrol Nuclear Products (Turkey)
- Nordion (Canada)
- Advanced Accelerator Applications (France)
- NTP Radioisotopes (South Africa)
- JSC Isotope (Russia)
- NorthStar Medical Radioisotopes (US)
- Eckert & Ziegler (Germany)
- Braun Melsungen AG (Germany)
- Smith & Nephew plc (Germany)
- Zimmer Biomet (US)
- Hanger Inc. (US)
- Otto Bock Healthcare GmBH (Germany)
Research Methodology : Global Radiopharmaceuticals Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your inquiry.
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 versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts https://www.databridgemarketresearch.com/speak-to-analyst/?dbmr=global-radiopharmaceuticals-market
Customization Available : Global Radiopharmaceuticals Market
Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Factbook) or can assist you in creating presentations from the data sets available in the report.