Radiopharmaceuticals Market Size To Reach $26.51 Billion By 2031 | CAGR 14.4%: The Insight Partner

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Oct 24, 2024, 11:01 ET

Radiopharmaceuticals Market Experiences Growth Due to Surging Incidences of Chronic Diseases, the report runs an in-depth analysis of market trends, key players, Share, Trend, growth analysis, and future opportunities.

NEW YORK, Oct. 24, 2024 /PRNewswire/ -- According to The Insight Partners study on the The radiopharmaceuticals market is expected to reach a value of US$ 26.51 billion by 2031 from US$ 9.07 billion in 2023, at a CAGR of 14.4% from 2023 to 2031.

The radiopharmaceuticals market encompasses a growing number of clinical trials in targeted therapy that are expected to gain prominence in the coming years.

Global radiopharmaceuticals market is recording significant growth owing to the surging incidences of chronic diseases such as lung diseases, cancer, stroke, Alzheimer's, cardiovascular diseases (CVDs), chronic kidney disease, and various neurological disorders.

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(Radiopharmaceuticals Market Size and Forecast (2021 - 2031) global and regional Share, Trend, and Growth Opportunity Analysis by Application, End User, and Geography)

Overview of Report Findings

Radiopharmaceuticals are a subset of medication that incorporates radioactive isotopes and is used primarily in medical imaging and treatment. The radioactivity produced by these drugs is detected and images of the internal organs are produced using special imaging equipment, e.g., PET or SPECT scans.
Increasing incidences and prevalence of chronic diseases such as lung diseases, cancer, stroke, Alzheimer's, chronic kidney disease, and cardiovascular diseases (CVDs), as well as various neurological disorders, are among the major factors driving the market revenue growth across all regions. Radiopharmaceuticals are increasingly used in diagnosing neurological and neurodegenerative disorders and musculoskeletal conditions. Among the various methods commercially available, radioisotope cell labeling is one of the most promising techniques to track cells and investigate their biodistribution. Thus, the increasing incidence of chronic diseases is driving the radiopharmaceuticals market growth.
High Growth Potential in Developing Countries: Many medical market players focus on emerging countries in Asia, South America, and Africa due to a rise in the prevalence of various diseases in these regions. The medical field in India is growing rapidly, and it has undergone several significant changes over the last few decades. The modernization of residential, corporate, and commercial facilities is leading to a reduction in physical activities, while stress levels are continuously on the rise due to factors related to livelihood. These conditions may trigger the possibility of developing CVDs among people, thus boosting the demand for various imaging instruments, including nuclear imaging techniques. Research organizations in developing countries are engaged in the development of advanced diagnosis systems, including cost-effective and high-performance PET/SPECT systems. These developments are mainly aimed at extending their reach to remote areas where advanced medical IT facilities are not accessible. China, Japan, Brazil, and other emerging countries are spending heavily on the development of PET/SPECT machines to lower their costs and offer hospitals and other medical organizations better access to these machines.
Geographical Insights: In 2023, North America led the market with a substantial revenue share, followed by Europe and APAC. Asia Pacific is expected to record the highest CAGR during the forecast period.

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Market Segmentation

Based on application, the radiopharmaceuticals market is segmented into oncology, cardiology, neurology, pulmonary, urology, and others. The oncology segment held the largest market share in 2023.
By type, the radiopharmaceuticals market is segmented into diagnostic and therapeutic. The diagnostic segment held a larger share of the market in 2023.
In terms of tracer type, the radiopharmaceuticals market is divided into Tc-99m, F-18, Ga-68, TL-201, I-131, Fe-59, Lu-171, RB-82 and N-13, Cr-51 and P-32, Sc-46, Sg-269 and Hs-269, and others. The Tc-99m segment dominated the market in 2023.
In terms of end user, the radiopharmaceuticals market is categorized into hospitals and clinics, diagnostic centers, academic and research institutes, and others. The hospitals and clinics segment held the largest market share in 2023.
The radiopharmaceuticals market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.

Competitive Strategy and Development

Key Players: A few major companies operating in the radiopharmaceuticals market are Medi-Radiopharma (MRP), Rotem Industries Ltd., ABX Advanced Biochemical Compounds GmbH, Invicro LLC, Cardinal Health, Newcastle University, Novartis, Curium, Blue Earth Diagnostics, General Electric Company, and IBA Radiopharma Solutions.
Trending Topics: Targeted Alpha Therapy (TAT), Emerging Radioisotopes, Prostate-Specific Membrane Antigen (PSMA) Therapy, Alpha-Emitter Therapies, Radiopharmaceuticals for Rare Cancers, and Radiogenomics, among others.

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Global Headlines on Radiopharmaceuticals

Novartis builds out radiopharma production with expansion, new factory
Investment grows in radiopharma manufacturing. Spending on new facilities spans biotech companies and contract service firm
New partnership to aid supply of Ga-68-based radiopharmaceuticals
Ratio announces expansion of manufacturing agreement with PharmaLogic for FAP-targeted radiopharmaceuticals

Conclusion

Growth and invention within the radiopharmaceutical market are primarily due to rising technological developments, increasing need for targeted treatment, and surging applications of personalized medicines. The landscape changes with the growing dynamics of innovative radioisotopes and artificial intelligence, which are bound to revolutionize the management of diseases through diagnosis and treatment. Continuous research and development activities provide hope beyond the current paradigms of radiopharmaceuticals. In addition, expansion into new regions and the focus on sustainability will help improve the availability of radiopharmaceuticals.

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