- Increasing deployment of 99m Tc Isotope in disease diagnostic and other emerging applications of nuclear medicine to thrive on multi-disciplinary research
- Players aim at complying with stringent regulatory guidelines to develop new radiopharmaceuticals
ALBANY, N.Y., April 14, 2021 /PRNewswire/ -- The use of radiopharmaceuticals as a therapeutic modality is gaining traction in neurology, oncology, and cardiology. The expanding array of radiopharmaceutical agents is enriching the arena of radiopharmaceutical therapy and advancing its use in metastatic cancer. The growing number of radiopharmaceuticals approved for therapy by the FDA is a key trend expanding the frontiers in radiopharmaceuticals market. The therapies show the combined efficacy of chemotherapy and targeted biologic therapy. The expanding avenue of nuclear medicine imaging for diagnosing, staging, and treating diseases is shaping the evolution of the radiopharmaceuticals market. Technetium - 99 is one of the prominent radiopharmaceuticals that have been adopted for panoply of diagnostic procedures, on the back of the availability of short-lived 99mTc. 188Re is another radiopharmaceutical that is being utilized in numerous therapeutic applications. The emerging radiopharmaceutical therapy is opening new vistas in personalizing health care.
The global radiopharmaceutical market is projected to garner a CAGR of ~4% during 2019 - 2027 and touch a valuation of ~US$ 5.4 Bn by the end of this period.
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Key Findings of Radiopharmaceutical Market Study
Strides by Nuclear Medicine to Open New Vistas in Therapeutics
Past few years have seen rapidly growing number of nuclear medicine procedures-millions of them are performed every year in the U.S. alone. The strides are evident in the growing use of positron emission tomography (PET) in diagnosing and evaluating medical conditions non-invasively, such as for cardiac, neurological, psychiatric and oncology disorders. Radiopharmaceuticals are being increasingly being adopted in the staging of various types of cancer. Notable of them are esophageal cancer, non-small-cell lung cancer, melanoma, and colorectal cancers. The advances in the radiopharmaceutical market have been notably engendered by rise in federal investments in multi-disciplinary research in nuclear medicine. Over the past five decades, a number of radionuclides have been tested by the research community for their potential in radiopharmaceutical therapy. Nuclear medicine has also opened new horizons for researchers pursuing personalised therapies for cancer.
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Regulatory Compliance Key Aspect
The adherence to evolving regulatory frameworks notably by the FDA is a key aspect that shapes the growth of the radiopharmaceuticals market. Incumbent players and new entrants need to increasingly focus on these regulations while making a new product development or when they are mulling commercialization strategies. In this regard, stringent regulatory guidelines have also acted as impediment for companies in realizing the full potential of the market.
Growing Prospect in Drug Development Process
Traditional pharmaceutical companies are engaging in unlocking the potential of radiopharmaceuticals in disease diagnostics and therapeutics. The use of molecularly targeted radiopharmaceuticals has accelerated such research initiatives. The process of new drug development has been increasingly facilitated by the use of radiotracers as biomarkers in identifying new therapeutic targets. The wide use of targeted radiotherapeutics in treating rheumatoid arthritis, degenerative joint diseases, and heart disease is a case in point.
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Radiopharmaceutical Market: Key Drivers and Future Avenues
- The use better imaging techniques to meet patients' need is a key trend bolstering the adoption of medical automation technologies
- Rise in healthcare spending, including in cancer institute and hospitals, in numerous emerging economies has boosted the prospects in the radiopharmaceutical market
- The focus of healthcare systems to reduce the mortality in cancer patients is a key driver for the expanding use of radiopharmaceuticals
- Expanding array of targeted radiopharmaceuticals is enriching the market landscape
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Radiopharmaceutical Market: Key Industry Players
- Jubilant Life Sciences
- Philips
- IBA Radiopharma Solutions
- Bayer AG
- Advanced Accelerator Application
- Siemens Healthineers
- Mallinckrodt
- GE Healthcare
Explore Transparency Market Research's award-winning coverage of the global Healthcare Industry:
Radiation Dose Management Market: https://www.transparencymarketresearch.com/radiation-dose-management-market.html
Nuclear Medicine Market: https://www.transparencymarketresearch.com/nuclear-medicine-market.html
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