LONDON, Jan. 20, 2023 /PRNewswire/ -- The Global Radiopharmaceutical Market was worth USD 6319.2 million in 2021. It is expected for the industry to garner a valuation of USD 8832.7 million by 2028, registering a CAGR of 4.9% over the forecast duration of 2022-2028.
Radiopharmaceuticals are referred to as pharmaceutical components that are predominantly used in the medical sector for the diagnosis and treatment of various ailments. They mostly contain radioactive isotopes that have the ability to bind with biological molecules. This bonding capacity of these isotopes enables them to target the designated cells, tissues, or organs inside the human body. Radiopharmaceutical drugs can be administered to patients in various forms.
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Global Radiopharmaceutical Market Outlook (2022-2029)
The growing prevalence of cancer, the booming biotech and pharmaceutical sectors, along with the increasing popularity of nuclear medicines are primarily augmenting the outlook of this business vertical.
Furthermore, the rising usage of medical imaging technologies for disease diagnosis and growing healthcare expenditure in various regionals are creating lucrative opportunities for this marketplace to prosper.
Alongside, technological evolution in the field, rapidly developing healthcare infrastructure in numerous nations coupled with growing R&D activities in this sector are adding momentum to the progression of Global Radiopharmaceutical Market.
Besides, escalating demand for early disease diagnosis and treatment is another growth catalyst for this industry sphere.
On the flipside, shorter shelf life of radiopharmaceuticals along with their high costs are hindering the remuneration scope of this market vertical.
Russia vs Ukraine war heavily impacted Radiopharmaceutical industry
The ongoing border disputes between Russia and Ukraine has taken the world by storm. Russia's efforts to invade Ukraine has wrecked a havoc in the country with millions of people losing their lives. The war is also having a significant impact on various market verticals across the globe.
Radiopharmaceutical industry is one such sector which has been heavily impacted by the war. It is worth noting that, radiopharmaceuticals are radioisotope based pharmaceutical agents that are predominantly used to treat and diagnose various diseases. Isotopes are the primary components of these pharmaceutical agents, and Russia is undoubtedly one of the primary commercial suppliers of major isotopes.
Nations like the U.S. imports isotopes from Russia for use in various pharmaceutical and industrial applications. But the ongoing war has disrupted the entire supply chain of this industry. Various countries solely rely on Russia for related raw materials or fully developed isotopes. But the war has led to a massive surge in commodity prices while dramatically increasing the import-export restrictions. Apart from that, numerous countries have decided to stand in solidarity with Ukraine which in turn affected their trade relations with Russia. The nuclear medicine market which also houses radiopharmaceuticals has been hit hard by the ongoing disputes between the two nations
Competitive Hierarchy
The prominent players influencing the ongoing trends of the Global Radiopharmaceutical Market are Cardinal Health, Inc., Eczacibasi-Monrol Nuclear Products, GE Healthcare, Bracco Imaging S.p.A, Nordion, Inc., Bayer Healthcare, Advanced Accelerator Applications S.A., IBA Molecular Imaging, Lantheus Medical Imaging, Inc., Jubilant Pharma, Mallinckrodt plc, and Siemens Healthcare.
These companies have shifted their focus towards the development of efficient entities in this sector. This in turn will allow them to strengthen their overall product portfolio and give them a competitive advantage against their key competitors.
Segmental Outlook
By Type
- Diagnostic Radiopharmaceuticals
- Therapeutic radiopharmaceuticals
By End-User
- Hospitals
- Ambulatory Surgical Centers
- Diagnostic Centers
- Others
By Application
- Cardiology
- Neurology
- Oncology
- Other
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Region-Wise Outlook
Which is the leading region in the Global Radiopharmaceutical Market?
North America is presently leading the market in terms of volume share. This is attributable to the growing prevalence of inflammatory chronic ailments, increasing healthcare expenditure, and technological advancements in the field.
Asia Pacific is reckoned to account for a substantial revenue share over the stipulated timeline. This is ascribed to the surging pervasiveness of cancer, rise in the geriatric population base, elevating demand for early disease diagnosis and treatment, along with increasing medical research activities in the region.
Category-Wise Insights
The therapeutical radiopharmaceuticals segment is currently dominating the industry in terms of market share. This is due to the increasing occurrences of chronic inflammatory illnesses and efficacy of radioactive drugs in treating chronic pains.
The oncology segment is projected to generate significant returns over the assessment timeline owing to the rising incidence of cancer across the globe.
Comparing the historical outlook and ongoing trends of this market
This industry sphere has been accruing robust revenue shares over the forecast duration due to the positive impact of various development propellants.
There has been a growing prevalence of chronic diseases like COPD, cancer, and diabetes, among others. This is primarily credited to the changing lifestyle and dietary trends, increasing instances of food adulteration, and growing pollution levels, among others. With growing disease burden, the demand for efficient and fast paced diagnostic methods have also escalated dramatically. It is evident that the radioactive isotopes present in radiopharmaceutical agents can easily identify diseased cells, tissues, and organs. This in turn is increasing the adoption in the disease diagnostics vertical.
Radiopharmaceutical drugs are excellent pain-relieving components. Patients are administered with these drugs when they experience extreme chronic disorder triggered aches. In such cases, these radioactive components are directly injected into the patient's body. These medication then travels into the bones and provides instant pain relief. These factors are stimulating the overall dynamics of this market.
Surge in the geriatric population base is another factor accelerating the expansion of this market. Due to weakened immune system and other reasons, elderly individuals are susceptible to chronic disorders and pains. Radiopharmaceutical agents are quite effective in treating the symptoms of various ailments like cancer and arthritis, among others. This in turn is adding traction to the development of this marketplace.
On Special Requirement Radiopharmaceutical Market Report is also available for below region:
- U.S, Canada
- Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe
- South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
- Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
Major Developments
In November 2020, Fusion Pharmaceuticals joined hands with AstraZeneca to develop and commercialize next-gen alpha emission radiopharmaceutical entities aimed at treating cancer.
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