JERSEY CITY, N.J., May 16, 2024 /PRNewswire/ -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Radiopharmaceutical CDMO/CMO Services Market - (Application (Diagnostic Radiopharmaceuticals and Therapeutic Radiopharmaceuticals), Type of Radioisotope (Technetium-99m, Fluorine-18, Leutetium-177, Gallium-68, Actinium-225 and Other Radioisotopes), Source of Manufacturing (Nuclear Reactors and Cyclotrons), Scale of Operation (Preclinical, Clinical and Commercial), Therapeutic Area (Cardiovascular Disorders, Neurological Disorders, Oncological Disorders and Other Disorders)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Radiopharmaceutical CDMO/CMO Services Market Size is valued at USD 2.75 Bn in 2023 and is predicted to reach USD 5.44 Bn by the year 2031 at a 9.0% CAGR during the forecast period for 2024-2031.
Radiopharmaceuticals, which contain radioactive isotopes, are crucial in nuclear medicine for both diagnostic imaging and therapeutic purposes. These drugs emit radiation that medical imaging devices can detect, aiding in visualizing and diagnosing various medical conditions.
Contract development and manufacturing organizations (CDMOs) and contract manufacturing organizations (CMOs) specialize in providing comprehensive solutions for radiopharmaceutical development, manufacturing, and commercialization. They offer expertise in producing active pharmaceutical ingredients (APIs), ensuring regulatory compliance, and providing services from drug development to scale-up and commercial production for clinical and commercial supply.
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These services are indispensable for pharmaceutical companies seeking to outsource the intricate manufacturing processes involved in radiopharmaceutical production. They streamline the manufacturing process, ensure regulatory adherence, and offer specialized knowledge in the development and production of radiopharmaceuticals. Their significance lies in facilitating the efficient and compliant introduction of novel radiopharmaceuticals to the market, thereby contributing to advancements in diagnostic imaging and therapeutic treatments for various medical conditions.
List of Prominent Players in the Radiopharmaceutical CDMO/CMO Services Market:
- NorthStar Medical Radioisotopes
- PharmaLogic
- Eckert & Ziegler
- SOFIE
- Monrol
- Medi-Radiopharma
- Cardinal Health
- CheMatech
- Chelatec
- SpectronRx
- SHINE Technologies, LLC
- Trasis
- IONETIX Corporation
- Seibersdorf Labor GmbH
- Senn Chemicals AG
- Minerva Imaging
- Nucleus RadioPharma
- Evergreen Theragnostics, Inc.
- Global Medical Solutions
- GBI Biomanufacturing
- ITM Isotope Technologies Munich SE
- Macrocyclics Inc
- ABX-CRO
- PSI CRO
- Other Prominent Player
Radiopharmaceuticals CDMO/CMO Services Market Report Scope:
Report Attribute | Specifications |
Market Size Value in 2023 | USD 2.75 Bn |
Market Size Value in 2031 | USD 5.44 Bn |
Growth Rate CAGR | CAGR of 9.0% from 2024 to 2031 |
Quantitative Units | Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
Historic Year | 2019 to 2023 |
Forecast Year | 2024-2031 |
Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
Segments Covered | By Application, Type Of Radioisotope, Scale Of Operation, Source Of Manufacturing And Therapeutic Area |
Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; Southeast Asia; South Korea |
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Market Dynamics:
Drivers:
The demand for radiopharmaceuticals, prompted by the rising prevalence of chronic ailments like cancer, cardiovascular, and neurological disorders, underlines the necessity for specialized services offered by contract development and manufacturing organizations (CDMOs) and contract manufacturing organizations (CMOs). These entities play a crucial role in supporting the development and production of these vital medical solutions.
As continuous technological advancements revolutionize the radiopharmaceutical landscape, there arises a pressing need for sophisticated manufacturing capabilities. CDMOs and CMOs equipped with cutting-edge technology are composed to address the complex manufacturing demands associated with radiopharmaceuticals, making them attractive partners for pharmaceutical firms seeking to capitalize on advanced manufacturing methodologies.
Challenges:
The creation and production of radiopharmaceuticals face significant barriers, one being a lack of manufacturing capacity. Because of this, pharmaceutical companies often turn to outside firms for help with the complicated manufacturing steps. Producing these drugs demands specialized knowledge and equipment, particularly due to the short lifespan of the radioactive components, which necessitates precise manufacturing processes. There aren't enough skilled workers who know how to handle all this.
This shortage of experts can really put a damper on the growth of companies that offer contract services for developing and making these drugs. To tackle this, it's crucial to train more people and find ways to attract talent to this specialized field.
Regional Trends:
North America stands as the largest market for radiopharmaceutical contract development and manufacturing organization/contract manufacturing organization (CDMO/CMO) services, commanding around 50% of the global radiopharmaceutical manufacturing market share, driven by advanced healthcare infrastructure and favorable regulations. Meanwhile, the Asia-Pacific region shows promising growth prospects due to increasing healthcare investments, rising disease burden, and growing outsourcing trends by major pharmaceutical companies attracted by cost advantages and expertise.
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Recent Developments:
- May 2024, PharmaLogic Holdings Corp., a leading contract development and manufacturing organization (CDMO) and radiopharmacy solutions provider, marks the inauguration of its radiopharmaceutical production and research facility in the Bronx, New York. Following its acquisition in 2022, the facility underwent extensive renovations and now features state-of-the-art equipment. This investment underscores PharmaLogic's commitment to advancing the development of innovative radiopharmaceuticals in the region.
- In February 2024, Bristol Myers Squibb finalized its acquisition of RayzeBio, Inc., integrating RayzeBio's distinctive Actinium-based radiopharmaceutical platform. This acquisition marks the conclusion of RayzeBio is a wholly owned subsidiary of Bristol Myers Squibb.
- In February 2024, Telix Pharmaceuticals Limited signed an agreement to acquire IsoTherapeutics Group, LLC, a specialized radiopharmaceutical development and bioconjugation company located in Angleton, Texas. IsoTherapeutics offers radiochemistry and bioconjugation development, along with contract manufacturing services to various companies in the radiopharmaceutical sector, including Telix.
Segmentation of Radiopharmaceutical CDMO/CMO Services Market -
By Application
- Diagnostic Radiopharmaceuticals
- Positron Emission Tomography Radiopharmaceuticals
- SPECT Radiopharmaceuticals
- Therapeutic Radiopharmaceuticals
- Alpha Emitters
- Beta Emitters
- Other Therapeutic Radiopharmaceuticals
By Type of Radioisotope
- Technetium-99m
- Fluorine-18
- Leutetium-177
- Gallium-68
- Actinium-225
- Other Radioisotopes
By Source of Manufacturing
- Nuclear Reactors
- Cyclotrons
By Scale of Operation
- Preclinical
- Clinical
- Commercial
By Therapeutic Area
- Cardiovascular Disorders
- Neurological Disorders
- Oncology
- Others
By Region
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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Why should buy this report:
- To receive a comprehensive analysis of the prospects for global Radiopharmaceutical CDMO/CMO Services market
- To receive industry overview and future trends of global Radiopharmaceutical CDMO/CMO Services market
- To analyze the Radiopharmaceutical CDMO/CMO Services market drivers and challenges
- To get information on the Radiopharmaceutical CDMO/CMO Services market size value (US$ Mn) forecast till 2031
- Major Investments, Mergers & Acquisition in global Radiopharmaceutical CDMO/CMO Services market industry
Other Related Reports Published by InsightAce Analytic:
Advanced Drug Delivery CDMO Market
Lipid Nanoparticles (LNPs) CDMO Market
Live Biotherapeutic Products And Microbiome Contract Manufacturing Market
Radiopharmaceuticals Market
Radiotheranostics Market
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