Radiopharmaceuticals Market Scope

Market Research Future (MRFR) projects the radiopharmaceuticals market to cross USD 15,060.87 Million by 20207-end. From 2020 to 2027, the radiopharmaceuticals market size shall continue to expand at a rate of 8.10%, evaluates MRFR.

Primary Boosters and Restraints

Rapid emergence of sophisticated technologies in nuclear imaging systems including Positron Emission Tomography (PET) and SPECT has been a strong booster for the radiopharmaceuticals market. Surge in research and development activities conducted by the major firms is also fostering the market growth. To illustrate, GE Healthcare launched IT-based and cloud solutions as well as apps that connect the medical imaging with insights and analytics.

Rising clinical use of radiopharmaceuticals in cardiology, oncology, neurology, and endocrinology are enhance the market size as well. Additionally, large-scale funding combined with supportive initiatives by the government will raise the demand of radiopharmaceuticals worldwide in the future.

The huge burden of cancer and cardiovascular disorders across the globe, rising need for targeted cancer treatment backed by alpha radioimmunotherapy, and innovations in radiotracer treatment should also benefit the global market in the next few years.

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Radiopharmaceuticals Market Segmentation

Radiopharmaceuticals industry, depending on type, caters to diagnostics, as well as therapeutic. The diagnostics-based segments are PET radiopharmaceuticals and SPECT radiopharmaceuticals. SPECT radiopharmaceutical types are I-123, Tc99m, and more. PET radiopharmaceuticals-wise, the major segments are C11 Choline, F18, and more.

The top applications of radiopharmaceuticals include oncology, cardiology, neurology, and others. The neurology application has emerged as the leading segment in the global market, thanks to the rising cases of neurological disorders in various parts of the world.

Regional Status

Flourishing healthcare system and the rising number of extensive research with respect to medical isotopes have landed Europe at the top position in the global market. Significant level of awareness as well as spending on healthcare, rising cases of various types of cancer, and availability of health insurances also fortify the market value in the region. Technological innovations in F-18 and Tc-99m radioisotopes have also been favorable.

The APAC market for radiopharmaceuticals will note the fastest advancement in the next couple of years, as the government is actively working on fostering the awareness level among people about the available treatment options. Rampant demand for more effective therapies, paired with the mounting burden of cancer in the region raises the need for radiotherapy. Companies in the region are focused on making strategic movies like distribution agreements, product launches and partnerships to elevate their market rankings.

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Affluent Contenders

BWX Technologies, Inc., Novartis AG, Curium, IRE ELiT, GE Healthcare, NTP Radioisotopes SOC Ltd, Australian Nuclear Science and Technology Organization (ANSTO), JSC Isotope, Lantheus Medical Imaging, Inc., Siemens Healthineers, are the important radiopharmaceuticals firms listed in the MRFR analysis.

Latest Updates

May 2021

Curium has acquired IASON, a reputed Austrian radiopharmaceuticals firm, further bolstering its footprint across Europe, broadening its portfolio of efficient and life-saving diagnostic solutions.

June 2021

Bayer is planning to acquire Noria Therapeutics as well as its subsidiary PSMA Therapeutics, in a deal that would facilitate the addition of an experimental prostate cancer drug to its pipeline. The acquisition gives Bayer the ownership of a preclinical radiopharmaceutical that is targeted at PSMA, which is a protein generally present on prostate cancer cells.